Friday, 18 May 2018




The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved National Policy on Biofuels – 2018.

Salient Features:
        i.            The Policy categorises biofuels as "Basic Biofuels" viz. First Generation (1G) bioethanol & biodiesel and "Advanced Biofuels" - Second Generation (2G) ethanol, Municipal Solid Waste (MSW) to drop-in fuels, Third Generation (3G) biofuels, bio-CNG etc. to enable extension of appropriate financial and fiscal incentives under each category.
     ii.            The Policy expands the scope of raw material for ethanol production by allowing use of Sugarcane Juice, Sugar containing materials like Sugar Beet, Sweet Sorghum, Starch containing materials like Corn, Cassava, Damaged food grains like wheat, broken rice, Rotten Potatoes, unfit for human consumption for ethanol production.
   iii.            Farmers are at a risk of not getting appropriate price for their produce during the surplus production phase. Taking this into account, the Policy allows use of surplus food grains for production of ethanol for blending with petrol with the approval of National Biofuel Coordination Committee.
   iv.            With a thrust on Advanced Biofuels, the Policy indicates a viability gap funding scheme for 2G ethanol Bio refineries of Rs.5000 crore in 6 years in addition to additional tax incentives, higher purchase price as compared to 1G biofuels.
      v.            The Policy encourages setting up of supply chain mechanisms for biodiesel production from non-edible oilseeds, Used Cooking Oil, short gestation crops.
   vi.            Roles and responsibilities of all the concerned Ministries/Departments with respect to biofuels has been captured in the Policy document to synergise efforts.
Expected Benefits:
  • Reduce Import Dependency: One crore lit of E10 saves Rs.28 crore of forex at current rates. The ethanol supply year 2017-18 is likely to see a supply of around 150 crore litres of ethanol which will result in savings of over Rs.4000 crore of forex.
  • Cleaner Environment: One crore lit of E-10 saves around 20,000 ton of CO2 emissions. For the ethanol supply year 2017-18, there will be lesser emissions of CO2 to the tune of 30 lakh ton. By reducing crop burning & conversion of agricultural residues/wastes to biofuels there will be further reduction in Green House Gas emissions.
  • Health benefits: Prolonged reuse of Cooking Oil for preparing food, particularly in deep-frying is a potential health hazard and can lead to many diseases. Used Cooking Oil is a potential feedstock for biodiesel and its use for making biodiesel will prevent diversion of used cooking oil in the food industry.
  • MSW Management: It is estimated that, annually 62 MMT of Municipal Solid Waste gets generated in India. There are technologies available which can convert waste/plastic, MSW to drop in fuels. One ton of such waste has the potential to provide around 20% of drop in fuels.
  • Infrastructural Investment in Rural Areas: It is estimated that, one 100klpd bio refinery will require around Rs.800 crore capital investment. At present Oil Marketing Companies are in the process of setting up twelve 2G bio refineries with an investment of around Rs.10,000 crore. Further addition of 2G bio refineries across the Country will spur infrastructural investment in the rural areas.
  • Employment Generation: One 100klpd 2G bio refinery can contribute 1200 jobs in Plant Operations, Village Level Entrepreneurs and Supply Chain Management.
  • Additional Income to Farmers: By adopting 2G technologies, agricultural residues/waste which otherwise are burnt by the farmers can be converted to ethanol and can fetch a price for these waste if a market is developed for the same. Also, farmers are at a risk of not getting appropriate price for their produce during the surplus production phase. Thus conversion of surplus grains and agricultural biomass can help in price stabilization.
Background:
In order to promote biofuels in the country, a National Policy on Biofuels was made by Ministry of New and Renewable Energy during the year 2009. Globally, biofuels have caught the attention in last decade and it is imperative to keep up with the pace of developments in the field of biofuels. Biofuels in India are of strategic importance as it augers well with the ongoing initiatives of the Government such as Make in India, Swachh Bharat Abhiyan, Skill Development and offers great opportunity to integrate with the ambitious targets of doubling of Farmers Income, Import Reduction, Employment Generation, Waste to Wealth Creation. Biofuels programme in India has been largely impacted due to the sustained and quantum non-availability of domestic feedstock for biofuel production which needs to be addressed.






