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To facilitate ease of doing business, Sebi has proposed that certain changes in the private placement memorandum of alternative investment funds can be submitted directly to the regulator rather than through a merchant banker. Also, the proposed move would rationalise the cost of compliance for alternative investment funds (AIFs). In its draft circular, Sebi said that certain changes carried out in private placement memorandum (PPM) are not required to be filed through merchant bankers and can be filed directly to the regulator. These included changes in the size of the fund, information related to affiliates, commitment period, key investment team of the manager and key management personnel of AIF, and reduction in expense or fee or cost charged to fund/investors. Additionally, changes in contact details of AIF, sponsor, manager, trustee or custodian, risk factors and track records of investment manager, among others, are not required to be filed through a merchant banker. The ..
With an aim to promote ease of doing business and compliance reporting, Sebi on Tuesday came out with measures for centralization of certifications under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) at KYC Registration Agencies. Under this, the regulator has directed intermediaries, who are reporting to financial institutions (RFI), to upload the certifications under FATCA and CRS obtained from the clients in the system of KYC Registration Agencies (KRAs) from July 1. The existing certifications obtained from clients prior to July 1, 2024 will be uploaded by the intermediaries onto the systems of KRAs within a period of 90 days of implementation of the new rule, Sebi said in its circular. The onus of obtaining and reporting the FATCA and CRS certification and related compliances will lie with the respective intermediaries. Going by Sebi's circulars issued in 2015, and guidance note on FATCA and CRS norms laid down by the Ministry of Finance, RF
Capital markets regulator Sebi on Wednesday said it has constituted Working Groups to recommend on simplification of various rules, ease of compliance, and reduction in the cost of compliance. Also, the regulator has sought suggestions from public and regulated entities till November 6 towards simplifying the rules. The move came following an announcement made in the Union Budget for FY 2023-24. In a statement, the regulator said it has formed Working Groups to recommend simplification of various Sebi rules. "The Working Groups will also look into the compliance requirements to enhance ease of compliance and reduction in the cost of compliance," the Securities and Exchange Board of India (Sebi) said. At present, 16 Working Groups, under the aegis of its standing advisory committees, are reviewing compliance requirements under various Sebi rules applicable for entities, including listed companies, mutual funds, stock brokers, alternative investment funds, REITs (real estate investm
The Hindustan Aeronautics Limited applied for European Aviation Safety Agency (EASA) certification of Helicopter 1 in 2009 to enhance its export potential to European countries, but failed to anticipate stringent requirements of EASA which took longer time for compliance and a consequential additional fee, a CAG report has found. The Comptroller and Auditor General of India (CAG)- Union Government (Public Sector Undertakings Ministry of Defence) for the year ended March 2020 Report No 18 of 2023 was presented in Parliament on Thursday, according to an official statement. "The Hindustan Aeronautics Limited (HAL) also failed to identify technical experts to avail consultancy services for timely compliance of the stringent requirements of EASA. The expenditure of Rs 108.24 crore incurred was impaired," it said. As on March 31, 2021, there were nine main defence PSUs, six subsidiaries and two joint venture companies under the Ministry of Defence, the CAG has said in the report. On ..
The Economic Survey 2022-23 on Tuesday recommended "entirely" dismantling the licensing, inspection and compliance regime, and a host of other reforms to accelerate economic growth to sustained higher levels. The Survey tabled in Parliament by Finance Minister Nirmala Sitharaman said the reforms undertaken before 2014 primarily catered to product and capital market space. "They were necessary and continued post-2014 as well," it said. The government, however, imparted a new dimension to these reforms in the last eight years. "With an underlying emphasis on enhancing the ease of living and doing business and improving economic efficiency, the reforms are well placed to lift the economy's potential growth," it said while listing out reforms undertaken by the Modi government since 2014. The Survey has been authored by a team lead by Chief Economic Adviser V Anantha Nageswaran. It said that while the new age reforms undertaken over the last eight years form the foundation of a resili