CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Sat, 13 Apr 2024 13:21:14 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 Identifying Instances Leading to Income Tax Notices in Real Estate Deals and Credit Card Transactions https://www.nyca.in/identifying-instances-leading-to-income-tax-notices-in-real-estate-deals-and-credit-card-transactions/ https://www.nyca.in/identifying-instances-leading-to-income-tax-notices-in-real-estate-deals-and-credit-card-transactions/#respond Sat, 13 Apr 2024 13:21:14 +0000 https://www.nyca.in/?p=8591 The Income Tax Department meticulously monitors all financial transactions carried out by individuals, utilizing various data sources to ensure adherence to tax regulations.

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Tracking Financial Activities:

The Income Tax Department meticulously monitors all financial transactions carried out by individuals, utilizing various data sources to ensure adherence to tax regulations. Certain transactions may trigger heightened scrutiny from tax authorities.

High-Value Cash Transactions:

The tax department pays particular attention to high-value cash transactions. For instance, if an individual receives a cash deposit exceeding Rs 10 lakh in a savings account within a fiscal year, this could prompt the department to issue a notice seeking clarification regarding the source of funds.

Mandatory Reporting by Banks:

As per the Central Board of Direct Taxes (CBDT) directives, banks are mandated to report instances where an individual deposits Rs 10 lakh or more across one or more time deposit accounts during a financial year, excluding deposits made through the renewal of another time deposit. Additionally, all banks, including cooperative banks, must report cash deposits of Rs 10 lakh or more across one or multiple accounts of an individual, excluding current accounts and time deposits.

Scrutiny of Securities Transactions:

Financial institutions and companies issuing bonds or debentures are obligated to report receiving Rs 10 lakh or more from any individual in a financial year for acquiring such securities. This measure is aimed at detecting potential instances of tax evasion or undisclosed income associated with significant cash movements.

Credit Card Transactions:

Several instances of credit card transactions may trigger Income Tax notices:

  • Cash deposits exceeding Rs 10 lakh for savings accounts and Rs 50 lakh for current accounts, along with substantial withdrawals, may prompt inquiries into the origin and intended use of the funds.
  • Real estate transactions exceeding Rs 30 lakh may come under the scrutiny of the tax department, which seeks detailed information about the transaction and involved parties.
  • Investments surpassing Rs 10 lakh in stocks, mutual funds, or bonds may attract scrutiny if the origin of funds appears inconsistent with reported income.
  • Although the Income Tax department does not actively monitor individual credit card transactions, cash payments exceeding Rs 1 lakh towards credit cards or substantial debt settlements exceeding Rs 10 lakh made in cash may undergo scrutiny and investigation. Ensuring transparency in significant transactions with verifiable fund sources is imperative, as unaccounted cash inflows may trigger investigations.

Mismatch of Declared Income:

Discrepancies between declared income and bank data may prompt notifications from the tax department, highlighting the importance of maintaining accurate financial records.

Foreign Exchange Transactions:

Any purchase of foreign exchange totaling Rs 10 lakh, including travelers’ checks, forex cards, or debit/credit card transactions, must be reported to ensure compliance with tax regulations.

Source: https://www.businesstoday.in/personal-finance/tax/story/real-estate-deals-credit-card-transactions-6-times-one-can-get-income-tax-notice-425280-2024-04-12

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]]> https://www.nyca.in/identifying-instances-leading-to-income-tax-notices-in-real-estate-deals-and-credit-card-transactions/feed/ 0 Understanding the Mechanisms of Tax Relief: Remission and Extinguishment https://www.nyca.in/understanding-the-mechanisms-of-tax-relief-remission-and-extinguishment/ https://www.nyca.in/understanding-the-mechanisms-of-tax-relief-remission-and-extinguishment/#respond Wed, 10 Apr 2024 08:33:34 +0000 https://www.nyca.in/?p=8469 The concepts of remission and extinguishment of tax demand involve the cancellation or forgiveness of a taxpayer’s outstanding tax liabilities.

