KPMG in India is pleased to present Voices on Reporting – a monthly series of knowledge sharing calls to discuss current and emerging issues relating to financial reporting.
In this month’s call, we aim to cover following topics:
Report of the Companies Law Committee
The Companies Law Committee (CLC) was constituted on 4 June 2015 to examine and making recommendations on the issues arising out of implementation of the Companies Act, 2013 (2013 Act) as well as the recommendation received from the Bankruptcy Law Reforms Committee, the High Level Committee on CSR, the Law Commission and other agencies. The CLC submitted its report to the government on 1 February 2016.
The CLC has recommended amendments to both the Companies Act, 2013 (2013 Act) and the Rules to the 2013 Act. It has proposed changes in 78 sections of the 2013 Act, which along with consequential changes, would result in about 100 amendments to the 2013 Act. It has also proposed approximately 50 amendments to the Rules. The recommendations cover significant areas of the 2013 Act, including definitions, raising of capital, accounts and audit, corporate governance, managerial remuneration, companies incorporated outside India and offences/penalties. The Ministry of Corporate Affairs (MCA) has invited comments/ suggestions on the report of the CLC from all the stakeholders through an online facility by 15 February 2016.
On the call, we will discuss the key recommendations of the CLC.
Securities and Exchange Board of India (SEBI) issues the Frequently Asked Question (FAQs) on the SEBI Listing Regulations, 2015
The SEBI on 2 September 2015 notified the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). The Listing Regulations are applicable from 1 December 2015 (subject to a few exceptions). The SEBI has continuously been issuing more guidance/clarifications on provisions of the Listing Regulations. The FAQs provide guidance/clarifications on certain issues raised by stakeholders.
On the call, we will provide an overview of the additional clarifications/guidance provided in the FAQs issued by SEBI.
Our Voices on Reporting conference call will be held on Wednesday, 17 February 2016 between 04:00 – 05:00 PM.