Friday, 25 May 2018

Monitoring of foreign investment limits in listed entities

Gist of RBI notification dated 3rd May, 2018 follows

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Foreign Exchange Management (Transfer or Issue of Security by a person Resident outside India) Regulations, 2017 notified vide Notification No. FEMA 20(R)/2017-RB dated November 07, 2017 and as amended from time to time, in terms of which the onus of compliance with the sectoral/ statutory caps on foreign investment lies with the Indian investee company.
2. Currently, Reserve Bank of India receives data on investment made by Foreign Portfolio Investors (FPI) and Non-resident Indians (NRI) on stock exchanges from the custodian banks and Authorised Dealer Banks for their respective clients, based on which restrictions beyond a threshold limit is imposed on FPI/ NRI investment in listed Indian companies.
3. In order to enable listed Indian companies to ensure compliance with the various foreign investment limits, Reserve Bank in consultation with Securities and Exchange Board of India (SEBI), has decided to put in place a new system for monitoring foreign investment limits, for which the necessary infrastructure and systems for operationalizing the monitoring mechanism, shall be made available by the depositories. The same has been notified by SEBI vide Circular-IMD/FPIC/CIR/P/2018/61 dated April 05, 2018 read with Circular- IMD/FPIC/CIR/P/2018/74 dated April 27, 2018.
4. In terms of para 6 of Annexure A of the circular dated April 05, 2018, all listed Indian companies are required to provide the specified data/ information on foreign investment to the depositories. The requisite information may be provided before May 15, 2018. The listed Indian companies, in non-compliance with the above instructions will not be able to receive foreign investment and will be non-compliant with Foreign Exchange Management Act, 1999 (FEMA) and regulations made thereunder.
5. All Authorised Dealer Banks are advised to instruct their clients and respective Indian companies, about the system requirement at para 4 of this circular.
6. Further, upon implementation of the new monitoring system, all Authorised Dealer banks would be required to provide the details of investment made by their respective NRI clients to the depositories in the format as provided by the depositories/ SEBI. In addition, the reporting to Reserve Bank in the existing system, viz., LEC (NRI) and LEC (FII), would continue.
7. AD Category-I banks may bring the contents of this circular to the notice of their customers / constituents concerned.
8. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Copy of this notification can also be found here

Setting up of IFSC Banking Units (IBUs)

RBI notification dated 17th May on the subject

Please refer to RBI circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015, as modified from time to time, setting out RBI directions relating to IFSC Banking Units (IBUs).
2. In terms of para 2.3 of the circular, the parent bank will be required to provide a minimum capital of USD 20 million or equivalent in any foreign currency to start their IBU operations and the IBU should maintain the minimum prescribed regulatory capital on an on-going basis as per regulations amended from time to time.
3. In this regard, we have received suggestions from the stakeholders to consider minimum prescribed regulatory capital at the parent level rather than at the IBU level. The issue has been examined and the directions stand modified as follows:
4. The existing paragraph No.2.3 of Annex I of the aforesaid circular dated April 1, 2015 is amended to read as follows:
With a view to enabling IBUs to start their operations, the parent bank will be required to provide a minimum capital of USD 20 million or equivalent in any foreign currency to its IBU which should be maintained at all times. However, the minimum prescribed regulatory capital, including for the exposures of the IBU, shall be maintained on an on-going basis at the parent level.
5. The existing paragraph No.2.3 of Annex II of the aforesaid circular dated April 1, 2015 is amended to read as follows:
With a view to enabling IBUs to start their operations, the parent bank will be required to provide a minimum capital of USD 20 million or equivalent in any foreign currency to its IBU which should be maintained at all times. However, the minimum prescribed regulatory capital, including for the exposures of the IBU, shall be maintained on an on-going basis at the parent level as per regulations in the home country and the IBU shall submit a certificate to this effect obtained from the parent on a half-yearly basis to RBI (International Banking Division, DBR, CO, RBI). The parent bank will be required to provide a Letter of Comfort for extending financial assistance, as and when required, in the form of capital / liquidity support to IBU.
6. All other terms and conditions contained in the aforementioned circular remain unchanged.
7. An updated copy of the RBI circular on IBU dated April 01, 2015 incorporating the amendments made on January 07, 2016, November 10, 2016, April 10, 2017and May 17, 2018 is available on RBI’s website.

