Current Affairs CSEET - Organisations of importance

Securities and Exchange Board of India (SEBI)

SEBI was established on April 12, 1992 in accordance with the provisions of Securities and Exchange Board of India Act, 1992. Basic function of SEBI 'to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected there with or incidental there to".

SEBI has to be responsive to the needs of three groups which constitute the market:

1. Issuers of securities

2. Investors

3. Market intermediaries

Constitution:

Chairman: Ajay Tyagi

Whole Time Members            : Madhabi Puri Buck, S K Mohanty, Ananta Barua.

1. The Supreme Court on January 27, 2020 has set a four month deadline for SEBI to probe complaints received on its SCORES platform with regard to alleged wrongful disclosures by the promoters of Bharat Nidhi, PNBF and Camac.

2. SEBI tightened the norms for pledging of shares by promoters of listed companies.

3. In its circular, SEBI directed every listed firm to disclose detailed reasons for pledging of shares by its promoters along with the amount of stake pledged within two days it the total amount of shares pledged by the promoter or the promoter group crosses 50% of the total stake held by the promoter or if it is more than 20% of the Concerned company’s total share capital. At present, a listed firm needs to disclose about share pledges by its promoters within seven days of such an action.

Competition Commission of India (CCl)

1. The Competition Act, 2002, as amended by Competition (Amendment) Act 2007 prohibits anti- competitive agreements. abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and Merger & Acquisition) which cause or likely to cause an appreciable adverse effect on competition within India.

2. CCI consists of a Chairperson and 6 Members appointed by the central government.

Duty of Commission

1. to eliminate practices having adverse effect on competition,

2. promote and sustain competition,

3. protect the interests of consumers and ensure freedom of trade in the market of India.

Its first Chairman was Dhanendra Kumar.

CCI organized 4" National Conference on Economics of Competition Law at India Habitat Centre, New Delhi on March 01, 2019 Dr. Krishnamurthy Subramanian, Chief Economic Advisor, Government of India was keynote speaker at the conference.

The Insolvency and Bankruptcy Board of India (IBBI)

IBBI was established on 1' October 2016 under the Insolvency and Bankruptcy Code. 2016.

IBBI is responsible for implementation of code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons. partnership firms and Individual in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.

It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies. Insolvency Professional Entities and information Utilities.

It writes and enforces rules for processes, namely, corporate Insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.

It has recently been tasked to promote the development of, and regulate the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions.

In furtherance of the purposes of the Code, It has also been designated as the Authority' under the Companies (Registered Valuers and Valuation Rules). 2017 for regulation and development of the profession of valuers

In the country.

Present Constitution of IBBI:

- Dr. M. S. Sahoo currently serves as Chairperson

- Dr. Navrang Saini. Dr. (Ms.) Mukulita Vijayawargiya and Sh. Sudhaker Shukla are the Whole time members of the Board.

• The IBBI and Vidhi Centre for legal policy. in Partnership with the Faculty of Laws and Commercial Laws Centre, Harris Manchester College at University of Oxford, organised a conference titled Insolvency and

Bankruptcy Code, 2016 impact on Market and Economy in New Delhi on December 16, 2019.

Promulgatlon of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016. The Amendment will remove certain

ambiguities in the InsoWency and Bankruptcy Code, 2016 and ensure smooth implementation of the Code.

insolvency Research Foundation

• Shri M. Venkaiah Naidu, Honble Vice President of India, in his inaugural address at Insolvency Research Foundation inauguration, said that the enactment of Insolvency and Bankruptcy Code was one d the success stories of Indian economic retorts and that it played a critical role in reshaping the behaviour of borrowers. He further said that the government has initiated a series d economic reforms to improve the investment climate in diverse areas and make India an attractive destination. As you all are aware. India has jumped by several ranks in the ease of ding business and stands at 77 positions.

The Institute of Company Secretaries of lndia (ICSI)

1. ICSI is a Professional body set up under the act of Parliament, the Company Secretaries ACL 1980.

2. ICSI functions under the jurisdiction of the Ministry of Corporate Affairs, Government of India.

3. ICSI has its headquarters at New Delhi, 4 Regional Offices at New Delhi, Chennai. Kolkata. Mumbai and 70 chapters across India.

4. Institute has Introduced CS Executive Entrance Test (CSEET) in place of foundation programme from February a, 2020. It is only qualifying test.

5. The 2 days National Conference for Corporate CS on theme Governance beyond Compliance: Expanding Horizons for Company Secretaries inaugurated at Mumbai Maharashtra on 4" January 2020.

6. Unique Document Identification Number is a unique number which is mandatorily required to be generated by every practicing member of the Institute at the time of issuing /certifying any document with effect from 1° October 2019.

Purpose of UDIN:

1. Prevent counterfeiting of various attestations/ certifications.

2. Provide ease of maintaining the Register of attestations/ certifications service rendered.

3. Ensure compliance d the Guidelines issued by the Institute w.r.t ceilings on the number d the various certification /attestation services that may be rendered by the practitioners.

4. This would enable the stakeholders to verify the authenticity of various documents certified by Company Secretaries in Practice.