For Circulation among Members & Students of ICSI only Year: 2017| eNews: 04 APRIL 2017 A Monthly e-News Letter published by ICSI- SIRC Setting goalS iS the firSt Step in turning the inviSible into viSible.... “ICSI- SIRC House”, No.9 Wheat Crofts Road, Nungambakkam, Chennai 600 034, Tel No.28279898; 28268685, 28222212, Email [email protected], Website www.icsi.edu SOUTHERN INDIA REGIONAL CONTENTS Page COUNCIL No. Chairman From the Chairman 03 CS. Ganapathi G M Articles 06 Vice Chairman & Treasurer CS. Ramakrishna Gupta R SIRC Activity Report 20 Secretary Chapter's Activity Report 24 CS. Mohan Kumar A Upcoming Events 30 Members CS. Dhanapal S Opportunities 34 CS. Nagendra D Rao CS. Shastry P S Disclaimer: CS. Sivakumar P Views expressed by the authors or contents provided by the contributors to the e- Ex-officio newsletter are their own and ICSI-SIRC does CS. Ahalada Rao V not own any responsibility. The Council is CS. GopalakrishnaHegde not in any way responsible for the result of CS. Ramasubramaniam C any action taken on the basis of the contents published in this e-newsletter. Co-opted Members ©All rights are reserved. S Krishnan, I.A.S For your kind attention S B Gautam, I.C.L.S Dear Members, EDITORIAL TEAM: Please update your contact details with us to CS. Dhanapal S communicate you various programs organised by SIRO. Please send your details CS. S Kannan to [email protected] CS. Usha G Hegde If any of your CS Professional friend is not receiving our e-Newsletter please provide us their details, we will reach them. 2 eNews letter | April 2017 Dear Professional Colleagues and Students, "Life is full of challenges, seen and unseen, so to look and feel great, you must hold your head up each day and project your inner confidence.” ― Cindy Ann Peterson April is the month to "initiate" new economic activities for the new financial year. Vital financial changes, a variety of initiatives, most important economic policies announced in the Budget 2017 by the Union Government and State Governments would come into effect from April 1, 2017. It is also an opportunity for Company Secretaries to cater to the needs of corporate for their plans and programs during the new financial year. Hectic parleys are on at the Government of India to implement Goods & Services Tax (GST) with effect from July 1, 2017. Post Demonetization, various regulatory changes were brought out by the tax authorities/ Ministry of Corporate Affairs with regard to the disclosure in the financial statements of corporate pertaining to the financial year 2016-17. The new legislation, Insolvency & Bankruptcy Code 2016 would also establish itself in the current financial year. These two legislations have "Opened Up" immense opportunities for Company Secretaries. No doubt, every opportunity comes with a newer challenges, both seen and unseen. But we must grab those opportunities and overcome the challenges, hold our head high while facing the challenges, enhance our confidence and come out with flying colors. Dear Friends, SIRC is committed to create a platform to enable you to enhance your capacity to the new challenges through Capacity Building Programs (CBP) scheduled throughout the year. I am very much thrilled with the overwhelming response from our fellow members in the recently concluded CBP on "Insolvency & Bankruptcy Code 2016". As you all aware, as per Regulation 5 of the Chapter III of the Insolvency and 3 eNews letter | April 2017 Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, a Company Secretary having 10 years of experience and who has passed ‘Limited Insolvency Examination’ will be eligible to register as Insolvency Professional with the Insolvency and Bankruptcy Board of India. Hence, I appeal to all my fellow Company Secretaries in Southern Region who are eligible to appear for "Limited Insolvency Examination" may grab this opportunity and enroll themselves as "Insolvency Professional". In my view, we, the company secretaries’ fraternity must grab No.1 position among the professionals who enrolled with Insolvency and Bankruptcy Board. We need to "think big" by forming "big entities" to handle and manage the insolvency proceedings of mega entities under insolvency regime. The success and the overwhelming response extended by our members for the recently concluded CBP on "Insolvency & Bankruptcy Code, 2016", has inspired us at SIRC to organize yet another CBP on "Goods & Services Tax (GST)" as a weekend program, on 13-14 May and 20-21 of May, 2017 at SIRO premises. Details of the program are available elsewhere in this e-news letter and SIRC Website. You are invited to enroll and enjoy the power of knowledge. Focus of the Month Dear Friends, presently we are working on the Library and reading room facilities for our students and members at Chapters in Southern Region as the focus of the Month. Lot of efforts is being put in this regard and I am sure you will see the difference in the facility in near future. The month of May would be observed as "CS PLACEMENT MONTH". During this period, several initiatives would be taken including more impetus on CS employment in Corporate/ Government Companies by making representation to various State Governments/ Government Companies and Corporate in Southern Region. During this month, all the chapters in Southern Region are geared up to conduct "Placement Programs" for members and trainees. I request our esteemed members, especially those qualified in the past two years and searching for placement may please contact your nearest Chapter for further information on placement services. 