4 June 2021
This newsletter covers recent key updates in Indian laws relating to banking law, company law, labour law, securities laws, and foreign exchange laws. In particular, we have covered:
(1) Banking law: Notifications / Circulars by Reserve Bank of India (“RBI”) – (a) Press release issued by RBI on On-Tap term liquidity facility to ease access to emergency health services; and (b) Circular and press release by RBI on prepaid payment instruments.
(2) Companies law: Circulars issued by Ministry of Corporate Affairs (“MCA”) – (a) Contribution to corporate social responsibility (“CSR”) under section 135 of Companies Act, 2013 for COVID-19; (b) Circulars issued by MCA relating to relaxations to companies in the light of COVID-19 pandemic with respect to: (i) Time period for holding board meetings; and (ii) Payment of additional fees for delayed filing of forms with the registrar of companies; and (iii) Time period for filing charge creation / modification forms.
(3) Labour law: Notifications issued by Ministry of Labour and Employment – (a) Notification on enforcement of section 142 of the Code on Social Security, 2020; and (b) Notification of draft Industrial Relations (Central) Recognition of Negotiating Union or Negotiating Council and Adjudication of Disputes of Trade Unions Rules, 2021.
(4) Securities law – Notifications / Circulars / Consultation Papers by the Securities and Exchange Board of India (“SEBI”) – (a) Notifications issued by the SEBI with respect to amendments following regulations: (i) SEBI (Portfolio Managers) Regulations, 2020, (ii) SEBI (Prohibition of Insider Trading) Regulations, 2015, (iii) SEBI (Alternative Investment Funds) Regulations, 2012, (iv) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and (v) certain SEBI regulations in relation to amendments to the framework for Innovators Growth Platform (“IGP”); (b) Circular on Business Responsibility and Sustainability Reporting (“BRSR”) by listed entities; (c) Consultation paper on ‘Review of the regulatory framework of promoter, promoter group, and group companies under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018’; (d) Report by SEBI technical group on social stock exchanges; and (e) Consultation paper on the proposed framework for a gold exchange in India and the draft SEBI (Vault Managers) Regulations, 2021.
(5) Foreign exchange law: Circulars issued by the RBI / SEBI – (a) Circular on sponsor contribution to an Alternative Investment Fund (“AIF”) set up in overseas jurisdiction; and (b) Enhancement of overall limit for overseas investment by AIFs and Venture Capital Funds (“VCF”).
Click here to read more. (Pdf 10 Pages)
For further information, please contact:
Souvik Ganguly, Partner, Acuity Law
al@acuitylaw.co.in
