MY REGULATORY UPDATES

Notice regarding Advertisement of RERA Registered Projects

Legal Category: Industry Specific

Rule ACT: Real Estate (Regulation and Development) Act - Gujarat

Update Type: Notice

Notification Date: 08, Feb, 2023

Notification No: NA(Notice regarding Advertisement of RERA Registered Projects)

Description: The Gujarat Real Estate Regulatory Authority, has issued a notice regarding the advertisement of RERA registered projects. It has been observed that the promoter-developer of the project publishes advertisement for the sale of the project on various media without displaying the RERA registration number and website or by violating the "font-size" rules as per the directions of the authority, resulting in contradiction of the provisions of RERA Act. In case of violation, the promoter concerned is liable to penal action under Act.

Standard Operating Procedure (SoP) for Environmental Safeguards while Constructing and Operation of all Highway Projects which are exempted up to 100 km from Line of Control or Border

Legal Category: Environmental, Occupational Health and Safety

Rule ACT: Environment Impact Assessment-Central

Update Type: Memorandum

Notification Date: 06, Feb, 2023

Notification No: F. No. 1A3-22/40/2022-IAIII (E198668)

Description: The Ministry of Environment, Forests and Climate Change has issued a memorandum regarding Standard Operating Procedure (SoP) for Environmental Safeguards while Constructing and Operation of all Highway Projects which are exempted up to 100 km from Line of Control or Border.

Extension of Time for filing of 45 Company e-Forms and PAS-03 in MCA 21 Version 3 without Additional Fee

Legal Category: Corporate

Rule ACT: Companies Act, 2013

Update Type: Circular

Notification Date: 07, Feb, 2023

Notification No: 03/2023

Description: The Ministry of Corporate Affairs (MCA) has decided to allow further additional time of 15 days for filing of the 45 forms which were launched with effect from 23.01.2023, without additional fees, to the respective stakeholders. Further, Form PAS-03 which was closed for filing in Version-2 on 20.01.2023 and launched in Version-3 on 23.01.2023, and whose due dates for filing fall between 20.01.2023 and 06.02.2023, can also be filed without payment of additional fees for a period of 15 days.

Amendment in Customs Circular for allowing Transhipment of Bangladesh Export Cargo to Third Countries through Delhi Air Cargo

Legal Category: Exim

Rule ACT: Customs Act

Update Type: Circular

Notification Date: 07, Feb, 2023

Notification No: 03/2023-Customs

Description: The Central Board of Indirect Taxes & Customs (CBIC) has amended its earlier circular in respect of transhipment of Bangladesh export cargo through Kolkata Air Cargo wherein a new paragraph Para 3A has been inserted related to allowing transhipment of goods by road from LCS Petrapole to Air Cargo Complex, Delhi with effect from 15.02.2023 following the procedure prescribed in the aforesaid Circular, until further direction from the Board.

Grant of Extension of Time to Entities Operating/Desirous of Operating as Online Bond Platform Providers (OBPPs) for making an Application

Legal Category: SEBI

Rule ACT: SEBI (Non-Convertible Securities Regulations) Regulations

Update Type: Circular

Notification Date: 07, Feb, 2023

Notification No: SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/025

Description: The Securities and Exchange Board of India after considering representation from the market participants, wherein they have informed that upgradation of the electronic filing portal (Version-3) of MCA for submission of various forms including forms necessary for incorporation of companies is still under the process of stabilisation and they continue to face technical difficulties in e-filing of such forms, has decided to grant additional time period of three weeks commencing from February 09, 2023 (i.e. the end of three months from November 09, 2022)for making an application to obtain certificate of registration as a stock broker under the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992. Accordingly, the application for registration by OBPPs as stock brokers shall be made by March 01, 2023.

Consultation Paper on Institutional Mechanism for Stock Brokers to Ensure Prevention and Detection of Fraud or Market Abuse

Legal Category: SEBI

Rule ACT: SEBI (Stock Brokers) Regulations

Update Type: Consultation Paper

Notification Date: 07, Feb, 2023

Notification No: NA (Consultation Paper - Stock Brokers)

Description: The Securities and Exchange Board of India has proposed for broking firms and their senior management to be accountable for such detection/ prevention of fraud or marker abuse, by setting up robust surveillance and control systems, and ensuring appropriate escalation and reporting mechanisms. This proposal also enumerates some of the common examples of market abuses that brokers must look to detect/ prevent, the entities who should be subject to surveillance, and the accountability that is entailed. Comments on Consultation paper on Institutional mechanism for Stock Brokers to ensure prevention and detection of fraud or market abuse may be sent latest by February 21, 2023.

