Corp. Compliance Calendar - May 23 - CS Lalit Rajput

MAY, 2023
Vol. 05/2023
Corporate Compliance Tracker

Due Dates Tracker
Monthly Compliance Calendar - May, 2023
Prepared by:
Lalit Rajput
Company Secretary
+91 8802581290
E-mail: [email protected]
"Helping you make the right move"

Corporate Compliance Calendar
May, 2023 (Due Dates Tracker)
ABOUT ARTICLE:
This article contains various Compliance requirements for the Month of

May, 2023 under various Statutory Laws. Compliance means “adhering to
rules and regulations.” Compliance is a continuous process of following
laws, policies, and regulations, rules to meet all the necessary governance
requirements without any failure.
If you think compliance is expensive, try non‐ compliance”
Compliance Requirement Under:

1. Foreign Exchange Management Act, 1999 (FEMA) and Important
Notifications
2. Income Tax Act, 1961
3. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
4. Other Statutory Laws and Updates
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations,
2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018
10. SEBI (Depositories and Participants) Regulations 2018) and Circulars /
Notifications
11. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
12. Insolvency and Bankruptcy Board of India (IBBI) Updates
13. NCLT & NCLAT Updates
14. MSME Key Updates
15. Competition Commission of India
16. IRDAI – Insurance Sector Updates
17. Cabinet Decisions / New Acts
1. KEY COMPLIANCES UNDER FEMA / RBI

Applicable Forms /
Laws/Acts Due Dates Compliance Particulars (Filing mode)
Annual return on Foreign Liabilities and

Assets is required to be submitted by all
the India resident companies which have FLAIR
FEMA ACT th
15 of July of received FDI and/ or made overseas System
1999
Every Year investment in any of the previous year(s), Click Here
including current year by July 15th every
year.
Not later than 30 FC-GPR is a form filed when the Indian
days from the date company receives the Foreign Direct
By CS Lalit Rajput, +91 8802581290 / [email protected] Page 1

FEMA ACT of issue of Capital Investment and the company allots shares Form FC-GPR
1999 instrument to a person resident outside India.
With in 60 days of Reporting of transfer of shares and other
receipt/ remittance eligible securities between residents and
of funds or transfer non-residents and vice- versa is to be made
FEMA ACT of capital in Form FC-TRS. Form FC-
1999 instruments The onus of reporting shall be on the TRS.
whichever is
earlier.
resident transferor/ transferee.
Within 30 days A Limited Liability Partnership receiving
from the date of
amount of consideration and acquisition of
FEMA ACT receipt of the Form FDI
1999 amount of profit shares is required to submit a report
in the Form FDI LLP-1 LLP-I
consideration.
A Limited liability Partnership shall report
within 60 days disinvestment/ transfer of capital Form FDI
FEMA ACT from the date of contribution or profit share between a LLP-II
1999 receipt of funds in resident and a non resident (or vice versa)
Downstream
FEMA ACT within 30 days The domestic custodian shall report the statement -
1999 from the date of issue/ transfer/ of sponsored/ unsponsored Form DI &
allotment of depository receipts
reporting at
capital instruments
FIFP too
Capital Account and Current Account – The purpose of the capital account is
to adjust the assets and liabilities of individuals outside India to persons
Types of residing in India. Thus any transaction that results in a change of the overseas
Accounts assets and liabilities in India of an Indian residing outside India or transactions
overseas of a person residing in India will be considered under the capital
account. All other transactions fall under the category of the current account.
NRI Bank There is option for the Non-Resident Indians to set up various bank accounts
Accounts in India, like FCNR, NRE and NRO Accounts.
❑ IMPORTANT UPDATES, APRIL - 2023:

1. Monetary Policy Report April 2023 — financial experts' take on why RBI paused the
rate hike
The Reserve Bank of India (RBI) on 6 April released its Monetary Policy Report for April
2023 where in the central bank kept the repo rate unchanged breaking a trend that has seen
interest rates hiked six times consecutively.
The repo rate, which is the rate at which commercial banks borrow from the RBI against
government securities, and which transmits to all interest rates (on lending and deposits) in
the economy, has been maintained at 6.50 percent. The Monetary Policy Committee (MPC)
had increased the repo rate consecutively since May 2022, with the continued stance to
withdraw accommodation.

The RBI said that while the policy rate has been increased by 250 bps cumulatively since
May 2022, and “is still working through the system, there can be no room for letting down
the guard on price stability.”
The MPC sought to remain focused on aligning inflation with the target – the medium-term
target for the consumer price index (CPI) inflation is 4 percent, within a band of +/- 2 percent
- while supporting growth.
According to RBI, the crude oil prices are expected to reduce to US$ 85 per barrel in FY
2023-24, from US$ 105 per barrel during HY 2022-23. The exchange rate of the Indian rupee
to the US dollar is expected to be INR 82/1US$ in FY 2023-24, compared to INR 80/1US$ in
HY 2022-23. The fiscal deficit has been reducing from 9.2 percent in FY 21 to 6.7 percent in
FY 22 to 6.5 percent in FY 23 and 5.9 percent in FY 24.
• (Source: Click Here)
2. RBI 3-Day MPC Meet Begins Today; Central Bank Likely To Hike Benchmark
Interest Rate By 25 Bps On Apr 6
Under pressure to bring down retail inflation and keep pace with global peers, the Reserve
Bank may go in for 25 basis points hike in benchmark interest rate, probably the last in the
current monetary tightening cycle that began in May 2022, at the bi-monthly policy to be
unveiled on Thursday.
The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days
on April 3, 5 and 6 to take into account various domestic and global factors before coming
out with the first bi-monthly monetary policy for fiscal 2023-24.
The Reserve Bank of India (RBI) has already increased the repo rate by a total of 250 basis
points since May in a bid to contain inflation though it has continued to remain above the
central bank's comfort zone of 6 per cent for most of the time.
The two key factors which the RBI Governor headed committee will deliberate intensely
while firming up the next monetary policy are -- elevated retail inflation and the recent action
taken by central banks of developed nations especially the US Federal Reserve, the European
Central Bank and Bank of England.
The Consumer Price Index (CPI)-based inflation was 6.52 per cent in January and 6.44 per
cent in February.
In all, the Reserve Bank will hold six MPC meetings in the fiscal 2023-24.
The central government has tasked the RBI to ensure that retail inflation remains at 4 per cent
with a margin of 2 per cent on either side.
• (To Read more Click Here)

 RBI CIRCULARS / NOTIFICATIONS: APRIL, 2023
Sl. Particulars of the Circulars Link

1 Master Circular - Bank Finance to Non-Banking Financial Companies Click here
(NBFCs)
2 Master Circular - Disbursement of Government Pension by Agency Banks Click here
3 Master Circular - Asset Reconstruction Companies Click here
4 Master Circular – Lead Bank Scheme Click here
5 Master Direction – Facility for Exchange of Notes and Coins Click here
6 Master Direction on Counterfeit Notes, 2023 - Detection, Reporting and Click here
Monitoring
7 RBI announces rate of interest on Government of India Floating Rate Bond Click here
2028
8 Framework for acceptance of Green Deposits Click here
9 Master Circular - Housing Finance for UCBs
10. Authorised Dealers Category-II - Online submission of Form A2 Click here
11. Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract Click here
12 22 NBFCs surrender their Certificate of Registration to RBI Click here
13 RBI releases Draft Circular on Fair Lending Practice - Penal Charges in Click here
Loan Accounts
14 RBI Working Paper No.04/2023: Impact of Foreign Direct Investment on Click here
Profitability - Evidence from the Indian Corporate Sector
15 Master Circular- Prudential Norms on Capital Adequacy - Primary (Urban) Click here
Co-operative Banks (UCBs)
16 RBI Working Paper No.05/2023: Reading Consumers’ Minds - An Click here
Analysis of Inflation Expectations
17 Overseas Direct Investment for March 2023 Click here
18 Premature redemption under Sovereign Gold Bond (SGB) Scheme - Click here
Redemption Price for premature redemption due on April 21, 2023 (April
22 and April 23, 2023 being Saturday and Sunday respectively) (Series IV
of SGB 2017-18)
19 Review of Requirement of Counter-Cyclical Capital Buffer Click here
20 RBI Bulletin – April 2023 Click here
21 Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract Click here
2. COMPLIANCE REQUIREMENT UNDER INCOME TAX

ACT, 1961
Sl. Compliance Particulars Due Dates

1 Due date for deposit of Tax deducted/collected for the month of April, 07.05.2023
2023. However, all sum deducted/collected by an office of the
government shall be paid to the credit of the Central Government on the
same day where tax is paid without production of an Income-tax Challan
2. Due date for issue of TDS Certificate for tax deducted under section 194- 15.05.2023
IA in the month of March, 2023

3 Due date for issue of TDS Certificate for tax deducted under section 194- 15.05.2023
IB in the month of March, 2023
Due date for issue of TDS Certificate for tax deducted under section 15.05.2023
4 194M in the month of March, 2023
5 Due date for issue of TDS Certificate for tax deducted under section 194S 15.05.2023
in the month of March, 2023
Note: Applicable in case of specified person as mentioned under section
194S
6 Due date for furnishing of Form 24G by an office of the Government 15.05.2023
where TDS/TCS for the month of April, 2023 has been paid without the
production of a challan
7 Quarterly statement of TCS deposited for the quarter ending March 31, 15.05.2023
2023
8 Due date for furnishing statement in Form no. 3BB by a stock exchange 15.05.2023
in respect of transactions in which client codes have been modified after
registering in the system for the month of April, 2023
9 Submission of a statement (in Form No. 49C) by non-resident having a 30.05.2023
liaison office in India for the financial year 2022-23
10 Due date for furnishing of challan-cum-statement in respect of tax 30.05.2023
deducted under section 194-IA in the month of April, 2023
deducted under section 194M in the month of April, 2023
deducted under section 194-IB in the month of April, 2023
deducted under section 194S in the month of April, 2023
Note: Applicable in case of specified person as mentioned under section
194S
14 Issue of TCS certificates for the 4th Quarter of the Financial Year 2022- 30.05.2023
23
Quarterly statement of TDS deposited for the quarter ending March 31, 31.05.2023
2023
15
Return of tax deduction from contributions paid by the trustees of an 31.05.2023
16 approved superannuation fund
17 Due date for furnishing of statement of financial transaction (in Form No. 31.05.2023
61A) as required to be furnished under sub-section (1) of section 285BA
of the Act respect for financial year 2022-23
18 Due date for e-filing of annual statement of reportable accounts as 31.05.2023
required to be furnished under section 285BA(1)(k) (in Form No. 61B)
for calendar year 2022 by reporting financial institutions
19 Application for allotment of PAN in case of non-individual resident 31.05.2023
person, which enters into a financial transaction of Rs. 2,50,000 or more
during FY 2022-23 and hasn't been allotted any PAN
20 Application for allotment of PAN in case of person being managing 31.05.2023
director, director, partner, trustee, author, founder, karta, chief executive
officer, principal officer or office bearer of the person referred to in Rule

