10/09/2024
Summary of the MCA Notifications dated 09/09/2024.
These notifications are integrated in our free-to-use website ca2013.com.
MCA notifies the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2024.
Key highlights of the amendment are:
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The provisions herein shall now be read for Securities instead of only shares.
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In case of transmission of securities held without nomination (Singly and jointly)-
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The legal heir certificate issued by the revenue authority not below the rank of Tahsildar having jurisdiction can now be submitted to the authority to register the transmission. The same shall be accompanied by:
a. For singly held physical securities: A notarised indemnity bond from the claimant to whom the securities are transmitted and a no objection certificate from all the legal heirs other than claimants duly attested by a notary public or by a gazette officer.b. For jointly held physical/ demat securities and singly held dematerialized securities: A notarised indemnity bond from the legal heir or claimant to whom the securities are transmitted and a no objection certificate from all non-claimants duly attested by a notary public or by a gazette officer.
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In case a will is submitted to register the transmission, a notarised indemnity bond from the claimant to whom the securities are transmitted shall accompany.
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The manner for valuation of securities is also provided for in the notification.
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In case of loss of securities held in physical mode:
- The requirement to submit self-attested copy of FIR/ police complaint is now extended only to securities with market value of greater than five lakh rupees. (A foreign national or NRI, may provide self-declaration of such, duly notarised or apostilled or consularised in their country of residence, along with self-attested copies of valid passport and overseas address proof).
- The requirement to submit Surety Affidavit is now omitted.
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The advertisement regarding loss of securities can be given in any widely circulated newspaper as against the earlier stated requirement.
- A Special contingency policy shall be obtained from the Insurance company to cover risk of the claim in respect of the verification reports towards IEPF-5.
Click here to view this MCA Notification.
MCA notifies the Companies (Indian Accounting Standards) Second Amendment Rules, 2024.
Ind AS 116 has been amended vide MCA notification to include paragraph 102A w.r.t. the right-of-use asset and the lease liability arising from the leaseback. It further states how the seller-lessee shall determine ‘lease payments’ or ‘revised lease payments’. The Notification also contains illustrations regarding the Sale and leaseback transaction with fixed payments and above-market terms.
Click here to view this MCA Notification.
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