Vinod Kothari & Company, Practising Company Secretaries

The Ministry of Finance, through a notification in the official gazette dated July 19, 2024 has amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 requiring Reporting Entities (REs) to update client KYC details to the Central KYC Records Registry (CKYCR), request additional KYC details from clients under specific conditions and retrieve and maintain updated KYC records. Access our detailed snippet on this update here: https://lnkd.in/gfvujUFA Link to the amendment: https://lnkd.in/gVx7DAyn Vinod Kothari Sikha Bansal Vinita Nair Dedhia Abhirup Ghosh Nitu Poddar Pammy Jaiswal Barsha Dikshit Chatterjee Anita Baid Qasim Saif Aanchal Kaur Nagpal Tejasvi Thakkar Kaushal Shah Garima Chugh Manisha Ghosh Heta Mehta Dayita Kanodia Chirag Agarwal Archisman Bhattacharjee Shreshtha Barman

#Workshop on Insider Trading Framework for Mutual Funds and other Pooled Investment Vehicles : Wednesday, 21 August, 2024. Effective November 1, 2024 Mutual Fund units will be within the ambit of Insider Trading Regulations and SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022 dated November 24, 2022 will become effect, thereby increasing the compliance burden of the AMCs. To answer several queries on the implementation front and to aid AMCs in smooth transition, we, at Vinod Kothari and Company are organizing a workshop on Wednesday, 21 August, 2024. Link to register- https://lnkd.in/gEjR_Nrp Read our article on the same here- https://lnkd.in/dip5DM-i Vinod Kothari Vinita Nair Dedhia Pammy Jaiswal Barsha Dikshit Chatterjee Nitu Poddar Sikha Bansal Ankit Singh Mehar Lavanya Tandon Palak Jaiswani

Buyback of shares, a significant corporate action for a couple of reasons, is expected to face a big hit if the tax regime, as proposed in the Finance Bill 2024, is notified without any changes. We discuss the application of buyback, the proposed taxation regime and how it is unfair to shareholders, and how companies may act now and try and complete buybacks by end of September here - https://lnkd.in/gc4b_sRZ You may also see our article on the buyback taxation proposal here - https://lnkd.in/gj-TdBqf Our analysis on other proposals of Union Budget can be accessed here - https://lnkd.in/g4zdQTD2 Vinod Kothari Vinita Nair Dedhia Pammy Jaiswal Barsha Dikshit Chatterjee Nitu Poddar Sikha Bansal Payal Agarwal

The Finance Bill 2024 proposes a new tax regime on buyback of shares, which will not only result in shifting the tax incidence to shareholders, but has other potential downsides. Given the significance of buyback, we are running a live session on discussing the implications of Finance Bill 2024 on buyback transactions starting from 6 pm today. Link to join the meeting - https://lnkd.in/g2cMJvPT Vinod Kothari Vinita Nair Pammy Jaiswal Barsha Dikshit Chatterjee Nitu Poddar Sikha Bansal Payal Agarwal Mahak Agarwal Palak Jaiswani Prapti Kanakia Neha Malu Ankit Singh Mehar

On July 26, 2024, SEBI, via notification in the official gazette, extended the SEBI (Prevention of Insider Trading) Regulations, 2015, to the units of mutual funds, effective from November 1, 2024. This significant amendment raises several important questions: What will be the possible impact of the amendment on mutual funds? What actions should mutual funds take to comply with the new regulations? Who will be impacted by this amendment? To get a comprehensive understanding of this amendment and find answers to these questions, read our detailed article here- https://lnkd.in/dip5DM-i Vinod Kothari Vinita Nair Dedhia Pammy Jaiswal Barsha Dikshit Chatterjee Nitu Poddar Payal Agarwal Ankit Singh Mehar Lavanya Tandon Surabhi Chura Garima Chugh