114(3)(v) or any person competent to act on behalf of the person referred
to in Rule 114(3)(v) and who hasn't allotted any PAN
21 Application in Form 9A for exercising the option available under 31.05.2023
Explanation to section 11(1) to apply income of previous year in the next
year or in future (if the assessee is required to submit return of income on
or before July 31, 2023)
22 Statement in Form no. 10 to be furnished to accumulate income for future 31.05.2023
application under section 10(21) or section 11(1) (if the assessee is
required to submit return of income on or before July 31, 2023)
❑ IMPORTATNT UPDATES – APRIL, 2023:
1. CBDT review meeting: FM discusses taxpayer base, new TDS codes

Introduction of new data sources in Statement of Financial Transactions (SFT) like
dividend, interest, securities, mutual funds and information from GSTN in recent
years has led to 1118 per cent increase in reported information and resulted in addition
of information of about 3 crore persons, the Finance Ministry said in a statement after
Finance Minister Nirmala Sitharaman chaired a review meeting with Central Board of
Direct Taxes (CBDT) on Tuesday.
Sitharaman emphasised that CBDT should ensure timely action on all applications
filed by taxpayers and that a reasonable time frame should be set for disposal of such
applications.
The review meeting mainly focussed on efforts for increasing taxpayer base, pending
disciplinary proceeding cases and disposal of applications for condonation of de lay
and grant of exemptions under certain sections of the Income Tax Act, 1961.
In the meeting, it was also stated that introduction of new TDS codes, which have
almost doubled from 36 to 65 in the last eight years, led to an increase in total
reported transactions in 2021-22 to 144 crore as compared to 70 crore reported
transactions in 2015-16.
• (To know more: Click Here)
2. E-filing of income tax return forms 1, 4 for FY2022-23 (AY 2023-24)

has started via offline method
The income tax department has released the offline forms for ITR 1 and ITR -4 for
filing income tax return (ITR) for FY 2022-23 (AY 2023-24). The release of forms has
come after the Central Board of Direct Taxes (CBDT) notified the same in February
this year. Do note that the tax department is yet to enable the online forms for ITR
forms, for now it has released the Excel utility for now for ITR 1 a nd ITR-4.
As per the e-filing income tax portal, “Excel utilities of ITR 1 and ITR 4 for AY
2023-24 are available for filing.” The tax department is yet to release the JSON utility

for ITR-1 and ITR-4. Also, the tax department is yet to release the form fo r other
income tax return forms.
This means that if an individual wants to file ITR now, then he/she will be required to
download the utility from the income tax e-filing portal.
Once the income and deduction-related information in the utility form is filled, then it
will be required to be uploaded on the income tax e-filing portal. For the online form,
one is directly required to enter the information on the online form available on the e -
filing income tax portal. One should remember that once the ITR form is submitted
(either in offline or online mode), it be verified as well. ITR will not be taken up for
processing by the income tax department unless it is verified by the taxpayer.
There is no major change in the income tax return form this year. The only major
change in the ITR form is that it asks taxpayers to provide information related to
crypto and virtual digital assets transactions.
The government amended the income tax laws and made crypto and other virtual
digital assets taxable from April 1, 2022. The announcement of crypto and virtual
digital assets taxation was announced in Budget 2022.
• (To know more: Click Here)
❑ IMPORTANT NOTIFICATIONS – For the month of April - 2023:
Sl. Particulars of the Notification(s) File No. / Link(s)

Circular No.
Clarification regarding deduction of TDS under Click Here
1. section 192 read with sub-section (IA) of section Circular No. 04 of
115BAC of the Income-tax Act, 1961 – reg. 2023
Procedure, format and standards for filling an
application in Form No. 15C or Form No. 150 for Notification No. Click Here
2. grant of certificate for no-deduction of income-tax 01/2023
under sub-section (3) of section 195 of the Income
Tax Act, 1961 through TRACES-.
Amendment to section 10(26AAA) of the Income- Press Release Click Here
3. tax Act, 1961 by the Finance Act, 2023 1913604
Central Government hereby makes the following
further amendments in the notification of the Notification No. Click Here
4. Government of India, Ministry of Finance 21/2023
(Department of Revenue), Central Board of Direct
Taxes
Consequences of PAN becoming inoperative as per Circular No. Click Here
5. the newly substituted rule 114AAA - reg. 03/2023

3. COMPLIANCE REQUIREMENT UNDER GST, 2017

A. Filing of GSTR –3B / GSTR 3B QRMP
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period Due Date Particulars

Due Date for filling GSTR - 3B return for the month
of April, 2023 for the taxpayer with Aggregate
turnover exceeding INR 5 crores during previous
year.
20th May,
April, 2023 Due Date for filling GSTR - 3B return for the
2023
quarter of January to March 2022 for the taxpayer
with Aggregate turnover up to INR 5 crores during
the previous year and who has opted for Quarterly
filing of return under QRMP.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)

Due Date for filling GSTR - 3B return for
the month of April, 2023 for the taxpayer
22nd May,
April, 2023 with Aggregate turnover upto INR 5 crores
2023
during previous year and who has opted for
Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa,
Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar
Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)

th
24 May, Annual Turnover Up to INR 5 Cr in Previous FY
April, 2023
2023 But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar
Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura,
Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh,
Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period Due Date Remarks

1. GST Filing of returns by registered person with
aggregate turnover exceeding INR 5 Crores during
Monthly return preceding year.
11.05.2023
(April, 2023) 2. Registered person, with aggregate turnover of
less then INR 5 Crores during preceeding year,
opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Form No. Compliance Particulars Timeline Due Date

GSTR-5 & Non-resident ODIAR services 20th of succeeding month 20.05.2023
5A provider file Monthly GST Return
Every Input Service Distributor
GSTR -6 (ISD) 13th of succeeding month 13.05.2023
Return for Tax Deducted at source
GSTR -7 to be filed by Tax Deductor 10th of succeeding month 10.05.2023
E-Commerce operator registered 10th of succeeding month 10.05.2023
GSTR -8 under GST liable to TCS
D. GSTR - 1 QRMP monthly / Quarterly return
Form No. Compliance Particulars Timeline Due Date
a) GST QRMP monthly return due

Details of outward date for the month of April, 2022
supply-IFF & (IFF). Applicable for taxpayers with 13th of succeeding 13.05.2023
Annual aggregate turnover up to month - Monthly
Summary of Rs. 1.50 Crore.
outward supplies Quarterly Return
by taxpayers who b) Summary of outward supplies by
have opted for the taxpayers who have opted for the
QRMP scheme. QRMP scheme.
E. GST Refund:
Form No. Compliance Particulars Due Date
RFD -10 Refund of Tax to Certain Persons 18 Months after the end of quarter
for which refund is to be claimed
F. Monthly Payment of GST – PMT-06:
Compliance Particular Due Date

Due Date of payment of GST for a taxpayer with Aggregate
turnover up to INR 5 crores during the previous year and who 25.05.2023
has opted for Quarterly filing of return under QRMP.
G. Form GST ITC-03
Compliance Particular Due Date

Form GST ITC-03 is to be submitted within 60 days from the
commencement of the relevant financial year when registered 31.05.2023
person opts to pay tax under section 10.
❑ MONTHLY KEY UPDATE(s) – April, 2023:
1. Fresh drive against fake GST registrations
GST authorities have been forced to launch a special drive against "fake registrations" as the
menace refuses to die down, with scammers resorting to new tricks to claim input tax credit
(ITC) and defraud the exchequer.
Officers have been instructed to identify those using forged papers to register or claim bogus
input tax credit, deregister them, seek a refund of the credit and wherever needed attach their
property or bank accounts. Besides, those who were in the chain for the input tax credit, will
also be asked to refund them.
A similar exercise had been undertaken in the past, which resulted in not just several
fraudsters being removed from the system but also saw some large companies face questions
as they had bought goods or availed of services from them, directly or indirectly. But the
problem persists.
From forged electricity bills and property tax receipts to rent agreements, unscrupulous
elements show a bogus principal place of business to obtain GST registration. In a
communication to top officers across the country, the Central Board of Indirect Taxes and
Customs cited the instance of a few fraudsters in Gujarat registering themselves using PAN
and Aadhaar number of persons from economically weaker sections, without their
knowledge.
GST Network, the IT backbone, have been tasked with using detailed data analytics and risk
parameters to identify bogus numbers. The list will be shared with state and central tax
authorities. In addition, they have been told to supplement the data using data from e-way
mechanism and CBIC's Advanced Analytics in Indirect Taxation and the Business
Intelligence & Fraud Analytics, apart from human intelligence and the Aadhar database.
• (To read more: Click Here)
2. GST officers detect tax evasion by offshore entities providing online betting, gambling
Tax officers have detected violation of GST law by offshore entities offering online betting
and gambling platforms to Indian residents through mobile apps and are working on ways to
tackle such mode of tax evasion, a source said. As per the prescribed procedure, all offshore
entities providing services in India are required to register as supplier of OIDAR (Online
Information Database Access and Retrieval) services under the Goods and Services Tax
(GST) law.
"Although several overseas educational bodies offering online courses in India are registered
as OIDAR, the entities providing online gaming, betting ad gambling platforms are not
registered under GST. We are pursuing such cases and hope to bring them under the GST
net," the source told PTI.

