The concept of legal compliance management service must have appeared to be part of your businesses in Recent Years.The whole idea has startled to fulfill their requirements of the business like regulatory management for the sake of the companies.

Based on that, in recent years there have been several legal service providers springing up to deliver a pre - built idea based on the industry-specific specifications and standards.So here in this blog I wanted to put together a list of specific reasons why it will be a benefit to getting legal services compliance management is a needed one.

Process Simplified:As I said above, when you can easily get a service from pre-configured behaviors based on your industry standards, why do you have to go all the trouble monitoring legal compliance related matter.In conclusion, most regulatory service providers not only provide service, but also help you understand the skills by providing training to improve the business process in order to satisfy certain obligations in future on certain regulations.

Keeping you updated :A company that provides you regulatory compliance as a service will still help you stay informed with the growing sets of legislation and requirements your business meets.

As a result, you therefore need not to think about upgrading your system according to developments in your industry, as they will immediately carry out the updates.

As new set of challenges emerge each day in business there are some factors that can impact your profits and credibility.This is where a compliance management company may assist you with their legal experience and competences.

On 22nd October 2019 Ministry of Corporate Affairs (MCA) issued the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 regarding the creation and maintenance of databank of independent directors.

It will be a comprehensive repository of existing, as well as those eligible to be, independent directors.

Every individual included in the data bank is required to pass an online proficiency self-assessment test conducted by the institute.Background of the new requirementInsubstantial number of companies in India, individuals who lack the necessary expertise and qualification are appointed as independent directors merely on the basis of a recommendation from a known person or as a favor of the majority shareholders.

The amendment mandates that the Board report shall contain a statement regarding the opinion of the Board with regard to integrity, expertise, and experience (including the proficiency) of the independent directors appointed during the year.The requirement for registration and qualification of proficiency test is the recent and radical step taken by MCA in the direction.Time limit for registration and qualificationThe final deadline for existing independent directors to register in the databank was fixed as 1st March 2019.

Every individual whose name so included in the data bank shall pass an online proficiency self-assessment test conducted by the institute within a period of one year from the date of inclusion of his name in the data bank, failing which, his name shall stand removed from the databank of the institute.How to register in the databankThe persons already appointed as an Independent Director or intends to get appointed as an Independent Director in any company shall mandatorily register in the databank maintained by the databank of independent directors.

The registration shall be completed by entering the necessary details and paying the prescribed fees through the abovementioned website.How to use the databank?To access the databank one can go to mca.gov.in or www.Independentdirectorsdatabank.in.The following is the data which will be available to the accessors about the prospective independent directors:Director Identification Number (DIN)PANFather’s NameDate of BirthGenderNationalityOccupationFull address including PIN CodePhone number and email idThe educational and professional qualificationsExperience or expertise, if anyAny pending criminal proceedings as specified in clause (d) of subsection (1) of section 164;The list of limited liability partnerships in which he is or was a designated partner along with:The name of limited liability partnership;The nature of the industryThe duration with dates;The list of companies in which he is or was director along with-The name of the company;The nature of the industry;The nature of directorship- executive or non-executive or Managing Director or Independent Director or Nominee DirectorDuration – with datesCompanies can access the databank once they pay reasonable fees to the institute.

MCA (Ministry of Corporate Affairs) is concerned with administration of the Companies Act.It offers a wide range of allied Acts, Bills and Rules.In this blog we have listed the MCA’s 10 important Key Amendments, Circulars/ Notifications of 2019 which you might have missed to follow or missed due to lack of information.02nd December 2019Online data bank for Independent directors becomes effective on, and all IDs shall register with the data bank by, 29 February 2020.