BSE Ltd (earlier known as Bombay Stock Exchange) became first Indian exchange to be designated as Designated Offshore Securities Market (DOSM) by United States Securities and Exchange Commission (US-SEC).

DOSM status will allow sale of securities to US investors through trading venue of BSE without registration of such securities with US SEC. This will ease trades by US investors in India and also enhance attractiveness of Indian Depository Receipts (IDRs) amongst US investors.

The new status is also expected to primarily benefit securities issued in US private placements to institutional investors. Moreover, it will provide liquid resale market which will exempt offering by BSE-listed companies, making them more attractive to US investors.

DOSM status will also provide additional benefits to companies whose securities are traded both in US and on BSE. It will allow certain directors and officers of dual-listed companies to resell their securities on BSE, regardless of any restrictions or holding periods that may apply under US securities laws.

BSE is Indian stock exchange located at Dalal Street, Mumbai (Maharashtra). It was established in 1875 (founded by Premchand Roychand as Native Share & Stock Brokers’ Association), making it Asia’s first stock exchange. It was first Indian stock exchange to be recognized by Government under the Securities Contracts Regulation Act in 1957. It has established India’s first international exchange India INX in December 2016 in GIFT city, Gujarat.

BSE’s popular equity index -S&P BSE SENSEX is India’s most widely tracked stock market benchmark index. BSE also provides host of services to capital market participants including risk management, clearing, settlement, market data services and education.

BSE is the world’s 12th largest stock exchange with overall market capitalization of more than $ 2 trillion as of July, 2017. It also claims to be world’s fastest stock exchange, with median trade speed of 6 microseconds. It is also a Partner Exchange of United Nations Sustainable Stock Exchange initiative, joining in September 2012.

BSE is first exchange in India and second in world to obtain an ISO 9001:2000 certification. It is also first Exchange in India and second in world to receive Information Security Management System Standard BS 7799-2-2002 certification for its On-Line trading System (BOLT).


Source : jktoday

Friday, 11 May 2018



Dear Readers,

‘SEBI has come up with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 which shall be applicable from 1st April, 2019. Some Regulations or Sub regulations are Applicable from 1st October, 2018

Please click on below link to download the Amendment Notification.





RELATES TO
PRIOR TO THE
AMENDMENT
AFTER AMENDMENT
Definition of
Related party
As per Regulation 2(1) of the SEBI
listing regulations related party was defined as:

“(zb)related party means a related party as defined under sub-section (76) of section 2 of the Companies Act, 2013 or under the applicable accounting standards: Provided that this definition shall not be applicable for the units issued by mutual funds which are listed on a recognised stock exchange(s);”
SEBI (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2018

Provided that any person or entity belonging to the promoter or promoter group of the listed entity and holding 20% or more of shareholding in the listed entity shall be deemed to be a related party
Definition of
Independent Director
In the definition of independent
director as per Regulation
16(1)(b)(ii):

who is or was not a promoter of the listed entity or its holding, subsidiary or associate company”
The definition of independent director
as per Regulation 16(1)(b)(ii) has been substituted to include:

who is or was not a promoter of the listed entity or its holding, subsidiary or associate company or member of the promoter group of the
listed entity

Effective from 1st October, 2018
Definition of
Independent Director
No corresponding clause
Qualification of ID shall include

(viii) who is not a non-independent director of another company on the board of which any non-independent director of the listed entity is an independent director:”

Effective from 1st October, 2018
Definition of
material
Regulation 16(c) provides that:
The same has been substituted with:


                      



subsidiary
“material subsidiary” shall mean
a subsidiary, whose income or net worth exceeds twenty percent of the consolidated
Income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year.
“material subsidiary” shall mean a
Subsidiary, whose income or net worth exceeds ten percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year.
Definition of
senior management
Regulation 16(d) provides that:

