1. (1) These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit,Transfer and Refund) Amendment Rules, 2024. (2) These rules shall come into force on the date of their publication in Official Gazette. 2. In the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (hereinafter referred to as the said rules), – (a) for the letters and figures, “IEPF-3”, wherever they occur, the letters and figures, “IEPF-4”, shall be substituted; (b) for the letters and figures, “IEPF-7”, wherever they occur, the letters and figures, “IEPF- 1”, shall be substituted. 3. In rule 6 of the said rules, – (a) in sub- rule (13), – (i) for the words, “into the specified account of the IEPF Authority maintained in the Punjab National Bank”, the words “online to the Authority within a period of thirty days from the date such amount becomes due” shall be substituted; (ii) the words, “within thirty days from the date of remittance or within thirty days from the date of enforcement of these Rules, as the case may be” shall be omitted. (b) in sub-rule (13A), – (i) for the words, “into the specified account of the IEPF Authority maintained in the Punjab National Bank”, the words “online to the Authority within a period of thirty days from the date such amount becomes due” shall be substituted; (ii) the words, “within thirty days from the date of remittance or within thirty days from the date of commencement of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund), Third Amendment, Rules, 2021, as the case may be” shall be omitted. 4. In rule 6A, in sub-rule (12) – (a) for the words, “into the specified account of the IEPF Authority maintained in the Punjab National Bank”, the words “online to the Authority” shall be substituted; (b) for the words, “from the date of remittance”, the words “of such amount becoming due to becredited to the Fund” shall be substituted. Read More - https://www.mca.gov.in/bin/dms/getdocument?mds=P8CBgh44cfDr98J2el6P6Q%253D%253D&type=open

In the Companies (Management and Administration) Rules, 2014, in annexure, for form number MGT-6, there are some changes had been made in the e-form for more detail check the below link: https://www.mca.gov.in/bin/dms/getdocument?mds=ndpHuCJc6fIyAOxUho1U2A%253D%253D&type=open

In paragraph 3, the following proviso shall be inserted, namely:- “Provided that only those specified companies which are having payments pending to any micro or small enterprises for more than 45 days from the date of acceptance or the date of deemed acceptance of the goods or services under section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) shall furnish the information in MSME Form-1.”   https://www.mca.gov.in/bin/dms/getdocument?mds=5d6WlpyCZCPzZo0CHi%252B7oA%253D%253D&type=open

In the Companie (Incorporation) Rule 2014, in rule 8A, in sib-rule (1) (i) in Clause (p), the word " Nidhi" shall be omitted (ii) Clasue (v) Shall be omitted  https://www.mca.gov.in/bin/dms/getdocument?mds=TaZb6FKHcrk2uA%252B354fxBA%253D%253D&type=open

If any Individual intends to update his personal mobile number or email id again at any time during the financial year in addition to the updation allowed under third proviso, he/she shall update thesame by submitting e-form DIR-3 KYC in payment of five hundered fees.

This will come into force from 1st day of August 2024.

https://www.mca.gov.in/bin/dms/getdocument?mds=FBPSgUwyPTQpTzkMffyl3g%253D%253D&type=open

The "Master Circular on Life Insurance Products," dated June 12, 2024, provides guidance to all life insurers under the Insurance Act, 1938, and IRDA Act, 1999. It outlines regulations and processes for life insurance products, including product governance, pricing, approval, and customer information. Insurers must ensure product compliance by September 30, 2024, and submit compliance statements to IRDAI by October 15, 2024. The circular also mandates customer-centric practices, like offering flexible product choices, providing a Customer Information Sheet (CIS) with policy details, and ensuring robust grievance redressal mechanisms. Annual reviews of the circular are required. 

SEBI has released a consultation paper on May 23, 2024, to review certain aspects of the framework for valuing the investment portfolios of Alternative Investment Funds (AIFs). The key proposals aim to enhance the transparency and accuracy of valuations, ensuring alignment with international best practices and addressing stakeholder concerns.

Key Points:

• Enhancing disclosure requirements for valuation methods.
• Refining valuation methodologies to improve consistency.
• Aligning the framework with evolving market dynamics.

Timeline:

• Public comments are invited until June 30, 2024.

For more details and to provide feedback, visit the SEBI consultation paper page.

As of May 10, 2024, Regulation 4(g)(i) of SEBI (Alternative Investment Funds) Regulations, 2012 mandates that the key investment team of an Alternative Investment Fund Manager must include at least one certified personnel specified by SEBI. Typically, individuals with expertise in finance, investment management, securities, or related fields may qualify to obtain this certification.

Further, SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007 have also been amended and notified on May 10, 2024 stipulating the following:

At least one member of an Alternative Investment Fund Manager's key team must pass the NISM Series-XIX-C exam for certification. The aforementioned obligation to obtain certification must be fulfilled no later than May 9, 2025, for the following:

(i) Existing schemes of AIFs; and,

(ii) Schemes of AIFs whose applications for the launch of schemes are pending with SEBI as of May 10, 2024.

The trustee or sponsor of an Alternative Investment Fund (AIF) must make sure that the "Compliance Test Report," as outlined in paragraph 15.2 of the SEBI Circular No. SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/39 dated May 7, 2024, covers all the rules mentioned in this circular.

a. Review of validation of KYC records by KRAs under Risk Management Framework  

1. The provisions of the Master Circular dated October 12, 2023 have been reviewed and it has been decided to simplify the risk management framework through verification by KRA's

2. Based on the above following clauses of the master circular stand modified:

2.1 Para 96 shall be read as follows: As a part of risk management framework, the KRAs shall verify the following attributes of records of all clients within 2 days of receipt of KYC records a. PAN b. Name c. Address

2.2 Para 100 shall be read as:

Client records that have been checked by KRAs against official databases like the Income Tax Department's PAN database, Aadhaar XML, Digilocker, or M-Aadhaar, and have confirmed PAN-Aadhaar linkage as per Rule 114 AAA of the Income Tax Rules, 1962, will be considered as Validated Records.

3. The Exchanges / Depositories / concerned intermediaries shall complete the necessary technical change in their systems by May 31, 2024.