IDs shall also pass proficiency test to become eligible for appointment.18th November 2019MCA makes amendments in threshold limits for entering into any transaction by any Company with its Related Party under section 188.11th October, 2019Approved CSR activities expanded to include: Contribution to universities, incubators, IITs, National Labs and autonomous bodies such as ICAR, ICMR, CSIR, DAE, DRDO, DST.05th October 2019DIR 3 KYC made into a year on year compliance and directors holding DIN as on 31st March of every year shall submit e-form DIR-3KYC by 30th September.22nd August 2019IEPF 2nd Amendment Rules, 2019 was introduced which amended IEPF 2 due date to 60 days from AGM date and introduced other new requirements.10th May 2019Removal of Company name through Strike-off process amended by increasing fee for STK -2 and by Making annual returns mandatory pre-requisite for filing for strike off.17th April 2019 MCA has allowed registration of LLPs engaged in manufacturing and allied activities.21st February 2019MCA introduces Active Company Tagging Identities and Verification (ACTIVE) to be filed by companies incorporated before 31st December, 2017.8th February 2019MCA notified Companies (Significant Beneficial Owners) Amendment Rules, 2019 which amended the definition of SBO and clarified requirements for filing Form BEN-2 and BEN-1.22nd January 2019MCA amends form DPT-3 to include reporting of transactions not considered as deposits and introduced a onetime return along with the annual return.

Legality: Legal and Regulatory Compliance Software is a inbuilt simplified module database that helps enterprises to track; manage Compliance status Anytime Anywhere.

compliance management platform | Regulatory compliance management software  

must contact corporate legal advisory services when you start a legal business In today’s legal landscape, commencing a private practice as a health care service provider be it a small Clinic, individual practice, diagnostic services, a single specialty hospital or multi-specialty hospital attracts licensing and compliance requirements.

As a first step, before starting a Clinic/ hospital, it is imperative for you to become aware of the various legal requirement.

You can see below a list of the licenses you need, and the basic compliance’s which you should stick to, so you can stay on the right side of the law.Manifold business strgglue without proper legal advise, legal advisory services india provide numerous information about legaL These compliance requirements may vary depending on the services you offer.

Say, for example, if you are a dentist with an x-ray machine, then you will need to obtain a registration for using the X-Ray.

Similarly, the type of services you deliver typically enhances your own licenses.See the reference below for different health care services/ speciality and the license under relevant laws:ServiceLicense Under:Ultrasound scanningPre–natal Conception and Pre-natal Diagnostics techniques Act, 1994Admission of Physicatric CasesMental Health Act, 1987Selling Medicines/ DrugsDrugs and Cosmetics Act, 1940Transplantation of Human OrgansTransplantation of Human Organ Act, 1994Scan centers having X-RAY, CT, PET-CT etcAtomic Energy Regulatory BordBlood bank/ Blood Storage CenterDrugs and Cosmetics Act, 1940Besides the above laws, your clinic/ hospital will also need to adhere to the Clinical Establishment Act, pollution control norms, fire safety norms, and other central and state-specific labor laws.Here is the list of license you will need for the infrastructure you use for the clinic/ hospital:Approvals relating to the infrastructure:In order to run a small clinic, you will need a consulting room of a minimum of 100 square feet.

Keep in mind, for each specialty (see the list we have mentioned above) you offer the space requirement will be multiplied and it is governed under the respective laws mentioned against each specialty.The basic approvals required for the Building, if owned by you, is:Occupancy certificate.Completion certificate.Fire NOC, if the building where the clinic/ hospital is established is more than 15 meters tall.If the building/ space is taken on lease/ rent, then you will need a Lease deed/ rent agreement, which shall be renewed on expiry of the lease.

This is how the food sector has experienced tremendous growth in the past couple of years with the introduction of several new food joints.But before starting a food business, it is imperative to follow a set of guidelines in order to carry out food services and sell food products.

The license is issued with varying validity from 1 year to 5 years.

Any food business operator can obtain a trade license by making an application to the concerned municipality.Typically, the trade licenses issued in most of the States are valid for a period of 1 year and the same is renewed on payment of yearly fees.If you plan to open more than one outlet, every outlet must have a valid trade license from the concerned municipality.

There are many different types of Alcohol Licenses, it varies depending on whether you are a Star hotel, bar/ pub, selling imported liquor or foreign brand or Indian Made Foreign Liquor.To obtain the license, you will be needing an identity proof, address proof, NOC from the fire department, NOC from the municipal corporation and other documents as the State Department may seek.

Fire Department NOCThe Fire safety laws of most of the States in India consider the business of restaurants/ cafes/ hotels/ bakery to be a hazardous activity requiring a “No objection Certificate” from the Chief Fire Officer before commencing business.To obtain a fire license, you will have to submit building plans, model of the building and certificate from the Architect, and also fill out a questionnaire related to compliance with fire safety rules and regulations.