These online betting and gambling apps are available on Google Play Store for android phone
users and App Store for iOS users and can be freely downloaded.
The source said since these companies are collecting funds and offering services in the
country, they are liable to pay GST. However, as these entities do not have a permanent
establishment or a physical presence in India, it is difficult to serve notices to them.
According to a written reply given by the Finance Ministry in Parliament in December last
year, GST officers are investigating tax evasion of about Rs 23,000 crore by gaming
companies between April 2019 and November 2022.
Besides, the Enforcement Directorate has attached proceeds of crime of more than Rs 1,000
crore in several cases related to cyber and crypto frauds wherein online gaming etc have been
used for siphoning the proceeds.
• (To read more – Click Here)
❑ GST UPDATES – APRIL, 2023:

Sl. Notification Particulars Notification No. Link (s)
1. Advisory on Bank Account Validation GSTN 579 Click Here
2. Updated Advisory: Time limit for Reporting Invoices GSTN 578 Click Here
on the IRP Portal
3. Advisory: Time limit for Reporting Invoices on the IRP GSTN 577 Click Here
Portal
4 Clarification regarding GST rate and classification of
‘Rab’ based on the recommendation of the GST
Council in its 49th meeting held on 18th February 2023 191/03/2023 Click Here
–reg
5 New facility to verify document Reference Number GSTN 580 Click Here
(RFN) mentioned on offline communications issued by
State GST authorities
4. COMPLIANCE UNDER OTHER STATUTORY LAWS
Timeline / Due Compliance Particulars Forms /

Applicable Laws/Acts (Filing
Dates
mode)
EPF (The Employees’ Provident
Funds And Miscellaneous 15.05.2023
PF Payment ECR
Provisions Act, 1952)
ESIC (Employees' State ESI
15.05.2023 ESIC Payment
Insurance Act, 1948) CHALLAN
Within 15 Days of Return/Notice within 15
Form VI-B
Contract Labour (Regulation commencement/ days of commencement/

& Abolition) Act, 1970 completion of completion of each contract
contract work by the Principal employer
Contract Labour (Regulation
Within 15 Days of Notice of commencement/
& Abolition) Act, 1970
commencement/ completion of contract Form VI-A
completion of work by the Contractor
contract work within 15 days
Within 30 Days of
Payment of Gratuity Rule Notice of applicability of Form A or
applicability of the
the Act & any change B
Act & any change
❑ Key Updates – April, 2023:

1. In ‘India as Eden’ offer, the apple of diluted labour laws
In addition to being the starting point of the possible onset of another scorching summer, the
month of April also witnessed two important happenings that are tied to the country’s avowed
economic-industrial transformation, demanding our attention. The first was the passage of a
piece of legislation in the Tamil Nadu Assembly that amended the Factory Act of 1948, to
extend the number of working hours in a day, from eight hours to 12 hours. A similar piece of
legislation was passed in the Karnataka Assembly, a few months ago. However, in his
address during May Day celebrations in Chennai, the Tamil Nadu Chief Minister, M.K.
Stalin, announced the withdrawal of the legislation. This announcement comes on the back of
the temporary hold on further action on the Bill by the Tamil Nadu government, after strong
opposition; this includes the State government’s alliance partners and trade unions.
The eight-hour working day, adopted by the International Labour Organization in 1919, is a
hard won right by workers and trade unions, who have had to struggle over the years to keep
capricious policy changes at bay. While appreciating the action initiated by the Tamil Nadu
Chief Minister, the passage, in the first place, of these pieces of legislation (which has
justifiably led to anger and outcry among trade unions and labour support groups) clearly
signals the intent of governments to house investments by transnational corporations (through
their supply chains), by ramping up capacities and provisioning incentives. As a matter of
fact, these legislative changes could trace their legacy to the four labour codes passed by the
central government in 2019-20, which, in turn, have weakened the labour protection
architecture, lowered thresholds and squeezed collective bargaining, thereby effectively
curtailing their actual operability.
❑ (To read more Click Here)
2. Implementation of 4 labour codes stalled
The implementation of the four labour codes, passed by Parliament between 2019 and 2020
and which seek to bring sweeping changes to India’s job market, has been stalled. They are
unlikely to take effect before the general election slated for 2024, people aware of the matter
have said.

The four codes consolidated a complex web of 29 central labour laws. These are the Code on
Wages, 2019; the Industrial Relations Code, 2020; the Occupational Safety, Health and
Working Conditions Code, 2020; and the Code on Social Security, 2020. They have been
both praised and criticised in equal measure.
Critics see them as controversial and anti-worker, while those demanding freer labour
policies say they will boost growth and employment,and end outdated laws no longer in sync
with a rapidly transforming economy. The codes or laws represent one of the most significant
economic reforms undertaken by the Modi government.
For instance, the changes will increase the number and type of companies that can fire
workers without government approval, enforce new norms on how unions can call strikes,
discard rules that bar women from working night shifts and, importantly, introduce a new
social-security regime.
Three key reasons are holding up the codes, the persons quoted above said. One, some states
are yet to publish rules to set the codes in motion, as required, since labour is a subject over
which both Centre and states have jurisdiction.
Two, talks between the Union labour ministry and unions have stalled and, three, the Centre
is inclined to take all stakeholders on board for which there needs agreement on key
provisions. Given that the Modi government had to withdraw the farm laws in 2021, the
Centre does not want a situation where unions go on industrial strikes and disrupt the
economy, one of them said. (To read more: Click Here)
❑ UPDATES TRACKER UNDER LABOUR LAWS – APRIL, 2023:

Sl. Particulars Link
1 EPF passbook: Here is how to check PF balance online on epfindia.gov.in, Click here
Umang app
2 How employees can submit joint application for higher EPS pension sans Click here
documents post Kerala High court order
3 EPF withdrawal through UMANG: Steps to withdraw PF money using Click here
UMANG
4 EPF passbook: How to check PF balance from anywhere without internet Click here
access
5 EPF Passbook: How to check your Provident Fund balance by SMS Click here
6 From PF Settlement, Pension To Nomination: 5 Types Of Provident Fund Click here
Forms
7 When should you increase your VPF contributions? Click here
8 Code on Social Security, 2020 extends social security to all employees in Click here
organised and unorganised sectors
9 NPS-Traders being implemented for welfare of traders including retail Click here
shopkeepers

5. SEBI – SECURITIES EXCHANGE BOARD OF INDIA

• COMPLIANCE REQUIREMENT UNDER SEBI (LISTING OBLIGATIONS
AND DISCLOSURE REQUIREMENTS) (LODR) REGULATIONS, 2015
A. Quarterly Compliances:
Sl. Regulation Compliance Particulars Timeline / Due Date Due Dates
No. reference (For the Quarter Ended
(Reg.) December, 2022)
1 32 Statement of deviation(s) or 45 days/60 days from end of 14.05.2023
variation(s) quarter
2 33 (3) (a) Financial Results along with Within 60 days from the end 30.05.2023
Limited review report/ of the FY.
Auditor’s report
B. Half Yearly Compliances:

Sl. Compliance Period
Regulation No. Due Date
No. (Due Date)
1. Regulation a) Provided further that the listed entity a) within 15 days from the
23(9) Related shall make such disclosures every six date of publication
party months within 15 days from the date of
transactions. publication of its standalone and
consolidated financial results: b) disclosures every six
months on the date of
b) Disclosure of Related Party publication of its standalone
Transactions as per Regulation 23(9) and consolidated financial
needs to be filed on the same day on results (w.e.f. 01.04.2023)
which financial results are published to
stock exchange.
C. Regular / Annual Compliances:

REG NO REGULATIO PARTICULARS TIMELINE
N NO
47 47 (3) Financial results at 47 clause (b) of sub- 48 HOURS
Advertisements Advertisements regulation (1), shall be published within
in Newspapers. in Newspapers 48 hours of conclusion of the meeting of
board of directors at which the financial
results were approved.
24A Secretarial Red 24A Every listed entity and its material
Audit. unlisted subsidiaries incorporated in India
shall undertake secretarial audit and shall 60 days
annex with its annual report, a secretarial from the
audit report, given by a company Closure of
secretary in practice, in such form as may
be specified with effect from the year FY
ended March 31, 2019. (within 60 days
from the Closure of FY)

46 Website 46(2)(s) The listed entity shall disseminate the 21 days
following information under a separate prior 1 days
section on its website separate audited prior to the
financial statements of each subsidiary of date of AGM
the listed entity in respect of a relevant
financial year, uploaded at least 21 days
prior to the date of the annual general
meeting which has been called to inter
alia consider accounts of that FY.]
Annual Annual Disclosure to be made by an
Disclosure Circular No. entity identified as a Large Corporates Within 45
requirements SEBI/HO/DDH (To be submitted to the Stock days of the
for large entities S/CIR/P/2018/1 Exchange(s) within 45 days of the end end of the
44 of the FY) FY
(Applicable for FY 2020 and 2021)
D. Other Quarterly compliance which included half year compliance except

FR (Financial Results)
Reg No Regulation No Particulars Timeline

Intimation Reg 29 read with intimation regarding item at least 5
Reg 33 specified in clause 29(1) (a) to working days in
be discussed at the meeting of advance,
board of directors shall be given excluding the
at least five days in advance date of the
(excluding the date of the intimation and
intimation and date of the date of the
meeting), and such intimation meeting
shall include the date of such
meeting of board of directors
Intimations and 87B: Intimations The listed entity shall first
Disclosure of and Disclosure of disclose to stock exchange(s) of
events or events or all events or information, as
information to information to specified in Part E of Schedule
Stock Exchanges. Stock Exchanges. III, as soon as reasonably 24 HOURS
READ WITH possible but not later than
PART E OF twenty four hours from
Schedule III occurrence of the event or
information:
Valuation, Rating 87C(1) (iii) An issuer whose security
and NAV receipts are listed on a stock 15 Days
disclosure. exchange shall ensure that: the
net asset value is calculated on
the basis of such independent
valuation and the same is
declared by the asset
reconstruction company within
15 days of the end of quarter.

