Labour Law compliance services in india | legal compliance for startups in India

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MCA (Ministry of Corporate Affairs) is concerned with administration of the Companies Act.It offers a wide range of allied Acts, Bills and Rules.In this blog we have listed the MCA’s 10 important Key Amendments, Circulars/ Notifications of 2019 which you might have missed to follow or missed due to lack of information.02nd December 2019Online data bank for Independent directors becomes effective on, and all IDs shall register with the data bank by, 29 February 2020.

IDs shall also pass proficiency test to become eligible for appointment.18th November 2019MCA makes amendments in threshold limits for entering into any transaction by any Company with its Related Party under section 188.11th October, 2019Approved CSR activities expanded to include: Contribution to universities, incubators, IITs, National Labs and autonomous bodies such as ICAR, ICMR, CSIR, DAE, DRDO, DST.05th October 2019DIR 3 KYC made into a year on year compliance and directors holding DIN as on 31st March of every year shall submit e-form DIR-3KYC by 30th September.22nd August 2019IEPF 2nd Amendment Rules, 2019 was introduced which amended IEPF 2 due date to 60 days from AGM date and introduced other new requirements.10th May 2019Removal of Company name through Strike-off process amended by increasing fee for STK -2 and by Making annual returns mandatory pre-requisite for filing for strike off.17th April 2019 MCA has allowed registration of LLPs engaged in manufacturing and allied activities.21st February 2019MCA introduces Active Company Tagging Identities and Verification (ACTIVE) to be filed by companies incorporated before 31st December, 2017.8th February 2019MCA notified Companies (Significant Beneficial Owners) Amendment Rules, 2019 which amended the definition of SBO and clarified requirements for filing Form BEN-2 and BEN-1.22nd January 2019MCA amends form DPT-3 to include reporting of transactions not considered as deposits and introduced a onetime return along with the annual return.

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NBFC ComplianceNBFC or Non-Banking Financial Companies or NBFCs are companies that are involved in the business of receiving deposits, advances, and loans, and acquisition of stock, shares and bonds, debentures, and securities that granted by the govt and are registered under the businesses Act 2013.

To make the process easy, get guidance from our expert team!What is NBFC?Non – Banking Financial Companies are the financial institutions that provide banking services, but don't hold any banking license.

A Non-Banking Institution has the principal business of receiving deposits under any scheme or arrangement or in the other manner.

The company fulfilling both these criteria than that company is eligible for registering as NBFC by RBI.

Reserve Bank of India Act, doesn't define the term ‘principal business’, however, RBI has defined that only companies which are mainly engaged in financial activity get registered with RBI and are regulated and supervised by it.

Hence, therefore if the companies engaged in agricultural operations, purchase and sale of goods, sale or construction of the immovable property, industrial activity, as their principal business and are doing some financial business during a small way, these don't fall into the category which may be regulated by the Reserve Bank[1].Different Categories of NBFCs Registered with RBICategories of NBFCs are often differentiated in terms of sorts of liability, like Deposit and Non – Deposit accepting.Types of NBFCs or Non-Banking Financial CompaniesThe types of NBFC or Non-Banking Financial Companies on the basis of Liabilities andActivities are mentioned below:NBFCs based on LiabilitiesDeposit Accepting NBFCs;Systematically Important (NBFC-ND-SI);Non-Deposit Accepting NBFCs;Other Non-Deposit Holding Companies;NBFCs based on ActivitiesInvestment and Credit Company (ICC);Infrastructure Finance Company (IFC);Systemically Important Core Investment Company (CIC);Mortgage Guarantee Companies;NBFC- Non-Operative Financial Holding Company (NOFHC);NBFC- Microfinance Companies (MFIs);NBFC-Factors;Infrastructure Debt Fund Non-Banking Financial Company (IDF-NBFC)Checklist for NBFC- D(Deposit-taking)In contrast to Non-deposit NBFCs, NBFC-D (Deposit Taking ) institutions need to file a couple of returns on the idea of deposits held by the corporate.NBS 1- Quarterly returns on Deposits in First ScheduleNBFC-D type institutions need to submit quarterly returns on Prudential Norms.