BSE Limited has issued a circular to Listed Insurance Companies dated January 30, 2019 w.r.t the filings in respect of Financial Results (Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015) should be filed by all listed insurance companies (both General and Life), through XBRL mode in addition to the filing in PDF mode. The Financial Results in PDF mode shall be submitted within 30 minutes of conclusion of the Board Meeting and the financial results in XBRL format shall be submitted within 24 hours of submission of the submission in PDF mode.

MCA has issued the Companies SBO Amendment Rules, 2019 wherein it has specified the definitions of control, majority stake, partnership entity and reporting company. Further, individuals holding 10% of the shares or voting rights or entitled to receive 10% of total distributable dividend or exercising significant influence directly or through specified entities, are required to be make a declaration in Form BEN-1 regarding such interest whether his name reflects in the register of members or not, within 90 days from commencement of these rules i.e. by 9th May, 2019. Based on such declaration, the reporting company shall file return in Form BEN-2 within 30 days of receipt of declaration.

SEBI has issued a circular dated February 08, 2019 wherein, every listed entity and its material unlisted subsidiaries incorporated in India shall annex with its annual report, a secretarial audit report, issued by a PCS, in Form MR-3 with effect from the year ended March 31, 2019. Further, listed entities shall, on an annual basis, require a check by the PCS on compliance of all applicable SEBI Regulations and circulars/ guidelines issued thereunder, consequent to which, the PCS shall submit a report to the listed entity in the manner specified in aforesaid circular.

Every Company incorporated on or before 31st December, 2017, is required to file e-form ACTIVE i.e. form INC-22A, on or before 25th April, 2019, in the following manner:
1. Company’s e-mail ID for OTP verification;
2. Mandatory photo of registered office showing external building and inside office along with atleast one director/KMP, who has affixed the DSC in this form; and
3. Completion of pendency in Annual filing Further that, non-filing of e-form ACTIVE will lead to disbarring from filing the various forms, i.e. SH-7, PAS-3, DIR-12, INC-22 and INC-28. Also further that, late fee for filing the form on or after 26th April, 2019, is Rs. 10,000.

Through this newsletter, we want to share the brief of notifications/circulars issued by from Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and other authorities including Insolvency and Bankruptcy Board of India (IBBI), National Company Law Tribunal (NCLT) and Stock Exchanges in the month of February, 2019 and compliance calendar for the months of March & April, 2019.