Securities Exchange Board of India (SEBI)

July 2, 2021by admin0
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SECURITIES EXCHANGE BOARD OF INDIA (SEBI )

‘OFF-MARKET’ TRANSFER OF SECURITIES BY FPI

In request to work with the movement as indicated under the Finance Act, 2021 which accommodated charge impetuses for migrating unfamiliar assets to International Financial Services Center (IFSC) to make the IFSC in GIFT City a worldwide monetary center, it was concluded that an FPI (‘unique asset’ or its completely possessed specific reason vehicle) may move toward its DDP for endorsement of a one- time ‘off-market move of its protections to the ‘resultant asset.’ An endorsement might be agreed by DDP after fitting due perseverance for a one-time frame ‘off-market move of protections for such movement. Read More

CENTRALIZED DATABASEFOR CORPORATE BONDS/DEBENTURES

SEBI has ‘Centralized Database for Corporate Bonds/ Debentures’ mandated Depositories to jointly create, host, and maintain a Centralized Database of corporate bonds held in Demat form. Read more

REVISED FRAMEWORK FOR REGULATORY SANDBOX

With the intent to promote innovation in the securities market, SEBI had issued a framework for Regulatory Sandbox vide circular no.: SEBI/HO/MRD-1/CIR/P/2020/95 dated June 05, 2020. In order to enhance the reach and achieve the desired aim, the eligibility criterion of the Regulatory Sandbox is revised. Read More

RELAXATION FROM THE REQUIREMENT OF MINIMUM VESTING PERIOD IN CASE OF DEATH OF EMPLOYEE (S) UNDER SEBI (SHARE BASED EMPLOYEE BENEFIT) REGULATIONS, 2014

Presently, regulation 18(1) and 24(1) of the SEBI (Share Based Employee Benefit) Regulations, 2014(“SBEB Regulations”) provides that there shall be a minimum vesting period of one year in case of employee stock options (“options”) and stock appreciation rights (“SAR”). Read More

ALIGNMENT OF INTEREST OF KEY EMPLOYEES OF ASSET MANAGEMENT COMPANIES (AMCS) WITH THE UNITHOLDERS OF THE MUTUAL FUND SCHEMES

This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulations,1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.Read more

STREAMLINING THE PROCESS OF IPOS WITH UPI IN ASBAAND REDRESSAL OF INVESTOR GRIEVANCES.

SEBI vide Circular No. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16,2021(hereinafter referred to as“the circular”), which came into effect from May 01,2021, had put in place measures to have a uniform policy to further streamline the processing of ASBA applications through UPI process among intermediaries/SCSBs and also provided a mechanism of compensation to investors.Read more

ENHANCEMENT OF OVERSEAS INVESTMENT LIMITS FOR MUTUAL FUNDS

Based on the representations received from the Mutual Fund industry to enhance the investment limits per Mutual Fund, the limits are being revised as under:

  • Mutual Funds can make overseas investments subject to a maximum of US $ 1 billion per Mutual Fund, within the overall industry limit of US $ 7 billion. Read More

AUTOMATION OF CONTINUAL DISCLOSURES UNDER REGULATION 7(2) OF SEBI (PROHIBITION OF INSIDER TRADING) REGULATIONS, 2015 -SYSTEM DRIVEN DISCLOSURES FOR INCLUSION OF LISTED DEBT SECURITIES. SEBI has executed framework driven divulgences for member(s) of advertiser bunch and assigned person(s) notwithstanding the promoter(s) and director(s) of organization relating to exchanging value offers and value subsidiary instruments for example prospects and choices of the recorded organization (any place relevant) by the elements. SEBI has additionally chosen to incorporate the recorded obligation protections of value-recorded organizations under the domain of the said framework driven divulgences for these elements. Read More

FRAMEWORK FOR ADMINISTRATION AND SUPERVISION OF INVESTMENT ADVISERS UNDER THE SEBI (INVESTMENT ADVISERS) REGULATIONS, 2013