Organising Pension Adalats under ESIC for 2023

Legal Category: HR and Labour

Rule ACT: ESI Act

Update Type: Circular

Notification Date: 07, Feb, 2023

Notification No: A-40/12/1/2023-Lekha-IV

Description: The Employees' State Insurance Corporation (ESIC) has issued a circular concerning the Pension Adalats as per the specified instructions for the year 2023.

Various Policy Initiatives by Government to Promote Electricity Generation from Renewable Sources of Energy

Legal Category: Industry Specific

Rule ACT: Electricity Act - Central

Update Type: Press Release

Notification Date: 07, Feb, 2023

Notification No: 1897038

Description: Ministry of Power issued a Press Release regarding Various policy initiatives taken for promotion of Renewable Energy (RE) generation and introduces scheme for flexibility in generation and scheduling of thermal/hydro stations through bundling with renewable energy. Kindly refer the document attached for details.

Comments or Suggestions on Additional Proposal for Amendment to Mines and Minerals (Development and Regulation) Act, 1957

Legal Category: Industry Specific

Rule ACT: Mines Act - Central

Update Type: Notice

Notification Date: 07, Feb, 2023

Notification No: No. 16/97/2020-M.VI(Part)

Description: Mines and Minerals (Development and Regulation) Act, 1957 issued Notice for Public Consultation regarding proposal for amendment of the Mines and Minerals (Development and Regulation) Act, 1957 for bringing reforms in mineral sector - Additional proposal regarding introducing exploration licence for deep-seated minerals and critical minerals. Kindly refer the document attached for details.

Draft of Indian Telecommunication Security Assurance Requirements (ITSAR)

Legal Category: IT and Data Protection

Rule ACT: Indian Wireless Telegraphy Act - Central

Update Type: Draft

Notification Date: 07, Feb, 2023

Notification No: NA(Draft of Indian Telecommunication Security Assurance Requirements (ITSAR))

Description: Department of Telecommunications issued Draft of Indian Telecommunication Security Assurance Requirements for the Network Function Virtualization (NFV) which is applicable to Mobile Generation Technologies for comments. NFV allows for the network functions developed by various vendors to run on commercially off the shelf hardware (COTS) servers by using virtualization technologies. While the introduction of NFV in the mobile network has benefits of savings on OPEX/CAPEX and automation gain, the virtualization technologies, and the underpinning COTS hardware present new challenges to network security in realizing the network functions. Kindly refer the document attached for details.

Amendment in Schedule E of Punjab VAT Act

Legal Category: Taxation

Rule ACT: Value Added Tax - Punjab

Update Type: Amendment

Notification Date: 04, Feb, 2023

Notification No: S.O. 15/P.A. 8/2005/S.8/2023

Description: The Department of Excise and Taxation, Punjab has amended the Schedule E (List of Goods Taxable at Special Rates) appended to the Act, wherein for serial numbers 1 and 2 and the entries relating thereto, the following shall be substituted effective from February 04, 2023:
S/No. Name of the Commodity Rate of Tax
1. Diesel other than premium diesel 10.97 percent or rupees 9.14 per litre, whichever is greater
2. Petrol 14.75 per cent or rupees 13.40 per litre, whichever is greater
Also, Additional tax at the rate of 10% as specified in section 8-B of the Act, shall be added in ad valorem rates only and the fixed rates specified above are already inclusive of additional tax at the rate of 10% as specified.

Corrigendum to Income Tax Circular in Respect of Explanatory Notes to Finance Act, 2022

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Corrigendum

Notification Date: 06, Feb, 2023

Notification No: 02/2023

Description: The Central Board of Direct Taxes (CBDT) has amended the provision of earlier circular in respect of Explanatory Notes to the Provisions of the Finance Act, 2022 (Ref: 23/2022, dated: 3rd November, 2022) wherein for words "two assessment years preceding such assessment year" in sub-point (iii) of the point (1) of sub-paragraph (A) of paragraph 28.5, which relates to the scenarios where a person shall not be eligible to furnish an updated return under sub-section (8A) of section 139 of the Act, the words "any assessment year preceding such assessment year" shall be substituted.

