Practicing professionals as reporting entities under PMLA

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Ministry of Finance notification notifies certain client transactions by CA, CS and CMAs for money laundering law

– Team Finserv | finserv@vinodkothari.com

Brief Background

The Ministry of Finance vide notification dated May 03, 2023 (‘Notification’) has widened the ambit of the term “Reporting Entity” as defined in Section 2(1)(wa), read with sec. 2 (1)(sa) of the Prevention of Money Laundering Act, 2002 (‘PMLA’). The Notification, which has already created a lot of flutter, seems to bring practising corporate professionals (CAs, CSs, CMAs), if the said corporate professionals are carrying certain “financial transactions” on behalf of their clients.

At its first reading, one may either take a very aggressive view, to regard all practising corporate  professionals as being “reporting entities”. However, a finer reading suggests that only such professionals, who are carrying specified financial transactions on behalf of their clients, are covered as reporting entities. We discuss this below.

Our YouTube video on the topic discussing the changes brought in by the said notification and its implications is available here – https://www.youtube.com/watch?v=hWdeFfVcnQM
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Legal Entity Identifier Code now mandatory for bond issuers

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Ajay Ramanathan, Executive | ajay@vinodkothari.com

Background

Legal Entity Identifier (LEI) Code is a unique 20-digit code used to identify legal entities that engage in financial transactions worldwide in order to improve the quality and accuracy of financial data systems for better risk management post the global financial crisis by establishing a global reference system.

Prior to the present SEBI Circular, all non-individual borrowers availing an aggregate exposure[1] of Rs. 5 crore and above from banks and financial institutions were mandated to obtain LEI Code over the prescribed timeline.

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Security Interest: Meaning, forms, registration, enforcement, and effects of non-registration

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-Team Vinod Kothari and Company | resolution@vinodkothari.com

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Continuing Disclosures by listed entities: Regulation 30 of SEBI LODR

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– Vinod Kothari | corplaw@vinodkothari.com

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Our article on Reg 30 of LODR Regulations can be viewed here

Amended KYC norms: A move towards faceless KYC

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RBI amends KYC norms to permit faceless KYC; beneficial owner of 10% or more to be subjected to KYC

– Anita Baid, Vice President | anita@vinodkothari.com

Recognising the increasing trend towards faceless lending, and the use of technology for customer due diligence, the RBI has made much-needed changes in the KYC process, permitting lenders to avoid any of physical interface with borrowers and rely on documents stored in Digilocker or other e-documents. Amendments, immediately effective, were made to the Master Direction – Know Your Customer (KYC) Direction, 2016 vide a notification dated April 28, 2023.

Watch our YouTube video on the topic here – https://www.youtube.com/live/Ewi4FW8G0xk?feature=share

The amendments in the KYC Directions are applicable to every entity regulated by the RBI, including but not limited to banks, cooperative banks, payment system providers, AIFIs  as well as NBFCs intend to achieve the following:

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Income tax issues in IBC

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-Vinod Kothari and Sikha Bansal | finserv@vinodkothari.com

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Presentation on Annual Secretarial Compliance report

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– Vinita Nair, Senior Partner | corplaw@vinodkothari.com

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Call for papers – Wadia Ghandy Award for Structured Finance Research

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Out of the 49 entries received, top 10 selected entries were published as a part of a compendium at the 11th Securitisation Summit, 2023 held on 19th May at Novotel – Mumbai Int’l Airport in front of 240+ professionals from the structured finance industry. The top 3 winners were invited to the event and were felicitated with a certificate of merit and a cash prize.

Winners of the Wadia Ghandy Award for Structured Finance Research:

1st position: Mr. Aditya Sushant Jain (BALLB, Jindal Global Law School)
Topic: Squinting on the true sale doctrine in Indian securitization transactions through a US-India analysis

2nd position: Ms. Gunjan Modi (BALLB, National Law School of India University, Bangalore) and Mr. Ashwin Arun (BALLB, NLU, Delhi)
Topic: Bankruptcy Remoteness in Indian Securitisation Transactions

3rd position: Ms. Niyati Prabhu (BALLB (Hons.), NUALS, Kochi)
Topic: Covered Bonds and the Potential for Structuring Dual Recourse Transactions in India: The Possibility of Implementing European Secured Notes in Indian Context

Compendium of top 10 selected articles published
at the 11th Securitisation Summit:

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Indian Securitisation Awards 2023

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Details of the 11th Securitisation Summit: https://vinodkothari.com/secsummit
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