CS Professional amendments and updates applicable for Dec 2018 Exams. The next examination of Company Secretary (CS) Professional Programme shall be held in the month of December 2018. The Institute of Company Secretaries of India (ICSI) has announced and uploaded the relevant amendments and updates applicable for CS Professional Dec 2018 term of examinations.
You may download subject wise amendments and updates applicable for Dec 2018 attempt. Thus, you will find amendments in Advanced Company Law and Practice. Updates in Secretarial Audit, Compliance Management and Due Diligence. Updates and amendments in Corporate Restructuring, Valuation and Insolvency.
Updated notes on Information Technology and Systems Audit. Updates and amendments in Financial Treasury and Forex Management. Amendments and updates in Ethics, Governance and Sustainability. Amendments in Advance Tax Laws and Practice. Latest updates in Advanced Tax Laws and Practice. Updates and amendments in Banking Law and Practice, Insurance Law and Practice Intellectual Property Rights – Law and Practice. Recent updates and amendments in International Business Laws and Practice.
Amendments Applicable for CS Professional Dec 2018
ICSI has published supplement papers for CS Professional Programme examination to be held in Dec 2018. You should read Study Material along with updates provided in supplement. These academic updates have been issued by ICSI to facilitate CS Professional students to acquaint themselves with the amendments in the Companies Act, 2013 applicable for Dec 2018 Examination.
ICSI has issued supplement relevant for Students appearing in Dec 2018 Examination of CS Professional Course.
Paper 1: Advanced Company Law and Practice
Amendment Rules/Circulars/Notifications/Orders (From 1st June, 2017 to 31st December, 2017):
- Companies (Restriction on number of layers) Rules, 2017 dated 20.9.2017
- General Circular No. 09/2017 dated 5th September 2017 clarify joint venture with regard to notification number G.S.R. 839 (E) dated 5th July, 2017
- Companies (Incorporation) Second Amendment Rules, 2017 dated 27.07.2017
- Companies (Acceptance of Deposits) Second Amendment Rules, 2017 dated 19.09.2017
- Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2017 dated 28.10.2017
- General circular no. 07/2017 dated 05.06.2017 in respect of Clarification regarding transmission of securities by operation of law
- Companies (Cost records and audit) Amendment Rules, 2017 dated 07.12.2017
- Companies (Cost records and audit) second Amendment Rules, 2017 dated 20.12.2017
- Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 dated 9.11.2017
- Companies (Audit and Auditors) Second Amendment Rules, 2017 dated 22.06.2017
- Companies (Appointment and Qualification of Directors) Amendment Rules, 2017 dated 5.07.2017
- Companies (Meetings of Board and its Powers) Second Amendment Rules, 2017 dated 13.07.2017
- Through notification dated 5th July 2017 with respect to Amendments to Schedule IV of Companies Act, 2013
- Financial statement 2(40)
- Chapter V, clauses (a) to (e) of sub-section (2) of section 73 (Prohibition on acceptance of deposits from public)
- Chapter VII, clause (g) of sub section (1) of section 92 (Annual return)
- Chapter Vll, proviso to sub-section (1) of section 92 (Annual Return)
- Chapter X, clause (i) of sub-section (3) of section 143 (relating to auditor report)
- Chapter Xll, sub-section (5) of section 173 (Meetings of the Board w.r.t OPC, Dormant company, small company)
- Chapter Xll, sub-section (3) of section 174( Quorum of the board meetings)
- Chapter Vll, subsection (2) of section 96( AGM)
- Chapter Xl, subsections (6) and (7) of section 152(Appointment of director elected by small shareholders)
- Chapter XV(Compromise, Arrangements and Amalgamations, sections 230 to 232
- Clause (b) and first proviso to sub-section (1) of section 149(BoDs)
- Sub-section (7) of section 186 (Loan and Investment by Company)
Paper 2: SECRETARIAL AUDIT, COMPLIANCE MANAGEMENT AND DUE DILIGENCE
Chapter wise Important Update for Dec, 2018 Examinations:
- Secretarial Audit and Secretarial Standards – An Overview
- Check Lists for Secretarial Audit
- Due Diligence – An Overview
- Issue of Securities – Amendments in SEBI (ICDR) Regulations,
- Depository Receipts Due Diligence
- Due Diligence – Mergers & Amalgamations – Amendments in SEBI (LODR) Regulations, SEBI
- Competition Law Due Diligence – Notification issued by the CCI
- Legal Due Diligence
- Due Diligence for Banks
- Environmental Due Diligence
- Search & Status Report
- Compliance Management
- Updates on Secretarial Standards (Relevant for Chapter ‐1 & 2)
- COMPETITION COMMISSION OF INDIA (LESSER PENALTY) REGULATIONS, 2009 Dated 08th August, 2017.
