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Regulatory Updates

Articles

Conditions for Pension Funds to be Identified as “Specified Person”

The Income Tax Department has published a notification regarding the amendment in the Income Tax Rules, 1962 on 14th August, 2020 in pursuance of powers conferred by sub-clause (iii) of clause (c) of Explanation to the clause (23FE) of section
Salient features of New Industrial Policy 2020-25

The Karnataka State Government has formulated a new industrial policy for 2020-2025 and the salient features of New Industrial Policy 2020-25 are as follows: Objectives: To attract investments worth INR 5 Lakh crore. To create employment opportunities for 20 Lakh
Corrigendum to Master Circular for Depositories

Pursuant to the SEBI Circular, SEBI notified certain amendments to be made by the Depositories to align the provisions of the SEBI (Depositories and Participants) Regulations, 2018 (“D&P Regulations, 2018”) with that of Master Circular for Depositories dated October 25,
Procedure for handling of SCORES complaints by Stock Exchanges and For Non-Redressal of Grievances

The SEBI Circular has laid down the procedure for handling certain types of complaints (as set out in Annexure 2 of the SEBI Circular) by the stock exchanges (“SEs”) as well as standard operating procedure for actions to be taken
Reserve Bank of India: Review of Guidelines for Core Investment Companies

Pursuant to the circular dated 13 August 2020 and on the recommendations of the Report of Working Group and inputs received from stakeholders, RBI has revised the guidelines applicable for Core Investment Companies (“CICs”) (“Revised Guidelines”) in following manner: Adjusted
Ministry of Corporate Affairs: Clarification on Extension of Annual General Meeting (AGM)

Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31 March 2020. Ministry of Corporate Affairs vide general circular dated 17 August 2020 has reiterated that the companies which are unable to hold their
Work From Home: Relaxations to Other Service Providers (OSP)

The Ministry of Communications via Department of Telecommunications on 15 April 2020 released a notification (“Notification”) that provided for relaxed work-from-home (“WFH”) regulations for other service providers (“OSPs”). The concept of OSP was first introduced in the New Telecom Policy
Virtual Board and Shareholder Meetings

In view of the lockdown situation, travel restrictions and social distancing norms prevailing in the country due to COVID pandemic, the Ministry of Corporate Affairs (“MCA”) has allowed companies to conduct their meetings, both of the directors and members through
Department of Consumer Affairs proposes decriminalization of offences under Legal Metrology Act, 2009

The Legal Metrology Division of the Department of Consumer Affairs ("Ministry") on 12th July 2020, issued a consultation paper proposing decriminalisation of Legal Metrology Act, 2009 (“Act”). As per the current provisions of the Act, punishment ranges from imprisonment for a
Special liquidity scheme for NBFCs/HFCs

Reserve Bank of India (RBI) vide its notification dated 01 July 2020 approved a scheme to improve the liquidity position of NBFCs/HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector. To be
Credit flow to Micro, Small and Medium Enterprises Sector

Reserve Bank of India vide its notification dated 02 July 2020 has notified a new composite criterion of investment and turnover for both manufacturing and service sector. The new criteria will come into effect from 01 July 2020. The details
EPF: Relaxation in filing of ECR

Pursuant to a press release of 30 April 2020, in view of the lockdown imposed due to COVID-19 and to ease the compliance procedure under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 (“EPF Act”), the filing of the