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उत्तरं यत्समुद्रस्य हिमाद्रेश्चैव दक्षिणम्

वर्षं तद् भारतं नाम भारती यत्र संततिः

Bharatam (India) is the land which lies to the south of the Himalayas, to the north of the ocean (Indian Ocean) and the people who live here are called Bharatiya(Indians).

Dear Friends,

I believe that it’s a privilege bestowed upon me to communicate with all of you, esteemed members of the Eastern Region through this E- Newsletter apprising you about the activities of the EIRC every month. Friends the month of August is a momentous month as from this month onwards, India as a nation would be celebrating “75 Azadi ka Amrit Utsav” which was declared by our Prime Minister Shri Narendra Modi.

The EIRC of ICSI virtually celebrated 75th Independence Day of India Shri H.C. Suri, Member, National Company Law Tribunal (NCLT), Kolkata Bench unfurled the National Flag. Shri Suri, Chief Guest of the Independence Day Celebrations at ICSI EIRC House, Kolkata asked all present to remember the sacrifices of our martyrs and we should value the freedom that we are enjoying now due to their sacrifices. He also remarked that as the Member of NCLT Kolkata bench he would strive to help out professionals in every way possible so that they don’t face any problems when they come at the NCLT. Shri Suri also administered the National Pledge and the Swachtta Pledge to all present. CS Deepak Kr Khaitan, Central Council Member, ICSI also spoke on the occasion and asked everyone to never forget about the sacrificies of millions of our countrymen. 

As we are celebrating 75th Independence Day, August of 2021 has gained further momentum for all of us and the other reason is that the ICSI conducted the June 2021 Examinations which was postponed due to the second wave of the pandemic in this month. The exam was conducted at Kolkata (North & South), Barrackpore, Sonarpur, Howrah, Hooghly and across all chapters of the EIRC. I place my thanks to all General Observers due to whom we had a smooth examination.

As the second wave of COVID-19 hit us badly, we were forced to switch to Virtual mode from the physical programmes that we had started in February, March. At EIRC it’s our prime objective that we have continuous professional development for our members, hence we organized a lot of webinars during the month of April to till date We continue to strive towards the development of our students through training programmes like MSOP, EDP,ODOP. In this difficult times we have conducted continuous Class Room Teaching for the newly registered students. We also have been doing a good number of Career Awareness Programmes for the benefit of students of schools and colleges in the Eastern Region. I hope with all of your continued support we would able to achieve more in the coming days.


Friends, I am happy to inform you that The Institute has decided to grant exemption to the Graduates/Post Graduates from appearing in CSEET enabling them to take direct admission in CS Executive Programme. Graduates (having minimum 50% marks) or Post Graduates (without any criteria of minimum % of marks) in any discipline of any recognised University or any other Institution in India or abroad recognized as equivalent thereto by the Council. To get exemption from CSEET on the basis of above qualification, such students shall be required to pay applicable exemption fees alongwith the requisite registration fees for the Executive Programme.

The Ministry of Corporate Affairs, Ministry of Finance, SEBI and other regulators has been bringing out amendments and relaxations to the stakeholders at large and I have tried to enlist some important changes in the past month which are as follows:

  • ⦿ The Companies (Incorporation) Fifth Amendment Rules, 2021
  • ⦿ The Companies (Specification of definitions details) Third Amendment Rules, 2021
  • ⦿ The Companies (Registration of Foreign Companies) Amendment Rules, 2021
  • ⦿ Notification under Section 393A of the Companies Act, 2013 (Notification No: S.O. 3156(E), dated August 05, 2021)
  • ⦿ Master Circular for Commodity Derivatives Market
  • ⦿ Standard Operating Procedure for handling of technical glitches by Market
  • ⦿ Infrastructure Institutions (MIIs) and payment of “Financial Disincentives” thereof
  • ⦿ Master Circular for Stock Exchange and Clearing Corporations
  • ⦿ Introduction of Expected Loss (EL) based Rating Scale and Standardisation of Rating Scales Used by Credit Rating Agencies
  • ⦿ Block Mechanism in Demat account of clients undertaking sale transactions
  • ⦿ Relaxation in timelines for compliance with regulatory requirements by Debenture Trustees due to Covid-19
  • ⦿ Continuous disclosures in compliances by REITs / InvITs – Amendments
  • ⦿ SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2021 & SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2021
  • ⦿ SEBI (Bankers to an Issue) (Amendment) Regulations, 2021
  • ⦿ Securities Contracts (Regulation) (Second Amendment) Rules, 2021
  • ⦿ Clarification regarding extension of limitation under GST Law in terms of Hon’ble Supreme Court’s Order dated April 27, 2021 (Circular No. 157/13/2021- GST dated July 20, 2021)
  • ⦿ Provisions of Section 110 and 111 of the Finance Act, 2021 made applicable

In the first week of August 2021, the Regional Director (EIRO) and I had the opportunity to brief the President, ICSI at a follow-up meeting on how the EIRC has been performing since January 2021. The President, ICSI placed appreciation on record for majority of the work done but also raised concern with regard to the declining number of members & students in the region. I have reaffirmed my commitment to the President and have assured that the  gaps shall be narrowed down in times to come and would try my best to maintain the glory of EIRC .  Through this newsletter, I also invite scholarly members to provide me with suggestions regarding this concern related to declining membership and student numbers in the region.

As you are all aware that the CS Benevolent Fund (CSBF) has been set up for members requiring financial support in times of distress. Please do become members of this noble initiative of the ICSI. I rise now to call upon members in my region to make a voluntary contribution/donation to the CSBF Corpus..

I am overwhelmed by your response to the previous Newsletter where we have revamped the design of the newsletter trying to make it more informative and arranged for the ease of reading and am happy to see your positive response on it. With this I present to you, the August issue of ICSI EIRC Newsletter which I believe will help you in your pursuit of updating your knowledge resources. Our members have also contributed articles, which we have presented in our ICSI EIRC Newsletter for the benefit of the stakeholders.I look forward to your valuable suggestions and feedback. Feel free to interact with me at my mail id.

Jai Hind Jai Bharat


With warm Regards,

CS Sudhir Kumar Banthiya,

Chairman, EIRC of ICSI

E-Mail –

Kolkata, 31st  July 2021