Ocean's 8

One look at the star cast of Ocean's 8 and I am like "oh no" not her. But yeah Sandra Bullock was in the lead cast and more so as Danny Ocean's sister coming out of 5 years jail term. Danny has apparently died off in 2018. How Danny died is conveniently left out. So this is an all girls heist program to steal a diamond necklace off the neck of a model (Anne Hathaway) using the varied skills of an Indian diamantire, an African American hacker, a Chinese shoplifter - so you have all the markets covered - India, China, the African American - they left out Hispanics this time. Of all the cast Cate Blanchett was the only saving grace. Watch it at the risk of losing your nap time. Rating 1/5, frankly they should have killed the franchise then and there itself after Ocean's 13.

Delisting

SEBI (Delisting of Equity Shares) Regulations, 2015 has been amended vide SEBI circular dated 13th March, 2019 to allow promoter(s) / acquirer(s) to make “Counter offer”, in case price discovered through reverse book building is not acceptable to the promoter(s) / acquirer(s).

2. In order to implement the “Counter offer” process and to provide the framework, the “Timelines for Counter Offer Process” is enclosed as per Annexure – A.

3. Further, public announcement of counter offer shall also disclose the book value per share of the company.

4. Letter of offer for counter offer shall be in the abridged form containing the relevant details pertaining to the counter offer inter-alia including details of the counter offer, activity schedule etc.


Copy of the SEBI circular can be found here

foreign portfolio investors

SEBI has issued a circular dated 12th March, 2019 that all investments made by foreign portfolio investors in the debt markets shall henceforth be guided by RBI vide their guidelines on the subject. So FPI shall comply with the guidelines and instructions by RBI on this subject from time to time. But any non compliance with RBI instructions shall attract as per SEBI guidelines.

RBI has recently liberalised certain conditions for investment by FPIs in the debt markets and given more liberal limits thereto.

So does makes sense for the regulators to co-ordinate with each other and avoid duplication of regulations.

A copy of the SEBI circular can be found here

significant beneficial ownership

SEBI has vide its circular dated 12th March, 2019 modified its own circular dated 7th December, 2018 on the subject of significant beneficial ownership reporting guidelines. Basically they are aligning their regulations with those issued by MCA since MCA has modified its own guidelines in February, 2019. But the reporting format of SEBI is different from that of MCA, so I guess in case of listed companies they have to submit one format to SEBI while at the same other submit another set of format to the MCA.

Strange, and it goes under the name of "ease of doing business"

The SEBI circular can be found here

Responsible Business Conduct

PIB press release dated 13th March, 2019

Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines on Responsible Business Conduct (NGRBC). These guidelines urge businesses to actualise the principles in letter and spirit.

These principles are:

1.      Businesses should conduct and govern themselves with integrity in a manner that is Ethical, Transparent and Accountable.

2.      Businesses should provide goods and services in a manner that is sustainable and safe

3.      Businesses should respect and promote the well-being of all employees, including those in their value chains.

4.      Businesses should respect the interests of and be responsive to all their stakeholders.

5.      Businesses should respect and promote human rights.

6.      Businesses should respect and make efforts to protect and restore the environment.

7.      Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent.

8.      Businesses should promote inclusive growth and equitable development.

9.      Businesses should engage with and provide value to their consumers in a responsible manner.

The Ministry of Corporate Affairs has been taking various initiatives for ensuring responsible business conduct by companies. As a first step towards mainstreaming the concept of business responsibility, the 'Voluntary Guidelines on Corporate Social Responsibility’ were issued in 2009. These guidelines were subsequently revised as 'National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGS)’ after extensive consultations with business, academia, civil society organisations and the government. The NVGs were developed based on India’s socio-cultural context and priorities as well as global best practices.

There have been various national and international developments in the past decade that have nudged businesses to be sustainable and more responsible, prior most being the United Nations Guiding Principles on Business & Human Rights (UNGPs).  These became the key drivers for further revision of the guidelines. Some of these include the thrust of Companies Act, 2013 (Act) on businesses to be more mindful of their stakeholders.  The Act casts fiduciary duties on the Directors of a Company (S. 166) requiring them to promote the objects of the company for the benefit of its members as a whole, and in the best interests of the company, its employees, the shareholders, the community and for the protection of environment. There was also a need to demonstrate more visibly India’s implementation of the UNGPs based on UNHRC’s ‘Protect, Respect & Remedy’ Framework and also make evident India’s commitment to Sustainable Development Goals (SDGs).