[𝐏𝐚𝐫𝐭 𝟐] Threadbare | Detailed | Comprehensive Analysis for the Union Budget | 2024-25 10+ Experts | 10+ Sessions | 480+ Minutes 📋 Key Highlights: ✅ Expert Insights ✅ Comprehensive Coverage ✅ Engaging Sessions ✅ FREE Access 📢 Speakers: ‣ Daksha Baxi – Founder | SRI Solutions ‣ Sandeep Jhunjhunwala – Partner [M&A Tax] | Nangia Andersen India Pvt. Ltd. ‣ Vinod Kothari – Partner | Vinod Kothari & Company, Practising Company Secretaries ‣ A Jatin Christopher – Partner | JCSS ‣ Darshak Shah – Partner | S N & Co. ‣ Brenden Saldanha – Partner [Financial Services – Tax & Regulatory Services] | EY LLP ‣ Mukesh Butani – Managing Partner | BMR Legal Advocates ‣ Tarun Garg – Director | Deloitte India ‣ CA Mithilesh Reddy – Founder & CEO | SBC- Steadfast Business Consulting ‣ Raghav Bajaj – Counsel | Khaitan & Co ‣ Deepak Bhholusaria – Partner | DAKSM & Co LLP ‣ Manoj Fogla – Senior Partner | SAGA Law ‣ CA Suresh Kumar Kejriwal – Partner | Agarwal Kejriwal and Co. Topics Covered: ‣ Personal Taxation ‣ Corporate Taxation ‣ Capital Gains ‣ TDS & TCS ‣ M&A and Start-up Taxation ‣ Charitable & Religious Trusts ‣ Transfer Pricing ‣ GST & Customs ‣ Corporate Laws ‣ Financial & Capital Markets #TaxmannUpdates #TaxmannBudget #Budget2024 #UnionBudget

The Union budget of 2024 is aimed towards Viksit Bharat and has tried to address some pressing issues like employment, MSMEs, infrastructure development and education. But are the tax reforms enough to appease the "Aam Janta"? Major changes in the capital gains regime, and mild tweaking in the personal taxation might not be enough. This budget publication brings to you the major highlights of the budget, and their potential impact. All this and more - read our topic-wise analysis: https://lnkd.in/g4zdQTD2 Vinod Kothari Vinita Nair Dedhia Pammy Jaiswal Barsha Dikshit Chatterjee Anita Baid Abhirup Ghosh Nitu Poddar Payal Agarwal Mahak Agarwal Dayita Kanodia Archisman Bhattacharjee Chirag Agarwal Archana Kejriwal Surabhi Chura

A proposal in the Budget suggests tax be imposed on shareholders for share buybacks for the full amount paid by the company. The shareholder may later claim the cost of the shares as a Capital Loss. Buybacks were previously a primary method for companies to scale down their size. One may wonder what was the inspiration for this peculiar change, but this will surely have to go for some rollback. For a glimpse of this Budget proposal, please refer to the article: https://lnkd.in/guxNqyFj Vinod Kothari Vinita Nair Dedhia Pammy Jaiswal Barsha Dikshit Chatterjee Nitu Poddar Sikha Bansal Payal Agarwal Neha Malu Mahak Agarwal Archana Kejriwal Surabhi Chura

Recently, the Ministry of Corporate Affairs notified amendments to various forms under the Companies Act, 2013, aimed at improving compliance and transparency. These updates impact the following forms: 1. #MSME 1: Form for reporting by specified companies of outstanding dues to MSMEs beyond a period of 45 days from the date of acceptance or the date of deemed acceptance of the goods or services 2. #MGT-6:  Form for declaration to the Registrar regarding persons whose name is in the register of members as a shareholder but who do not hold any beneficial interest in such shares. 3. #BEN-2: Return filed to ROC upon receipt of a declaration by the reporting company from an individual who is or becomes a significant beneficial owner, or where his significant beneficial ownership undergoes any change in BEN-2 webform 4. #DIR-3 KYC: Form for updating the latest KYC details of a director in the system for facilitating the enforcement function 5. Following #IEPF forms: Form #IEPF 1- Form for providing details of amounts credited to Investor Education and Protection Fund Form #IEPF 2- Form for filing details of unclaimed and unpaid amounts and details of Nodal Officer Form #IEPF 4- Form for filing statement of shares transferred to the Investor Education and Protection Fund For a concise overview of these changes, click here: https://lnkd.in/gvfHSu9G Vinod Kothari Pammy Jaiswal Barsha Dikshit Chatterjee Vinita Nair Dedhia Nitu Poddar Payal Agarwal Neha Malu Mahak Agarwal Archana Kejriwal Ankit Singh Mehar