CORPORATE LAW UPDATES SEPT 2022
CIRCULAR NO. SEBI/HO/MRD/MRD-POD-2/P/CIR/2022/114, DATED 26-08-2022
In case of death of Karta of HUF his name will be replaced by new Karta in the Beneficial Owner account: SEBI clarifies
Editorial Note : SEBI has modified the norms w.r.t opening of Demat account in case of HUF. As per the amended norms in case of death of HUF’s Karta, the name of the deceased Karta in the Beneficial Owner (BO) account shall be replaced by the new Karta of the HUF who shall be eldest coparcener in the HUF or a coparcener who is appointed as Karta by an agreement entered between all the coparceners of the HUF. Earlier, the the new Karta was appointed by HUF’s members who shall be senior most member of the family.
CIRCULAR NO. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2022/112, DATED 26-08-2022
Portfolio Managers can invest up to 30% of client’s portfolio in securities of their own associates/related parties: SEBI
Editorial Note : The SEBI has specified the limit on investment in securities of associates/related parties of Portfolio Managers. Accordingly, the Portfolio Managers shall invest up to a maximum of 30% of their client’s portfolio (as a percentage of the client’s assets under management) in the securities of their own associates/related parties. Further, this limit is applicable only to direct investments by Portfolio Managers in equity and debt/hybrid securities and not to any investments in the Mutual Funds.
NOTIFICATION NO. G.S.R. 658(E), DATED 24-08-2022
MCA amends Form STK-1, STK-5, and STK-5A
Editorial Note : MCA has amended Form STK-1, Form STK-5, and Form STK-5A. Now Registrar of the Company (RoC) can issue notice for removal of name of Co. if it finds that a company is not carrying any business or operation from the registered office as revealed during the physical verification of registered office of Company carried out u/s 12(9). Accordingly, form STK-5, and Form STK 5A (i.e. Public Notice by RoC) have also been changed.
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