The Securities and Exchange Board of India (SEBI) through its ‘Listing Regulations’  in 2012 mandated the top 100 listed entities by market capitalisation to file Business Responsibility Reports (BRRs) from an environmental, social and governance perspective. These BRRs enabled business to demonstrate the adoption of the NVG principles and the attendant core elements with the intent of engaging businesses more meaningfully with their stakeholders going beyond regulatory financial compliance. This was extended to top 500 companies in FY 2015-16. This, for the first time, introduced voluntary sustainability reporting among companies in India which is still in a nascent stage.

In furtherance to updation of NVGs and formulation of the NGRBCs, the Ministry of Corporate Affairs has constituted the Committee on Business Responsibility Reporting (BRR) to develop BRR formats for listed and unlisted companies. Non-financial reporting is increasingly forming the basis for enhancing investor confidence in businesses and increasing their creditworthiness. The Committee is to develop comprehensive yet simple formats situating the various stakeholders at the center so as to not increase or duplicate reporting burden. The proposed formats are to reflect linkages to prevalent non-financial reporting formats, viz, Global Reporting Initiative (GRI), Integrated Reporting (IR) etc., and SDGs from a NGRBC perspective.

The Ministry of Corporate Affairs is also in the process of developing India’s National Action Plan on Business & Human Rights (NAP) in consultation with various Ministries and State Governments by 2020. A Zero Draft of India’s NAP demonstrating implementation of the three pillars of UNGPs has also been released and uploaded on the website of the Ministry.

gratuity - tax free

CBDT has vide its notification dated 8th March, 2019 enhanced the tax free limit for gratuity paid to an employee to Rs.20 lakhs. Earlier the limit was Rs.10 lakhs.

This notification comes into effect from 29th March, 2018 so it has retrospective effect.

Copy of the said notification can be found here

mutual funds

SEBI circular dated 8th march, 2019

Regulation 30 of SEBI (Mutual Funds) Regulations, 1996 (MF Regulations) on

Advertisement   material,

requires   Mutual   Funds   to   submit   to   SEBI,   the

advertisements issued

by

them,

within 7 days

fro

m the date of issue

.

2

.

In continuation to the various

Go Green initiatives in Mutual Funds, the Mutual

Funds are now advised to submit links to access the advertisements to be filed

under  the  MF  Regulations  by  sending  the  same  through  e

-

mail  to  SEBI  at

mf_advertisement@sebi.gov.in

.

However,    advertisement    materials    like

pamphlets may be submitted as attachment along with e

-

mail, if the size of the

attachment does not ex

ceed 250 KB.

3

.

Mutual  Funds  shall  however,

maintain  copy  of  advertisements  for  future

references.

4

.

While  sending  the  e

-

mail,  the  compliance  officer  of  respective  Mutual  Fund

shall  expressly  confirm  that  the  advertisement  is  in  compliance  with  the

Advertisement code specified in the sixth schedule

of the MF Regulations.

5

.

This circular shall come in force with immediate effect.

Regulation 30 of SEBI (Mutual Funds) Regulations, 1996 (MF Regulations) on

Advertisement   material,

requires   Mutual   Funds   to   submit   to   SEBI,   the

advertisements issued

by

them,

within 7 days

fro

m the date of issue

.

2

.

In continuation to the various

Go Green initiatives in Mutual Funds, the Mutual

Funds are now advised to submit links to access the advertisements to be filed

under  the  MF  Regulations  by  sending  the  same  through  e

-

mail  to  SEBI  at

mf_advertisement@sebi.gov.in

.

However,    advertisement    materials    like

pamphlets may be submitted as attachment along with e

-

mail, if the size of the

attachment does not ex

ceed 250 KB.

3

.

Mutual  Funds  shall  however,

maintain  copy  of  advertisements  for  future

references.

4

.

While  sending  the  e

-

mail,  the  compliance  officer  of  respective  Mutual  Fund

shall  expressly  confirm  that  the  advertisement  is  in  compliance  with  the

Advertisement code specified in the sixth schedule

of the MF Regulations.

5

.

This circular shall come in force with immediate effect.

1) Regulation 30 of SEBI (Mutual Funds) Regulations, 1996 (MF Regulations) on Advertisement material, requires Mutual Funds to submit to SEBI, the advertisements issued by them, within 7 days from the date of issue.

2. In continuation to the various Go Green initiatives in Mutual Funds, the Mutual Funds are now advised to submit links to access the advertisements to be filed under the MF Regulations by sending the same through e-mail to SEBI at mf_advertisement@sebi.gov.in. However, advertisement materials like pamphlets may be submitted as attachment along with e-mail, if the size of the attachment does not exceed 250 KB.

3. Mutual Funds shall however, maintain copy of advertisements for future references.

4. While sending the e-mail, the compliance officer of respective Mutual Fund shall expressly confirm that the advertisement is in compliance with the Advertisement code specified in the sixth schedule of the MF Regulations.

5. This circular shall come in force with immediate effect.

Copy of the said SEBI circular can be accessed here