CAIRR Update April 03, 2023

Home/ Update April 03, 2023

CAIRR Update April 03, 2023

April 03, 2023

Summary of the MCA notification, NSE and BSE Circulars and SEBI Circular dated 31/03/2023

These regulatory updates are integrated in our free-to-use website

Filing of Disclosures in XBRL Mode

Following disclosures under the regulation 30 of the SEBI (LODR) Regulations, 2015 are required to be filed by the listed entity in XBRL format on the NEAPS platform of NSE and BSE Listing Centre within 24 hours of submission of the PDF filing w.e.f. 01/04/2023:

  1. Issuance or forfeiture of securities, split or consolidation of shares, buyback of securities, any restriction on transferability of securities or alteration in terms or structure of existing securities including forfeiture, reissue of forfeited securities, alteration of calls, redemption of securities etc.
  2. The prescribed agreements which are binding and not in normal course of business, revision(s) or amendment(s) and termination(s) thereof.
  3. Fraud/defaults by promoter or key managerial personnel or by listed entity or arrest of key managerial personnel or promoter.
  4. One time settlement with a bank.
  5. Resolution plan/ Restructuring in relation to loans/borrowings from banks/financial institutions (Inter-Creditors Agreement).
  6. Corporate Debt Restructuring.
  7. Notices of Shareholders Meeting.

The path for the XBRL submission is provided in the circular.

Click here to view the NSE Circular. Click here to view the BSE Circular.

Introduction of Issue Summary Document (ISD) for Further Issue
SEBI has introduced ISD for the following ‘Further Issues’, in XBRL (Extensible Business Reporting Language) format, effective from April 03, 2023. The ISD filing shall be done in the utility as developed by Stock exchanges for the following:
  1. Preferential issue
  2. Qualified institutions placement (QIP)
  3. Rights issue
  4. Issue of American Depository Receipts (ADR)
  5. Issue of Global Depository Receipts (GDR) and
  6. Issue of Foreign Currency Convertible Bonds (FCCBs)
Further ISD shall be mandatory for following application submitted on or after April 03, 2023:
  1. Applications obtaining in-principle approval under reg 28(1) of SEBI (LODR) regulations, 2015
  2. Applications obtaining in-principle listing approval post the allotment of securities.
The utilities for facilitation of filing of ISD and the manner of submission of details in relation to ISD is provided for in the circular.

Click here to view the NSE Circular.


Revision of Annual Listing Fees by the BSE

The Bombay Stock Exchange (BSE) has revised its Annual Listing Fees to be paid by the listed entities for listing its securities on the exchange effective from April 01, 2023. The schedule of the annual listing fees from FY 2023-24 is provided in the circular.

Click here to view the BSE Circular.
Revision and updation of the Frequently Asked Questions (FAQs) issued by SEBI in relation to SEBI (PIT) Regulations, 2015 
With an objective to provide clarity on general concepts related to SEBI (PIT) Regulations, 2015, SEBI has issued revised and updated FAQs. 
Key highlights of the FAQs are as below:
1. Inclusion of creation/ invocation/ revocation of pledge in the term trading.
2. UPSI:
  • The requirement to maintain Structured Digital Database (SDD) is applicable to listed entities, intermediaries and fiduciaries who handle UPSI of a listed company.
  • Details regarding what constitutes UPSI, mode and period of maintenance of the same in SDD is provided for.

3. Grant of ESOP shall not be considered as trading and hence can be made during the trading window closure period.

4. Contra-trade:
  • Acquisition of securities by way of Rights Issue, Follow-on Public Offer, Offer for Sale (OFS), Bonus Issue, Share split, Merger/ Amalgamation, Demerger and disposal of securities by way of Buy-back, Open offer, Exit offer, Merger/ Amalgamation would not attract restriction of ‘contra-trade’, provided the initial transaction of acquisition was completed in accordance with the PIT Regulations. 
  • The restriction on execution of contra-trade shall be applicable to designated persons of the listed company, designated employees of market intermediaries, and other persons who are required to handle UPSI in the course of business transactions. 
  • The compliance officer of the listed entity may grant relaxation from contra-trade transactions for reasons to be recorded in writing, provided it does not violate the provisions of these regulations.

5. The whole-time director/ managing director of the holding company shall be added as designated person of the subsidiary company.

This circular rescinds the earlier FAQs/ clarifications/ guidance notes listed as Annexure-A in the circular.
Click here to view the SEBI Circular.
MCA notifies Companies (Indian Accounting Standards) Amendment Rules, 2023 w.e.f. 01/04/2023 
MCA has mandated corporates to disclose material accounting policy information in lieu of significant accounting policies. Accounting policy information is considered material if it can be expected to reasonably influence decisions of the primary users of general purpose financial statements and if the users of an entity’s financial statements need it to understand other material information in the financial statements. Information related to immaterial transactions need not be disclosed. This is done with an aim to provide a more meaningful disclosure of accounting policies. 
The notification also includes amendments related to Deferred Tax and Accounting Estimates. 
Click here to view the MCA Notification on Companies (Indian Accounting Standards) Rules, 2015.

By | 2023-04-04T10:16:16+00:00 April 4th, 2023||0 Comments

About the Author:

Leave A Comment

Schedule a demoGo to CAIRRSubscribe to Newsletter