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Introduction:

The concepts of remission and extinguishment of tax demand involve the cancellation or forgiveness of a taxpayer’s outstanding tax liabilities. These legal mechanisms offer relief to taxpayers facing difficulties in settling their tax obligations fully. In this article, we will delve into the provisions of remission and extinguishment of tax demand, exploring their definitions, legal frameworks, and implications.

Government Initiatives:

  • Cleaning Up Records: Tax authorities may have old, unverified, or disputed tax demands. Remission helps clear these records, reducing administrative burdens.
  • Improving Taxpayer Services: Offering remission for smaller debts improves taxpayer relations and encourages future compliance.

Recent Example in India (as of March 2024):

In the 2024 Interim Budget, the Indian government announced a remission and extinguishment program for specific direct tax demands, waiving outstanding tax demands up to a certain limit depending on the tax year.

Key Points to Remember:

  • The forgiven amount is not considered income for the taxpayer.
  • It does not entitle the taxpayer to claim any refunds or credits for the waived amount.
  • Pending criminal proceedings related to the tax demand are not affected by the remission.

Remission of Tax Demand:

  • Remission is a legal process through which a tax authority forgives all or a portion of a taxpayer’s outstanding tax liabilities.
  • It aims to alleviate financial burdens on taxpayers genuinely unable to pay their taxes due to significant hardships or extraordinary circumstances.

Legal Framework:

  • The remission of tax demand is governed by specific laws and regulations in each jurisdiction, outlining conditions for granting remission and the authority responsible for making such decisions.

Grounds for Remission:

  • Tax authorities consider various grounds when assessing remission requests, including financial hardship, natural disasters, unforeseen events, or other exceptional circumstances.

Procedure for Remission:

  • Taxpayers typically file a formal request with the relevant tax authority, providing detailed information about their financial situation and reasons for seeking remission, along with supporting documents.
  • The tax authority reviews each request on a case-by-case basis before making a decision.

Extinguishment of Tax Demand:

  • Extinguishment of tax demand refers to the permanent termination of a taxpayer’s liability to pay taxes, erasing the tax liability and relieving the taxpayer of any obligation to pay.

Legal Basis:

  • Extinguishment of tax demand can occur through various legal mechanisms such as statutes of limitations, judicial decisions, settlements, or legislative enactments, depending on the jurisdiction.

Key Considerations:

  • It's not a refund; the forgiven amount is not returned to the taxpayer.
  • There may be limitations on the amount of tax that can be remitted or extinguished, as well as the reasons for doing so.
  • This concept typically applies to direct taxes like income tax and may not apply to indirect taxes like sales tax.

Conclusion:

Remission and extinguishment of tax demand are crucial legal mechanisms that provide relief to taxpayers facing financial difficulties. While remission offers relief through forgiveness of outstanding tax liabilities, extinguishment permanently terminates the taxpayer’s tax liability. Understanding the legal framework and procedures associated with these concepts is essential for taxpayers and professionals navigating the complexities of tax law. By comprehending the intricacies of remission and extinguishment, taxpayers can seek relief when appropriate, ensuring compliance and mitigating potential financial hardships. Additionally, tax authorities must administer these mechanisms judiciously, balancing relief for deserving taxpayers with revenue collection for the benefit of society as a whole.

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]]> https://www.nyca.in/understanding-the-mechanisms-of-tax-relief-remission-and-extinguishment/feed/ 0 Reinstatement of GST Numbers Contingent on Clearing Dues Highlights Tax Adherence and Procedural Flexibility https://www.nyca.in/reinstatement-of-gst-numbers-contingent-on-clearing-dues-highlights-tax-adherence-and-procedural-flexibility/ https://www.nyca.in/reinstatement-of-gst-numbers-contingent-on-clearing-dues-highlights-tax-adherence-and-procedural-flexibility/#respond Tue, 09 Apr 2024 12:22:39 +0000 https://www.nyca.in/?p=8409 This case law concerns a judgment from the High Court of Jammu & Kashmir and Ladakh, which offers a lifeline for GST compliance by restoring GST registration upon the settlement of dues.

