Novation of OTC Derivative Contracts

http://rbidocs.rbi.org.in/rdocs/Notification/PDFs/CNF0912113F.pdf

Roadmap for IFRS conversion

Roadmap for IFRS conversion

The roadmap requires a phased approach for IFRS adoption. The three phases are outlined as follows:

Phase	Date	Coverage
Phase 1	Opening balance sheet as of 1 April 2011*	1. Companies that are part of NSE 50 (Nifty 50) 2. Companies that are part of BSE Sensex (BSE 50) 3. Companies whose shares or other securities are listed on a stock exchange outside India 4. Companies, listed or not, having net worth exceeding INR1,000 crore
Phase 2	Opening balance sheet as of 1 April 2013*	Companies not listed in phase 1 and having net worth exceeding INR 500 crore
Phase 3	Opening balance sheet as of 1 April 2014*	Listed companies not covered in the earlier phases
*If the financial year of a company commences at a date other than 1 April, then it shall prepare its opening balance sheet at the commencement of the immediately following fiscal year.

IFRS roadmap overview

The MCA roadmap has provided specific dates for adoption of IFRS in India on the basis of a company’s net worth as indicated by the exchange on which they are traded. The IFRS conversion roadmap for Banks and Insurance companies will follow separately.

• Phase 1 companies are required to start reporting IFRS results from the first quarter of year beginning 1 April, 2011. Also, depending on how a company elects to present comparative information in the first year, the actual date of transition could be as early as 1 April 2010.
• The core group and its sub-group 1, constituted by the MCA for IFRS convergence, shall determine IFRS conversion roadmap for banking and insurance companies separately by 28 February 2010.
• Non-listed companies with net worth of less than INR 500 crore and other small and medium-sized companies (SMCs) have been given an option to continue to either follow non converged standards (hereinafter referred to as “Indian GAAP”) or to adopt IFRS.
• The draft of the Companies (Amendments) Bill, proposing for changes to the Companies Act, 1956, will be prepared by February, 2010.
• The Institute of Chartered Accountants of India (ICAI) has submitted to the MCA revised Schedule VI to the Companies Act, 1956. The NACAS shall review the draft and submit a revised Schedule VI to the MCA by 31 January 2010. Amendments to Schedule XIV will also be carried out in a time bound manner.
• Convergence of all the accounting standards with IFRS will be completed by the ICAI by 31 March 2010 and the NACAS will submit its final recommendations to MCA by 30 April 2010.

Compliance under Listing agreement_Checklist

GUIDANCE CHECK LIST – LISTED COMPLIANCES

Quarter I  :   April to June

April

Stock Exchange Compliances

Sr. No.	Compliances	Time Period
1.	Notice of Board Meeting to the Stock Exchange to consider the Annual Results	At least 7 clear days before the Meeting excluding the date of meeting and notice
2.	Press release for Board Meeting (Eng.+Hindi)	At least 7 days before the Meeting
3.	Board Meeting to consider the Qtr. Results	Within 30 days of end of Quarter (i.e. upto 29th )
4.	Fax of Qtr. Result to SE	Within 15 minutes of Board Meeting
5.	Submission of  Qtr. Result with photocopies of news paper cutting	With 2-3 days of Board Meeting
6.	Publication of Qtr. Result (Eng.+Hindi)	Within 48 hours of Board Meeting
7.	Shareholding Pattern to the Stock Exchange along with Free Float Indices under clause 35	Within 21 days of end of Quarter
8.	Secretarial Audit Certificate from CA/PCS for reconciliation of physical share and demat shares	Within 30 days of end of Quarter
9.	Clause 47C Certificate from a PCS – Half yearly Compliance Certificate	Within 1 month of end of half year and within 24 hours after signing of PCS
10.	Quarterly Compliance Report on Corporate Governance under Clause 49	Within 15 days of end of Quarter
11.	Annual Listing Fees	Within 30 days
12.	Annual Custodial fees to NSDL/CDSL	Within 30 days
13.	Uploading of Shareholding Pattern and Quarterly Results to SEBI EDIFAR website	Immediately whenever ready for submission to Stock Exchange

Takeover Compliance

Sr. No.	Compliances	Time Period
1.	Information as per Reg. 8(3)	30th April

Insider Trading Compliances

Sr. No.	Compliances	Time Period
1.	Disclosure of Shareholding by Directors/ designated employee/ dependents under regulation 13(3) and 13(6)	30th April

May

Stock Exchange Compliances

Sr. No.	Compliances	Time Period
1.	Limited Review Report from the Statutory Auditors (in case the results are Unaudited)	Within 2 months of end of Quarter

June

ROC Compliances

Sr. No.	Compliance	Time Period
1.	Return of Deposit	Upto 30 June

Quarter II  :   July to September

July

Stock Exchange Compliances

Sr. No.	Compliances	Time Period
1.	Notice of Board Meeting to the stock exchange to consider the Qtr. Results	At least 7 clear days before the Meeting excluding the date of meeting and notice
2.	Press release for Board Meeting (Eng.+Hindi)	At least 7 days before the Meeting
3.	Board Meeting to consider the Qtr. Results	Within 30 days of end of Quarter (i.e. upto 29th)
4.	Fax of Qtr. Result to SE	Within 15 minutes of Board Meeting
5.	Submission of  Qtr. Result with photocopies of news paper cutting	With 2-3 days of Board Meeting
6.	Publication of Qtr. Result (Eng.+Hindi)	Within 48 hours of Board Meeting
7.	Shareholding Pattern to the Stock Exchange under Clause 35	Within 21 days of end of Quarter
8.	Secretarial Audit Certificate from CA/PCS for reconciliation of physical share and demat shares	Within 30 days of end of Quarter
9.	Quarterly Compliance Report on Corporate Governance under Clause 49	Within 15 days of end of Quarter
10.	Uploading of Shareholding Pattern and Quarterly Results to SEBI EDIFAR website	Immediately whenever ready for submission to Stock Exchange