– Certificate from Regulation 40 (9) The listed entity shall ensure Within 30 days
Practicing that the share transfer agent from the end of
Company and/or the in-house share the financial
Secretary. . (Regulation 40 transfer facility, as the case may year.
(10)- certificate be, produces a certificate from a
mentioned at sub- practicing company secretary
regulation (9), within 30 days from the end of
shall be the financial year, certifying that
filed with the all certificates have been issued
stock exchange(s) within thirty days of the date of
simultaneously.) lodgement for transfer,
subdivision, consolidation,
renewal, exchange or
endorsement of calls/ allotment
monies.
Indian Depository 69(1) The listed entity shall file with 15 days from
Receipt holding the stock exchange the Indian end of each
pattern & Depository Receipt holding quarter
Shareholding pattern on a quarterly basis
details. within fifteen days of end of the
quarter in the format specified
by the Board.
E. Event based Compliances

Reg No Regulation Particulars Timeline
No
30 Disclosure 30(6) AND The listed entity shall first disclose to stock 24 HOURS
of events or Part A of exchange(s) of all events, as specified in
information. Schedule III Part A of Schedule III, or information as
soon as reasonably possible and not later
than twenty four hours from the occurrence
of event or information
30 Disclosure 30(6) AND The listed entity shall disclose to the 30
of events or sub-para 4 of Exchange(s), within 30 minutes of the MINUTES
information. Para A of closure of the meeting held to consider the
Part A of following:
Schedule III a) dividends and/or cash bonuses
recommended or declared or the decision to
pass any dividend and the date on which
dividend shall be paid/dispatched;
b) any cancellation of dividend with
reasons thereof;
c) the decision on buyback of securities;
d) the decision with respect to fund raising
proposed to be undertaken
e) increase in capital by issue of bonus
shares through capitalization including the
date on which such bonus shares shall be

credited/dispatched;
f) reissue of forfeited shares or securities,
or the issue of shares or securities held in
reserve for future issue or the creation in
any form or manner of new shares or
securities or any other rights, privileges or
benefits to subscribe to;
g) short particulars of any other alterations
of capital, including calls;
h) financial results;
i) decision on voluntary delisting by the
listed entity from stock exchange(s).
31A: 31A(8) The following events shall deemed to be 24 HOURS
Conditions for material events and shall be disclosed by
re- the listed entity to the stock exchanges as
classification soon as reasonably possible and not later
of any person than twenty four hours from the occurrence
as promoter / of the event:
public (a) receipt of request for re-classification by
the listed entity from the promoter(s)
seeking re-classification;
(b) minutes of the board meeting
considering such request which would
include the views of the board on the
request;
(c) submission of application for re-
classification of status as promoter/public
by the listed entity to the stock exchanges;
(d) decision of the stock exchanges on such
application as communicated to the listed
entity;
34 Annual 34(1)(b) In the event of any changes to the annual 48 HOURS
Report. report, the revised copy along with the
details of and explanation for the changes
shall be sent not later than 48 hours after
the annual general meeting.]
44 Meetings of 44(3) The listed entity shall submit to the stock 48 HOURS
shareholders exchange, within forty eight hours of
and voting conclusion of its General Meeting, details
regarding the voting results in the format
specified by the Board.
47 47 (3) The listed entity shall publish the
Advertisement Advertiseme information specified in 47(1) in the
s in nts in newspaper simultaneously with the
Newspapers. Newspapers submission of the same to the stock
exchange(s). The same is reproduced below
47(1) (a) notice of meeting of the board of Simultaneous
directors where financial results shall be ly
discussed (c )statements of deviation(s) or
variation(s) as specified in sub-regulation
(1) of regulation 32 on quarterly basis, after
review by audit committee and its
explanation in directors report in annual
report;
(d) notices given to shareholders by
advertisement
- SCHEDULE resignation of the auditor of the listed 24 HOURS
III PART entity, detailed reasons for resignation of
PART A auditor, as given by the said auditor, shall
7(A) be disclosed by the listed entities to the
stock exchanges as soon as possible but not
later than twenty four hours of receipt of
such reasons from the auditor
- SCHEDULE In case of resignation of an independent 7 days from
III PART director of the listed entity, within seven the date of
PART A days from the date of resignation, the resignation
7(B) following disclosures shall be made to the
stock exchanges by the listed entities:
i. Detailed reasons for the resignation of
independent directors as given by the said
director shall be disclosed by the listed
entities to the stock exchanges.
ii. The independent director shall, along
with the detailed reasons, also provide a
confirmation that there is no other material
reasons other than those provided.
iii. The confirmation as provided by the
independent director above shall also be
disclosed by the listed entities to the stock
exchanges along with the detailed reasons
as specified in sub-clause (i) above.]
7 Share Reg 7(4) & The listed entity shall intimate any change 7 DAYS
Transfer (5) Share or appointment of a new share transfer
Agent. Transfer agent, to the stock exchange(s) within
Agent. seven days of entering into the agreement.
29 Reg 29(1) The intimation required under 29 (1), shall be at least 2
given at least two working days in advance, working days
excluding the date of the intimation and date of in advance,
the meeting Reg 29(1) is reproduced below: (b) excluding the
proposal for buyback of securities ; (c) proposal
date of the
for voluntary delisting by the listed entity from
intimation and
the stock exchange(s); (d) fund raising by way
of further public offer, rights issue, American date of the
Depository Receipts/Global Depository meeting
Receipts/Foreign Currency Convertible Bonds,
qualified institutions placement, debt issue,
preferential issue or any other method and for
determination of issue price:
Provided that intimation shall also be given in

case of any annual general meeting or
extraordinary general meeting or postal ballot
that is proposed to be held for obtaining
shareholder approval for further fund raising
indicating type of issuance. (e) declaration/
recommendation of dividend, issue of
convertible securities including convertible
debentures or of debentures carrying a right to
subscribe to equity shares or the passing over of
dividend. (f) the proposal for declaration of
bonus securities where such proposal is
communicated to the board of directors of the
listed entity as part of the agenda papers:
31 Holding of Reg 31 The listed entity shall submit to the stock 1 day prior to
specified (1)(a) exchange(s) a statement showing holding of listing of its
securities and securities and shareholding pattern securities on
shareholding separately for each class of securities, in the the stock
pattern. format specified by the Board from time to exchange(s
time - one day prior to listing of its
securities on the stock exchange(s);
31 Reg 31 (1 (c) within ten days of any capital restructuring within 10
of the listed entity resulting in a change days of any
exceeding two per cent of the total paid-up capital
share capital: restructuring
31A Reg 31A an application for re-classification of a 30 days from
Conditions for promoter/ person belonging to promoter the date of
re- group to public to the stock exchanges has approval by
classification to be made by the listed entity consequent shareholders
of any person to the following procedures and not later in general
as promoter / than thirty days from the date of approval meeting
public by shareholders in general meeting
37 Draft 37(1) Draft Scheme of Arrangement & Scheme Before filling
Scheme of of Arrangement before for obtaining the same with
Arrangement Observation Letter or No-objection letter, any court or
& Scheme of before filing such scheme with any Court or tribunal
Arrangement. Tribunal, in terms of requirements specified
by the Board or stock exchange(s) from
time to time.
39 Issuance of 39(2) The listed entity shall issue certificates or 30 Days
Certificates or receipts or advices, as applicable, of
Receipts/Lette subdivision, split, consolidation, renewal,
rs/Advices for exchanges, endorsements, issuance of
securities and duplicates thereof or issuance of new
dealing with certificates or receipts or advices, as
unclaimed applicable, in cases of loss or old decrepit
securities. or worn out certificates or receipts or
advices, as applicable within a period of
thirty days from the date of such
lodgement.

39 Issuance of 39(3) The listed entity shall submit information 2 days of its
Certificates or regarding loss of share certificates and getting
Receipts/Lette issue of the duplicate certificates, to the information.
rs/Advices for stock exchange within two days of its
securities and getting information.
dealing with
unclaimed
securities
40 Transfer or 40 (3) On receipt of proper documentation, the 15 days
transmission listed entity shall register transfers of its
or securities in the name of the transferee(s)
transposition and issue certificates or receipts or advices,
of securities. as applicable, of transfers; or issue any
valid objection or intimation to the
transferee or transferor, as the case may be,
within a period of fifteen days from the
date of such receipt of request for transfer
40 Transfer or 40 (3) the listed entity shall ensure that 7 Days
transmission transmission requests are processed for
or securities held in dematerialized mode
transposition within seven days after receipt of the
of securities. specified documents:
40 Transfer or 40 (3) the listed entity shall ensure that 21 Days
transmission transmission requests are processed for
or securities held in physical mode within
transposition twenty one days after receipt of the
of securities. specified documents:
- SCHEDULE In case of minor differences in the signature 15 Days
VII: of the transferor(s), the listed entity shall
TRANSFER follow the following procedure for
OF registering transfer of securities:
SECURITIE (a) the listed entity shall promptly send to
S (PART B the first transferor(s), via speed post an
(1)) intimation of the aforesaid defect in the
documents and inform the transferor(s) that
objection, supported by valid proof, is not
lodged by the transferor(s) with the listed
entity within fifteen days of receipt of the
listed entity’s letter, then the securities shall
be transferred
42 Record 42(2) The listed entity shall give notice in 7 working
Date or Date advance of atleast seven working days days advance
of closure of (excluding the date of intimation and the intimation
transfer books. record date) to stock exchange(s) of record excluding the
date specifying the purpose of the record date of the
date: intimation and
date of the
meeting
42 Record 42(2) in the case of rights issues, the listed entity 3 working