4 eNews letter | April 2017 Webpage ICSI - SIRO We are redesigning the SIRC Webpage with more and more information on the program conducted by SIRC and other useful information for the benefit of members and students. Please do visit our Webpage @ www.icsi.edu/sirc and offer your feedback and suggestions for sustained improvement of the ICSI-SIRO webpage. I take this opportunity to wish you and your family members a happy vacation during summer holidays, enjoy the company of spouse and children. I also wish all the best to every child in the family of our CS fraternity who have written 10th or 12th (II PUC) examinations and wish each one of them all the very best in their examinations and pray that every one of them embrace success of passing examination with flying colors...!! Warm Regards, CS Ganapathi G.M. Chairman, ICSI- SIRC [email protected] 9845133860 “Don’t be so quick to juDge me. You onlY see what i choose to show You..!! ” 5 eNews letter | April 2017 The provisions relating to Information Utilities are contained in Sections 209 – 216, Chapter V, Part IV of the Code read with Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 (hereinafter referred to as Information Utilities Regulations), came into force with effect from 01st April, 2017. PROVISION OF SERVICES BY INFORMATION UTILITY: An information utility shall provide- (a) core services; (b) other specified services; in accordance with the Code. It may also provide services incidental to the services mentioned above, with the permission of the Board. While providing services, it shall comply with the applicable Technical Standards. Core services under section 3(9) of the Code mean the services rendered by an information utility for: a. accepting electronic submission of financial information in such form and manner as may be specified; b. safe and accurate recording of financial information; c. authenticating and verifying the financial information submitted by a person; and d. providing access to information stored with the information utility to persons as may be specified; TECHNICAL COMMITTEE FOR ESTABLISHMENT OF STANDARDS: A technical committee consisting of at least 3 members who have special knowledge and experience in the field of law, finance, economics, information technology or data management shall be established for providing recommendations to the Board to lay down the Technical Standards for performance of the core services by information utilities. The Board may lay down Technical Standards for all or any of the following matters, namely: a. the Application Programming Interface; b. standard terms of service; c. registration of users; d. unique identifier for each record and each user; 6 eNews letter | April 2017 e. submission of information; f. identification and verification of persons; g. authentication of information; h. verification of information; i. data integrity; j. consent framework for providing access to information to third parties; (k) security of the system; k. security of information; (m) risk management framework; (n) porting of information; l. exchange or transfer of information between information utilities; m. inter-operability among information utilities; n. Preservation of information; and purging of information. The Board may invite the Chief Executive Officers or managing directors of information utilities to attend the meetings of the Technical Committee. SERVICES TO INSOLVENCY PROFESSIONALS An insolvency professional may submit reports, registers and minutes in respect of any insolvency resolution, liquidation or bankruptcy proceedings to an information utility for storage. These reports, registers, minutes shall not be accessible to any person other than the concerned insolvency professional, the Board or the Adjudicating Authority. I. ACCESSING INFORMATION OR SUBMISSION OF INFORMATION TO INFORMATION UTILITY: A. Registration of users: Any person who intends to submit financial information to the information utility or access the information from the information utility shall register itself with an information utility. The information utility shall verify the identity of the person and grant registration and upon registration intimate to its unique identifier. Once registration is granted, the person registered or his authorised representative can access the information utility and submit information thereon. A person registered once with an information utility shall not register with any information utility again. However, a registered user may submit information to any information utility.