Launching of Facility for Wholesale & Bond Renewal for 2023-24

Legal Category: Taxation

Rule ACT: Excise Act - Uttar Pradesh

Update Type: Circular

Notification Date: 06, Feb, 2023

Notification No: NA (Launching of Facility for Wholesale & Bond Renewal for 2023-24)

Description: The Department of Excise, Uttar Pradesh has advised to check the Advance A/C Register at Distillery/Brewery since, no dispatches shall be possible from 23, Sept 2021 if the required duty is not available on portal.

Consultation Paper on Investor Consent for Buying or Selling Investments from or to Associates of AIFs

Legal Category: SEBI

Rule ACT: SEBI (Alternative Investment Funds) Regulations

Update Type: Consultation Paper

Notification Date: 03, Feb, 2023

Notification No: NA (Consultation Paper Buying/Selling Investments from/to Associates of AIFs)

Description: 1. The Securities and Exchange Board of India has put forth paper to seek comments and inputs from stakeholders and members of public on mandating requirement of investor consent for AIFs dealing with their associates while buying or selling investments.
2. Taking into account the recommendations of Alternative Investment Policy Advisory Committee (AIPAC), the following is proposed - An AIF shall not buy or sell investments, except with the approval of 75% of investors by value of their investment in the AIF, from or to
a. associates or
b. schemes of AIFs managed or sponsored by its Manager, Sponsor or their associates.
3. Comments as per provided format may be sent to the SEBI latest by February18, 2023.

Guidelines on Anti-Money Laundering Standards and Combating the Financing of Terrorism and Obligations of Securities Market Intermediaries under PML Act

Legal Category: Corporate

Rule ACT: PML Act

Update Type: Master Circular

Notification Date: 03, Feb, 2023

Notification No: SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/022

Description: The Securities and Exchange Board of India has put forth guidelines to stipulate the essential principles for combating Money Laundering (ML) and Terrorist Financing (TF) and provides detailed procedures and obligations to be followed and complied with by all the registered intermediaries. These guidelines shall also apply to the branches of the Stock Exchanges, registered intermediaries, and their subsidiaries situated abroad, especially, in countries which do not apply or insufficiently apply the recommendations made by the Financial Action Task Force (FATF), to the extent local laws and regulations permit. When the local applicable laws and regulations prohibit implementation of these requirements, the same shall be brought to the notice of SEBI.

Guidelines on Anti-Money Laundering Standards and Combating the Financing of Terrorism and Obligations of Securities Market Intermediaries under PML Act

Legal Category: SEBI

Rule ACT: SEBI Act

Update Type: Master Circular

Notification Date: 03, Feb, 2023

Notification No: SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/022

Description: The Securities and Exchange Board of India has put forth guidelines to stipulate the essential principles for combating Money Laundering (ML) and Terrorist Financing (TF) and provides detailed procedures and obligations to be followed and complied with by all the registered intermediaries. These guidelines shall also apply to the branches of the Stock Exchanges, registered intermediaries, and their subsidiaries situated abroad, especially, in countries which do not apply or insufficiently apply the recommendations made by the Financial Action Task Force (FATF), to the extent local laws and regulations permit. When the local applicable laws and regulations prohibit implementation of these requirements, the same shall be brought to the notice of SEBI.

Revision of Non-Convertible Securities Operational Circular - Green Debt Securities

Legal Category: SEBI

Rule ACT: SEBI (Non-Convertible Securities Regulations) Regulations

Update Type: Revision

Notification Date: 06, Feb, 2023

Notification No: SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/023

Description: The Securities and Exchange Board of India has revised Chapter IX of Operational Circular for Issue and Listing of Non-Convertible Securities to specify following with reference to issuers of Green Debt Securities:
1. Additional disclosure requirements in the offer document
2. Continuous disclosure requirements in annual report and financial results and
3. Responsibilities of the issuer.
The provisions of this circular shall come into force for all issues of green debt securities launched on or after April 1, 2023.

