Debenture Trustees relaxed to comply with regulatory guidelines

Debenture trustees are necessary to monitor on a regular basis and to disclose different records, papers, and certificates. SEBI (Debenture Trustees) Regulations 1993, as revised from time to time. Debenture trustees have requested that timelines for complying with such regulatory provisions be reduced. 

It has been agreed to increase the deadlines for certain regulatory requirements after considering the representations obtained from debenture trustees and the difficulties resulting from the local constraints imposed by various state governments in the context of the CoVID-19 pandemic.

By using its powers under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, and Regulation 2A of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993. SEBI’s duty is to protect the interests of investors in securities and to regulate the securities market.

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Statement of Financial Transactions (SFT) submission Format, Procedure, and Guidelines 

CBDT issues Notification No. 16/16/2021, dated March 12, 2021, to require reporting of capital gains on the transfer of listed shares or mutual fund units. The details must be provided in such a form and at such a frequency, according to the current sub rule 5A of rule 114E. 

The Designated Director will apply the Statement of Financial Transactions (SFT). The statement’s format will be given in Annexure C. Annexures D and E contain the data structure and validation rules. 

Depositories as specified in clause (e) of sub-section (1) of section 2 of the Depository Act, 1996. The data files must be sent via SFTP Server by reporting organizations. The Designated Director must sign and verify a separate control statement (refer to Annexure C).

On or before the 31st of May 2021, a statement of financial transactions for the Financial Year 2020-21 must be issued. Following that, the financial reports for the quarters ended 30th June, 31st September, 31st December, and 31st March shall be prepared to be sent on or before July 25th, October 25th, January 25th, and April 25th, respectively.

The reporting authorities may then provide the account holder with reports submitted to the Income Tax Department, allowing taxpayers to reconcile the information shown on the Annual Information Statement (AIS) (Form 26AS).

If the reporting person/entity learns of or finds any errors, it must fix or delete them by making a correction/deletion document. To ensure that requested records and relevant files/documents are accessible promptly, the reporting person/entity must register and execute effective archival and retrieval policies and procedures with specifically specified roles and responsibilities. 

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