- Companies (Cost Records and Audit) Second Amendment Rules, 2017. Notification dated 20th December, 2017 effective from 01st July, 2017
- Updates on SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009
- SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2017 dated 14th August, 2017
- SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2017 dated 15th February, 2017
Paper 3: CORPORATE RESTRUCTURING, VALUATION AND INSOLVENCY
Important Update for Dec, 2018 Examinations:
- Corporate Restructuring – Introduction & Concepts
- Mergers and Amalgamations – Legal and Procedural Aspects
- Economic and Competition Law Aspects of Mergers and Amalgamations
- Amalgamation of Banking and Government Companies
- Valuation Introduction and Techniques
- Regulatory Aspects of Valuation with reference to Corporate Strategies
- Insolvency – Concepts and Evolution
- Corporate Insolvency and resolution process
Paper 6: ETHICS, GOVERNANCE AND SUSTAINABILITY
The students are advised to read their Study Material along with these updates. These academic updates are to facilitate the students to acquaint themselves with the amendments in the relevant law upto 30th June, 2018, applicable for Dec 2018 Examination. The students are advised to read all the relevant regulatory amendments made and applicable upto 30th June, 2018 alongwith the study material.
The students may also refer to the E-book on Companies Act, 2013 for the updated Companies Act, 2013 and rules made thereunder.
Following updates are included in the supplement of Professional Programme – Paper-6 Ethics, Governance and Sustainability for Dec 2018 Exams
- Updates on Companies Act, 2013
- Amendments in Companies (Amendments) Act, 2017: The Central Government has notified the Companies (Amendment) Act, 2017 (Amendment Act) on 3rd January, 2018. The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette.Since the Notifications, Circulars, Clarifications, etc. issued by the Regulators, on or before six months prior to the Dec 2018 Examination are applicable, accordingly, the Companies (Amendment) Act, 2017 is applicable for the examination to be held in Dec, 2018.However, the students are advised to go through the Companies (Amendments) Act, 2013.
- Amendment in Secretarial Standards: Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) have been revised by the ICSI and approved by the Central Government under section 118(10) of the Companies Act, 2013. The revised SS-1 and SS-2 as issued by the ICSI are applicable to all the companies (except the exempted class of companies) w.e.f. 1st October, 2017.
- Comparative of Amendments in SS-1
- Comparative of Amendments in SS-2
- Companies (Meetings of Board and its Powers) Second Amendment Rules 2017: Any director who intends to participate in the meeting through electronic mode may intimate about such participation at the beginning of the calendar year and such declaration shall be valid for one year.
Such declaration shall not debar him from participation in the meeting in person in which case he shall intimate the company sufficiently in advance of his intention to participate in person.
- Amendment in Schedule IV of the Companies Act, 2013: An independent director who resigns or is removed from the Board of the company shall be replaced by a new independent director within “three months” from the date of such resignation or removal, as the case may be. The independent directors of the company shall hold at least one meeting “in a financial year”, without the attendance of non-independent directors and members of management.
- Companies (Appointment and Qualification of Directors) Amendment Rules, 2017: The amended Rule 4 provides that the following classes of unlisted public company(ies) are not required to appoint Independent Directors, namely:-
- (a) a joint venture;
- (b) a wholly owned subsidiary; and
- (c) a dormant company.
- Stewardship Code for Insurers in India
- Paris Agreement
Paper 7: ADVANCE TAX LAWS & PRACTICE
For Direct Tax:
- Finance Act, 2017 is applicable for Dec, 2018 Examination.
- Applicable Assessment Year for Dec, 2018 Examination is 2018-19 (Previous Year 2017-18).
With the implementation of Goods & Services Tax w.e.f July 1, 2017, the students of Professional Programme are hereby notified that the selected topics of Part B of the syllabus for “Advance Tax Laws and Practice” (Module 3 Paper 7) of Professional Programme has been replaced with Goods and Services Tax (GST) for Dec 2018 examinations.
The course material is unique in its treatment of various provisions of the relevant Acts. Income Tax, Customs, Goods and Service Tax “GST” pose the peculiar problem of being subjected to frequent changes either by legislative amendments or by issue of notifications, orders, trade notices etc. Every effort has been made to give the latest information, wherever possible including changes made by the Finance Act, 2017.
Study Material of Advance Tax Laws and Practice for Dec, 2018 session onwards
The students may note that Assessment Year for Dec 2018 examinations is 2018-2019. Besides all other changes made through notification etc. and made effective six months prior to the examination will also be applicable. This study material is updated in accordance with the Finance Act, 2017 and is applicable for Assessment Year 2018-19 relevant for Dec 2018 session onwards.
Goods and Services Tax ‘GST’ & Customs Law is applicable for Professional Programme. GST is based on the four Acts, passed by the Parliament and related relevant rules as applicable.
- The Central GST Act,2017
- The Integrated GST Act,2017
- The Union Territory GST Act,2017
- The GST(Compensation to States) Act,2017