“senior management shall mean officers/personnel of the listed entity who are members of its
core management team excluding board of directors and normally this shall comprise all members of management one level below the executive directors, including all functional heads”
The definition of senior management
has been substituted to include:

“senior management shall mean officers/personnel of the listed entity who are members of its core management team excluding board of directors and normally this shall comprise all members of management one level below the chief executive officer/managing director/whole time director/manager (including chief executive officer/manager, in case they are not part of the board) and shall specifically include company secretary and chief financial officer
Composition
of Board
Regulation 17 (1)(a) of SEBI
listing regulation provided that the Board should have an optimum combination of executive and non-executive directors with one women director and 50% of Board should comprise of non-executive directors
A proviso to such clause has been
inserted which reads as:

“Provided that the Board of directors of the top 500 listed entities shall have at least one independent woman director by April 1, 2019 and the Board of directors of the top 1000 listed entities shall have at least one independent woman director by April 1, 2020;

Further, top 500 and 1000 entities shall be determined on the basis of market capitalisation, as at the end of the immediate previous financial year
Minimum
directors in listed entities
No corresponding clause
The amendment regulations has
inserted a new sub-clause to regulation
17(1) as appended below:





“(c) The board of directors of the top
1000 listed entities (with effect from April 1, 2019) and the top 2000 listed entities (with effect from April 1,
2020) shall comprise of not less than six directors.
Chairman of
Board
No corresponding regulation
New sub-regulation to Regulation 17 has
been inserted:

(1A) No listed entity shall appoint a person or continue the directorship of
any person as a non-executive director who has attained the age of seventy five years unless a special resolution is passed to that effect, in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such a person.”

(1B). With effect from April 1, 2020, the top 500 listed entities shall ensure that the Chairperson of the board of such listed entity shall -
(a) be a non-executive director;
(b) not be related to the Managing Director or the Chief Executive Officer as per the
definition of the term relative” defined
under the Companies Act, 2013

Provided that this sub-regulation shall not be applicable to the listed entities which do not have any identifiable promoters as per the shareholding pattern filed with stock exchanges



Quorum of
BM
Regulation 17(2) provides :

(2) The board of directors shall meet at least four times a year, with a maximum time gap of one hundred and twenty days between any two meetings
A new sub-regulation has been inserted
in Regulation 17

“(2A) The quorum for every meeting of the board of directors of the top 1000 listed entities with effect from April 1,
2019 and of the top 2000 listed entities
with effect from April 1, 2020 shall be one-third of its total strength or three directors, whichever is higher, including at least one independent director.
Fees of Non - Executive Director(s)
As per Regulation 17(6) BOD shall
recommend fees and compensation to be paid to non- executive directors and the shareholders approval shall limit the maximum number of stock options that may be granted to Non - Executive Director(s)  in a FY.
A new sub-clause shall be inserted for
sub-regulation (6) which provides:

(ca) The approval of shareholders by special resolution shall be obtained every year, in which the annual remuneration payable to a single non- executive director exceeds fifty per cent of the total annual
remuneration payable to all non -
executive directors, giving details of
the remuneration thereof.”

No corresponding sub-clause
A new sub-clause have been inserted
imposing limits on the remuneration of directors which shall require approval of shareholders:

“(e) The fees or compensation payable to executive directors who are promoters or members of the promoter group, shall be subject to the approval of the shareholders by special resolution in general meeting, if-

(i) the annual remuneration payable to such executive director exceeds rupees 5 crore or 2.5 per cent of the net profits of the listed entity, whichever is higher; or

(ii) where there is more than one such director, the aggregate annual





remuneration to such directors exceeds
5 per cent of the net profits of the listed entity:

Provided that the approval of the shareholders under this provision shall
be valid only till the expiry of the term of
such director.

Explanation: For the purposes of this clause, net profits shall be calculated as per section 198 of the Companies
Act,
2013.”

