Skip to main content

Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance...
Post a Comment

Streamlining the Process of Public Issue of Equity Shares and convertibles- Implementation of Phase II



Streamlining the Process of Public Issue of Equity Shares and convertibles- Implementation of Phase II of Unified Payments Interface with Application Supported by Block Amount
This   refers   to   SEBI   circular   No.   SEBI/HO/CFD/DIL2/CIR/P/2018/138   dated November 1, 2018, vide which SEBI had introduced the use of Unified Payments Interface  (UPI)  as  a  payment  mechanism  with  Application  Supported  by Block Amount  (ASBA)  for  applications  in  public  issues  by  retail  individual investors through intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants),with effect from January 1, 2019. Implementation of the same was to be carried out in a phased manner to ensure gradual transition to UPI with ASBA.
Accordingly,  Phase  II  of  the  aforesaid  Circular  dated  November  01,  2018  has become effective from July 1, 2019.Thereafter,for applications by retail individual investors through intermediaries, the existing process of, investor submitting bid-cum-application form with any intermediary along with bank account details, and movement   of   such   application   forms   from   intermediaries   to   Self-Certified Syndicate  Banks  (SCSBs)  for  blocking  of  funds, has been discontinued  i.e. Channel  III  at  Para  5.1  of  Circular  dated  November  01,  2018 has been discontinued.  For such applications  only  the  UPI  mechanism would  be  the permissible mode i.e. Channel IV at Para 5.1 of the said Circular.

Applications through UPI in IPOs can be made only through the SCSBs / mobile applications (apps) whose name appears on the SEBI website
A list of SCSBs and mobile application, which, as on the date of this Circular, are live for applying in public issues using UPI mechanism is provided at Annexure ‘A’. The said list shall be updated on SEBI website.

https://www.sebi.gov.in/legal/circulars/jul-2019/streamlining-the-process-of-public-issue-of-equity-shares-and-convertibles-implementation-of-phase-ii-of-unified-payments-interface-with-application-supported-by-block-amount_43703.html

Labels:

Comments

Post a Comment

Popular posts from this blog

Recent Updates in Indian Taxation

  recent updates in Indian taxation: Introduction of two income tax regimes: The Finance Act, 2023 introduced two income tax regimes, the new tax regime and the old tax regime. The new tax regime has a simplified structure with five tax slabs, while the old tax regime has seven tax slabs. The taxpayer can choose the regime that gives them the most benefit. Increase in basic exemption limit: The basic exemption limit under the new tax regime has been increased from ₹2.5 lakh to ₹3 lakh. This means that taxpayers earning up to ₹3 lakh will not have to pay any income tax. Reduction in surcharge and cess: The surcharge and cess for taxpayers in the highest tax bracket have been reduced from 37% to 25%. This means that taxpayers earning more than ₹5 crore will now pay a tax of 39% instead of 42.74%. Introduction of tax deduction for leave encashment: A tax deduction of ₹25 lakh has been introduced for leave encashment for non-government employees. This means that tax...
Post a Comment
Read more

Minimum educational qualification for apprenticeship

Minimum educational qualification for apprenticeship training lowered under Apprenticeship (Third Amendment) Rules, 2017 The Ministry of Labour and Employment has introduced the Apprenticeship (Third Amendment) Rules, 2017 to amend the Apprenticeship Rules, 1992. Rule 7A(2) : The amended rule has lowered the minimum educational qualification to undergo apprenticeship training in optional trade as  “fifth class pass”. Earlier the minimum educational qualification requirement was “eighth class pass”.   Rule 7A: REGULATION OF OPERATIONAL TRADE (1)    A person shall not be qualified for being engaged as an apprentice to undergo apprenticeship training in any optional trade, unless he: (a)  Is not less than fourteen years of age, and for optional trades related to hazardous industries, not less than eighteen years of age; and        (b)   Satisfy such physical fitness as determined by employer. (2)...
Post a Comment
Read more

Merger or Amalgamation of a foreign company with a Company and vice versa

Ministry of Corporate Affairs has notified another Section, namely section 234 of Companies Act, 2013 and issued rules thereunder, thereby enabling merger and amalgamation of a foreign company. “S.O. _____(E).— In exercise of the powers conferred by sub­section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 13th day of April, 2017 as the date on which the provisions of section 234 of the said Act shall come into force.” Further the newly inserted Rule 25A Merger or Amalgamation of a foreign company with a Company and vice versa provides that:  (1) A foreign company incorporated outside India may merge with an Indian company after obtaining prior approval of Reserve Bank of India and after complying with the provisions of sections 230 to 232 of the Act and these rules. (2) (a) A company may merge with a foreign company incorporated in any of the jurisdictions specified in Annexure B after obtaining prior appr...
Post a Comment
Read more