Enhanced Obligations and Responsibilities on Qualified Stock Brokers (QSBs)

Legal Category: SEBI

Rule ACT: SEBI (Stock Brokers) Regulations

Update Type: Circular

Notification Date: 06, Feb, 2023

Notification No: SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/24

Description: 1. The Securities and Exchange Board of India has vide Gazette Notification dated January 17, 2023, amended the SEBI (Stock Broker) Regulations, 1992 for designating certain stock brokers, having regard to their size and scale of operations, likely impact on investors and securities market, as well as governance and service standards, as Qualified Stock Brokers (QSBs),on the basis of certain parameters and appropriate weightages thereon.
2. The Stock Broker designated as a QSB shall be required to meet enhanced obligations and discharge responsibilities to ensure appropriate governance structure, appropriate risk management policy and processes, scalable infrastructure and appropriate technical capacity, framework for orderly winding down, robust cyber security framework, and investor services including online compliant redressal mechanism.
3. This circular details the parameters which shall be considered for designating a stock broker as QSB, enhanced obligations and responsibilities which shall be cast on such QSBs and guidelines on enhanced monitoring of QSBs which shall be carried out by Market Infrastructure Institutions (MIIs).

Enhanced Obligations and Responsibilities on Qualified Stock Brokers (QSBs)

Legal Category: SEBI

Rule ACT: Securities Contracts (Stock Exchanges and Clearing Corporations) Regulations

Update Type: Circular

Notification Date: 06, Feb, 2023

Notification No: SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/24

Description: 1. The Securities and Exchange Board of India has vide Gazette Notification dated January 17, 2023, amended the SEBI (Stock Broker) Regulations, 1992 for designating certain stock brokers, having regard to their size and scale of operations, likely impact on investors and securities market, as well as governance and service standards, as Qualified Stock Brokers (QSBs),on the basis of certain parameters and appropriate weightages thereon.
2. The Stock Broker designated as a QSB shall be required to meet enhanced obligations and discharge responsibilities to ensure appropriate governance structure, appropriate risk management policy and processes, scalable infrastructure and appropriate technical capacity, framework for orderly winding down, robust cyber security framework, and investor services including online compliant redressal mechanism.
3. This circular details the parameters which shall be considered for designating a stock broker as QSB, enhanced obligations and responsibilities which shall be cast on such QSBs and guidelines on enhanced monitoring of QSBs which shall be carried out by Market Infrastructure Institutions (MIIs).

Online Registration for Establishment where 20 or more Workmen Employed as Contract Labour

Legal Category: HR and Labour

Rule ACT: Contract Labour Act- Puducherry

Update Type: Circular

Notification Date: 04, Feb, 2023

Notification No: 144/Lab/LO (E)/AIL-II/2023

Description: The Labour Department of Puducherry has issued a circular with respect to the implementation of the Contract Labour Act and Puducherry Contract Labour Rules, 1973 in the UT of Puducherry wherein any place where any industry, trade, business, manufacture or occupation is carried on, shall apply online on the https://eodb.py.gov.in for the following:
1. Fresh Registration and Renewal
2. Intimate the changes in the particulars specified in the Registration Certificate within 30 days of such change to the Registering Officer and obtain amendment in the Registration certificate
3. Ensure Contractors obtain Contract Labour Licence and Renewal of Licence
4. Timely payment of wages not less than the rates notified under the Minimum Wages Act, 1948.

Framework for Social Audit Standards

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Others

Notification Date: 04, Feb, 2023

Notification No: NA (Framework for Social Audit Standards)

Description: The Institute of Chartered Accountants of India (ICAI) has notified the Framework for Social Audit Standards as on Feruary 04, 2023, covering the following:
1. Elements of a Social Audit Engagement, its Stakeholders and Users and its scope
2. Quality Control for Social Auditor/Audit Firm and Social Auditor’s Responses to Assessed Risk
3. Planning, and Communicating deficiencies in Internal control to those charged with Governance
4. Use of Technology in Social Audit and Social Audit Report etc.

Admissibility of Assurance Benefits Payable to Beneficiaries of EDLI Scheme

Legal Category: HR and Labour

Rule ACT: EPF Act

Update Type: Circular

Notification Date: 03, Feb, 2023

Notification No: E File No. 53464

Description: The Employees' Provident Fund Organisation(EPFO) has issued a circular for the admissibility of Assurance Benefits payable to the beneficiaries of the EDLI Scheme with respect to the directions/guidelines that are still not being followed as grievances RTIs on the following subjects, namely:
1. Payment of Assurance Benefit which is payable on the death of an employee
2. Where no contribution was paid by the employer when an employee/ member was on leave
3. Accumulations to be paíd in case of exemption on rules of provident fund.

