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The things founders google at 11pm.

Plain-language explainers on Indian equity and compliance — written from the same rulebook Saral runs on, reviewed by a practising Company Secretary.

Entries 14

Total read 56 min

No jargon. No scare tactics.

Filings & deadlines

Lead entry

What is PAS-6? The half-yearly reconciliation explained

PAS-6 is the half-yearly reconciliation of share capital for unlisted companies under Rule 9A/9B — what it is, who must file, and the deadlines.

4 min read

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  1. PAS-3 deadlines: 15 or 30 days? The trap in the return of allotmentPrivate placements must file PAS-3 within 15 days, not 30 — and the money is locked until you do. The rule most founders learn the expensive way.4 min
  2. What is FC-GPR? Foreign money, a 30-day clock, and the RBIFC-GPR is the RBI filing due within 30 days of allotting shares to a foreign investor — the pack, the portal, and the Late Submission Fee if you miss it.4 min
  3. Rule 9B: your private company probably has to demat its sharesSince 2023, non-small private companies must dematerialise securities. Who is covered, the 18-month entry rule, and what it changes day-to-day.4 min

Instruments & tax

Lead entry

ESOP taxation in India — including the 2026 change

How ESOPs are taxed at exercise and sale, the merchant-banker FMV rule, and how the Income-tax Act 2025 changed the 80-IAC deferral from 48 to 60 months.

5 min read

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  1. CCPS explained: the instrument your term sheet is actually aboutCompulsorily Convertible Preference Shares — liquidation preference, participation, anti-dilution — explained in plain language for Indian founders.5 min
  2. iSAFE vs SAFE: why the Indian version is a different animalA US SAFE does not fit Indian law. The iSAFE is legally a CCPS or CCD with SAFE-style economics — here is what that means for founders and investors.4 min
  3. The ESOP rules that actually bind you: Rule 12 in plain languageMinimum one-year cliff, who cannot receive ESOPs, resolution requirements — the Rule 12 conditions for private-company ESOPs, explained.4 min
  4. Rule 11UA: how unquoted shares are valued (and what changed for angel tax)Rule 11UA governs the fair market value of unquoted shares — NAV vs DCF, who can sign the report, and why it still matters after angel tax was abolished in 2024.5 min
  5. Section 16(4): the GST credit deadline that does not forgiveInput tax credit for a financial year cannot be claimed after 30 November following that year, or the date the annual return is filed — whichever is earlier.3 min

Thresholds & transfers

Lead entry

What counts as a “small company” — and why it decides your filings

Section 2(85) defines a small company by paid-up capital and turnover. The two traps: holding and subsidiary companies are never small, and leaving the category starts an 18-month clock.

4 min read

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  1. Secondaries: what actually has to happen when a shareholder sellsA secondary sale is a transfer, not an issue. Form SH-4, 0.015% stamp duty, board approval, and the FC-TRS filing when either side is foreign.4 min
  2. DIR-3 KYC: the filing that suspends a director’s DINDIR-3 KYC keeps a Director Identification Number active. Who files, the 30 June date, what deactivation costs, and what changed under the 2025 amendment.3 min
  3. MSME-1: the half-yearly return nobody remembers until it is lateCompanies with dues to micro and small suppliers outstanding beyond 45 days file MSME-1 twice a year, by 30 April and 31 October.3 min

Written once, reviewed properly

Every explainer here runs against the product, not a guess.

Each article closes with the specific rule Saral computes from your ledger — the PAS-3 route, the ESOP cliff, the Rule 9B threshold — not a generic pitch. Read the glossary for definitions, or the FAQ for what the product actually prepares and files.