Full notification is available at here



Saturday, 19 May 2018

11.40 kms in Aarey Forest


11.40 kms in Aarey Forest, Mumbai. Weather inside the forest is at least 3 to 4 degrees lower than on the outside. Beautiful trees, fresh oxygen, serene atmosphere, chirping birds, buzzing insects, winding roads, nature at its very best. Don't know why these morons want to destroy such a beautiful forest for the purpose of their ill planned metro car shed, when there is so much land available at other place like in Kanjur Marg, plus Indian Railways has so much unutilised land. Politicians are destroying this country. 

Thursday, 17 May 2018

Additional fee structure for MCA e-forms

The MCA has vide its notification dated 7th May, 2018 amended the Companies (Registration Offices and Fees) Rules, 2014 wherein w.e.f. 1st July, 2018 the additional fee structure would be Rs.100 per day instead of the slab wise additional fees that was applicable. In fact the slab wise additional fees will still be applicable in respect of the specified forms upto 30th June, 2018. Therefore if the event date of the form is before 30th June, 2018, then the slab wise additional fee structure will be applicable upto 30th June, 2018 and thereafter it will go up by Rs.100 per day. However, if the event date of the form is after 30th June, 2018 then additional fee structure will be straightaway Rs.100 per form. 

This additional fee structure is applicable only for the statutory annual e-forms like AOC-4 (annual audited accounts), MGT-7 (annual return of shareholders/ directors/ debts etc.), AOC-4 XBRL and AOC-4 (CFS).  It is not applicable for event based forms like MGT-14, PAS-3, CHG-1, CHG-4 etc. 

The additional fee structure is also applicable in respect of old version of the annual e-forms under the previous Companies Act, 1956 i.e. forms 23AC, 23ACA, 20B, 23AC (XBRL), 21A etc. 

So in case you have any annual e-forms still to be filed, the period upto June is the best time to file and upload the same as otherwise from 1st July, 2018 the additional fees will be Rs.100 per day. 

Wednesday, 16 May 2018

The Edge of Seventeen


The Edge of Seventeen (2016) is a sharp, tender, and disarmingly honest coming-of-age film that understands adolescence not as a charming rite of passage, but as an emotionally volatile condition in which every slight feels terminal, every embarrassment existential, and every feeling unmanageably large. Written and directed by Kelly Fremon Craig in her assured directorial debut, the film situates itself firmly within that tradition of teenage cinema which privileges emotional accuracy over spectacle, and interior truth over easy uplift.

At its centre is Nadine Franklin (Hailee Steinfeld), a seventeen-year-old high-school junior who moves through the world with the perpetual conviction that she is fundamentally misaligned with it. From the opening moments, Nadine narrates her existence as a sequence of quiet calamities. Socially awkward, acutely self-conscious, and prone to spirals of self-pity, she is both frequently exasperating and profoundly recognisable—a portrait of adolescent interiority stripped of cosmetic charm.

Nadine’s instability is not merely temperamental but deeply rooted in unresolved grief. Her father’s sudden death from a heart attack during her childhood fractured the family in ways that time has not repaired. Her mother, Mona (Kyra Sedgwick), emotionally restrained and bracingly pragmatic, responds to Nadine’s distress with a realism that often reads as impatience. By contrast, Nadine’s older brother Darian (Blake Jenner) appears to have emerged relatively intact—handsome, athletic, socially fluent, and effortlessly competent. To Nadine, Darian is not merely a sibling but a living reproach: her mother’s perceived favourite, and a constant reminder of everything she believes herself to lack. Their relationship is defined by years of accumulated resentment rather than overt hostility.

