Corporate Updates 19.09.2016

 GST

Ministry of Finance has appointed 16th of September, 2016 as the date on which the provisions of Sections 1, 2, 3, 4, 5,6, 7, 8, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19 and 20 of the Constitution (One Hundred and First Amendment) Act, 2016 shall come into force. The said amendment to the Constitution is relating to the provisions of Goods and Service Tax. It gives powers to the state to make laws with respect to goods and services tax imposed by the Union or by such State.

SEBI

SEBI modified Annexure A of an earlier Circular on Standardization and Simplification of Procedures for Transmission of Securities pursuant to the requests and complaints from the investors. It clarified that for the securities held in single name without a nominee, the additional documents to be sought shall include Affidavit from all the legal heirs made on appropriate non judicial stamp paper, provided if the legal heir/ claimant is named in the succession certificate/probate/will/letter of administration, then an Affidavit from such legal heir/claimant would be sufficient. Further, for the value of securities per issuer Company is upto Rs. 2 lakhs, succession certificate/probate/will/letter of administration to be submitted and in the absence of the above mentioned, a NOC executed by all legal heirs of the deceased holder or a duly notarized Family Settlement Deed shall be submitted along with an Indemnity bond indemnifying the STA/Issuer Company shall be sought. For the value of securities exceeding Rs. 2 lakhs, succession certificate/probate/will/letter of administration/court decree shall be sought.