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Introduction:

This case law concerns a judgment from the High Court of Jammu & Kashmir and Ladakh, which offers a lifeline for GST compliance by restoring GST registration upon the settlement of dues.

Facts of the Case:

The petitioner’s GST registration was canceled following their failure to respond to a show cause notice issued by tax authorities on November 16, 2021. Subsequently, the petitioner’s appeal was dismissed due to their absence before the Appellate Authority.

Issue:

The main issue was whether the petitioner’s GST registration, canceled due to non-compliance with the show cause notice and absence during the appeal, could be reinstated upon their commitment to clear outstanding taxes, penalties, and interest as per GST laws.

Petitioner’s Argument:

The petitioner advocated for the restoration of their GST number, pledging to settle all dues, including taxes, penalties, and interest, in accordance with the GST Act, 2017, upon reinstatement.

Respondent’s Argument:

The Respondent, represented by the Advocate General, did not oppose the petitioner’s proposal to settle dues and reinstate the GST number.

Held:

Considering the unique circumstances and lack of objection from the Respondent, the High Court of Jammu & Kashmir and Ladakh disposed of the case by instructing the petitioner to approach the concerned Officer for GST number restoration within seven days. Upon restoration, the petitioner must settle taxes, penalties, and interest within another seven days, as mandated by the GST Act, 2017.

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]]> https://www.nyca.in/reinstatement-of-gst-numbers-contingent-on-clearing-dues-highlights-tax-adherence-and-procedural-flexibility/feed/ 0 Introduction to Revised GST Returns and Future Implementation https://www.nyca.in/introduction-to-revised-gst-returns-and-future-implementation/ https://www.nyca.in/introduction-to-revised-gst-returns-and-future-implementation/#respond Fri, 15 Mar 2024 09:23:17 +0000 https://www.nyca.in/?p=7516 A recent advancement in the taxation system promises to equip taxpayers with a valuable tool known as the ability to file revised Goods and Services Tax (GST) returns. This transformative change, set to take effect from 2025, aims to streamline the tax filing process and empower both entities and individuals.

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A recent advancement in the taxation system promises to equip taxpayers with a valuable tool known as the ability to file revised Goods and Services Tax (GST) returns. This transformative change, set to take effect from 2025, aims to streamline the tax filing process and empower both entities and individuals. In this article, we will delve into how taxpayers could access the ability to file revised GST returns from 2025, along with a detailed understanding of revised GST returns.

Overview of Revised GST Returns

A revised GST return refers to a corrected or amended version of a previously filed Goods and Services Tax (GST) return. This process allows taxpayers to rectify errors, update details, or make necessary adjustments to the information submitted in the original return.

Common Scenarios Requiring Revised GST Returns

  • Tax Liability Adjustment: Changes in tax rates or taxable values may impact the overall tax liability, necessitating adjustments in revised GST returns.
  • Correction of Errors: In case of inaccuracies or mistakes in the original GST return, taxpayers can file a revised return to rectify these errors.
  • Alteration in Input Tax Credit (ITC): If eligible credits are identified after filing the original return, taxpayers can file a revised return to claim these credits.
  • Omission of Information: If certain transactions or details were omitted in the original return, taxpayers can include them in a revised return.
  • Reconciliation with Financial Statements: Entities may need to reconcile GST returns with financial statements, and if discrepancies are found, a revised return can align the GST reporting with accurate financial information.

Future Prospects of Revised GST Returns

The government’s proposal to introduce revised GST returns is expected to have a significant impact on taxpayers and reduce litigation related to GST matters. Under this proposal, taxpayers will have the opportunity to amend various aspects of their returns, including tax computation. Currently, there is no provision for filing revised returns under GST, except for minor changes in invoice information.

