Following links are important knowledge pills for Independent Director in India.
Once considered a ‘nuisance’, seaweed grows into a $7.5-billion opportunity for India
More independent directors get chair at high table in Indian companies
India breaks records: Q3 2023 witnesses a 425% surge in IPOs, raising $1.77 billion, EY report says
The MCA notified the Companies (Management and Administration) Second Amendment Rules, 2023 on October 27, 2023. These rules are aimed at increasing transparency and accountability in companies, and to improve the corporate governance framework.
The key changes introduced by the new rules are:
Disclosure of beneficial interests: Every company is required to maintain a register of beneficial interests in shares and contributions in Form PAS-8. This register must be updated at least once a year and made available to the Registrar of Companies (ROC) on demand.
Appointment of a designated person: Every company must appoint a designated person who will be responsible for furnishing information to the ROC with respect to beneficial interests in shares and contributions.
Enhanced role of the ROC: The ROC has been given enhanced powers to investigate and prosecute cases of non-compliance with the beneficial interest disclosure requirements
Independent directors must step up to their onerous roles or step back
Ahead of FATF review, Centre takes multiple measures to implement recommendations –
Ahead of India’s mutual evaluations by the Financial Action Task Force (FATF), the Union government has taken several measures to implement the intergovernmental body’s recommendations, made following the 2010 review, which includes notification of practising Chartered Accountants, Company Secretaries, and Cost and Management Accountants as reporting entities.The FATF carries out the review to determine whether its recommended measures to curb money laundering and terror financing have been taken by the member country and if they are effective. India’s on-site assessment is expected to be carried out in November.