GST Council approves ‘Track and Trace Mechanism’ to curb evasion, ET LegalWorld
In a significant move to plug leakage, the GST Council on Saturday approved a proposal to implement ‘Track and Trace Mechanism’ for specified evasion-prone commodities, under which a unique mark will be affixed on such goods or packages to trace them throughout the supply chain. This is to insert an enabling provision in CGST Act, […]
Sebi tackles tech glitches with new online monitoring mechanism for system audits of brokers, ET LegalWorld
Capital market regulator Sebi has proposed an online monitoring mechanism for system audits of stock brokers to cut down on technical glitches. In a consultation paper released on Tuesday for public comments, Sebi said it aims to address gaps in the current audit processes, including poor quality, lack of physical site visits by auditors, and […]
Sebi asks QSBs to offer UPI mechanism, 3-in-1 facility to investors from Feb 1, ET LegalWorld
Markets regulator Sebi on Monday asked qualified stock brokers to offer either the facility of trading in the secondary market using the UPI-based block mechanism to their clients similar to the ASBA facility or a three-in-one trading account facility from February 1. These qualified stock brokers brokers (QSBs) must offer one of these two options, […]
NCLAT holds government dues rank below financial creditors in IBC’s waterfall mechanism, ET LegalWorld
The National Company Law Appellate Tribunal has held that the Insolvency and Bankruptcy Code, 2016 was introduced in order to overhaul the insolvency and bankruptcy regime in India to address “many of the unhealthy, pernicious and ineffective practices of the past in addressing insolvency issues,” adding that, “One of the cardinal recalibrations was the treatment […]
Awareness is key for success of functioning of legal aid mechanism: SC, ET LegalWorld
The Supreme Court on Wednesday said awareness is the key for success of functioning of legal aid mechanism and a robust system should be put in place to ensure that beneficial schemes promoted by legal services authority reaches all. Passing a slew of directions on the issue of providing legal aid to prisoners, a bench […]
IBC may introduce voluntary group insolvency mechanism soon, ET LegalWorld
India is proposing to introduce a “voluntary” group insolvency framework under the bankruptcy law. This will facilitate a joint resolution of stressed entities of a domestic corporate group, given the interconnected nature of their operations, people aware of the development said. The framework will be a part of Insolvency & Bankruptcy Code (IBC) amendments that […]
Govt considering foreign investment regulatory mechanism for FDI supervision, ET LegalWorld
New Delhi: The government is considering setting up a foreign investment regulatory mechanism for post-investment review and monitoring in the country, according to sources. At present, the consideration is at the discussion level only, they added. “It has been observed that all countries do oversight on the FDI (foreign direct investment), which is coming into […]
Sebi introduces centralized fee collection mechanism for investment advisers, research analysts, ET LegalWorld
Market regulator Sebi on Friday announced rolling out a new system — Centralized Fee Collection Mechanism — to facilitate collection of fees by Investment Advisers (IAs) and Research Analysts (RAs) from their clients on an optional basis. Under this mechanism, clients will pay fees to IAs/RAs, through a designated platform or portal administered by a […]
SC rejects PIL seeking enforcement of compliance rating mechanism under CGST law, ET LegalWorld
The Supreme Court on Friday dismissed a PIL seeking enforcement of a compliance rating mechanism under the Goods and Services Tax, saying it does not want to run the GST administration. GST compliance rating is a score given by the authorities and has to be calculated on the basis of several parameters such as timely […]