In regulation 17(10) there was a
provision for evaluation of performance of board:

“(10)The performance evaluation of independent directors shall be done by the entire board of directors:

Provided that in the above evaluation the directors who are subject to evaluation shall not participate
The regulation for performance
evaluation of directors shall be substituted with following clause:

“(10) The evaluation of independent directors shall be done by the entire board
of directors which shall include
(a) performance of the directors; and (b) fulfillment of the independence criteria as specified in these regulations and their independence from the management:

Provided that in the above evaluation, the directors who are subject to evaluation shall not participate.”
Notice of GM
No corresponding sub-regulation
A new sub-regulation has been inserted
in Regulation 17 w.r.t notice of general meeting as appended below:

11. The statement to be annexed to the
notice as referred to in sub -section (1)
of section 102 of the Companies Act,
2013 for each item of special business to be transacted at  a general meeting shall  also  set forth clearly the recommendation of the board to the shareholders on each of the specific items.”



Number of
directorship
No corresponding regulation
New Regulation 17A has been inserted
to provide that now the maximum number of directorships which can be held by a director including alternate directorships shall be subject to:

“(1) A person shall not be a director in more than eight listed entities with effect from April 1, 2019 and in not more than seven listed entities with effect from April 1, 2020:

Provided that a person shall not serve as an independent director in more than seven listed entities.

(2) Notwithstanding the above, any person who is serving as a whole
time director / managing director in any listed entity shall serve as an
independent director in not more than
three listed entities

For the purpose of this sub-regulation, the count for the number of listed entities on which a person is a director / independent director shall be only those whose equity shares are listed on a stock exchange.”
Quorum of NRC committee and meetings of NRC committee
No corresponding regulation
A new sub-regulations 2A and 3A has been inserted regulation 19 w.r.t. quorum for NRC committee which shall be :

“(2A) The quorum for a meeting of the nomination and remuneration committee shall be either two members or one third of the members of the committee, whichever is greater, including at least one independent director in attendance.”

“(3A) The nomination and remuneration committee shall meet at least once in a year.”



Role of SRC
committee
Regulation 20 of listing
regulations provides for constitution of SRC committee and its ToR as follows:

(1) The listed entity shall constitute a Stakeholders Relationship Committee to specifically look into the mechanism of redressal of grievances of shareholders, debenture holders and other security holders
However this has been substituted
specifically w.r.t role of SRC as appended below:

“(1) The listed entity shall constitute a Stakeholders Relationship Committee to specifically look into the various aspects of interest of shareholders, debenture holders and other security holders
Composition
of SRC
committee
No corresponding sub-regulation
New sub-regulation has been inserted:



(2A) At least three directors, with at least one being an independent director, shall
be members of the Committee.”
Meeting of
SRC
committee
(3) The board of directors shall
decide other members of this committee.
The following has been substituted with:

“(3) The Chairperson of the Stakeholders Relationship Committee shall be present at the annual general meetings to answer queries of the security holders.”

(3A)The stakeholders relationship committee shall meet at least once in a year”
Meeting of
Risk Management Committee
No corresponding sub-regulation
New sub-regulation has been insertred
in regulation 21 :

“(3A) The risk management committee
shall meet at least once in a year.”

Further, the role of risk management committee has been extended to include specifically cover cyber security
Applicability
of risk
Regulation 21(5) provides:
The said sub-regulation has been
substituted as:



management
committee
“(5) The provisions of this
regulation shall be applicable to top 100 listed entities, determined on the basis of market capitalisation, as at the end of the immediate previous financial year.
“(5) The provisions of this regulation shall be applicable to top 500 listed entities, determined on the basis of market capitalisation, as at the end of the immediate previous financial year.”
RPT policy
Regulation 23(1) provides:

(1)The listed entity shall formulate a policy on materiality of related party transactions and on dealing with related party transactions:
The said sub-regulation has been
substituted to widen the RPT policy:

“(1)The listed entity shall formulate a policy on materiality of related party transactions and on dealing with related party transactions, including clear threshold limits duly approved by the board of directors and such policy shall be reviewed by the board of directors
at least once every three years and
updated accordingly