The sole emotional constant in Nadine’s life is her best friend Krista (Haley Lu Richardson), whose warmth and steadiness counterbalance Nadine’s volatility. Krista functions as Nadine’s anchor—her confidante, her shield against the world, and the fragile proof that she is not entirely unlovable. This equilibrium is catastrophically disrupted when Krista begins dating Darian. To Nadine, the development registers not as an unfortunate coincidence but as an act of profound betrayal: her two primary emotional supports forming an alliance that excludes her altogether. The relationship sharpens her sense of disposability and deepens her conviction that affection is always provisional.

As Nadine withdraws from Krista and Darian, her behaviour grows increasingly erratic. She lashes out at her mother, sabotages social encounters, and indulges in impulses that veer toward self-destruction. One such impulse leads her to Nick Mossman (Alexander Calvert), an older, popular boy whose online flirtation she mistakes for emotional intimacy. Nadine projects onto Nick a fantasy of validation and escape, misreading attention as affection. Their eventual encounter—awkward, hollow, and humiliating—leaves her feeling more foolish and invisible than before. The episode crystallises one of the film’s most piercing insights: the ease with which adolescent loneliness disguises itself as desire, and the devastating consequences of confusing being noticed with being valued.

Threaded through Nadine’s emotional freefall are her intermittent visits to the classroom of her history teacher, Mr. Bruner (Woody Harrelson). These exchanges form the film’s moral and emotional axis. Bruner is acerbic, emotionally guarded, and initially unmoved by Nadine’s melodrama. Yet beneath his brusqueness lies a restrained compassion. He neither indulges her self-pity nor trivialises her pain, instead offering perspective—often uncomfortably so. In doing so, he becomes the rare adult who treats Nadine not as a behavioural problem to be managed, but as a thinking, feeling individual whose distress deserves seriousness without sentimentality.

Running quietly alongside Nadine’s unraveling is her tentative connection with Erwin Kim (Hayden Szeto), a shy, socially awkward classmate with an unassuming affection for her. Initially, Nadine regards Erwin as peripheral—safe, unserious, and largely invisible. Yet as her other relationships collapse, his sincerity begins to assert itself. Unlike Nick or Darian, Erwin does not perform confidence or popularity; he simply shows up, listens, and cares, without spectacle or agenda.

The film’s emotional culmination arrives not through a grand confrontation but via a subdued crisis that forces Nadine to reckon with the consequences of her isolation. In a moment of acute despair, she reaches out—hesitantly and imperfectly—for help. This gesture does not resolve her conflicts or redeem her behaviour, but it allows for a recalibration. Nadine begins, tentatively, to recognise that her pain, while real, does not place her at the centre of everyone else’s actions. Others, too, are struggling—failing, adapting, and enduring in their own imperfect ways.

What ultimately distinguishes The Edge of Seventeen is its refusal to sentimentalise adolescence. The film presents teenage life as emotionally loud and internally chaotic, a period in which identity remains unfinished and minor wounds feel apocalyptic. It extends deep empathy toward Nadine without excusing her cruelty, narcissism, or tendency to catastrophise. Her flaws are neither romanticised nor vilified; they are simply rendered as part of immaturity itself.

The film also treats grief as a lingering, mutable force rather than a discrete tragedy. Nadine’s father’s death continues to shape family dynamics years later, distorting communication and emotional availability. The mother-daughter relationship, in particular, is depicted with rare honesty—resistant to easy reconciliation and uninterested in assigning villainy.

Hailee Steinfeld delivers a career-defining performance, capturing Nadine’s volatility with extraordinary precision. She makes the character difficult, exhausting, and yet irresistibly compelling—a tonal tightrope few actors navigate with such confidence. Woody Harrelson provides a perfectly judged counterweight as Mr. Bruner, his dry wit concealing genuine concern. Haley Lu Richardson lends Krista warmth and credibility, while Blake Jenner avoids caricature as Darian, subtly revealing the pressures beneath his apparent ease.

The Edge of Seventeen is a coming-of-age film that chooses discomfort over catharsis and specificity over platitude. It recognises that adolescence is not a puzzle to be solved, but a condition to be endured—and, eventually, survived.


A Man Alone

This post is written in Aari, a  South Omotic language, spoken in the North Omo zone of the Southern Nations, Nationalities, and Peoples...