What are ROC compliances?
Depending on the context, ROC (Regulatory Compliance) can mean different things. For example, it can refer to "Report on Compliance" in the context of PCI DSS (Payment Card Industry Data Security Standard), or it can have a broader meaning that encompasses regulatory compliance in a variety of sectors and regions.
Who Requires an ROC?
Merchants at Level 1: Usually, businesses handling more than 6 million Visa or Mastercard transactions annually, or any business experiencing a data breach.
Levels 2-4 Merchants: Usually completing a Self-Assessment Questionnaire (SAQ), merchants may be asked to complete an ROC if a merchant bank or card association deems it necessary.
Importance of ROC Compliance
Security: Verifies that the appropriate security procedures are in place at your company to safeguard client information.
Trust: Establishes trust by showcasing a dedication to security with stakeholders, partners, and customers.
Legal and Financial: Assists in preventing possible fines and expenses related to data breaches.
For companies accepting credit cards, ROC compliance is essential, especially when considering PCI DSS. Noncompliance may lead to significant penalties, legal ramifications, and harm to an organization's image.
ROC Compliance Calendar for year 2024-25 related to FY 2023-24
| Sr. no | Form | Particulars | Due Date |
| 1 | Disclosure u/s 184 and 164 | MBP-1 and DIR-8 | 01.04.2024 |
| 2 | MSME-1 (1st HY) | Reporting amount outstanding to MSME for more than 45 days (HY) | 30.04.2024 (Oct 23 – Mar 24) |
| 3 | PAS-6 | To be filed by unlisted public co. for reconciliation of share capital audit report (HY) | 30.05.2024 (Oct 23 – Mar 24) |
| 4 | DPT-3 Return of Deposit | Return of Deposit | 30.06.2024 |
| 5 | FLA | Annual Return to RBI (Unaudited) | 15.07.2024 |
| 6 | KYC | KYC of Directors | 30.09.2024 |
| 7 | FLA | Annual Return to RBI (Audited) | 30.09.2024 |
| 8 | Demat for Private Companies | Applying for ISIN | 30.09.2024 |
| 9 | MSME-1 (2nd HY) | Reporting amount outstanding to MSME for more than 45 days (HY) | 31.10.2024 (Apr 24 – Sept 24) |
| 10 | PAS-6 | To be filed by unlisted public co. for reconciliation of share capital audit report (HY) | 29.11.2024 (Apr 24 – Sept 24) |
| 11 | MGT-14 | For Financials & Director Report | within 30 days from BM |
| 12 | ADT-1 | Auditors Appt/Re-appt | within 15 days of Appt/Re-appt |
| 13 | AOC-4/ AOC-4 (XBRL) | Financial Statement | within 30 days of AGM |
| 14 | MGT-7/ MGT-7A | Annual Return | within 60 days of AGM |
ROC Due Date Compliance Calendar FY 2024-25
| Form | Compliance | Period | Due Date |
| MSME-01 | Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises. | 1st October 2023 to 31st March 2024 | 30th April 2024 |
| Form-11 | Annual Return of Limited Liability Partnership (LLP) | FY 2023-24 | 30th May 2024 |
| PAS-06 | Reconciliation of Share Capital Audit Report (Half-yearly) | 1st October 2023 to 31st March 2024 | 30th May 2024 |
| DPT-03 | Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company. | FY 2023-24 | 30th June 2024 |
| DIR-03 KYC | Form No. DIR-3-KYC is used for filing application for KYC of directors. | FY 2023-24 | 30th September 2024 |
| ADT-01 | Form-ADT-01 is filed for informing ROC about Appointment of Auditor. | FY 2023-24 | 14th October 2024 |
| Form-08 | Statement of Account & Solvency and Charge filing | FY 2023-24 | 30th October 2024 |
| AOC-04 | Form for filing financial statement and other documents with the Registrar. | FY 2023-24 | 30th October 2024 |
| MGT-07A | Form for Filling Abridged Annual Return for OPCs and Small Companies | FY 2023-24 | 29th November 2024 |
| MGT-07 | Form for Filling Annual Return for companies other than OPCs and Small Companies | FY 2023-24 | 29th November 2024 |
| PAS-06 | Reconciliation of Share Capital Audit Report (Half-yearly) | 1st April 2024 to 30th September 2024 | 29th November 2024 |
| MGT-14 | Form for filling resolutions (Including resolutions for Adoption of Accounts) and/or agreements within 30 days after being passed at the meeting of the Board/Shareholders of the company or of the making of the agreement. | FY 2023-24 | 30th October 2024 |
| MSME-01 | Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises. | 1st April 2024 to 30th September 2024 | 31st October 2024 |
AIAT INSTITUTE
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1. What does ROC stand for in the context of compliance?
a) Report on Compliance
b) Regulatory Oversight Committee
c) Return of Capital
d) Record of Compliance
Answer: a) Report on Compliance
2. Which level of merchants typically requires a ROC (Report on Compliance) according to PCI DSS?
a) Level 1
b) Level 2
c) Level 3
d) Level 4
Answer: a) Level 1
3. What is the primary purpose of ROC compliance?
a) Ensuring efficient resource allocation
b) Enhancing customer service
c) Safeguarding client information
d) Reducing operational costs
Answer: c) Safeguarding client information
4. When is the due date for filing the MBP-1 and DIR-8 forms for disclosure under section 184 and 164?
a) 30th April 2024
b) 01st April 2024
c) 30th June 2024
d) 30th September 2024
Answer: b) 01st April 2024
5. Which form is used for reporting outstanding payments to Micro or Small Enterprises on a half-yearly basis?
a) PAS-6
b) DPT-3
c) MSME-1
d) MGT-14
Answer: c) MSME-1
6. What is the due date for filing the FLA (Foreign Liabilities and Assets) annual return to RBI for unaudited statements?
a) 15th July 2024
b) 30th June 2024
c) 30th September 2024
d) 30th April 2024
Answer: a) 15th July 2024
7. Which form is used for the reconciliation of share capital audit report for unlisted public companies on a half-yearly basis?
a) PAS-6
b) MSME-1
c) MGT-7
d) DPT-3
Answer: a) PAS-6
8. What is the deadline for filing the KYC of Directors form?
a) 30th April 2024
b) 30th June 2024
c) 30th September 2024
d) 30th November 2024
Answer: c) 30th September 2024
9. When should the Form-11, which is the annual return of Limited Liability Partnership (LLP), be filed for FY 2023-24?
a) 30th May 2024
b) 30th June 2024
c) 30th April 2024
d) 30th October 2024
Answer: a) 30th May 2024
10.Which form is used for informing the ROC about the appointment of an auditor within 15 days of the appointment?
a) MGT-14
b) ADT-1
c) AOC-4
d) FLA
Answer: b) ADT-1