Further a new sub-regulation 1A shall be inserted:

(1A) Notwithstanding the above, a transaction involving payments made to a related party with respect to brand usage or royalty shall be considered material if the transaction(s) to be entered
into individually or taken together with previous transactions during a financial year, exceed two percent of
the annual consolidated turnover of the
listed entity as per the last audited
financial statements of the listed entity.”
Material
Related Party
Transactions
Regulation 23(4) provides

(4) All material related party transactions shall require approval of the shareholders through resolution and the related parties shall abstain from voting on such resolutions whether the entity is a related
The said regulation shall be substituted
with the following:

“(4) All material related party
transactions shall require approval of
the shareholders through resolution and the related parties shall not vote to approve the relevant transaction on such resolutions whether the entity is a




party to the particular
transaction or not.
related party to the particular
transaction or not.”
Standalone and consolidated financial results
No corresponding sub-regulation
New sub-regulation shall be inserted in regulation 23 :

“(9) The listed entity shall submit within
30 days from the date of publication of
its standalone and consolidated financial results for the half year, disclosures of related
party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website.”

Effective from half year ending March
31, 2019
ID on
material foreign subsidiary
Regulation 24(1) provides:

(1) At least one independent director on the board of directors of the listed entity shall be a director on the board of directors of an unlisted material
subsidiary, incorporated in India.
The said regulation has been substituted
to include material foreign subsidiary as provided below:

“(1) At least one independent director on the board of directors of the listed entity shall be a director on the board of directors of an unlisted material subsidiary, whether incorporated in
India or not

For this material subsidiary shall mean whose income or net worth exceeds twenty percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year.

in the Explanation to sub-regulation (4), the word “material” appearing after the word “unlisted” shall be omitted


Secretarial
Audit
No corresponding regulation
New regulation 24A has been introduced w.r.t secretarial audit:

Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit
and shall annex with its annual report, a
secretarial audit report, given by a company secretary in practice, in such form as may be specified
with effect from the year ended March
31, 2019”
.
Alternate
directorship o ID
Regulation 25 of the listing
regulations provides :

(1) A person shall not serve as an independent director in more than seven listed entities: Provided that any person who is serving as a whole time director in any listed entity shall serve as an independent director in not more than three listed entities
The following sub-regulation has been
subtituted

“(1) No person shall be appointed
or continue as an alternate director for an independent director of a listed entity with effect from October 1, 2018”
Declaration
by IDs and introduction of Directors and Officers Insurance
No corresponding regulation
A new sub-regulation has been
introduced in Regulation 25 as provided below:

“(8) Every independent director shall, at the first meeting of the board in which he participates as a director and thereafter at the first meeting of the board in every financial year or whenever there is any change in the circumstances which may
affect his status as an independent
director, submit a declaration that he meets the criteria of independence as provided in clause (b) of sub- regulation (1) of 12 regulation 16 and that he is not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact his ability to discharge his duties with
an objective independent judgment and without any external influence.



(9) The board of directors of the listed entity shall take on record the declaration and confirmation





submitted by the independent director
under sub-regulation (8) after undertaking due assessment of the veracity of the same.

(10) With effect from October 1,
2018, the top 500 listed entities by market capitalization calculated as on March 31 of the preceding financial year, shall undertake Directors and Officers insurance (‘D and O insurance’) for all their
independent directors of such quantum and for such risks as may be determined by its board of directors.
Intimation to stock exchange for declaration
of bonus in
BM
Proviso to sub-regulation (f) of
Regulation 29 provides:

Provided that in case the declaration of bonus by the listed entity is not on the agenda of the meeting of board of directors, prior intimation is not required
to be given to the stock exchange(s).
This shall be omitted from 1st October,
2018
Disclosure of
funds raised from QIP and preferential allotment in Annual Report
No corresponding sub-regulation
New sub-regulation 7A has been
inserted in Regulation 32 to provide :

“(7A) Where an entity has raised funds through preferential allotment or qualified institutions placement, the listed entity shall disclose
every year, the utilization of such funds during that year in its Annual Report until such funds are fully utilized.
Submission
of standalone and consolidated financial results half -
No corresponding sub-
regulations
New clauses shall be inserted in
Regulation 33 of listing regulations:

(g) The listed entity shall
also submit as part of its standalone and consolidated
financial results for the half year, by way



yearly

of a note, statement of cash flows for
the half-year.