Implementation Timeline and Process

The Central Board of Indirect Taxes and Customs is actively working on this proposal, which will subsequently be reviewed by the law committee of the GST council. Initially, the proposal may be introduced for annual returns, with a potential expansion to quarterly returns. However, it is anticipated to take at least 8-9 months post-GST council approval for implementation, due to the need for substantial updates to the GST network.

Implementation Timeline and Process

The GST Network (GSTN) is preparing to transition to a new technology vendor by April 2025, as the existing contract with Infosys ends on September 30, 2024. The implementation of the revised GST returns is contingent upon successful execution of this transition.

Steps to File Revised GST Returns

  • Check Eligibility: Ensure eligibility criteria for filing revised GST returns.
  • Visit GST Portal: Log in to the GST Portal for GST-related tasks.
  • Choose Correct Form: Select the relevant form for filing revised GST returns.
  • Provide Original Return Information: Fill in the original GST return details.
  • Make Amendments: Update figures and provide explanations for amendments.
  • Submit Revised Return: Submit the revised GST return online.
  • Confirmation and Acknowledgment: Retain a copy of the acknowledgment for records.
  • Additional Tax Payment: Pay any additional tax liability, if applicable.
  • Check Status: Monitor the status of the filed revised GST return on the GST Portal.

Conclusion

In conclusion, the introduction of revised GST returns marks a significant step towards simplifying the tax filing process and ensuring compliance with evolving regulatory requirements. This proposed change will offer taxpayers greater flexibility and adaptability in meeting their tax obligations. By exploring the implications and procedures associated with revised GST returns, taxpayers can prepare for the forthcoming changes in the taxation landscape.

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]]> https://www.nyca.in/introduction-to-revised-gst-returns-and-future-implementation/feed/ 0 Comprehending OIDAR Services in the Context of GST Regulations https://www.nyca.in/comprehending-oidar-services-in-the-context-of-gst-regulations/ https://www.nyca.in/comprehending-oidar-services-in-the-context-of-gst-regulations/#respond Fri, 15 Mar 2024 08:40:48 +0000 https://www.nyca.in/?p=7507 In the realm of online services, comprehending OIDAR (Online Information and Database Access or Retrieval) services is paramount. These services, acquired and delivered online without physical interaction, present distinct tax challenges.

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In the realm of online services, comprehending OIDAR (Online Information and Database Access or Retrieval) services is paramount. These services, acquired and delivered online without physical interaction, present distinct tax challenges. With technology revolutionizing service delivery, OIDAR services have become integral to the digital landscape, necessitating specific regulations within the GST framework. This article delves into the intricacies of OIDAR services under the GST Act.

Defining OIDAR Services

OIDAR services entail online service provision allowing users to access information or databases remotely. The acronym stands for Online Information and Database Access or Retrieval. GST incorporates OIDAR services to ensure fair pricing parity among domestic service providers.

For online service providers lacking a physical presence in India, appointing a tax payment agent is mandatory. Additionally, if an exempt online recipient in India receives services from a jurisdiction with tax exemptions, the supplier from that jurisdiction must settle taxes as per Section 14 of the Integrated Goods and Services Tax (IGST) Act. Tax Deducted at Source (TDS) applies to OIDAR services.

Examples of OIDAR Services

OIDAR Services encompass various offerings, including:

  • Software and application procurement through downloads or online access.
  • Cloud-based services.
  • Non-money online gaming.
  • Digital content such as e-books, music, and movies.
  • Online educational courses.
  • Web hosting and remote software/hardware maintenance.
  • Online advertisement space.
  • Electronic Data Interchange (EDI) services.
  • Search engine-related services.
  • Digital data storage services.

GST Rates and HSN Code for OIDAR Services

The GST rate for OIDAR services is 18%, applicable to both domestic and international providers. However, e-book sales are taxed at a reduced rate of 5%. OIDAR services fall under the HSN code 9984 in the GST Tariff.

