CA World: Week 2, October 2017

Success is not always about talent, it’s about effort and consistency. Consistent, hard work brings success. Keep working hard, keep consistent in this journey to become an excellent CA. Here come the updates from CA World. Happy Learning

CA Related Updates
(08th October– 15thOctober 2017)

1. Non-compliance with Minimum Public Shareholding (MPS) requirements

Securities Exchange Board of India (SEBI) released a circular dated 10-October-2017 regarding the procedures to be followed by the recognized stock exchanges in case listed companies fail to comply with Minimum Public Shareholding (MPS) requirements specified in Rules 19(2) and 19A of the Securities Contracts (Regulations) Rules, 1957.
This circular shall come into force with effective from 10-October-2017. The summary of the procedure and other important provisions is as follows:

  •  Recognized stock exchanges shall review the shareholding pattern and if any non-compliance is found, a notice shall be sent to the concerned listed company informing the same.
  • Recognized stock exchange shall impose a fine of INR 5,000 per day of non-compliance until the listed company complies with this circular.
  •  Recognized stock exchange shall inform the depositories to freeze the shareholding pattern of promoters and promoter group in such listed entity.
  •  Promoter, promoter group and directors of non-compliant listed entity shall not become Director of any other listed company till the Company becomes compliant.
  • The stock exchanges shall mention the names of non-compliant listed entities, actions taken against them and fine collected on their websites.
  • In case the non-compliance exceeds a period of one year, the stock exchange shall impose a fine of INR 10,000 per day of non-compliance.
  • The fine collected by the stock exchanges shall be credited to Investor Protection Fund.

You can read more about this here

2. Exemption from payment of Central GST

Central Government vide Notification No. 38/2017 – Central Tax (Rate)exempted all the registered dealers from payment of CGST if the following conditions are satisfied:

  • Receiver of goods or services or both should be registered under GST law.
  • Supplier of goods or services or both should be unregistered dealer.
  • Aggregate value of goods or services or both received by the registered dealer from all the unregistered dealers shall not exceed INR 5,000 per day.

The said notification will be applicable till 31-March-2018.

You can read more about this here

3. Exemption from payment of Integrated GST

Central Government vide Notification No. 32/2017 – Integrated Tax (Rate) exempted all the registered dealers from payment of IGST if the following conditions are satisfied:

  •  Receiver of goods or services or both should be registered under GST law.
  • Supplier of goods or services or both should be unregistered dealer.

The said notification will be applicable till 31-March-2018.

You can read more about this here

4. Release of 68th Annual Report of the Institute of Chartered Accountants of India (ICAI)

ICAI has released its 68th Annual Report and Audited Accounts on 11-October-2017 which is published in Part III Section 4 of the Gazette of India.
The highlights of the Annual Report are as under:

  •  Number of members of Institute as on 1-April-2017- 2,70,307
  • Number of students registered in CA course during the year 2016-17 – 2,18,319
  • Total contribution to Chartered Accountants’ Benevolent Fund – INR 1,72,81,000
  • Total income of the Institute during the year – INR 65,103 lakhs

You can read more about this here

5. Public Announcement of buyback by Infosys Limited

Infosys Limited announced buyback of its shares on 12-October-2017, the key highlights of which are :

  • 1-November-2017 is the record date which is used as the base to determine the names of the eligible equity shareholders to whom a Letter of Offer will be sent for participating in the buy-back.
  • Accordingly, investors buying the equity shares of the Company on or before 30-October-2017 are eligible to participate in the buy-back.
  • The record date is used to determine the names of shareholders who are eligible to receive interim dividend. (Board meeting will be held on 24-October to decide the rate of dividend)

You can read more about this here

We hope you had a happy learning. See you again next Monday.

Keep Rising and Keep Shining.

Project Veda

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RESPONSES (1)

  • Great Work Mr. Singaraju. Updates on latest changes in Derivatives & Commodities rules would be an added flavor. Thanks for Sharing (:back_hand_up:) (:back_hand_up:)