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ELP Update
The Ministry of Corporate Affairs has notified certain important changes in relation to payment of additional fees for delay in submitting, filing, registering or recording, of certain documents, fact or information under the provisions of the Companies Act, 2013 (CA2013). The changes are set to take effect from July 1, 2022. The changes are as follows:
Levy of additional fees: Additional fees is payable for filing where any document, fact or information, in cases other than under Section 92 or Section 137 of CA2013, is filed after the expiry of the period provided for such submission, filing or registration in the relevant section.
Levy of higher additional fees: Higher additional fees is payable for filing where there has been a default on two or more occasions in submitting, filing, registering or recording of any document, fact or information.
In another important change, in order to enable the 'accredited investors' to seek certification under SEBI (Alternative Investment Funds) Regulations, 2012, the regulator has granted recognition to CDSL Ventures Ltd., a wholly owned subsidiary of Central Depository Services (India) Ltd., as an Accreditation Agency under AIF Regulations.
On August 3, 2021, SEBI had introduced class of accredited investors in the AIF Regulations, to give flexibility to high value investors and fund managers, in their investments. To provide certain flexibility to AIs, a new class of AIF or scheme of AIF was also introduced which is referred to as 'large value fund for accredited investors'.
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This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
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