Shops and Establishment RegistrationEvery owner of a shop or commercial establishment, having more than 10 employees, must obtain a shop and establishment registration from the respective State Labour Department.

Or are you already running a successful business but still not, sure if you have obtained all regulatory registrations?Here is a list of 10 essentials business registrations that your business will need to keep your legal and regulatory compliance on point!1.

PAN (Permanent Account Number) and TAN (Tax Deduction Account Number)The quintessential of all the registrations that are required by any business irrespective of it is a Company, LLP, Partnership Firm or even a Hindu Undivided Family, is to have a PAN and TAN in the name of the business or in the name of the individual in case of Sole Proprietorship (in whose name the transactions are to be made).

PAN and TAN are two ten-digit unique alphanumeric numbers issued by the Income Tax Department.

As per the recent changes, AADHAR can be used in place of PAN for filing IT Returns but PAN is still essential when it comes to making payments exceeding Rs 50,000.2.

Trade License / Shops and Establishment LicenseTrade License and Shops and Establishment license are to be obtained from your municipal corporation, or panchayat, depending on the jurisdiction of your business for setting up of any shop or commercial establishment and running a trade (the municipality usually issues a list of trades which mandatorily needs a trade license).

Company / LLP / Start-up/ Partnership Firm RegistrationAny business entity wanting to start a business in India as a Company or Limited Liability Partnership, shall register itself under the Ministry of Corporate Affairs.

when start whatever business must consider with Legal Compliance Management Company.If you are planning on starting any business which could potentially generate pollutants such as chemical waste, detergent washing, fly ashes, smoke emissions (including cooking smoke), medical waste to name a few – also referred to as trade effluents, then you will need to make an application to the respective State Pollution Control Board and obtain a pollution license/Certificate or a consent to establish your business.This consent to establish (let’s call it CTE) will have to be obtained prior to commencement of construction or any similar activities to start the business.Once the construction/ set up phase is complete, then you will have to apply and obtain a consent to operate (abbreviated as CTO).

This CTO will usually be valid for a period of 5 years, which may vary State to State.What Industries typically requires Pollution Consent?The Ministry of Environment, Forest and Climate Change (MoEFCC) has developed the criteria of categorization of industrial sectors based on the Pollution Index which is a function of the emissions (air pollutants), effluents (water pollutants), hazardous wastes generated and consumption of resources.See the list of industries that the Central Pollution Control Board has specified, as requiring a pollution license in the red, orange, green and white category.As the name suggests, the Red category industry has the highest pollution index, such as big manufacturing industries, large hotels, hospitals, etc.

The orange category is a relatively medium-sized enterprise, which still generates comparatively high levels of pollutants.

And finally the white category, which is practically non-polluting.Exempted Industries from Obtaining the Pollution ConsentIndustries falling under the white category which is practically non-polluting does not need a pollution license/ or CTO.

A simple intimation to concerned pollution control board about intention to set up such an industry/ business will suffice.These White Category of industries has to however satisfy these condition to be eligible for this pollution license exemptioThe industry is established/being established in the demarcated Industrial      Estates/Zones classified by the State Authorities viz PSIEC, Department of Industries, PUDA, CTP under draft Master Plan or in mixed category area or predominantly Industrial areas within Municipal limit of a Town/City after classification of the area by CTP/STP/DTP.The investment in the industry is not more than Rs.

Documents Required for obtaining CTE (Consent to Establish) :Every application for CTE shall be made in Form II in the case of any industry.

Running a Beauty parlour/salon is one of the hottest trends in business today, as many women especially millennials are launching their own beauty parlour and salon.

But starting a beauty parlour is not so easy at it looks.

Registration of BusinessThe first step you will need to complete is finalizing a corporate structure for your beauty parlour/salon ie whether the business will be a Company, Partnership Firm/ Limited Liability Partnership (‘LLP’) or sole-proprietorship depending on the Capital size, ownership, management and expansion plans of the business.Based on the chosen business form, you must obtain a registration from the registrar of companies for a Company/ LLP or sub registrar’s office for a partnership firm.

PAN & TANEvery business including beauty parlours and saloons will need a PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) in the name of the business, and in the case of a Sole Proprietorship, PAN/ TAN will be in the name of the owner of the business.PAN and TAN are two ten-digit unique alphanumeric numbers issued by the Income Tax Department.

