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Daily Newsletter - May 22, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

SEBI Drafts

Legal Updates:

Income Tax




News Update:

Indian News:

SC ruling on user development fee provides guidance for GST, tax on royalty

I-T officials too face hurdles in Gameskraft case

Customs to introduce additional disclosures for export-import of medicinal products from June 1

GSTN to go live on Account Aggregator ecosystem before July 1

RBI asks banks to keep daily data on exchange, deposit of Rs 2,000 notes

Sebi proposes measures to contain price volatility on shares in derivative segment

Intimation of arrest through SMS is invalid: Madras HC

President’s name in a contract is no immunity against the application of law to test its conditions, SC holds

ITAT quashes taxing Swiss a/c funds in hands of NRI

AAAR: Flat buyers will face 18% GST on open car parks’ sale

NFRA imposes five-year ban, Rs 5 lakh penalty on auditor for lapses

Sebi proposes to cut down IPO listing timeline to 3 days from 6 days

SEBI proposes institutional mechanism for AMCs for deterrence of possible market abuse, fraudulent transaction

CBDT proposes changes to Rule 11UA in respect of Angel Tax - Also proposes to notify Excluded Entities


International News:

PwC turns to AI for audit transformation

Exposure Drafts:

SEBI Drafts:

Consultation Paper on Price Band formulation for scrips in Equity Derivatives segment to strengthen volatility management and minimise information asymmetry
[Last date for Comments: June 5, 2023] 

Consultation paper on reduction of timeline for listing of shares in Public Issue from existing T+6 days to T+3 days
[Last date for Comments: June 3, 2023] 

Consultation paper on Institutional Mechanism for Asset Management Companies for deterrence of possible market abuse and fraudulent transactions
[Last date for Comments: June 3, 2023] 

Consultation Paper on the proposal to review Qualified Institutional Buyer status of Alternative Investment Funds, Venture Capital Funds and Foreign Venture Capital Investors
[Last date for Comments: June 1, 2023] 

Consultation Paper on Strengthening of Investor Grievance handling mechanism through SCORES and linking to the Online Dispute Resolution mechanism approved by SEBI
[Last date for Comments: May 29, 2023] 

Consultation paper on proposal enabling direct participation by clients/ participants in the Limited Purpose Clearing Corporation - tri-party repo for corporate bonds
[Last date for Comments: May 29, 2023] 

Legal Updates:

Income Tax:

Guidelines for removal of difficulties u/s 194BA(3) of the Income-tax Act, 1961 [Circular No.5]



Dematerialization of securities of Hold Cos and SPVs held by Infrastructure Investment Trusts (InvITs)

Dematerialization of securities of Hold Cos and SPVs held by Real Estate Investment Trusts (REITs)

Master Circular for Mutual Funds



₹2000 Denomination Banknotes – Maintaining Daily Data



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