This gazette notification from the Bar Council of India (BCI) announces amendments to Rule 15(i) and 15(iii) of Chapter V, Part II of the BCI Rules. These amendments concern the permissible investments for the BCI's funds.
Key Changes
Rule 15(i) is amended to specify that the Bar Council of India's funds may be invested in the State Bank of India or other nationalized banks, and/or Scheduled Commercial Public Sector and/or Private Sector Banks in India, as decided by the BCI.
Rule 15(iii) is amended to allow investment in Fixed Deposits with Government Companies as defined in the Companies Act, 2013 (and subsequent amendments).
Impact Analysis
Impact on the Bar Council of India
Increased administrative burden in managing a wider range of investment options.
Impact on Banks and Financial Institutions
Government companies offering fixed deposits may see increased demand.
Impact on Government Companies
Potential for increased capital inflow through fixed deposits from the BCI.
Suggested Action Items
BCI should conduct regular reviews of its investment strategy to ensure it remains aligned with its objectives and risk tolerance.
Key Entities Referenced
Bar Council of India (BCI): The regulatory body for legal professionals in India. This notification concerns amendments to its rules regarding investment of its funds.
State Bank of India: A major nationalized bank in India, specifically mentioned as a permissible investment option.
Scheduled Commercial Banks: Banks meeting specific regulatory criteria in India, including both public and private sector banks.
Government Companies: Companies as defined under the Companies Act, 2013, which are now included as permissible investment options for fixed deposits.
Indian Trusts Act, 1882: A relevant act of the Indian Parliament which defines permissible investments for trusts, and is referenced in the amended rules.
Companies Act, 2013: The relevant act of the Indian Parliament that defines government companies, referenced in the amended rules.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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सी.जी.-डी.एल.-अ.-10092024-257048
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
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5797 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
BAR COUNCIL OF INDIA
NOTIFICATION
New Delhi, the 24th August, 2024
No. BCI:D: 4367/2024
Resolution under Item No. 230(A)/2022 dated 21.08.2022.
After detailed discussion, deliberation and opinion of the Chartered Accountants resolves to amend the Rule -
15 (i) & 15 (iii), Chapter-V, Part-II of the Rules of the Bar Council of India.
The amended Rule-15 inclusive of amendment to Rule -15 (i) & 15 (iii), Chapter-V, Part-II will now read as
follows: -
15. The funds of the Bar Council of India may be invested as follows: -
(i) In the State Bank of India or such other nationalized bank and/or in Scheduled Commercial Public Sector
and/or Private Sector Banks in India, as the Bar Council of India may decide;
(ii) In any of the securities specified in Section-20 of the Indian Trusts Act, 1882, as the Council may decide;
(iii) In Fixed Deposits with Government Companies as defined in the Companies Act, 2013 and as maybe
amended from time to time.
SRIMANTO SEN, Secy.
[ADVT.-III/4/Exty./478/2024-25]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.