Western India Regional Council of
The Institute of Chartered Accountants Of India

Law Update Details

 
August 2017 CA. Rahul Joglekar
 
MCA (www.mca.gov.in)

MCA notifications GSR 621(E) dated 22nd June 2017 – Companies (Audit and Auditors) Second Amendment Rules, 2017

MCA has amended the aforesaid rules in respect of criteria applicable to companies for rotation of auditors. It is now provided that rotation of auditors would be mandatory to all private limited companies having paid up share capital of Rs.50 crore or more instead of all private limited companies having paid up share capital of Rs.20 crore or more as hitherto. For complete text of the notification, please refer the link: http://www.mca.gov.in/Ministry/pdf/CompaniesAuditandAuditorsSecondAmendmentRules2017.pdf.

SEBI (www.sebi.gov.in)

SEBI Circular No. CIR/CFD/CMD/80/2017 dated 18th July 2017 – Disclosure of divergence in the asset classification and provisioning by banks

SEBI has directed that certain disclosures should be made by all banks which have listed specified securities on all recognised stock exchanges. SEBI has mandated the banks shall disclose to the stock exchanges divergences in the asset classification and provisioning by RBI wherever the additional provisioning requirements assessed by RBI exceed 15% of the published net profits after tax for the reference period; and/or the additional Gross NPAs identified by RBI exceed 15% of the published incremental Gross NPAs for the reference period. For complete text of the circular, please refer the link: http://www.sebi.gov.in/legal/circulars/jul-2017/disclosure-of-divergence-in-the-asset-classification-and-provisioning-by-banks_35339.html.

SEBI Circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/73 dated 30th June 2017 – Policy of Annual Inspection of Members by Stock Exchanges/Clearing Corporations

SEBI has released a set of guidelines for annual inspection of members consultation with Stock Exchanges/Clearing Corporations. For complete text of the circular, please refer the link: http://www.sebi.gov.in/legal/circulars/jul-2017/policy-of-annual-inspection-of-members-by-stock-exchanges-clearing-corporations_35222.html
 

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