Notification regarding the Making Fee for Large Scale Enterprises and Micro-Small and Medium Enterprises

Legal Category: Industry Specific

Rule ACT: Bureau of Indian Standards - Central

Update Type: Notification

Notification Date: 03, Feb, 2023

Notification No: F. No. CMD-2/G-18(Notification regarding the Making Fee for Large Scale Enterprises and Micro-Small and Medium Enterprises)

Description: The Bureau of Indian Standards, has issued a notification regarding the making fee for large scale enterprises, micro-small and medium enterprises under Scheme-I of Bureau of Indian Standards (Conformity Assessment) Regulations, 2018. For further information, please refer the attached document.

Restriction for Establishments near Reservoirs issued by Kerala State Pollution Board

Legal Category: Environmental, Occupational Health and Safety

Rule ACT: Environment Protection Act

Update Type: Circular

Notification Date: 03, Feb, 2023

Notification No: KSPCB/140/2022/SEE-3

Description: The Kerala State Pollution Control Board has issued a circular regarding Restriction for Establishments near Reservoirs, based on the contention that such activities will lead to siltation, encroachment and contamination of the water in the reservoir.

Exemption of Petroleum Crude and Aviation Turbine Fuel from Special Additional Excise Duty

Legal Category: Taxation

Rule ACT: Excise Act - Central

Update Type: Notification

Notification Date: 03, Feb, 2023

Notification No: 06/2023-Central Excise

Description: The Central Government has exempted the petroleum crude and aviation turbine fuel from so much of special additional excise duty that is in excess of Rs. 5,050 per tonne in case of petroleum crude and Rs. 6 per litre in case of aviation turbine fuel effective from February 04, 2023.

Exemption of High Speed Diesel Oil from Special Additional Excise Duty

Legal Category: Taxation

Rule ACT: Excise Act - Central

Update Type: Notification

Notification Date: 03, Feb, 2023

Notification No: 07/2023-Central Excise

Description: The Central Government has exempted the high speed diesel oil from special additional excise duty leviable thereon, as is in excess of the amount calculated at the rate of Rs. 6 per litre effective from February 04, 2023.

Dos and Don’ts Relating to Green Debt Securities to Avoid Occurrences of Greenwashing

Legal Category: SEBI

Rule ACT: SEBI (Non-Convertible Securities Regulations) Regulations

Update Type: Circular

Notification Date: 03, Feb, 2023

Notification No: SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/020

Description: The Securities and Exchange Board of India has issued certain dos and don'ts and addressed the concerns of market participants, regarding greenwashing, an issuer of green debt securities. The provisions of this circular shall be appended as new Chapter IX-A of the Operational Circular.

Repairing of Entrance Aesthetic for all ESIC Establishments

Legal Category: HR and Labour

Rule ACT: ESI Act

Update Type: Circular

Notification Date: 31, Jan, 2023

Notification No: No. W-17012/44/2022-PMD

Description: The Employees State Insurance Corporation(ESIC) has issued a circular for regarding upkeep of the entrance aesthetic of all ESIC Establishments, wherein the following works require to be taken up at site:
1. Repairing and painting of main gates and lights
2. Repairing of damaged entrance roads
3. Repairing and painting of boundary walls
4. Repairing and painting of kerb stones
5. Replacement of broken plant pots and painting of plant pots
6. Horticulture works and etc
7. Repairing of damaged footpaths
8. Signage boards I glow signboard repairing
9. Repairing of street poles and lights.

Utilisation of Budget for all Facilities and Services by ESIC Establishments

Legal Category: HR and Labour

Rule ACT: ESI Act

Update Type: Circular

Notification Date: 02, Feb, 2023

Notification No: No.W-17012/44/2022-PMD

Description: The Employee's State Insurance Corporation (ESIC) has issued a circular with respect to utilisation of budget for ESIC establishments so that all the facilities and services of the buildings can be utilized for providing better services to the beneficiaries.

Modification in Mobile Application for Authentication by Insured Persons

Legal Category: HR and Labour

Rule ACT: ESI Act

Update Type: Circular

Notification Date: 31, Jan, 2023

Notification No: No. I-11015/16/2021-ICT

Description: The Employees State Insurance Corporation(ESIC) has issued a circular for modifications that are brought with respect to the authentication by Insured Persons(IPs), Same day Appointment, Timer, Self-Check-ln Generation, Pharmacy priority. Also the application is enabled in 8 regional languages (English, Hindi, Gujarati, Punjabi, Malayalam, Marathi, Kannada and Tamil).

