Notifications (March 2021)

Sahara India Financial Corp’s registration as a sub-broker is revoked by SEBI.

The market regulator, SEBI, on Wednesday cancelled Sahara India Financial Corporation Ltd’s certificate of registration as a sub-broker, citing the company’s failure to meet “fit and proper” criteria. “Considering Subrata Roy Sahara’s antecedents and the various judicial pronouncements against him and other Sahara Group Companies, it is determined that the it is not a ‘fit and proper individual to proceed as a sub-broker in the securities market,” the DA reported in the Enquiry Report.”


Companies (Management and Administration) Amendment Rules, 2021

MCA notifies new FORM NO. MGT-7 – Annual Return (other than OPCs and Small Companies and FORM NO. MGT-7A – Abridged Annual Return for OPCs and Small Companies for Financial Year 2020-21.

The Ministry of Corporate Affairs (MCA) recently released two notices on March 5, 2021. The first notification is to inform the effective date of an amendment to Section 92 of the Companies Act, 2013, which deals with the Annual Return of the Company, which was rendered by the Companies (Amendment) Act, 2017, but not yet notified and the second notification is about a consequential amendment to the Companies (Management and Administration) Rules, 2014, which states that from Financial Year 2020-21 onwards, One Person Companies (“OPCs”) and Small Companies must file the Abridged Annual Return in Form MGT-7A.

Companies (Management and Administration) Rules, 2014, sub-rule (1) of Rule 11 has been substituted for:

“Except for One Person Company (OPC) and Small Company, every company must file an annual return on Form No. MGT-7. From the financial year 2020-2021 onwards, One Person Companies and Small Businesses must file an annual return in Form No. MGT-7A.”

New feature to select Core Business Activity enabled

The Goods and Service Tax Network (GSTN) has enabled a new feature on the GST Portal that allows users to pick Core Business Activity. When you open the GST Portal today, you’ll see a new pop-up asking you to describe your core business as a retailer, trader, service provider, or other. You will only be able to log into your GST account or file a GST return after choosing one of the options mentioned above.

It’s worth noting that you can only choose one primary business operation. If all of the activities apply to you, please choose your primary business practice. “Information Button” may be used to learn more about the meanings of Manufacturer, Trader, and Service Provider. In addition, if you want to change it in the future, go to MY PROFILE > CORE BUSINESS ACTIVITY STATUS.

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