Corporate Law Daily
Dear Reader,
Today’s newsletter analytically summarizes the top Corporate Law stories reported at?taxmann.com.
IBBI has notified the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2022. An amendment has been made in clauses 9, 10, 12 & 12A of the Schedule of the IBBI (Model Bye-Laws and Governing Board of IPAs) Regulations, 2016. ?
Under the extant norms, clause 9 of the schedule of IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, mandates that an individual shall not be enrolled as a professional member if he is not eligible to be registered as an insolvency professional with the Board. The amended norms prescribe that an insolvency professional entity, recognised by the Board can also be enrolled as a professional member subject to the condition that it is eligible to be registered as an insolvency professional with the Board.
SEBI has noticed that some entities are collecting money from the public, claiming to provide Portfolio Management Services and misleading the public. SEBI cautions investors not to fall prey to such unauthorized money collection. Further, investors are advised to deal only with SEBI-registered intermediaries. ?
Earlier, the SEBI vide Circular No. Dated March 29, 2022 issued operational guidelines for security and covenant monitoring using Distributed Ledger Technology (DLT) or blockchain technology. Now, the SEBI has extended the timeline by one month for entering the details of the existing outstanding non-convertible securities into the Distributed Ledger Technology (DLT) system i.e. on or before October 31, 2022. Earlier, this was to be complied with by September 30, 2022. ?
The Govt. has notified the Special Economic Zones (Fourth Amendment) Rules, 2022. A new rule 29A has been inserted in the Special Economic Zones Rules, 2006 which prescribes the procedure to be followed by a unit in International Financial Services Centre approved by IFSCA for the import or export of aircraft on a lease or outright basis. Further, the norms prescribe procedures to be followed for the supply of aircraft on a lease or outright basis and procurement of aircraft from the Domestic Tariff Area. ?
IBBI has notified the IBBI (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) (Amendment) Guidelines, 2022. As per the amendment, the maximum limit of participants for continuing education courses by IPAs & RVOs has been increased from 100 to 200. Further, the validity of the existing guidelines shall remain in force till further orders.
That’s it from us for today! Stay Tuned for more updates from?Taxmann.com
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