(h) The listed entity shall
ensure that, for the purposes of quarterly consolidated financial results, at least eighty percent of each of the consolidated revenue, assets
and profits, respectively, shall have
been subject to audit or in case of unaudited results, subjected to limited review.

(i) The listed entity shall
disclose, in the results for the last quarter in the financial year, by way of a note, the aggregate effect of material adjustments made in the results of that quarter which pertain to earlier periods.”
Limited
review of consolidated accounts
No corresponding sub-regulation
In regulation 33 following sub-regulation
shall be inserted:

“(8) The statutory auditor of a listed entity shall undertake a limited review of the audit of all the entities/ companies whose accounts are to be consolidated with the listed entity as
per AS 21 in accordance with guidelines
issued by the Board on this matter.
Submission
to stock exchange
Regulation 34 provides:

(1) The listed entity shall submit the annual report to the stock exchange within twenty one working days of it being approved and adopted in the annual general meeting as per the provisions of the Companies Act, 2013.
The same has been substituted on the
lines:

“(1) The listed entity shall submit to the stock exchange and publish on its website-

(a) a copy of the annual report
sent to the shareholders along with the notice of the annual general meeting not later than the day of commencement of dispatch to its shareholders;

(b)in the event of any changes to the





annual report, the revised copy along
with the details of and explanation for the changes shall be sent not later than
48 hours after the annual general
meeting.”
Intimation to
stock exchange
No corresponding sub-regulation
The followings clauses shall be inserted
in Regulation 36 :

“(4) The disclosures made by the listed entity with immediate effect from
date of notification of these amendments

(a) to the stock exchanges shall be in XBRL format in accordance with the guidelines specified by the stock exchanges from time to time; and

(b) to the stock exchanges and on its website, shall be in a format that allows users to find relevant information easily through a
searching tool

Provided that the requirement to make disclosures in searchable formats
shall not apply in case there is a statutory requirement to make such disclosures in formats which may not be searchable, such as copies of scanned documents.

(5) The notice being sent to shareholders for an annual general meeting, where the statutory auditor(s) is/are proposed to be
appointed/re-appointed shall include the following disclosures as a part of the explanatory statement to the notice: (a)Proposed fees payable to the
statutory auditor(s) along with terms of appointment and in case of a new auditor, any material change in the fee payable to such auditor from that paid to the outgoing auditor along with the rationale for such change;





(b)Basis of recommendation for
appointment including the details in relation to and credentials of the statutory auditor(s) proposed to be appointed.
Heading of
regulation 44
Regulation 44 provides Voting by
shareholder
HEADING CHANGED  

Regulation 44 has been amended as
Meetings of Shareholders and Voting”
Holding of
Annual General Meeting
No corresponding sub-regulation
Following clauses shall be inserted in
Regulation 44 of the listing regulations:

“(5) The top 100 listed entities by market capitalization, determined as on March
31st of every financial year, shall hold
their annual general meetings within a period of five months from the date of closing of the
financial year
.
(6) The top 100 listed entities shall provide one-way live webcast of the proceedings of the annual general meetings
Website
Disclosure
No corresponding sub-regulation
As per regulation 46 , these also have to
be disclosed on the website of the
Company:

“(r) With effect from October 1, 2018,
all credit ratings obtained by the
entity for all its outstanding instruments, updated immediately as and when there is any revision in any of the ratings.

(s) separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that financial year.”



Click here to download the Article

Author
Company Secretary
Vikram Grover
csvikram.grover@gmail.com

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Cabinet approves National Policy on Biofuels - 2018

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