CORPORATE LAW UPDATES CIRCULAR NO. SEBI/HO/M- RD2/DCAP/P/CIR/2022/0022, DATED 24-02-2022
SEBI further extends timelines for Segregation, Monitoring of Collateral at Client Level
Editorial Note : On the basis of representations received from various stakeholders, the SEBI has extended the timelines to comply with SEBI Circular on Segregation and Monitoring of Collateral at Client Level dated July 20, 2021. The extension is provided till May 02, 2022. Earlier the timeline was given till Feb 28, 2022. This is the Second time extension granted by SEBI. The original timeline to comply with the circular was Dec 01, 2021 which was later on extended by SEBI till Feb 28, 2022.
MCA mandates that any Complaints/Inquiries/Investiga- tions/prosecution initiated against companies and LLP to be reported to MCA first
Editorial Note : In order to keep the track of all the complaints, the MCA has mandated that the ROC and RD must to enter all cases of complaints against the Companies and the LLPs, Inspections, Inquiries, etc in the MCA Electronic registry first before issuing any letter, notice etc to the respective Company/LLP. On reporting a Unique SRN will be generated which will be quoted in all further communications. MCA further clarified all communications issued by ROC & RD without SRN shall be treated as unauthorised.
CIRCULAR NO. SEBI/LAD-NRO/GN/2022/74, DATED 23-02-2022
SEBI tightens norms for
registration of stockbrokers; Hikes Net worth requirement to Rs. 5 Crores
Editorial Note : SEBI has notified SEBI (Depositories and Partici- pants) (Amendment) Regulations, 2022 whereby it has hiked the networth requirement. Under extant norms, a stockbroker shall have a net worth of Rs. 3 crores [within 1 year of date of notification of the SEBI (Depositories and Partici- pants) (Amendment) Regulations, 2022], which shall be increased to Rs. 5 crores [within 2 yrs of date of notification].
NOTIFICATION NO. SEBI/LAD-NRO/GN/2022/73, DATED23-02-2022
SEBI amends Stock Brokers norms; insert provisions relat- ing to Electronic Gold Receipts, hikes net worth requirement
Editorial Note : SEBI has modified the stock Brokers Regulations, 1992 whereby it has inserted provi- sions w.r.t to the EGR segment (a new segment introduced by SEBI earlier). Further, the amendment regulation defines who will be treated as a “professional clearing member”. The existing tables specifying the quantum of net worth and deposit to be main- tained by the trading member, self-clearing member/ clearing member/ professional clearing member, etc. have also been substituted with new tables.
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