NOC for Application or Renewal for New Passport and VISA

Legal Category: HR and Labour

Rule ACT: ESI Act

Update Type: Circular

Notification Date: 01, Feb, 2023

Notification No: A/19/11/2/121/2008/Chi-4

Description: The Employees' State Insurance Corporation (ESIC) has issued a circular with respect to issue of NOC for applying new passport or renewal of passport VISA wherein it shall be submitted to the Competant Authority at least 21 days prior to the date of commencement of the journey.

Consultation Paper on Providing options to Alternative Investment Funds and their Investors to carry forward Unliquidated Investments of a Scheme upon Completion of its Tenure

Legal Category: SEBI

Rule ACT: SEBI (Alternative Investment Funds) Regulations

Update Type: Report

Notification Date: 03, Feb, 2023

Notification No: NA (Consultation Paper on providing option to Alternative Investment Funds and their investors to carry forward Unliquidated Investments of a Scheme upon completion of its Tenure)

Description: Securities and Exchange Board of India has issued a report to seek comments of public latest by February 18, 2023 on a proposal to provide an option to Alternative Investment Funds (AIFs) and their investors to carry forward unliquidated investments of a scheme upon expiry of its tenure under the SEBI (Alternative Investment Funds) Regulations, 2012 , while ensuring proper recognition of asset value and fund performance.

Manner of achieving Minimum Public Shareholding

Legal Category: SEBI

Rule ACT: SEBI (Securities Contract Regulation) Act

Update Type: Circular

Notification Date: 03, Feb, 2023

Notification No: SEBI/HO/CFD/PoD2/P/CIR/2023/18

Description: Securities and Exchange Board of India has issued a circular to facilitate listed entities achieve Minimum Public Shareholding compliance whereby few of the existing methods have been reviewed and rationalized and two additional methods have been introduced. The Stock Exchange(s) shall monitor the methods adopted by listed entities to increase their public holding and comply with Minimum Public Shareholding requirements in terms of this circular and in case of non-compliance, with respect to the method(s) or conditions prescribed in the Circular which shall be reported to SEBI on a quarterly basis.

Manner of Achieving Minimum Public Shareholding

Legal Category: SEBI

Rule ACT: SEBI (Listing Obligations and Disclosure Requirements) Regulations

Update Type: Circular

Notification Date: 03, Feb, 2023

Notification No: SEBI/HO/CFD/PoD2/P/CIR/2023/18

Description: Securities and Exchange Board of India has issued a circular to facilitate listed entities achieve Minimum Public Shareholding compliance whereby few of the existing methods have been reviewed and rationalized and two additional methods have been introduced. The Stock Exchange(s) shall monitor the methods adopted by listed entities to increase their public holding and comply with Minimum Public Shareholding requirements in terms of this circular and in case of non-compliance, with respect to the method(s) or conditions prescribed in the Circular which shall be reported to SEBI on a quarterly basis.

Virtual-Buyer Seller Meet to Harness Export Opportunities in UAE for Millets

Legal Category: Industry Specific

Rule ACT: Agricultural and Processed Food Products Export Development Authority Act - Central

Update Type: Press Release

Notification Date: 03, Feb, 2023

Notification No: NA(Virtual-Buyer Seller Meet to Harness Export Opportunities in UAE for millets)

Description: Ministry of Commerce & Industry issued a Press Release, notifying that, as a part of its series of sensitization programmes that are aimed at promoting the export of millets and its value added products, the Agriculture and Processed Food Products Export Development Authority (APEDA) today organised a Virtual-Buyer Seller Meet to harness export opportunities in United Arab Emirates (UAE). Kindly refer the document attached for details.

Consultation Paper on Regulatory Framework for REITs and InvITs to Issue Depository Receipts

Legal Category: SEBI

Rule ACT: SEBI (Infrastructure Investment Trusts) Regulations

Update Type: Consultation Paper

Notification Date: 01, Feb, 2023

Notification No: NA (Consultation Paper for REIT and InvIT)

Description: 1. The Securities and Exchange Board of India has published consultation paper to seek comments/views/suggestions from market participants on the proposed regulatory framework to allow Depository Receipts (‘DRs’) being issued as against units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) established in India.
2. Evaluation on need to permit issuance of Depository Receipts against units of Real Estate Investment Trusts and Infrastructure Investment Trusts is put forth along with suggested eligibility conditions, permissible jurisdictions, obligations of listed entity, voting rights, pricing, obligation of Custodians etc.
3. Comments as per prescribed format may be sent to the SEBI latest by February 21,2023.

