Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
SEBI issued a circular establishing a comprehensive governance framework for Key Management Personnel (KMPs) in Market Infrastructure Institutions (MIIs). The circular mandates an independent external agency-driven appointment process for critical roles like Compliance Officer, Chief Risk Officer, Chief Technology Officer, and Chief Information Security Officer. The Nomination and Remuneration Committee will evaluate recommendations, with the Governing Board making final appointment decisions. Additionally, the circular introduces provisions for a cooling-off period for KMPs joining competing MIIs and requires rationale documentation if a Public Interest Director is not re-appointed. The regulatory changes aim to enhance institutional governance, prioritize public interest, and ensure strategic personnel management across market infrastructure entities.
SEBI issued a circular establishing a comprehensive governance framework for Key Management Personnel (KMPs) in Market Infrastructure Institutions (MIIs). The circular mandates an independent external agency-driven appointment process for critical roles like Compliance Officer, Chief Risk Officer, Chief Technology Officer, and Chief Information Security Officer. The Nomination and Remuneration Committee will evaluate recommendations, with the Governing Board making final appointment decisions. Additionally, the circular introduces provisions for a cooling-off period for KMPs joining competing MIIs and requires rationale documentation if a Public Interest Director is not re-appointed. The regulatory changes aim to enhance institutional governance, prioritize public interest, and ensure strategic personnel management across market infrastructure entities.
Note: It is a system-generated summary and is for quick reference only.
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