ROC Compliances

Sr. No.	Compliances	Time Period
1.	Filing of B/s & P&L A/c	Within 30 days AGM
2.	Filing of Annual Return	Within 60 days AGM

August

Stock Exchange Compliances

Sr. No.	Compliances	Time Period
1.	Limited Review Report from the Statutory Auditors (in case the results are Unaudited)	Within 2 months of end of Quarter
2.	Book Closure Notice to SE, RTA, NSDL and CDSL	Before atleast 15 days of Book Closure
3.	Book Closure Publication (Hindi +English Newspaper)	Before atleast 7 days of Book Closure

Quarter III:   October to December

October

Stock Exchange Compliances

Sr. No.	Compliances	Time Period
1.	Notice of Board Meeting to the Stock Exchange to consider the Annual Results	At least 7 clear days before the Meeting excluding the date of meeting and notice
2.	Press release for Board Meeting (Eng.+Hindi)	At least 7 days before the date of meeting
3.	Board Meeting to consider the Qtr. Results	Within 30 days of end of Quarter( i.e. upto 29th)
4.	Fax of Qtr. Result to SE	Within 15 minutes of Board Meeting
5.	Submission of  Qtr. Result with photocopies of news paper cutting	With 2-3 days of Board Meeting
6.	Publication of Qtr. Result (Eng.+Hindi)	Within 48 hours of Board Meeting
7.	Shareholding Pattern to the Stock Exchange under Clause 35	Within 21 days of end of Quarter
8.	Secretarial Audit Certificate from CA/PCS for reconciliation of physical share and demat shares	Within 30 days of end of Quarter
9.	Clause 47 Certificate from a PCS – Half yearly Compliance Certificate	Within 1 month of end of half year and within 24 hours after signing of PCS
10.	Minutes of AGM	Within 15 days of AGM
11.	Quarterly Compliance Report on Corporate Governance  under Clause 49	Within 15 days of end of Quarter
12.	Uploading of Shareholding Pattern and Quarterly Results to SEBI EDIFAR website	Immediately whenever ready for submission to Stock Exchange

November

Stock Exchange Compliances

Sr. No.	Compliances	Time Period
1.	Limited Review Report from the Statutory Auditors (in case the results are Unaudited)	Within 2 months of end of Quarter

Quarter IV  :   January to March

January

Stock Exchange Compliances

`

Sr. No.	Compliances	Time Period
1.	Notice of Board Meeting to the Stock Exchange to consider the Annual Results	At least 7 clear days before the Meeting excluding the date of meeting and notice
`2.	Press release for Board Meeting (Eng.+Hindi)	At least 7 days before the Meeting
3.	Board Meeting to consider the Qtr. Results	Within 30 days of end of Quarter (i.e. upto 29th )
4.	Fax of Qtr. Result to SE	Within 15 minutes of Board Meeting
5.	Publication of Qtr. Result (Eng.+Hindi)	Within 48 hours of Board Meeting
6.	Submission of  Qtr. Result with photocopies of news paper cutting	With 2-3 days of Board Meeting
7.	Shareholding Pattern Under Clause 35	Within 21 days of end of Quarter
8.	Secretarial Audit Certificate from PCS for reconciliation of physical share and demat shares	Within 30 days of end of Quarter
9.	Quarterly Compliance Report on Corporate Governance Under Clause 49	Within 15 days of end of Quarter

February

Stock Exchange Compliances

Sr. No.	Compliances	Time Period
1.	Limited Review Report from the Statutory Auditors (in case the results are Unaudited)	Within 2 months of end of Quarter

General Compliances

Sr. No.	Compliances	Time Period
2.	Corporate Governance Compliance Certificate from Statutory Auditors/ PCS	Before the date of Director’s Report
3.	Submission of Annual Results	Immediately
4.	Six Copies of Annual Report along with Corp. Gov. Comp. Cert. By Statutory Auditors/PCS	As soon as it is issued
6.	Disclosure of Shareholding under Reg. 8(3) at every record date fix for declaration of dividend	Within 30 days of record date
7.	Minutes of every General Meeting	Within 30 days of General Meeting
8.	Filing of Audited Balance Sheet & Profit and Loss A/c with ROC	Within 30 days of AGM
9.	Filing of Annual Return with ROC	Within 60 days of AGM

Transitional Provisions

Stock Exchange Compliances

Sr. No.	Compliances	Time Period
1.	Intimation regarding change in company’s directors	Within 30 days in form 32
2.	Intimation regarding change in Statutory Auditor	Within 30 days
3.	Intimation regarding change in Regd. office	Within 30 days in form 18
4.	Intimation regarding alteration in capital	Within 30 days in form no. 5