S. Jaykishan

Chartered Accountants

Allied Laws

‘High risk’ NBFC’s due to PMLA non-compliance

‘High risk’ NBFC’s due to PMLA non-compliance

- By Ishanah Santhalia

The Financial Intelligence Unit (FIU) has released a list of 9,491 NBFCs that have been categorized as ‘high-risk’ due to non-compliance of one of the stipulated conditions mentioned in the PMLA Act and Rules. According to the FIU, these 9,491 NBFCs did not comply with the conditions of appointing a Principal Officer responsible to check and report suspicious transactions and cash transactions of 10 Lakhs and above and […] Read More >>


Compliance with RBI reporting for FDI

Compliance with RBI reporting for FDI

– By Khushboo Jain

To strengthen two of the major agendas currently being perused by the Government of India i.e. “Identification of Beneficial Ownership” and “Ease of Doing Business”, The Reserve Bank of India (“RBI”), apex Central Bank of India, in pursuance of regulation of foreign capital flows, has issued a Circular No. 30 dated June 7, 2018, streamlining the reporting requirement for entities which presently have Foreign capital contribution and/or entities contemplating to have foreign investments.

In this […] Read More >>


KYC of Directors by MCA

KYC of Directors by MCA

– By Aditi Jhunjhunwala  
– Nirali Gosaliya Vasa 

In its recent move to eradicate the shell companies Government has yet taken another move by introduction of Rule 12A and amendment to existing Rules of Companies (Appointment and Qualification of Directors) Rules, 2018 wherein Government seeks to ensure that the management is being run by directors who are qualified enough to act as such and accordingly seeks to identify the shadow directors. While the move is a welcome move in light […] Read More >>