GST Registration for OIDAR Service Providers

All entities offering OIDAR services in India, irrespective of revenue, must register for GST. This requirement extends to foreign service providers catering to Indian residents. If the service provider and recipient are both exempt from online taxes, an intermediary must register and remit GST. Additionally, providers from tax-exempt jurisdictions serving taxable Indian recipients must appoint an Indian representative for GST registration and compliance.

GST Registration Process for OIDAR

The registration process involves:

  • Accessing the GST portal and selecting 'New Registration'.
  • Providing essential details and verifying via OTP.
  • Obtaining an Application Reference Number (ARN).
  • Completing the registration form with business particulars and bank details.

Section 14 of IGST Act

Section 14A of the IGST Act introduces a simplified registration scheme for online money gaming services. Non-compliance may lead to public access restrictions.

Submission Process and Filing Returns

OIDAR service providers must file returns using Form GSTR-5A by the 20th of the following month. Any alterations must be made in a timely manner.

Exemptions under IGST Act

Certain services, such as those provided to charitable institutions or non-taxable territories, enjoy exemptions. However, the recent amendment excludes OIDAR services from these exemptions.

Conclusion

Understanding OIDAR services within the GST framework is crucial amid evolving digital interactions. By simplifying regulations, compliance is enhanced, fostering a tax environment aligned with the dynamic digital economy.

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]]> https://www.nyca.in/comprehending-oidar-services-in-the-context-of-gst-regulations/feed/ 0 Enhancing Address Verification in the GST System through GEO-Coding https://www.nyca.in/enhancing-address-verification-in-the-gst-system-through-geo-coding/ https://www.nyca.in/enhancing-address-verification-in-the-gst-system-through-geo-coding/#respond Fri, 15 Mar 2024 07:55:36 +0000 https://www.nyca.in/?p=7495 In India, the Goods and Services Tax (GST) system continues to evolve, aiming for improved efficiency and accuracy. One area gaining traction is GEO-Coding in Address Verification, which aims to enhance the recognition and validation of taxpayer addresses.

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In India, the Goods and Services Tax (GST) system continues to evolve, aiming for improved efficiency and accuracy. One area gaining traction is GEO-Coding in Address Verification, which aims to enhance the recognition and validation of taxpayer addresses. This article delves into the essence of GEO-Coding in address verification under the GST System, highlighting its significance and providing guidance on locating addresses in the GST Portal.

Overview of GEO-Coding

GEO-Coding involves converting human-readable address names into geographic coordinates, typically longitude and latitude. These coordinates precisely pinpoint the location of a place on the earth’s surface, enabling easier navigation, mapping, and spatial analysis.

Requirements for GEO-Coding in Address Verification under GST

Several requirements must be met for GEO-Coding in address verification under GST:

  • Accurate address details are essential.
  • A reliable GEO-Coding or API service must be selected.
  • Some GEO-Coding services require an API key for authentication.
  • Standardization of data is necessary to ensure consistency and accuracy in GEO-Coding results.
  • Integration of the system into existing services is crucial.
  • Compliance with data security and privacy regulations is mandatory.
  • Validation tools should be used to review the accuracy of GEO-Coded outcomes.
  • Scalability of selected solutions must be considered to handle increased address verification requests.
  • Users interacting with GEO-Coded information should receive appropriate training.

Guidance on GEO-Coding for Address Verification under GST

The process of GEO-Coding for address verification under GST involves the following steps:

  • Data Collection: Gather accurate and updated address details for taxpayers' principal places of business.
  • GST Portal Login: Log in to the GST Portal website using the user ID and password.
  • Manage Geo-Coding Mechanism: Utilize GEO-Coding services to convert addresses into geographic coordinates.
  • Address Standardization: Ensure that address information is standardized to obtain accurate GEO-Coding outcomes.
  • API Integration: Integrate the selected GEO-Coding API into the system or use a standard tool provided by the service.
  • Submitting Geocoded Address Data: Submit standardized address data to the service using the API, and receive corresponding geographic coordinates.
  • Validation and Amendment: Validate the outcomes to ensure alignment with expected locations, and make amendments if necessary.
  • GST Database Update: Incorporate GEO-Coded address coordinates into the GST database against taxpayer details.
  • Periodic Updates: Regularly update GEO-Coded address details to account for any changes in business locations or address details.
  • Compliance: Ensure compliance with GST instructions and regulations, including security standards and data privacy.