As per Regulation 14 of the said regulation, SEBI may inter-alia recognize anybody or body corporate for the purpose of regulating InvestmentAdvisers (“IA”) and delegate administration and supervision of the IAs on such terms and conditions as may be specified. Accordingly, an entity granted recognition under the aforesaid Regulation shall be designated as “Investment Adviser Administration and SupervisoryBody” (“IAASB”) and shall be entrusted with the administration and supervision of IAs . Read More

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MAHESHWARI AND CO. is a full service Law Firm that represents its clients in a number of complex and high value transactions. The Firm has an expertise and vast experience across various areas of practise including Corporate & Commercial Law, mergers & acquisitions, intellectual property rights, taxation, Litigation and Arbitration, Insolvency & Bankruptcy and Immigration. The Firm has done extensive work in sectors which includes Automotive, F& B, Pharmaceuticals and Healthcare, Start-ups, e-commerce, Banking and finance, Infrastructure, Real Estate, Information Technology, Power and Telecom.

TRAINING
Ms. Jyotsna Chaturvedi , Head – Corporate Practice

was delighted to be invited to conduct a training program on “Legal Basics for a Successful Business in Germany” along with Markus Hoffmann-von Wolffersdorff, Partner, KNPP (a leading law firm based in Germany) in association with CONOSCOPE(R) GMBH.

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AMENDMENT TO SEBI (ALTERNATIVEINVESTMENTFUNDS) REGULATIONS, 2012

SEBI has given certain explanations/extra data according to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations,2012, which incorporates:

  • Framework for AIFs to put at the same time in units of other AIFs and straightforwardly in protections of investee organizations
  • Applicability of Code of Conduct on key administration staff of an AIF and meaning of ‘key administrative faculty.
  • Clarifications regarding venture advisory group.Read more

RELAXATION IN TIMELINES FOR COMPLIANCE WITH REGULATORY REQUIREMENTS

This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act,1992 and Section19 of the Depositories Act,1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.Read More

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MINISTRY OF CORPORATE AFFAIRS

GENERAL CIRCULAR REGARDING CLARIFICATION ON THE PASSING OF ORDINARY AND SPECIAL RESOLUTIONS BY COMPANIES ON ACCOUNT OF COVID-19

The MCA vide roundabout dated June 23, 2021 (available here) has expanded the period for permitting organizations to hold extra-standard regular gatherings through video conferencing or other general media implies or execute things through the postal voting forms from June 30, 2021, till December 31, 2021, as per arrangements of the Companies Act, 2013 and the guidelines thereunder. Read More

GENERAL CIRCULAR REGARDING CLARIFICATION ON THE PASSING OF ORDINARY AND SPECIAL RESOLUTIONS BY COMPANIES ON ACCOUNT OF COVID-19

The MCA vide roundabout dated June 23, 2021 (available here) has expanded the period for permitting organizations to hold extra-standard regular gatherings through video conferencing or other general media implies or execute things through the postal voting forms from June 30, 2021, till December 31, 2021, as per arrangements of the Companies Act, 2013 and the guidelines thereunder. Read More

COMPANIES (ACCOUNTING STANDARDS) RULES, 2021
The MCA has advised the Companies (Accounting Standards) Rules, 2021 (“AS Amendment Rules”) which will be appropriate to Small and Medium-Sized Company (“SMC”). According to the AS Amendment Rules, SMC will implies, an organization:

  • Whose value or obligation protections are not recorded or are not during the time spent posting on any stock trade, regardless of whether in India or outside India.
  • Which isn’t a bank, monetary establishment or an insurance agency.
  • Whose turnover (barring other pay) doesn’t surpass 200 and fifty crore rupees in the promptly going before bookkeeping year.
  • Which doesn’t have borrowings(counting public stores) more than fifty crore rupees whenever during the quickly going before bookkeeping year; and (v) which isn’t a holding or auxiliary organization of an organization which isn’t an SMC.

