Weekly Updates
February 12, 2012 to February 18, 2012
Secretarial Department
Updates from the Ministry of Company Affairs | |||
Sr No | Circular/ Notification number | Particulars | Applicability |
1 | MCA General Circular no 1/2012 dated February 10, 2012. | Filing of conflicting returns by contesting parties – clarification regarding | to all the Companies Registered under the Companies Act 1956 and this circular is addressed to all the Regional Directors and to all the Registrars of Companies |
Updates from SEBI | |||
2 | SEBI Circular no CIR/MIRSD/2/2012 dated February 15, 2012 | Setting up of additional Investor Grievance Redressal Mechanism at Stock Exchange | To all Recognized Stock Exchanges |
Updates from IRDA | |||
3 | Discussion paper | On tying / bundling in insurance | NA |
Updates from RBI | |||
4 | RBI/2011/12/399 A.P. (DIR Series) Circular No. 79 | Clarification - Purchase of Immovable Property in India – Reporting requirement | - all the authorized dealers in Foreign Exchange, - all the persons resident outside India who has established a branch, office or other place of business in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000. |
Filing of conflicting returns by contesting parties – clarification regarding
MCA Circular – February 10, 2012:
We draw your attention to the MCA General Circular no 1/2012 dated February 10, 2012.
Applicability:
This circular is applicable to all the Companies Registered under the Companies Act 1956 and this circular is addressed to all the Regional Directors and to all the Registrars of Companies.
Purpose of this Circular:
This circular has been brought in to regulate the conflicts arising during the filing of returns with regard to Appointment or Change of Directors. As in few cases it has been noticed that the consent with regard to the removal/ resignation/ change of the Director is not attached or due process of law has not been followed.
Crux of this circular:
- As said above in order to remove these conflicts the company is required to mandatorily file the attachment
relating to the cause of cessation/ change and all other supporting documents along with form 32 with the
concerned ROC.
- In case any of any aggrieved director with regard to his cessation in the Company he may file a complaint in the Investor Complaint Forum and the ROC will mark the Company as having ‘Management dispute.’ Until the dispute between the Company and the Director is resolved by an order/ interim order from a Court/ Tribunal of the Competent jurisdiction the forms filed by the Company / the Director will not be approved/ registered / recorded.
Setting up of Investor Grievance Redressal Mechanism at Stock Exchanges
SEBI Circular dated February 15, 2012
We draw your attention to the SEBI Circular no CIR/MIRSD/2/2012 dated February 15, 2012.
Applicability:
This circular is applicable to all the Stock Exchanges and it is an information being provided to all the investors.
Purpose of this Circular:
To intimate the investors that by the following timelines additional Investor Grievance Redressal Mechanism would be set up by NSE and BSE:
Sr No | Place where the mechanism is being set up | Date by when the mechanism would be set up |
1. | Ahmedabad | March 31, 2012 |
2. | Hyderabad | March 31, 2012 |
3. | Kanpur | September 30, 2012 |
4. | Indore | September 30, 2012 |
Crux of this circular:
- With a view to protect the interest of the Investors the stock exchanges had set up the Investor Grievance Redressal Mechanism.
- At present NSE and BSE is providing redressal mechanism and arbitration facility at four regions namely Delhi, Mumbai, Kolkata and Chennai.
- On examining the number of complaints and the arbitrations filed by the investors the stock exchanges felt the need to set up few more redressal mechanisms to make it more convenient for the investors to file their grievances and arbitration cases near their places. This mechanism would help in increasing the investor confidence in the stock markets.
- These Investor Grievance Redressal Mechanism that would be set up in future shall abide to all the applicable circulars issued by SEBI in this regard.
Discussion Paper on Tying/ Bundling in Insurance
Crux of the discussion paper:
IRDA has come out with a discussion paper in bundling of insurance products with other financial services or goods (Cross selling of products).
It is noted by the authorities that due to cross selling the consumers could face various issues or concern and they could even be fallen as prays towards the unfair trade practices that could be adopted by various companies when it impedes the consumer’s choice or when the consumer finds it difficult or impossible to makes price comparisons.
Therefore the authorities have brought forward this discussion paper to invite suggestions/ views/ feedback and major concerns in cross selling of products there by it would help them to bring in transparency.
It is also to be noted that cross selling facilitates service providers to use existing channels to reach out to those who are looking to buy insurance products along with the tied up goods. However the authorities taking steps to ensure that the consumers are not put to any kind of disadvantage because of cross selling of products.
In this regard the discussion paper is available on the following link at the suggestions/ views/ feedback in invited to be presented on or before March 15, 2012.
IRDA Circular :
Clarification - Purchase of Immovable Property in India –
Reporting requirement
Reporting requirement
RBI Circular – February 15, 2012:
Applicability:
This circular is applicable to:
- all the authorized dealers in Foreign Exchange,
- all the persons resident outside India who has established a branch, office or other place of business in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000.
Exemptions:
The liaison office is excluded.
Purpose of this Circular:
This circular has been brought in to bring in greater clarity when an immovable property has been acquired by a person who is a citizen of India or a Person of Indian Origin.
Crux of the Circular:
As per this circular when the above said persons acquire any immovable property in India in accordance with the provisions of the said regulation, then the said person has to file a declaration in the specified format (Form IPI annexed to the RBI circular RBI/2011/12/399 A.P. (DIR Series) Circular No. 79 dated February 15, 2012 ) to the RBI within 90 days from the date of such acquisition.
Excellent work, Ms.Sanka Indrani, Keep updating...
ReplyDeleteHey great initiative.. Really useful.. All the best..
ReplyDeleteThank you all
ReplyDelete