Date or Date shall give notice in advance of atleast three days advance
of closure of working days (excluding the date of intimation
transfer books. intimation and the record date).] excluding the
date of the
intimation and
date of the
meeting
42 Record 42(3) The listed entity shall recommend or 5 working
Date or Date declare all dividend and/or cash bonuses at days advance
of closure of least five working days (excluding the date intimation
transfer books. of intimation and the record date) before excluding the
the record date fixed for the purpose. date of the
intimation and
date of the
meeting
46 Website 46 (3)(b) The listed entity shall update any change in 2 working
the content of its website within two days
working days from the date of such change
in content.
50 Intimation 50(1) The listed entity shall give prior intimation 11 working
to stock to the stock exchange(s) at least eleven days
exchange(s). working days before the date on and from
which the interest on debentures and bonds,
and redemption amount of redeemable
shares or of debentures and bonds shall be
payable.
50 Intimation 50(3) The listed entity shall intimate to the stock 2 working
to stock exchange(s), at least two working days in days advance
exchange(s). advance, excluding the date of the intimation
intimation and date of the meeting, excluding the
regarding the meeting of its board of date of the
directors, at which the recommendation or intimation and
declaration of issue of non-convertible debt date of the
securities or any other matter affecting the meeting
rights or interests of holders of non-
convertible debt securities or non -
convertible redeemable preference shares is
proposed to be considered.
52 Financial 52 (4) & (5) The listed entity shall, within seven 7 working
Results. working days from the date of submission days
of the information required under sub-
regulation (4), submit to stock exchange(s),
a certificate signed by debenture trustee
that it has taken note of the contents
52 Financial 52 (4) & (8) The listed entity shall, within two calendar two calendar
Results. days of the conclusion of the meeting of the days of the
board of directors, publish the financial conclusion of
results and statement referred to in reg 52 the meeting
(4), in at least one English national daily

newspaper circulating in the whole or
substantially the whole of India.
57 Other 57(1) The listed entity shall submit a certificate to within 2 days
submissions to the stock exchange within two days of the
stock interest or principal or both becoming due
exchange(s). that it has made timely payment of interests
or principal obligations or both in respect of
the non convertible debt securities
Date advance of at least seven working days days advance
(excluding the date of intimation and the intimation
record date) to the recognised stock excluding the
exchange(s) of the record date or of as date of the
many days as the stock exchange(s) may intimation and
agree to or require specifying the purpose date of the
of the record date. meeting
78 Record 78(2) The listed entity shall give notice in notice in
Date. advance of at least four working days to the advance of at
recognised stock exchange(s) of record date least 4
specifying the purpose of the record date working days
82 Intimation 82(2) The listed entity shall intimate to the stock 2 working
and filings exchange(s), at least two working days in days in
with stock advance, excluding the date of the advance,
exchange(s). intimation and date of the meeting, excluding the
regarding the meeting of its board of date of the
trustees, at which the recommendation or intimation and
declaration of issue of securitized debt date of the
instruments or any other matter affecting meeting,
the rights or interests of holders of
securitized debt instruments is proposed to
be considered.
82 Intimation 82(3) The listed entity shall submit such within 7 days
and filings statements, reports or information including
with stock financial information pertaining to Schemes
exchange(s). to stock exchange within seven days from
the end of the month/ actual payment date,
either by itself or through the servicer, on a
monthly basis in the format as specified by
the Board from time to time:
Provided that where periodicity of the
receivables is not monthly, reporting shall
be made for the relevant periods.
Date. advance of atleast seven working days days advance
record date) to the recognised stock excluding the
exchange(s) of the record date or of as date of the
many days as the Stock Exchange may intimation and
agree to or require specifying the purpose date of the
of the record date meeting
87E Record 87E(2) The listed entity shall give notice in 7 working
Date. advance of at least seven working days days advance
record date) to the stock exchange(s) of the excluding the
record date or of as many days as the stock date of the
exchange may agree to or require intimation and
specifying the purpose of the record date. date of the
meeting
6. SEBI (Substantial Acquisition of Shares and Takeovers)

Regulations, 2011
Securities and Exchange Board of India (SEBI) vide notification / Circular No.
SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has
published Relaxation from compliance with certain provisions of the SEBI (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic".
Compliance Period
Sl. Regulation No. Compliance Particular (Due Date)
No.
Every person, who together with
1 Regulation 30(1) persons acting in concert with him, Omitted
holds shares or voting rights through introduction of
entitling him to exercise 25% or SEBI (Substantial
more of the voting rights in a target Acquisition of Shares
company, shall disclose their and Takeovers) (Second
aggregate shareholding and voting Amendment)
rights as of the 31st day of March, in Regulations, 2021
such target company in such form as
may be specified. Applicable w.e.f.
The promoter of every target 01.04.2022
company shall together with persons
acting in concert with him, disclose
2 Regulation 30(2) their aggregate shareholding and
voting rights as of the thirty-first
day of March, in such target
company in such form as may
Regulation 31(1) read The promoter of every listed

with Regulation 28(3) of company shall specifically disclose within 2 (two) working
Takeover Regulations detailed reasons for encumbrance if days
AUGUST 7, 2019 the combined encumbrance by the
CIRCULAR (Provision Insertion:
3. promoter along with PACs with him
https://www.sebi.gov.in/legal/
“Provided that the
circulars/aug-2019/disclosure- equals or exceeds: a) 50% of their
of-reasons-for-encumbrance- shareholding in the company; or b) aforesaid disclosure

by-promoter-of-listed- 20% of the total share capital of the requirement shall not be
companies_43837.html company, applicable where such
encumbrance is
undertaken in a
depository”)
Promoter of every target
company shall together
with persons acting in
4. Regulation 31(4) Disclosure of encumbered shares concert with him, disclose
their aggregate
shareholding and voting
rights as of the 31st
March, in such target
company in such form as
may be specified.
7. SEBI (Prohibition of Insider Trading) Regulations, 2015

Compliance Period
No.
Every promoter, employee and director of Every company shall
every company shall disclose to the company notify; within two
the number of such securities acquired or trading days of
disposed of within two trading days of such receipt of the
Regulation 7(2) transaction if the value of the securities disclosure or from
1 “Continual traded, whether in one transaction or a series becoming aware of
Disclosures” of transactions over any calendar quarter, such information
aggregates to a traded value in excess of ten
lakh rupees (10,00,000/-) or such other value
as may be specified;
8. SEBI (Issue of Capital and Disclosure Requirements)

Regulations, 2018
Sl. Compliance Period

Regulation No. Compliance Particular
No. (Due Date)
“The issuer shall make an application for

listing from the date of allotment, within
such period as may be specified by the
Board from time to time, to one or more
Schedule XIX - Para
recognized stock exchange(s)”. Within 20 days from
(2) of ICDR
In regard to above, it is specified that the date of allotment
Read with Reg 108 of
Issuer shall make an application to the
1 SEBI LODR
exchange/s for listing in case of further
issue of equity shares from the date of
allotment within 20 days (unless
otherwise specified).
The tenure of the convertible securities of Within 18 months

2 Regulation 162 the issuer shall not exceed eighteen from date of allotment
months from the date of their allotment.
Application for trading approval to the
stock exchange Listed entities shall make Within 7 working
SEBI CIRCULAR
an application for trading approval to the days from grant of
3 Aug 19, 2019
stock exchange/s within 7 working days date of listing
(Click Here)
from the date of grant of listing approval approval
by the stock exchange/s.
The issuer along with lead managers and other parties related to
the issue shall constitute an optional mechanism (non-cash mode
Regulation 76
only) to accept the applications of the shareholders to apply to
4 Application for rights
rights issue subject to ensuring that no third-party payments shall
issue
be allowed in respect of any application.
In case if the company fails to adhere to modes of dispatch

through registered post or speed post or courier services due to
Covid-19 conditions it will not be treated as non-compliance
Regulation 77
5. during the said period. The issuers shall publish required &
Service of Documents
necessary documents on the websites of the company, registrar,
stock exchanges and the lead managers to the rights issue.
Issuer has the flexibility to publish the advertisement in

additional newspapers above those required in Regulation 84.
The advertisement should also be made available on:
Regulation 84
6 A. Website of the Issuer, Registrar, Lead Managers, and Stock
Advertisement Exchanges.
B. Television channels, radio, the internet, etc. to spread

information related to the process.
9. SEBI (Buyback of Securities) Regulations, 2018 (Buyback

Regulations)
Compliance Period
Extinguishment of equity shares in
connection with Buyback The particulars of
the security certificates extinguished and 7 days of
destroyed shall be furnished by the company extinguishment and
Regulation 11 to the stock exchanges where the shares or destruction of the
1 and 24(iv) other specified securities of the company are certificates
listed within seven days of extinguishment
and destruction of the certificates.

10. SEBI (Depositories and Participants) Regulations 2018)
Sl. No. Particulars Due Date
1. Regulation 76 - Reconciliation of Shares and Within 30 days from end

Capital Audit of quarter.
Regulation 74 (5): Processing of demat requests Within 15 days from the
2. form by Issuer/RTAs - Certificate Received from end of each quarter.
Registrar
❑ SEBI Circulars Tracker: April, 2023

1. Usage of brand name/trade name by Investment Advisers (IA) and Research Click Here
Analysts (RA)
2. Maiden Forgings Limited - SME Issue – Prospectus Click Here
3. Advertisement code for Investment Advisers (IA) and Research Analysts Click Here
(RA)
4. Informal Guidance request received from Bank of Baroda with respect to the Click Here
recent amendment made in the proviso to Regulation 17(1C) of SEBI
(LODR) Regulations, 2015
5. Filing of announcements in XBRL format on BSE listing centre Click Here
6. Annual Listing Fees Click Here
7. Contribution by eligible Issuers of debt securities to the Settlement Click Here
Guarantee Fund of the Limited Purpose Clearing Corporation for repo
transactions in debt securities
8. New Logo of SEBI unveiled on the occasion of SEBI Foundation Day Click Here
9. Baroda BNP Paribas Value Fund Click Here
10. Formulation of price bands for the first day of trading pursuant to Initial Click Here
Public Offering (IPO), re-listing etc. in normal trading session
11. Status of SCORES complaints as on March 31, 2023 Click Here
12. Direct plan for schemes of Alternative Investment Funds (AIFs) and trail Click Here
model for distribution commission in AIFs
13. Guidelines with respect to excusing or excluding an investor from an Click Here
investment of AIF
14. Informal Guidance - Request for Informal guidance by way of an
interpretive letter under the provisions of SEBI (Informal Guidance)
Scheme, 2003 received from Eris Lifesciences Limited w.r.t Chapter XII of Click Here
SEBI Operational Circular for issue and listing of Non-Convertible
Securities (NCS), Securitised Debt Instruments (SDI), Security Receipts
(SR), Municipal Debt Securities and Commercial Paper (CP) dated August
10, 2021
Issue of Master Circular by Stock Exchanges, Clearing Corporations and Click Here
15.
Depositories
16 Procedure for seeking prior approval for change in control of Vault Click Here
Managers

17 Exemption Order in the matter of Bhandari Hosiery Exports Limited Click Here
18 Procedure for implementation of Section 12A of the Weapons of Mass Click Here
Destruction and their Delivery Systems (Prohibition of Unlawful Activities)
Act, 2005 – Directions to stock exchanges and registered intermediaries
11. COMPLIANCE REQUIREMENT UNDER COMPANIES ACT, 2013

AND RULES MADE THEREUNDER;
Applicable Due Dates Compliance Particulars Forms / Filing

Laws/Acts mode
Within 180 As per Section 10 A (Commencement of
Days From The Business) of the Companies Act, 2013,
Date Of inserted vide the Companies
Incorporation (Amendment) Ordinance, 2018 w.e.f. MCA E- Form
Companies Of The 2nd November, 2018, a Company INC 20A
Act, 2013 Company Incorporated after the ordinance and (one time
(one time having share capital shall not commence compliance)
compliance its business or exercise any borrowing
only) powers unless a declaration is filed by
the Director within 180 days from the
date of Incorporation of the Company
with the ROC.
A person having Significant beneficial
owner shall file a declaration to the
reporting company
http://www.mca.gov.in/Ministry/pdf/Co
mpaniesOwnersAmendmentRules_0802
0219.pdf
First
i.e. within 90 days of the
declaration
commencement of the Companies
within 90 days Form BEN-1
Companies (Significant Beneficial Owners)
from the date Draft Format
Act, 2013 Amendment Rules, 2019 i.e. 08.02.2019
of notification available at
Dt. 08.02.2019 LINK
In case Subsequent Acquisition of the
title of Significant Beneficial Owner /
Any Change therein a declaration in
Form No. BEN-1 required to be filed to
the reporting company, within 30 days
of acquiring such significant beneficial
ownership or any change therein.
The Ministry in its General Circular No.

