Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
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The circular amends paragraph 15 of the Master Circular for Credit Rating Agencies (CRAs), providing guidance on treatment of technical defaults. It clarifies that in scenarios where non-payment of debt occurs due to reasons beyond the issuer's control, such as failure to remit due to incorrect investor account details or instructions from authorities, CRAs shall verify availability of funds, reasons for failure, and payment into an escrow account. CRAs must furnish details to stock exchanges, depositories, and debenture trustees, who shall disseminate the information. CRAs must sensitize issuers to use penny-drop verification facility to prevent such occurrences. The term "technical default" is omitted from paragraph 15.3, which now covers scenarios fundamentally altering the defaulting firm's credit risk profile. The circular is applicable immediately and issued under SEBI's powers to protect investors and regulate securities market.
The circular amends paragraph 15 of the Master Circular for Credit Rating Agencies (CRAs), providing guidance on treatment of technical defaults. It clarifies that in scenarios where non-payment of debt occurs due to reasons beyond the issuer's control, such as failure to remit due to incorrect investor account details or instructions from authorities, CRAs shall verify availability of funds, reasons for failure, and payment into an escrow account. CRAs must furnish details to stock exchanges, depositories, and debenture trustees, who shall disseminate the information. CRAs must sensitize issuers to use penny-drop verification facility to prevent such occurrences. The term "technical default" is omitted from paragraph 15.3, which now covers scenarios fundamentally altering the defaulting firm's credit risk profile. The circular is applicable immediately and issued under SEBI's powers to protect investors and regulate securities market.
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