Significance of GEO-Coding for Address Verification under GST

GEO-Coding plays a vital role in address verification under GST due to the following reasons:

  • Assigning geographic coordinates to addresses improves monitoring and compliance verification.
  • It enhances decision-making capabilities and supports digital transformation.
  • GEO-Coding reduces errors in address details and ensures a reliable and transparent system.
  • It facilitates data analytics and streamlines the audit procedure.

General Advice by GSTIN on GEO-Coding of Principal Place of Business under GST

GSTIN provides guidance on GEO-Coding of the principal place of business under GST, allowing taxpayers to view and update geocoded addresses on the GST Portal. This functionality is available for various types of taxpayers and is a one-time activity, ensuring accuracy in taxpayer locations.

Conclusion

GEO-Coding represents a transformative element in address verification under the GST system. As entities navigate compliance complexities, the GEO-Coding tool adds precision to address verification, contributing to a more relevant and streamlined taxation framework. By aligning geographic coordinates with addresses, GEO-Coding strengthens taxpayer location identification and verification processes.

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]]> https://www.nyca.in/enhancing-address-verification-in-the-gst-system-through-geo-coding/feed/ 0 SEBI amends REITs Regulations, 2014; introduces a new chapter on ‘Small and Medium REITs’ https://www.nyca.in/sebi-amends-reits-regulations-2014-introduces-a-new-chapter-on-small-and-medium-reits/ https://www.nyca.in/sebi-amends-reits-regulations-2014-introduces-a-new-chapter-on-small-and-medium-reits/#respond Tue, 12 Mar 2024 06:58:55 +0000 https://www.nyca.in/?p=7436 SEBI has notified SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2024.

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SEBI has notified SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2024. A new chapter VIB i.e. Small and Medium REITs has been inserted to existing regulations. The term “Small and Medium REIT” (SM REIT) refers to a REIT that pools money from investors under one or more schemes as per regulation 26P (2). The regulation specifies the eligibility criteria for making an offer of units of scheme for SM REITs. Further, SEBI has broadened the definition of REIT under regulation 2(zm).

Source: NOTIFICATION NO. SEBI/LAD-NRO/GN/2024/166

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]]> https://www.nyca.in/sebi-amends-reits-regulations-2014-introduces-a-new-chapter-on-small-and-medium-reits/feed/ 0 SEBI notifies Index Providers Regulations, 2024 to enhance transparency and accountability in Index Governance https://www.nyca.in/sebi-notifies-index-providers-regulations-2024-to-enhance-transparency-and-accountability-in-index-governance/ https://www.nyca.in/sebi-notifies-index-providers-regulations-2024-to-enhance-transparency-and-accountability-in-index-governance/#respond Tue, 12 Mar 2024 06:37:24 +0000 https://www.nyca.in/?p=7417 SEBI has notified SEBI (Index Providers) Regulations, 2024. These regulations aim to provide a regulatory framework for Index Providers in the securities market to foster transparency and accountability in the governance and administration of Indices.

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SEBI has notified SEBI (Index Providers) Regulations, 2024. These regulations aim to provide a regulatory framework for Index Providers in the securities market to foster transparency and accountability in the governance and administration of Indices. The new norms include various definitions, provisions w.r.t registration of Index Providers, governance and conflict of interest, Index Quality and Methodology, accountability and disclosures etc. Further, it outlines miscellaneous provisions.

Source: NOTIFICATION NO. SEBI/LAD-NRO/GN/2024/167

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