First G-20 Education Working Group (EdWG) Meeting Concludes in Chennai

Legal Category: Industry Specific

Rule ACT: National Education Policy - Central

Update Type: Press Release

Notification Date: 03, Feb, 2023

Notification No: NA(First G-20 Education Working Group (EdWG) Meeting Concludes in Chennai)

Description: Ministry of Education issued a Press Release, notifying that, First G-20 Education Working Group (EdWG) Meeting Concludes in Chennai aiming the collaboration with Universities across the globe for enhancing technology enabled learning. Detailing the events that are to be held in the run up of the G20 Summit to be held in September he said there were 56 plus G20 meeting which are being in various parts of the country which will create a lot of opportunities in development in education and employment. Kindly refer the document attached for details.

Consultation Paper on Regulatory Framework for REITs and InvITs to Issue Depository Receipts

Legal Category: SEBI

Rule ACT: SEBI (Real Estate Investment Trusts) Regulations

Update Type: Consultation Paper

Notification Date: 01, Feb, 2023

Notification No: NA (Consultation Paper for REIT and InvIT)

Description: 1. The Securities and Exchange Board of India has published consultation paper to seek comments/views/suggestions from market participants on the proposed regulatory framework to allow Depository Receipts (‘DRs’) being issued as against units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) established in India.
2. Evaluation on need to permit issuance of Depository Receipts against units of Real Estate Investment Trusts and Infrastructure Investment Trusts is put forth along with suggested eligibility conditions, permissible jurisdictions, obligations of listed entity, voting rights, pricing, obligation of Custodians etc.
3. Comments as per prescribed format may be sent to the SEBI latest by February 21,2023.

Generation of Membership Certificate though New Digital Portal - NSE

Legal Category: SEBI

Rule ACT: SEBI (Stock Brokers) Regulations

Update Type: Circular

Notification Date: 03, Feb, 2023

Notification No: NSE/COMP/55491

Description: The National Stock Exchange of India has communicated that the module/process related to generation of Membership Certificate has been migrated from the digital portal to ENIT portal. The URL for accessing ENIT portal is https://enit.nseindia.com/MemberPortal/. All Members are hereby informed and advised to take note that, w.e.f. February 06, 2023, Membership Certificate can be generated through ENIT portal only.

RBI Statement on the Health of Indian Banking sector

Legal Category: Finance

Rule ACT: RBI Act

Update Type: Press Release

Notification Date: 03, Feb, 2023

Notification No: 2022-2023/1668

Description: Reserve Bank of India has issued press release stating that Banks are in compliance with the Large Exposure Framework (LEF) and RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability. The RBI has a Central Repository of Information on Large Credits (CRILC) database system where the banks report their exposure of ₹5 crore and above which is used for monitoring purposes.

Government is Proactively Supporting the Aviation Sector by Providing a Stable Policy Environment and Incentivising Competition Led Growth

Legal Category: Industry Specific

Rule ACT: Airports Authority of India Act - Central

Update Type: Press Release

Notification Date: 02, Feb, 2023

Notification No: NA(Government is Proactively Supporting the Aviation Sector by Providing a Stable Policy Environment and Incentivising Competition Led Growth)

Description: Ministry of Civil Aviation issued a Press Release that Government is proactively supporting the aviation sector by providing a stable policy environment and incentivising competition led growth which laid out the vision, mission and key objectives for the sector. Kindly refer the document attached for details.

Amendments to Operational Circular for Credit Rating Agencies

Legal Category: SEBI

Rule ACT: SEBI (Credit Rating Agencies) Regulations

Update Type: Amendment

Notification Date: 03, Feb, 2023

Notification No: SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2023/19

Description: The Securities and Exchange Board of India has amended the provisions of Operational Circular for Credit Rating Agencies relating to Rating Symbols, Withdrawal of Ratings, Review or Appeal by Issuers, Initial Rating and certain formats.