Within 15 days 12/2018 dated 13th December, 2018
Companies of appointment clarified that filing of Form NFRA-1 is E – Form
Act, 2013 of an auditor. applicable only for Bodies Corporate NFRA -1
and ruled out filing by Companies as
defined under sub-section (20) of

Section 2 the Act.
Within 30 days Filing of resolutions with the ROC

Companies of the board regarding Board Report and Annual MGT-14
Act, 2013 meeting Accounts. The details of the resolutions (Filing of resolution
passed should be filed. with MCA)
Registration of Entities for undertaking

Companies One Time CSR activities - Trust/ Society/ Section E-Form CSR-1
Act, 2013 compliances 8 Company need to file before
Acceptance of Donation as CSR w.e.f.
01st April 2021.
Pursuant to Order dated 22 January,
2019 issued under Section 405 of the
th
Companies 30 April Companies Act, 2013, specified
Act, 2013 (for Oct.2022 companies shall submit a half yearly MSME Form 1
to March 2023) return to MCA in respect of
outstanding payments to Micro or Small
Enterprises exceeding 45 days.
Companies Annual Last date for filing DIR-3 KYC for DIR – 3 KYC /
Act, 2013 Compliance Financial year 2022-23 is 30th DIR 3 Web- KYC
(file on or after September, 2023.
01.04.2023) For Every DIN / DPIN Holders.
Penalty after due date is Rs. 5000/-(one
time)
Companies Within 60 Reconciliation of Share Capital Audit
Act, 2013 (sixty) days Report (Half-yearly)
from the Pursuant to sub-rule Rule 9A (8) of E-Form PAS – 6
conclusion of Companies (Prospectus and Allotment
each half year. of Securities) Rules, 2014
Companies With in 60 days Every foreign company shall prepare

Act, 2013 from the last and file, within sixty days from the last FC-4
day of its day of its financial year, to the Registrar
financial year. annual return in Form FC4.
 LLP Compliance
Applicable Due Dates Compliance Particulars Forms / Filing

Laws/Acts mode
within 60 days LLP Annual Filing- An annual statement

Form LLP-11
LLP Act, from the for submitting details of the business of
2008 closure of the the LLP and its partners for the FY
financial year 2020-21

 KEY UPDATES – April, 2023:
1. Ministry of Corporate Affairs issues public advisory for Nidhi companies

operating in non-banking finance space
The Registrar of Companies in Puducherry has circulated a new Ministry of Corporate
Affairs (MCA) public advisory for Nidhi companies as part of recent measures to tighten the
rules of these entities operating in the non-banking finance space.
The advisory note lists the do’s and don’ts of such companies, which are stipulated to have an
object in the Memorandum of Association of only cultivating the habit of thrift and savings
amongst its members, receiving deposits from, and lending to, its members only, for their
mutual benefit.
The Nidhi entities are prohibited from carrying on the business of chit fund, hire purchase
finance, leasing finance, insurance or acquisition of securities issued by anybody corporate.
They are barred from issuing preference shares, debentures or any other debt instrument by
any name or in any form whatsoever.
The MCA has barred Nidhi entities from accepting deposits from or lend to any person, other
than its members, pledge any of the assets lodged by its members as security, accept deposits
from or lend money to anybody corporate, or enter any partnership arrangement in its
borrowing or lending activities.
A Nidhi company cannot raise loans from banks or financial institutions or any other source
for the purpose of advancing loans to its members or admit a body corporate or trust as a
member.
The MCA advisory categorically stated that the Central government does not undertake any
responsibility for the financial soundness of, or the correctness of, any of the statement or the
representations made, or opinions expressed by a Nidhi company. The deposits accepted by
such an entity are not insured and the repayment of deposits is not guaranteed by either the
Central government or the Reserve Bank of India, the advisory said.
❑ To read more: Click Here
2. MCA issues new rules on voluntary exit of companies

The amended rules for removal of companies from the official register will be effective 1
May, 2023.
Companies keen to exit their business for various economic reasons can now hope for quick
regulatory clearance with the government operationalising the newly set up Centre for
Processing Accelerated Corporate Exit (CPACE).

The Ministry of Corporate Affairs on Monday notified the rules authorising CPACE to
handle this work, taking over the task from RoCs across the country. CPACE is set up at the
Indian Institute of Corporate Affairs, an institution attached to the ministry.
The amended rules for removal of companies from the official register will be effective 1
May, the ministry said while also bringing out the forms for voluntary closure. The move of
shifting voluntary closure of companies to a centralised agency is part of a revamp of the
approval process for various corporate filings aimed at uniform and quick decision-making
process.
The ministry also replaced three forms that are related to the process of striking off the names
of companies while giving the all-India jurisdiction to CPACE for voluntary closure of
companies. The forms entail some changes, including provision for disclosing pending
litigation, explained Virender Bhasin, Executive Director, Entity Setup and Management at
Nexdigm, a consultancy.
Companies chose to go for voluntary closure for various economic reasons including
unviability of the business or changed circumstances. For closure, the companies should not
have any unmet liability. Voluntary closure is different from government's action of
removing a company from the register for defaulting on filing statutory documents for two
consecutive years, although most such defaulting companies may also be defunct.
❑ To read more: Click Here
❑ Important Updates – April, 2023

Sl. Particulars of the Circulars Link
In our continuous endeavour to serve you better, the Ministry of
Corporate Affairs is launching STK-2 form along with C-PACE
functionality on 01st May 2023 at 12:00 AM. To facilitate
implementation of this form in V3 MCA21 portal, stakeholders are
advised to note the following points:
(1) STK-2 form on V2 portal will be disabled from 28th April 11:59 PM
Click Here
to 30th April 11:59 pm which is planned for roll-out on 01st May 2023
at 12:00 AM.
(2) All stakeholders are advised to ensure that there are no SRNs in
1 pending payment and Resubmission status.
(3) Offline payments using Pay later option would not be available in V2
for STK-2. You are requested to make payments for these forms in V2
through online mode (Credit/Debit Card and Net Banking).
(4) V3 portal will not be available for filing of all Company/LLP forms
due to STK-2 form roll-out from 30th April (03:00 PM) to 01st May
2023 (12:00 AM).
(5) V2 Portal for company filing will remain available for all the forms

which are currently in V2 system (except STK-2), throughout this time
period.
2 The Companies (Removal of Names of Companies from the Register of Click Here
Companies) Amendment Rules, 2023
3 MCA issues new rules on voluntary exit of companies:
The ministry also replaced three forms that are related to the process of Click Here
striking off the names of companies while giving the all-India
jurisdiction to CPACE for voluntary closure of companies
4 IICA conducts seminar on Business and Human Rights Professionals to Click Here
ensure Social Sustainability of Businesses
5 V3 portal glitches continue, users seek leeway till June 30 Click Here
6 Mandate for higher disclosures will improve audit quality: MCA Click Here
7 Companies (Indian Accounting Standards) Amendment Rules, 2023-reg. Click Here
All Members of ICSI & ICAI (registered in Professional category at
8 MCA) are requested to add Membership Type ( viz Associate or Fellow) Click Here
in their profile. This functionality is also applicable to the users who had
associated their Professional Membership Numbers with their ID in past
on MCA portal.
12. IBBI UPDATES {INSOLVENCY AND BANKRUPTCY

BOARD OF INDIA} {IBC}
❑ Government mulls new framework to put IBC cases on fast track

The government is considering a creditor-led insolvency resolution mechanism under the
bankruptcy law to fast-track settlement and ease the burden on the National Company Law
Tribunal (NCLT), people aware of the development said.
Under this mechanism, creditors and debtors can reach informal agreements on the plans to
resolve bankruptcy and then approach the NCLT to quickly admit the cases, one of the
persons said.
The details will be finalised after broader stakeholder consultations. "The government has
studied the best practices of several jurisdictions and a similar, if not the same, insolvency
mechanism is followed in the UK," said an official aware of details. "Various aspects and
structures of the planned framework are being examined and a final decision would be taken
in due course." Read more at: Click Here
❑ No priority for worker dues after liquidation under IBC

The Supreme Court on Tuesday endorsed a provision of the Companies Act, 2013, that says
workers' dues will not get preferential payment in case of liquidation under the Insolvency
and Bankruptcy Code, 2016.

