Latest MCA and SEBI amendments

MCA Amendment : Central Processing Centre:

Aim:

The Central Processing Centre shall process and dispose off e-forms filed along with the fee as provided in the Companies (Registration of Offices and Fees) Rules, 2014.

Jurisdiction: - The jurisdictional Registrar and not CPC registrar.

The jurisdictional Registrar, other than Registrar of the Central Processing Centre, within whose jurisdiction the registered office of the company is situated shall continue to have jurisdiction over the companies whose e-forms are processed by the Registrar of the Central Processing Centre in respect of all other provisions of the Companies Act, 2013 and the rules made thereunder.

Companies (Registration Offices and Fees) Amendment Rules, 2024.

Effective date: - 16th day of February, 2024.

The Registrar of the Central Processing Center established under sub-section (1) of section 396 shall examine or cause to be examined every application or e-Form or document required or authorised to be filed or delivered as provided under sub-rule (3), for approval, registration or taking on record by the Registrar.

Time limit: - 30 days from the date of its filing take decision on:-

• Application.
• e-forms
• documents.

Exception for timeline:-

the cases in which an approval of the Central Government or the Regional Director or any other competent authority is required.

Examination of application, e-Forms or documents:-

The provisions of sub-rule (2) to (5) of rule 10 shall apply mutatis mutandis.

(2) Where the Registrar, on examining any application or e-Form or document referred to in sub-rule (1), finds it necessary to call for further information or finds such application or e-form or document to be defective or incomplete in any respect, he shall give intimation of such information called for or defects or incompleteness, by e-mail on the last intimated e-mail address of the person or the company, which has filed such application or e-form or document, directing him or it to furnish such information or to rectify such defects or incompleteness or to re-submit such application or e-Form or document within the period allowed under sub-rule (3):

Provided that in case the e-mail address of the person or the company in question is not available, the intimation shall be given by the Registrar by post at the last intimated registered office address of the company or the last intimated address of the person, as the case may be and the Registrar shall preserve the facts of the intimation in the electronic record.

(3) Except as otherwise provided in the Act, the Registrar shall allow fifteen days’ time to the person or company which has filed the application or e-Form or document under sub-rule (1) for furnishing further information or for rectification of the defects or incompleteness or for re-submission of such application or e-form or document.

[“Provided that Registrar shall allow fifteen days, time for re-submission in case of reservation of a name through web service -”RUN for rectifications of defects if any.]

(4) In case where such further information called for has not been provided or has been furnished partially or defects or incompleteness has not been rectified or has been rectified partially or has not been rectified as required within the period allowed under sub-rule (3), the Registrar shall either reject or treat the application or e-form or document, as the case may be, as invalid in the electronic record, and shall inform the person or company, as the case may be, in the manner as specified in sub-rule (2).

(5) Where any document has been recorded as invalid by the Registrar, the document may be rectified by the person or company only by fresh filing along with payment of fee and additional fee, as applicable at the time of fresh filing, without prejudice to any other liability under the Act.

Multiple applications: In case multiple applications, e-Forms or documents are filed at a time under sub-rule (4), then all the applications, e-Forms or documents shall be examined and decided by the Registrar of the Central Processing Center.

SEBI amendment:-Extension of timeline for submission of public comments on consultation paper to revise and revamp nomination facilities in Securities Market

SEBI had placed a consultation paper to Revise and Revamp Nomination Facilities in the Indian Securities Market on its website on February 02, 2024 seeking comments by March 8, 2024. It has been decided to extend the timeline for submission of comments to March 28, 2024. (Further a detailed analysis of the consultation paper shall follow soon)!!

MCA Amendment : Change request form

Type: - web- based Form.

Portal: -V3

Circumstance: - It is to be used only under exceptional circumstances

Purpose: -It is used for making a request to Registrar of Companies (RoCs), for the purposes which cannot be catered through any existing form or services or functionality available either at Front Office level (users of MCA-21 services) or Back Office level (RoCs).

Two Primary purposes:

• Corrections in Master Data: We can request corrections to master data related to companies or LLPs.
• Court/Tribunal Directions: It allows compliance with certain directions issued by Courts or Tribunals that cannot be met through existing functionalities on the MCA-21 system.

Important note:-

• It is not a substitute to any reporting, application and registry requirements as per Companies Act, 2013, and LLP Act, 2008.
• Not be used as a substitute for any approval related and registration related queries.
• If available users should use existing tickets and help desk facilities.

Process:-10 days Limit.

Step 1: go to E-filing->approval services ROC->Last form (CRF).

Step 3: After which it should be forwarded to Joint Director (e-governance cell), who shall process and decide the matter within a maximum time of 07 days.

What if you file when the purpose is still available?

The Form shall not be entertained and requests through this form are liable to be summarily rejected.

 SEBI Circular: List of goods notified under SCRA, 1956.

Date: March 05, 2024

Effective from: March 05, 2024

• Ministry of Finance vide notification number S.O.1002(E) dated March 01, 2024 has notified list of goods under clause (bc) of Section 2 of SCRA, 1956, thereby superseding the earlier notification number S.O. 3068(E) dated September 27, 2016 issued on the same subject.
•  The new list of goods notified vide notification dated March 01, 2024, includes additional thirteen (13) goods and alloys for five (5) metals, thereby increasing the list of goods on which derivatives can be launched from ninety-one (91) to one hundred and four (104).

·         It is as follows:-

• Ministry of Finance vide notification number S.O.1003(E) dated March 01, 2024 has also issued a notification declaring a contract for the purchase or sale of a right to buy or sell, or a right to buy and sell in future, such underlying goods, as notified under clause (bc) of Section 2 of SCRA, 1956.
• This notification supersedes the earlier notification number S.O. 3743(E), dated the 18th October, 2019 issued on the same subject.
• Accordingly, in Master Circular for Commodity Derivatives Segment (hereinafter referred to as Master Circular) dated August 04, 2023, the reference drawn to earlier Notifications No. S.O. 3068(E) dated September 27, 2016 is being replaced with Notification no. S.O.1002(E) dated March 01, 2024, as follows:

 Just on a side note:-

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Footnotes:-

1.MCA website.

2.SEBI website.

 Credits:-

1. My mentor Juhi.