Under BIS Foreign Manufacturers Certification Scheme, 29 Licenses Granted to Foreign Toy Manufacturing Units

Legal Category: Industry Specific

Rule ACT: Bureau of Indian Standards - Central

Update Type: Press Release

Notification Date: 03, Feb, 2023

Notification No: NA(Under BIS Foreign Manufacturers Certification Scheme, 29 Licenses Granted to Foreign Toy Manufacturing Units)

Description: Ministry of Consumer Affairs, Food & Public Distribution issued a Press Release it has been made compulsory for toys to conform to the corresponding Indian Standards for Safety of Toys and to bear Bureau of Indian Standards (BIS) Standard Mark under a licence from BIS as per Scheme-I of Schedule-II of BIS (Conformity Assessment) Regulations, 2018. Kindly refer the document attached for details.

Generative Artificial Intelligence

Legal Category: IT and Data Protection

Rule ACT: Information Technology Act

Update Type: Press Release

Notification Date: 03, Feb, 2023

Notification No: NA(Generative Artificial Intelligence)

Description: Ministry of Electronics & IT issued a Press Release related to Generative Artificial Intelligence which refers to the capability of artificial intelligence-enabled machines to use existing text, audio files, or images to create new content. Kindly refer to document attached for details.

Guidelines for Online Gaming

Legal Category: IT and Data Protection

Rule ACT: Information Technology Act

Update Type: Press Release

Notification Date: 03, Feb, 2023

Notification No: NA(Guidelines for Online Gaming)

Description: Ministry of Electronics & IT issued a Press Release regarding Guidelines for Online Gaming. The policies of the Government are aimed at ensuring an Open, Safe and Trusted and Accountable Internet for its users. With the expansion of the Internet and more and more Indians coming online, the potential for Indians being exposed to information which may be addictive in nature, inappropriate for children, depicts violence or is harmful to mental health, has grown. The Government is seized of the issues in cyber space, including those related to children. Kindly refer the document attached for details.

National Action Plan on containment of Antimicrobial Resistance

Legal Category: Industry Specific

Rule ACT: Drugs and Cosmetic Act

Update Type: Press Release

Notification Date: 03, Feb, 2023

Notification No: NA(National Action Plan on containment of Antimicrobial Resistance)

Description: Ministry of Health and Family Welfare issued a Press Release regarding National Action Plan on containment of Antimicrobial Resistance (NAP-AMR) was launched on 19th April, 2017. National Antimicrobial Resistance surveillance network of state medical college labs (NARS-Net) has been established to generate quality data on AMR for priority bacterial pathogens of public health importance. Kindly refer the document attached for details.

Change in Retail Price of Certain Formulations

Legal Category: Industry Specific

Rule ACT: Drugs (Prices Control) Order - Central

Update Type: Corrigendum

Notification Date: 02, Feb, 2023

Notification No: S.O. 489(E)

Description: Department of Pharmaceuticals issued an Corrigendum, notifying that, National Pharmaceutical Pricing Authority made certain changes in retail price, exclusive of Goods and Services Tax, if any, in relation to the formulation specified in the attached document. Kindly refer the document attached for details.

Change in Retail Price of Certain Formulations

Legal Category: Industry Specific

Rule ACT: Drugs (Prices Control) Order - Central

Update Type: Order

Notification Date: 02, Feb, 2023

Notification No: S.O. 488(E)

Description: Department of Pharmaceuticals issued an Corrigendum, notifying that, National Pharmaceutical Pricing Authority made certain changes in retail price, exclusive of Goods and Services Tax, if any, in relation to the formulation specified in the attached document. Kindly refer the document attached for details.

Fixation of Retail Price of Certain Formulations

Legal Category: Industry Specific

Rule ACT: Drugs (Prices Control) Order - Central

Update Type: Order

Notification Date: 02, Feb, 2023

Notification No: S.O. 483(E)

Description: Department of Pharmaceuticals issued an order, notifying that, National Pharmaceutical Pricing Authority fixes retail price, exclusive of Goods and Services Tax, if any, in relation to the formulation specified in the attached document. Kindly refer the document attached for details.

Amendment in Sodium Tripolyphosphate (Quality Control) Order, 2020

Legal Category: Industry Specific

Rule ACT: Bureau of Indian Standards - Central

Update Type: Order

Notification Date: 02, Feb, 2023

Notification No: S.O. 538(E)

Description: Department of Chemicals and Petrochemicals issued an Order amending enforcement date of Sodium Tripolyphosphate (Quality Control) Order, 2020 as 13th September, 2023.