Fire NOCA salon is also required to obtain an NOC from the Chief Fire Officer before commencing business.

To obtain the same, it has to submit building plans, model of the building and certificate from the Architect, Electronic appliances used, and also fill out a questionnaire related to fire safety rules and regulations.4.

Concepts such as “Happy Workplace”, “work-life balance”, “gender neutral workplaces”; are often touted amongst companies globally.

Hence, compliance under the law has to be adhered by each office of any organisation operating in India.1) An organisation must aim to create a workplace an equitable and safe workplace.2) It shall ensure that the company has a written anti-sexual harassment policy.

In addition to this, ensure that the names and contact details of the Internal Complaints Committee members and the penal provisions under the law are clearly displayed on notice boards in every office or unit;3) There must be a Gender-Neutral policy, over and above the law, although the law mandates only for the protection of Women.

The policy must be in the languageunderstandable by the majority of the employees.4) Regular sensitisation programs for their employees must be provided periodically by the employer and employees should be properly educated on the Sexual Harassment legislation and policy.5) The organisation must educate its employees about on definition of basic terms such as an employee, workplace and sexual harassment as laid down in The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act of 2013.6) They must educate employees on the importance of maintaining professional boundaries and to be more observant of the comfort level of others.

It is about maintaining a respectful, dignified and inclusive working environment for all employees.7) Constitute an Internal Complaints Committee with a minimum of four members with following composition:i) Presiding Officer: Woman employed at a senior level at the workplace from amongst the employees.ii) 2 or more members from amongst employees who are preferably committed to the cause of women or who have had experience in social work or have legal knowledge.iii) External member: From an NGO or association committed to the cause of women or person familiar with issues relating to sexual harassment.8) Since ICC has both Social and Legal responsibilities, such that its constitution must be well equipped to handle that immense responsibility.9) The Management, Employer and the ICC must support both the parties to the issue – Complainant and Respondent, and The Local Complaints Committee must provide with their support to all the three parties – Complainant, Respondent and The Company.

If such bias has been proved by any party, then the Act mandates for a dissolution of ICC and new ICC is to be framed by the Organisation.11) It is mandatory for the ICC to take up the case within 7 days from the date of complaint and also forward a copy to the respondent.

SEBI has already enacted certain protocols based on the circulars and notifications.Here is a glimpse into the future, based on the circulars and notifications already passed by SEBI.

Prepare to comply with the following direction of SEBI which will be effective in 2020:Phase wise implementation of Kotak Committee recommendation through SEBI LODR w.e.f 01 April 2020The following class of listed companies shall comply with additional corporate Governance requirements which will come into effect from 01 April 2020, emanating from Kotak Committee recommendations:CategoryTypes of Listed CompaniesNew RequirementIndependent DirectorTop 1000 listed entitiesThe Board shall have atleast one independent woman directorBoard CompositionTop 2000 listed entitiesBoard shall comprise of not less than six directorsQuorumTop 2000 listed entitiesQuorum for every Board meeting shall be:a.

3 directors, whichever is higher,including at least one independent director.Maximum number of directorshipAll Listed entitiesA person shall not be a director/ Independent director in more than 7 listed entitiesAnnual Business Responsibility Report – for top 1000 listed Cos in 2020The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2019 by making it mandatory for top 1,000 listed companies to prepare Annual Business Responsibility report, covering their activities related to environment and stakeholder relationship, on 26th December 2019.

It was mandatory only for top 500 listed entities to submit their Annual report.

This shall be complied on the annual reports submitted from 2020 onwards.Draft Placement memorandum of Units by Infrastructure Investment Trusts w.e.f 15 January 2020The Securities and Exchange Board of India vide Circular dated 24th December 2019 has issued guidelines for filing of draft placement memorandum of units by an InvIT and this Circular shall be effective from 15th January 2020.Asset management Company and Association of Mutual Funds to publish list of group companies w.e.f 1 January 2020SEBI circular dated 10th December 2019 has mandated that Asset management companies shall publish a list of their group companies and those of their sponsor on their respective websites.

The Above two disclosures on the website shall be made on 1st working day of each calendar quarter starting from January 1, 2020.Cut off time for collection of margins by commodities traders w.e.f.