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Regulatory Updates

Articles

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
NSE: Extension in Timeline for Payment of Annual Listing Fees

In view of the operational challenges faced by Companies on account of the COVID-19 breakout, the National Stock Exchange (NSE) has pursuant to its circular dated 30 April 2020 extended the due date of payment for the annual listing fees
Extension Notification for filing Form NFRA-2

The MCA vide its notification dated 30 April 2020 has extended the time limit of filing of Form NFRA-2 for financial year 2018-19. Form NFRA-2 is the annual return to be filed by the statutory auditor of a company with
Extension of deadline for registration of Independent Directors on the databank

The Ministry of Corporate Affairs (“MCA”), with the objective of strengthening the institution of independent directors under the Companies Act, 2013 (“Companies Act”) had launched the Independent Director’s databank in accordance with the provisions of the Companies Act and the
Use of Form GST PMT-09 notified and effective from 21 April 2020

Pursuant to a notification dated 28 April 2020 (“Notification”), the Central Board of Indirect Taxes and Customs (“CBIC”) has notified that the Rules 9(c) and 25 of the Central Goods and Services Tax (Fourth Amendment) Rules, 2019 (“Amendment Rules”), which