A bench comprising Justices MR Shah and Sanjiv Khanna dismissed a batch of petitions led
by Moser Baer Karamchari Union seeking to strike down Section 327(7) of the Companies
Act, 2013 as arbitrary and violative of Article 21 of the Constitution of India.
"The waterfall mechanism is based on a structured mathematical formula, and the hierarchy
is created in terms of payment of debts in order of priority with several qualifications, striking
down any one of the provisions or rearranging the hierarchy in the waterfall mechanism may
lead to several trips and disrupt the working of the equilibrium as a whole and stasis,
resulting in instability," the bench said.
❑ Read more at: Click Here
❑ Important Notifications and Circulars Tracker (April, 2023)

1 In the matter of Mr. Shyamal Mukherjee, RV Click here
2 In the matter of Mr. Asim Maity, RV Click here
3 Engagement of two consultants in IBBI on contractual basis Click here
4 Need to encourage innovation in IBC: Bankruptcy board chairperson Click here
5 In the matter of Mr. S. Muthuraju, IP Click here
6 Workshop for Insolvency Professionals on 19th April 2023 and 24th April 2023 Click here
through Virtual mode
7 Impact report of IBC to come in next 2 months: Bankruptcy Board chairperson Click here
8 Government plans to introduce bills to amend companies, insolvency laws in Click here
Parliament's monsoon session
9 IBBI publishes syllabus for Limited Insolvency Examination w.e.f 1st July Click here
2023
10 Supreme Court holds that an application for withdrawal of corporate insolvency
resolution process under IBC can be allowed even prior to the constitution of Click here
the committee of creditors
11 Sitharaman vows to strengthen insolvency code amid criticism of creditor Click here
losses
12 NCLT orders initiating insolvency proceedings against Mantri Developers Click here
13. NCLT & NCLAT UPDATES (Updates- April, 2023)
1. Indian Steel Corp's resolution plan for AM Mining approved by NCLT

Indian Steel Corporation (ISC), a downstream unit with headquarters in Gujarat, had its
resolution plan accepted by the National Company Law Tribunal (NCLT). AM Mining is a
division of ArcelorMittal India (AMIPL) and a member of the joint venture between
ArcelorMittal and Nippon Steel.
On April 13, the NCLT issued the directive. The total sum under the resolution plan is Rs
8.97 billion, of which Rs 8.10 billion will go to secured financial creditors.

Dilip Oommen, Executive Vice President, ArcelorMittal, commented on the NCLT's
approval, stating that the acquisition would strengthen downstream capabilities and widen the
product line as the company seeks to take advantage of market opportunities provided by the
steel industry, particularly in high value-added steel production.
2. Go First at NCLT: 'Not a for case for first day, first show relief,' say aircraft
lessors
Aircraft lessors on Thursday told the Delhi Bench of National Company Law Tribunal
(NCLT) that they have serious objections to the demand for interim moratorium by Go First
airline, controlled by Wadia Group, and said that the moratorium will have harmful and
serious consequences going ahead.
"Not a case for first day, first show relief to be granted," lessors told the NCLT bench led by
Justice Ramalingam Sudhakar, adding that they have terminated the leases and are entitled to
get the aircraft back. There have been multiple defaults by Go First for maintenance and other
expenses, lessors said.
On Tuesday, Go First airline moved the NCLT where it has filed an application under Section
10 of Insolvency and Bankruptcy Code, 2016. The airline has blamed engine-maker Pratt &
Whitney for its fresh troubles and said that their faulty engines have resulted in the grounding
of 50 per cent of its fleet.
During its Thursday hearing before the NCLT Delhi bench, the airline company sought an
interim moratorium in resolving the issues. It has also sought various interim directions from
the tribunal, including restraining lessors from taking back aircraft and regulator DGCA from
taking any adverse action against the airline.
Go First Airlines' legal counsel on Thursday said that the purpose of filing for voluntary
insolvency is to revive the airlines. The carrier told the tribunal that it is seeking a
comprehensive debt restructuring and that it is not a malicious petition to avoid payments of
dues.
Following which, aircraft lessors too opposed the demand of interim moratorium by Go First.
Lessors questioned how the Insolvency Resolution professional (IR) would run the company
and cited Jet's example of how it "has gone down the drain."
The lessors further added if moratorium relief is granted to Go First, they won’t be able to
take back their grounded aircraft. The grounded aircraft can't fly either due to cancelled
flights, which will only add to the CIRP cost.
Go First said: "We regret to inform that due to operational reasons, Go First flights scheduled
till May 9, 2023, have been cancelled. We apologise for the inconvenience caused by the
flight cancellations. A full refund will be issued to the original mode of payment shortly".

14. MSME (Ministry of Micro, Small and Medium Enterprises)
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India,
MSME industries are the backbone of the economy.
MSME – Merged Criteria: Investment and Annual Turnover

Revised Classification applicable w.e.f 1st July 2020
Classification Micro Enterprise Small Enterprise Medium Enterprise
Investment in Plant Investment in Plant

and Machinery or and Machinery or
Manufacturing Equipment: Equipment: Investment in Plant and
Enterprises and Not more than Rs.1 Not more than Rs.10 Machinery or Equipment:
Enterprises rendering crore and Annual crore and Annual Not more than Rs.50 crore
Services Turnover ; not more Turnover ; not more and Annual Turnover ; not
than Rs. 5 crore than Rs. 50 crore more than Rs. 250 crore
❖ Key Updates – For the month of April, 2023
1. MSMEs have time till June-end for claiming covid related relief: finance ministry
The Ministry of Finance on Tuesday said that Micro, Small and Medium Enterprises
(MSMEs) have time till 30 June to submit their claims under the scheme meant for
compensating them for damages from non-execution of contracts during the covid period.
The ‘Vivad se Vishwas I - Relief to MSMEs scheme’ was announced in the Union Budget
2023-24 by Finance Minister Nirmala Sitharaman. The relief provided under this scheme is in
continuation to the efforts of the government in promoting and sustaining the MSME sector.
Under the scheme, ministries have been asked to refund performance security, bid security,
and liquidated damages forfeited/deducted during the COVID-19 pandemic. Certain relief
has also been provided to MSMEs debarred for default in the execution of contracts during
the COVID-19 period. The scheme also provides for refunding 95% of the risk purchase
amount realized.
The scheme aims to help eligible MSMEs affected during the COVID-19 period by refunding
95% of the performance security forfeited, bid security, liquidated damages deducted, and
risk purchase amount realized.
As per the order from department of expenditure to central and state officials, relief will be
provided in all contracts with MSMEs for procurement of goods and services. The scheme,
which commenced on April 17, 2023, is applicable to registered MSMEs for any category of
goods and services. Read more Click Here)

2. Revamped CGTMSE to come into effect from 1st April 2023
The revamping of Credit Guarantee Scheme for Micro & Small Enterprises (CGTMSE)
announced by Union Finance Minister Nirmala Sitharaman in the Union Budget 2023-24 will
come into effect from 1 April, 2023.
It will be applicable with an infusion of Rs 9,000 crore to the corpus to enable additional
collateral-free guaranteed credit of Rs 2 lakh crore and the reduction in the cost of the credit
by about 1 per cent.
The corpus of CGTMSE has been infused with a sum of Rs 8,000 crore on Thursday.
CGTMSE has issued guidelines regarding reduction of annual guarantee fee for loans upto Rs
1 crore from a peak rate of 2 per cent per annum to as low as 0.37 per cent per annum.
This will reduce the overall cost of credit to the Micro & Small Enterprises to a great extent.
The limit on ceiling for guarantees has been enhanced from Rs 2 crore to Rs 5 crore.
For settlement of claims in respect of guarantees for loan outstanding upto Rs 10 lakh,
initiation of legal proceedings will no longer be required.
CGTMSE created a new landmark by touching the milestone figure of approving guarantees
worth Rs 1 lakh crore during FY 2022 - 23.
❑ Key Updates – for the month of April – 2023

1 State-owned steel firms clear Rs 7,673.95 crore dues to MSMEs in FY23: Click here
Govt
2 Allahabad HC Grants Stay On Proceeding In MSME Tribunal Click here
3 MSME loans against property at higher default risk: Moody's Click here
4 Parliamentary panel suggests separate division for micro enterprises in Click here
MSME ministry; here’s why
5 Credit Guarantee Scheme revamped further, PM praises Click here
6 Centre approves 64 applications under the Production Linked Incentive
Click here
scheme for Textiles
7 Small businesses are critical to achieving India’s climate leadership Click here
ambitions
8 Corporates, amended I-T law squeezing MSMEs Click here
9 Govt to set up 20 new MSME Technology Centres, invites bids Click here
10 MSME industry associations in Coimbatore to set up Centres of
Click here
Excellence to help with tech requirements
11 Economists see MSME sector to be worth Rs 1 trillion by 2028 Click here
12 Worldline joins hands with SignCatch to launch Merchant Digitisation Click here
Programme to empower MSMEs
15. Competition Commission of India
Competition Commission of India is a statutory body of the Government of India, established

on 14 October 2003, responsible for enforcing The Competition Act, 2002 and promoting
competition throughout India and to prevent activities that have an appreciable adverse effect
on competition in India.
❑ Delhi High Court directs CCI to dispose start-ups application against

Google's billing system by 26 April
Delhi High Court on Monday directed the Competition Commission of India (CCI) to hear
the application filed by multiple start-ups against Google's new ‘choice billing’ system. The
court has ordered the competition watchdog to dispose of the applications by 26 April.
The applications filed by the Alliance of Digital India Foundation (ADIF) and its members
submitted that the new ‘User Choice Billing’ (UCB) of Google which will be enforced from
26 April is in violation of the earlier CCI order, which fined the tech-giant for not allowing
third-party payment options.
In October 2022, the competition watchdog slapped a fine on Google for its Google Play
Billing System (GPBS), which was the only payment method available for app developers
and Google used to charge 15-30% commission. The CCI directed Google to allow third-
party payment options.
The plea also alleged that the tech giant tried to take advantage of the lack of quorum at the
CCI. Before approaching court, the petitioners filed several complaints with the competition
watchdog, which went unheard.
According to the petition, Google is exploiting the fact that the CCI doesn't have enough
members to form a quorum. As a result, the company is engaging in behaviors that are anti-
competitive and will cause lasting harm to both the petitioners and other app developers in
the market. This behavior will also lead to market distortion.
❑ HC directs CCI to consider plea challenging Google’s billing policy

The Delhi High Court on Monday directed the Competition Commission of India to consider
on or before April 26 a plea by Alliance of Digital India Foundation challenging Google’s
new user choice billing policy permitting the use of third party payment processing services
for paid app downloads and in-app purchases on a commission basis.
A single judge bench of Justice Tushar Rao Gedela after hearing the matter for two days
directed, “In view of the above, there is no impediment, legal or otherwise, in directing the
CCI to take up the applications under Section 42 of the Act, as filed by the petitioner, for
hearing and considering the same in accordance with law on or before 26.04.2023.