The AS Amendment Rules express that an organization will qualify as an SMC if the aforementioned conditions referenced are fulfilled toward the finish of the pertinent bookkeeping time frame. Moreover, a current organization, which was beforehand not an SMC and hence turns into an SMC, won’t be equipped for exclusion or unwinding in regard to bookkeeping norms accessible to an SMC until the organization stays an SMC for two back to back bookkeeping periods. Read More

COMPANIES (MEETINGS OF BOARD AND ITS POWERS) AMENDMENT RULES, 2021

The MCA vide notice (available here) dated June 15, 2021, told the Companies (Meetings of Board and its Powers) Amendment Rules, 2021 (“Meeting Amendment Rules”). The Meeting Amendment Rules has been informed to erase Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 which forced limitation on leading executive gathering through video conferencing/other sound visuals implies for the accompanying plan things: (I) the endorsement of yearly budget summaries. Read More

COMPANIES (CREATION AND MAINTENANCE OF DATABANK OF INDEPENDENT DIRECTORS) AMENDMENT RULES, 2021 The MCA has told the Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 (“Databank Amendment Rules”) to change arrangements of the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 concerning expenses chargeable from people for consideration and reestablishment of names their names in the databank of free chiefs. According to the Database Amendment Rules, (I) the Indian Institute of Corporate Affairs (“Institute”), will notwithstanding expenses for ‘consideration’ of names of people in the information bank of autonomous chiefs, likewise be qualified to fix a charge for ‘restoration’ of the names of people in the information bank. Read More

COMPANIES (INCORPORATION) FOURTH AMENDMENT RULES, 2021

The MCA vide notice dated June 7, 2021 (available here), has advised the Companies (Incorporation) Fourth Amendment Rules, 2021 (“Incorporation Amendment Rules”). The Incorporation Amendment Rules have changed Rule 38A of the Company (Incorporation) Rules, 2014 identifying with the application for the enlistment of GSTIN, ESIC enrollment, EPFO Registration, Profession Tax Registration and opening of the ledger at the hour of the fuse. Read More

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INFORMATION TECHNOLOGY

GOOGLE APPEALS DELHI HIGH COURT ORDER CLASSIFYING IT AS AN INTERMEDIARY

On June 2, 2021, Google tested a solitary seat Delhi High Court judgment grouping it as ‘Online Media Intermediary’ under the as of late advised Information Technology (Intermediary Guidelines and Digital Ethics Code) Rules, 2021 (“Rules”). The Delhi High Court, vide its judgment dated April 20, 2021 on account of Ms. X v. Association of India and Ors. had figured certain headings that would usually be given to empower speedy and successful expulsion of hostile or unlawful substance distributed on the web. Read More

COMPETITION COMMISSION OF INDIA TO INVESTIGATE GOOGLE

The Competition Commission of India (“CCI”) vide its request in Case No. 19 of 2021 (available here) has coordinated an examination concerning Google’s supposed maltreatment of prevailing position and against serious practices. The sources under the said case have affirmed that Google has gone into cutthroat concurrences with OEMs (like TCL India and Xiaomi India), under which such OEM accomplices are limited from fostering their own working framework for Smart TVs, among other prohibitive agreements. Such practices have been expressed to make passage hindrances into the market and to restrict further exploration and logical
advancement of Android-based working frameworks. Read More

MINISTRY OF INFORMATION AND BROADCASTING AMENDS CABLE TELEVISION NETWORKS RULES, 1994

On June 17, 2021, the Ministry of Information and Broadcasting (“MIB”), gave Cable Television Networks (Amendment) Rules, 2021 changing the arrangements of the Cable Television Networks Rules, 1994 to fit the said rules with the arrangements with the Intermediary Rules. As per the change, a straightforward legal system has been acquainted with advantage the residents by addressing their complaints identifying with infringement of the program/publicizing codes. Read More

