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Open in new tab Guide to Compliance Certificate for Structured Digital Database under PIT Regulations
/0 Comments/in Corporate Laws, PIT, SEBI /by Vinod Kothari– Vinod Kothari | corplaw@vinodkothari.com
The requirement of maintaining a structured digital database (SDD) arises from Reg 3 (5) of the PIT Regulations, 2015. The PIT Regulations itself does not talk about any compliance certificate as to maintenance of the SDD. However, the requirement of such a certificate emanates from the mails sent by national stock exchanges dated 4th August, 2022.
The requirement of the certificate was made effective from Q1 of 2022-23; however, no format of the certificate was provided so far. Vide the BSE’s notice no. 20221028-15 and 20221028-16 dated 28th October, 2022, issued for equity and debt listed entities respectively, the stock exchange has provided the format of the certificate. The said letter also states that the compliance certificate may be given either by the compliance officer of the company, or by a practising company secretary.
In this write up, we have tried providing a basic guidance on the compliance certificate. While the article is primarily focused on certification by a practising professional, the approach may, with appropriate modifications, apply to certification by the compliance officer too.
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