Recent updates by SEBI and MCA

Manju Laur 
on 13 April 2019


SEBI

SEBI has revised Annual maintenance charges levied on Debt Securities held through Basic Services Demat Accounts from June 1. The move is expected to further boost participation of retail investors in the debt market. Basic Services Demat Account (BSDA) offers limited services at a lower cost for retail investors. SEBI has decided to revise the structure of charges for debt securities as defined in SEBI (Issue and Listing of Debt Securities) Regulations, 2008, that no AMC shall be levied in case the value of holdings of debt securities is up to Rs. 1 lakh and a maximum AMC of  Rs. 100 shall be levied if the value of holdings of debt securities is between Rs. 1,00,001 and Rs.2,00,000.and No AMC shall be levied in case the value of holdings other than debt securities is below Rs. 50,000 and a maximum AMC of Rs. 100 shall be levied if the value of holdings other than debt securities is between Rs.50,001 and Rs.2,00,000. Currently, a uniform annual maintenance charge of Rs 100 is levied on securities worth over Rs 50,000 and up to Rs 2 lakh irrespective of type of holding. There is no such charge for holdings valued up to Rs 50,000.

MCA

Stakeholders are requested to please note that Filing of affidavits(from each of the subscribers to the memorandum and from persons named as the first directors, if any, in the articles that he is not convicted of any offence in connection with the promotion, formation or management of any company, or that he has not been found guilty of any fraud or misfeasance or of any breach of duty to any company under this Act or any previous company law during the preceding five years and that all the documents filed with the Registrar for registration of the company contain information that is correct and complete and true to the best of his knowledge and belief) as per Section 7(1)(c ) of the Companies Act, 2013 read with rule 15 of the Companies (Incorporation) Third Amendment Rules has been dispensed with vide the Companies (Amendment) Act,2017- from 27th July 2018. Only declaration by first subscriber(s) and director(s) in INC-9 is mandatory and affidavit is NOT required to be filed. Stakeholders may kindly note the above provisions while filing SPICe forms for incorporation of Companies.

MCA has Revised version of theeForm INC-35 -AGILE (Application for Goods and services tax Identification number, employees state Insurance corporation registration pLus Employees provident fund organisation registration) which is filed as linked form with SPICe for incorporation of a Company is available on MCA21 Company Forms Download page. The revised form contains fields relevant to EPFO notified vide the Companies (Incorporation) third Amendment Rules, 2019 dated 29th March 2019.

The Ministry of Corporate Affairs has clarified that Business Activities to be carried out by Limited Liability Partnerships (LLP) to exclude manufacturing & Allied activities. As per section 2(1)(e) of the LLP Act, 2008, Business includes trade, profession, services and occupation. Manufacturing & Allied activities have been positively excluded from the definition. Accordingly, incorporation of LLPs and conversion into LLPs with the proposed business activities including manufacturing & allied activities are not to be allowed.


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