MINISTRY OF CONSUMER AFFAIRS HAS SOUGHT COMMENTS ON PROPOSED AMENDMENT TO CONSUMERPROTECTION (E-COMMERCE) RULES, 2020
The Ministry of Consumer Affairs, Food and Public Distribution (“Ministry”) has proposed revisions to the Consumer Protection (E- Commerce) Rules, 2020. A draft containing the said proposed revisions has been distributed by the Ministry for sees/remarks/ideas by the important partners (available here). The goal of the Ministry to align the proposed revisions is by all accounts with the target of the Consumer Protection Act, 2019, for example, to present a stricter administrative structure for web based business players and shield clients from any kind of abuse. Read More

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IN FINAL STAGES OF APPOINTING A RESIDENT GRIEVANCE OFFICER

Twitter tells Delhi HC US microblogging and social networking service Twitter has informed the Delhi High Court that it is in the final stages of appointing a resident grievance officer in India. In a reply submitted to the Delhi High Court, Twitter said that even before steps were taken to formalise the appointment of a grievance officer in India, the interim grievance officer had withdrawn his candidature on June 21. Read More

HC REFUSES TO STAY NEW IT RULES REGULATING DIGITAL NEWS MEDIA

The Delhi High Court on 28th June 2021 refused to stay the new Information Technology rules which seek to regulate digital news media, saying it was not in agreement with the petitioners on passing such an order at this stage. Foundation for Independent Journalism, The Wire, Quint Digital Media Ltd and Pravda Media Foundation, parent company of Alt News, sought a stay on the Information technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, on the ground that a fresh notice been issued to them to comply with the rules or else coercive action will be taken. Read More

ANDHRA PRADESH UNVEILS NEW IT POLICY FOR 2021-24

The Andhra Pradesh government on Wednesday came out with the new ‘AP Information Technology Policy 2021-24’ that is expected to generate more than 55,000 jobs over the next three years. For this purpose, a robust and holistic business environment would be created and the IT, Electronics and Communications Department would be transformed into a revenue centre to achieve self-sustenance. Read more

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RESOLUTION FRAMEWORK -2.0: RESOLUTION OF COVID-19 RELATED STRESS OF INDIVIDUALS AND SMALL BUSINESSES – REVISION IN THE THRESHOLD FOR AGGREGATE EXPOSURE

The RBI vide its traffic circle dated May 5, 2021 as per the Resolution Framework 2.0 determined that the all-out transparency of all crediting establishments to the individual and private endeavor borrowers can’t outperform INR 25 Crore (Rupees Twenty-Five Crores) as on March 31, 2021. In any case, as per a review vide indirect dated June 4, 2021 bearing reference number RBI/2021-22/46 DOR.STR.REC.20/21.04.048/2021 -22, the RBI has improved quite far from INR 25 Crores (Rupees Twenty-Five Crores) to INR 50 Crores (Rupees Fifty Crores). Read More

PAYMENT OF MARGINS FOR TRANSACTIONS IN GOVERNMENT SECURITIES BY FOREIGN PORTFOLIO INVESTORS

The RBI has decided to give practical versatility to declaring of Over the counter (OTC) trades in Government insurances by the Foreign Portfolio Investors (FPIs), as under: FPIs/guardian banks will report their trades to the NDS- OM stage inside 3 (three) hours after the finish of trading hours for the public power assurances market. Read More

RESOLUTION FRAMEWORK -2.0: RESOLUTION OF COVID- 19 RELATED STRESS OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMES) – REVISION IN THE THRESHOLD FOR AGGREGATE EXPOSURE

The Reserve Bank of India (“RBI”) vide its round dated May 5, 2021 tantamount to the Resolution Framework 2.0 MSME determined that the absolute receptiveness, including non-store based workplaces, of all advancing establishments to the MSME borrowers can’t outperform INR 25 Crore (Rupees Twenty Five Crores) as on March 31, 2021. Regardless, as indicated by a review vide round dated June 4, 2021 bearing reference number RBI/2021- 22/47DOR.STR.REC.21/21.04.048/ 2021-22, the RBI has redesigned quite far from INR 25 Crores (Rupees Twenty-Five Crores) to INR 50 Crores (Rupees Fifty Crores), in the event that they have not been reconstructed previously. Read More

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