Accordingly, the petition stands disposed of in above terms. It is made clear that the
observations made herein are only to the extent of deciding the present lis before this Court
and shall not tantamount to any expression on the merits of the case and the same is therefore,
without prejudice to the rights and contentions of all the parties, to be taken at an appropriate
proceeding”.
On the issue of vacancy in constitution of CCI the HC observed, “…merely because of a

defect or a vacancy in the constitution of the CCI, the CCI cannot be considered as a statutory
authority not having jurisdiction to adjudicate the complaints or other proceedings pending
before it. Any interpretation, other than the aforesaid, would render the provisions of Section
15 otiose and which could not possibly be the intention of the Legislature either”.
Additional Solicitor General N Venkataraman, appearing for the CCI said that the
commission was constituted in accordance with the provisions of the Competition Act and
was “very much functional” and carrying out adjudicatory functions. The HC perused
through section 8 of the Competition Act which states CCI’s composition of CCI, and said
that there is no prescription as to what would be the minimum number of members who
would constitute a valid quorum.
❑ To read more Click Here
❑ Key Updates – for the month of April – 2023
1 CCI approves acquisition of certain shareholding of BTS Investment 1 Pte. Ltd.

and Bodhi Tree Systems VCC by NBC Universal Media, LLC a wholly-owned Click here
subsidiary of Comcast Corporation
2 CCI approves acquisition of stake in Mukand Sumi Special Steel Limited by Click here
Jamnalal Sons Private Limited from Mukand Limited
3 Comcast tests India waters with Bodhi Tree stake buy Click here
4 MCA extends last date for submitting applications for 3 CCI Members posts till Click here
May 1
5 Internet group ADIF urges CCI to review Google’s app billing system Click here
6 Competition Law amendments to significantly change the rules of M&A Click here
7 CCI to get more enforcement powers on Big Tech following amendment to Click here
Competition law
8 Making sense of the changes in competition law Click here
9 CCI approves acquisition of up to 76.10% of voting share capital of Suven Click here
Pharmaceuticals Limited by Berhyanda Limited
10 CCI gives nod to Blackstone-Emerson Electric Co acquisition deal Click here
11 CCI clears Berhyanda's acquisition of Suven Pharma Click here
12 Tata Sons seeks CCI nod on Air India, Vistara merger Click here
13 INSCO drags Competition Commission to NCLAT over deal to acquire glass Click here
maker HNG

16. IRDAI – Insurance Sector Updates
❑ IRDAI's new commission rules: Who all from insurance sector will be
impacted?
Recently, the Insurance Regulatory and Development Authority of India (IRDAI) notified its
regulations whereby it abolished the policy segment wise limit on commissions payable to
the agents. The commission will now have to be within the insurers' overall Expenses of
Management (EOM).
Going by the new rules, there will be a single expenses of management limit for life
insurance, general insurance and standalone health insurance companies as against the
segmental and sub-segmental management limits for insurers currently. There is a separate
maximum commission limit for health insurance and general insurance companies.
Commenting on the same, a senior industry official has said the IRDAI has legalised what
was being done in a clandestine manner by the industry players. The official added that the
new norms will affect adversely the government owned general insurers and an advantage for
mid and large sized private insurers.
Earlier, the private players have have been paying their distributors over and above the
specified limits and now the regulator has made this legal, according to the official. "No more
the insurance companies -- life and general insurers -- will get notices from the Goods and
Services Tax (GST) Authority," the official noted further.
❑ To read more click here)
❑ Recent IRDAI proposals to make motor insurance coverage easier

IRDAI has proposed to allow general insurers to offer long-term motor insurance policies.
Further, it has been reported that the third party motor insurance premiums will not be hiked
from this April.
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to
allow general insurers to offer long-term motor insurance policies.
Vehicle owners will now have a wider choice, as they can opt for a 3-year insurance policy
for private cars and a 5-year insurance policy for two wheelers, both co-terminus with motor
third party liability cover.
Currently, new cars can get Third Party cover for 3 years, while two wheelers can get Third
Party cover for 5 years. However, Own Damage Cover for both cars and two wheelers is
available for one year.
• To read more click here

❑ Key Updates – April, 2023

1 Go Digit asks IRDAI for clarity on lock-in Click Here
2 Insurance is now Rs.59 lakh crore industry: IRDAI Click here
3 IRDAI circular on enforcing WMD Act section Click here
4 Insurance space gaining traction as IRDAI processing 20 applications Click here
5 Exclusive: Tough Time For Insurance Companies! IT Dept And GST Click here
IRDAI Sents Letter To SEBI Over Tax Evasion By Companies
6 IRDAI Allows Direct Sale of Insurance Plans: What Does It Mean For Click Here
Customers?
7 New IRDAI rules: Insurance commissions to stay high, but backdoor Click here
incentives to agents could cease; insurance penetration to deepen
8 IRDAI approves two new life insurance companies Click here
9 Irdai to insurers: Cut costs, pass on gains to customers Click here
10 Insurers cannot discriminate between agents based on business size to pay Click here
commission: IRDAI
11 IRDA and the role it plays in the Insurance sector Click Here
12 Regulator Irdai looking at 20 more insurance applications, says Chairman Click here
Debasish Panda
13 Nearly 20 new insurance companies in the pipeline: IRDAI chief Debashish Click here
Panda
14 Insurance players need to augment their capital: IRDAI Chairman Debasish Click here
Panda
15 Report on health cover for “missing middle' soon: Irdai Click here
17. Cabinet Decisions / New Acts

1 Animal Birth Control Rules, 2023 notified by Central Government Click here
2 Centre writes to Chief Secretaires /Administrators of all States/UTs on
measures for effective management and mitigation of adverse effects of Click here
extreme hot weather on workers and labourers
3 In a landmark decision under the leadership of Prime Minister Shri Narendra
Modi, Department of Personnel and Training (DoPT) approves conduct of Staff Click here
Selection Commission Multitasking Staff (SSC MTS) examination and CHSLE
Examination in 13 regional languages in addition to Hindi and English
4 Cabinet approves National Quantum Mission to scale-up scientific & industrial Click here
R&D for quantum technologies
5 In a landmark decision under the leadership of Prime Minister Shri Narendra
Modi, MHA approves conduct of Constable (General Duty) examination for Click here

CAPFs in 13 regional languages in addition to Hindi and English
6 IGL, MGL and Gujarat Gas shares fall as LPG price revision awaits Cabinet Click here
decision
7 Punjab cabinet decisions: Last date for 2.25% exemption on stamp duty Click here
extended to April 30
8 Cabinet decision on Ujjwala scheme to greatly help beneficiaries: PM Modi Click here
9 Cabinet approves revised domestic gas pricing guidelines Click here
10 Measures taken to decongest Major airports Click here
11 RBI leaves policy rates unchanged, RBI Governor says war against inflation Click here
has to continue
12 PM hails Cabinet Decision to revise domestic gas pricing guidelines Click here
13 Key Cabinet decisions today: Prices of ethanol hiked, subsidy to P&K Click here
fertilizers extended; and more
14 “Bankers’ key to Regional Economic Development and Successful
Implementation of Central Government Schemes” – Shri G Kishan Reddy, Click here
Minister of Development for the North Eastern Region at the North East
Banking Conclave
-------------------------------------------------------------------------------------------------------------
This Calendar / Compliance Tracker is updated till 30th April, 2023 with all Laws /
Regulations and their respective amendments.
----------------------------------------------THE END----------------------------------------------------
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In
spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to
our notice which shall be taken care of in the next edition. In no event the author shall be
liable for any direct, indirect, special or incidental damage resulting from or arising out of or
in connection with the use of this information. Many sources have been considered including
newspapers (ET, BS & HT etc.).
Feel free to share your suggestions / opinions at [email protected]
May, 2023
Prepared & Compiled by

CS Lalit Rajput
Contact details: +918802581290 To Subscribe –
E-mail id: [email protected] Click Here
Blog: http://enlightengovernance.blogspot.com/
LinkedIn: https://www.linkedin.com/in/cslalitrajput/

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"Helping you make the right move"
This Newsletter contains various Compliance

requirements for the Month of May, 2023
under various Statutory Laws.
Compliance is a continuous process of
following laws, policies, and regulations, rules
to meet all the necessary governance
requirements without any failure.
Lalit Rajput
Company Secretary
Corporate Compliance
- Due Date Tracker
- May, 2023
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MAY, 2023

Corporate Compliance Tracker

"Helping you make the right move"

This article contains various Compliance requirements for the Month of

If you think compliance is expensive, try non‐ compliance”

Compliance Requirement Under:

1. KEY COMPLIANCES UNDER FEMA / RBI

Annual return on Foreign Liabilities and

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 1

❑ IMPORTANT UPDATES, APRIL - 2023:

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 2

• (Source: Click Here)

• (To Read more Click Here)

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 3

Sl. Particulars of the Circulars Link

2. COMPLIANCE REQUIREMENT UNDER INCOME TAX

Sl. Compliance Particulars Due Dates

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 4

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 5

❑ IMPORTATNT UPDATES – APRIL, 2023:

1. CBDT review meeting: FM discusses taxpayer base, new TDS codes

• (To know more: Click Here)

2. E-filing of income tax return forms 1, 4 for FY2022-23 (AY 2023-24)

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 6

• (To know more: Click Here)

❑ IMPORTANT NOTIFICATIONS – For the month of April - 2023:

Sl. Particulars of the Notification(s) File No. / Link(s)

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 7

3. COMPLIANCE REQUIREMENT UNDER GST, 2017

Tax period Due Date Particulars

Tax period Due Date Particulars

Tax period Due Date Particulars

B. Filing Form GSTR-1:

Tax period Due Date Remarks

Form No. Compliance Particulars Timeline Due Date

D. GSTR - 1 QRMP monthly / Quarterly return

Form No. Compliance Particulars Timeline Due Date

a) GST QRMP monthly return due

Form No. Compliance Particulars Due Date

F. Monthly Payment of GST – PMT-06:

Compliance Particular Due Date

G. Form GST ITC-03

Compliance Particular Due Date

• (To read more: Click Here)

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 10

• (To read more – Click Here)

❑ GST UPDATES – APRIL, 2023:

4. COMPLIANCE UNDER OTHER STATUTORY LAWS

Timeline / Due Compliance Particulars Forms /

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 11

❑ Key Updates – April, 2023:

❑ (To read more Click Here)

2. Implementation of 4 labour codes stalled

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 12

❑ UPDATES TRACKER UNDER LABOUR LAWS – APRIL, 2023:

By CS Lalit Rajput, +91 8802581290 / [email protected] Page 13

5. SEBI – SECURITIES EXCHANGE BOARD OF INDIA

B. Half Yearly Compliances:

C. Regular / Annual Compliances: