1. Securities and Exchange Board of India (Alternative Investment Funds) (Fifth Amendment) Regulations, 2021
SEBI released the Securities and Exchange Board of India (Alternative Investment Funds) (Fifth Amendment) Regulations, 2021. The regulation is also called the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2021.
2. Write-off of debt securities held by FPIs who intend to surrender their registration
SEBI circulated a notification notifying about the Write-off debt securities that were held by FPIs who intended to surrender their registration. The circular was issued in exercise of powers conferred under the Section 11 (1) of the Securities and Exchange Board of India Act, 1992. 2
3. SEBI Constitutes ‘Advisory Committee for Leveraging Regulatory and Technology Solutions (ALeRTS)’
The Securities Exchange Board of India (SEBI) has constituted an Advisory Committee. This committee will be headed by Ms. Madhabi Puri Buch, Ex-Whole Time Member, SEBI and other experts from various technological domains. 3
4. Publishing of Investor Charter and Disclosure of Complaints by the Custodians and DDPs
SEBI has published an Investor Charter in order to facilitate awareness amongst the investors regarding the details of the activities carried and the services provided by the Custodians and Designated Depository Participants (DDPs). 4
5. Adjudication order in the matter of Dish TV India Ltd.
SEBI has released an adjudication order with reference to the Dish TV India matter. The board said with the powers conferred upon them under Section15-I of the SEBI Act disposed of the SCN dated February 22,2021 issued to the Noticee without any penalty. 5
6. Adjudication order in respect of Innovist India Private Ltd.
SEBI released and adjudication order in the matter of Innovist India Private Limited. Upon consideration of all relevant facts, the board said that the penalty is commensurate with the default committed by the Noticee. 6

*RBI*

1. RBI releases ‘Handbook of Statistics on Indian States, 2020-21’
The Reserve Bank of India released the sixth edition of the statistical publication. The publication titled ‘Handbook of Statistics on Indian States 2020-21’. With this the RBI has been distributing wide range of data on the regional economies of India. 7
2. Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Garha Co- operative Bank Ltd., Guna, Madhya Pradesh – Extension of period

1 https://www.sebi.gov.in/legal/regulations/nov-2021/securities-and-exchange-board-of-india-alternative-investment-funds-fifth-amendment-
regulations-2021_53830.html
2 https://www.sebi.gov.in/legal/circulars/nov-2021/write-off-of-debt-securities-held-by-fpis-who-intend-to-surrender-their-
registration_53798.html
3 https://www.sebi.gov.in/media/press-releases/dec-2021/sebi-constitutes-advisory-committee-for-leveraging-regulatory-and-technology-
solutions-alerts-_54605.html
4 https://www.sebi.gov.in/legal/circulars/dec-2021/publishing-of-investor-charter-and-disclosure-of-complaints-by-custodians-and-ddps-on-
their-websites_54693.html
5 https://www.sebi.gov.in/enforcement/orders/dec-2021/adjudication-order-in-the-matter-of-dish-tv-india-limited_54816.html
6 https://www.sebi.gov.in/enforcement/orders/dec-2021/adjudication-order-in-respect-of-innovist-india-private-ltd-_54802.html
7 https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=52606

The RBI issued certain directions under the Section 35A read with the Section 56 of the Banking
Regulation Act, 1949. 8
3. Recommendations of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks
The RBI constituted an internal working group in order to review the extant guidelines on the ownershipand the corporate structure for the Indian private sector banks. The report was shared by RBI on November 20 th . The suggestions were made after examining the suggestions received from the stakeholders. 9
4. Cancellation of licence of Shivalik Mercantile Co-operative Bank Ltd. on its transition to Shivalik Small Finance Bank Ltd.
The Reserve Bank of India via public notification informed that they have cancelled the license of Shivalik Mercantile Co-operative Bank Ltd. Because of its transition to the Small Finance Bank. This transition was because of the Scheme of Voluntary Transition of Primary Co-operative Banks. 10
5. The Reserve Bank introduces Internal Ombudsman mechanism for select Non-Banking Financial Companies (NBFCs)
The Reserve Bank of India announced in the ‘Statement on Developmental and Regulatory Policies’ that the RBI has directed Deposit-taking NBFC’s with 10 or more branches and Non-Deposit Taking NBFC’s having public customer interface to appoint Internal Ombudsman (IO). 11
6. RBI introduces Prompt Corrective Action (PCA) framework for NBFCs
The Reserve Bank of India has introduced a Prompt Corrective Action Framework (PCA) for the Scheduled Commercial Banks in 2022. The objective for implementing this PCA is to enable the supervisory interventions at appropriate time amongst other objectives. 12
7. Introduction of Legal Entity Identifier for Cross-Border Transactions
The RBI has introduced the Legal Entity Identifier for Cross-border transactions. This Legal Entity Identifier is a 20-digit number used to uniquely identify the parties to the financial transactions worldwide in order to improve the financial data system. 13

*MCA*

1. Report of the Working Group on Tracking Outcomes under the Insolvency and Bankruptcy Code, 2016
The Ministry of Corporate Affairs have shared a report of the Working Group on the Tracking Outcomes under the Insolvency and Bankruptcy Code, 2016 (IBC) constituted on 24 th May, 2019. The Working Group collated a comprehensive framework for the development of metrices in order to measure the outcomes
of IBC. 14
2. Report on the rules and regulations for cross-border insolvency resolutionThe Ministry of Corporate
Affairs vide order No. 30/27/2018-Insolvency section presented the first part of the Committee’s Report to the Ministry of Corporate Affairs. The Committee attempted to provide a regulatory framework in order to implement the recommendations of the Insolvency Law Committee. 15
3. Filing of list of creditors under clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

8 https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=52610
9 https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=52618
10 https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=52624
11 https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52563
12 https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12208&Mode=0
13 https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12206&Mode=0
14 https://www.ibbi.gov.in/uploads/whatsnew/4b74947e21c8b01f95bdcb348635ece5.pdf
15 https://www.ibbi.gov.in/uploads/whatsnew/2021-11-23-215206-0clh9-6e353aefb83dd0138211640994127c27.pdf

A circular was issued by the Ministry of Corporate Affairs that requires the insolvency professional (IP) to
file a list of creditors in a stipulated format on the electronic platform of the Board. The format has been
created to address certain issues pertaining to the details. 16
4. In the matter of Bhatpatra Municipality v. Nicco Eastern Pvt. Ltd.
The adjudicating authority has rejected the claim of the Appellant in respect of the past dues of property.
The auction purchaser was held to be not liable for paying the appellant the amount as demanded by the notice dated 1.2.2021. 17
5. Clarification of holding Annual General Meeting (AGM) through Video Conferencing (VC) or Other Audio Visuals Means (OAVM).
The Ministry of Corporate Affairs in continuation of the previous circulars have decided to allow companies to conduct their EGMs through Video Conference (VC) or Other Audio-Visual Means (OAVM). 18

*FDI*

1. DoT Allows 100 Percent FDI Under Automatic Route, but With Boundary Riders
The Department of Telecommunication has allowed 100 percent FDI under the Automatic Route. This allowance further comes up with Boundary Riders. The department has modified the licensing agreement in order to enable the 100 percent FDI. 19
2. Atomy to Invest Rs. 250 Crore to Set Up Manufacturing Units in India
A subsidiary company of Korean direct-selling brand Atomy is set to invest Rs. 250 crore in India by 2025. The investment will be mainly used to set up a manufacturing plant in the country. 20
3. Maharashtra Aces FDI Deals by Signing 25 MoUs with Companies From 6 Countries
The Maharashtra Industrial Development Corporation (MIDC) has signed 25 Memorandums of Understanding (MOUs). Highlighting the importance of FDI, the officials of the Magnetic Maharashtra 2.0 program invited investments worth Rs. 15,260 crores. 21
4. FDI violation case
The Supreme Court has provided the extension for the deadline for the Competition Commission of India (CCI) to decide on the Confederation of All India Trader’s (CAIT’s) plea seeking the revocation of approval granted in the Amazon-Future Group deal. 22
5. Government measures pushes FDI inflows in new year
The Government has taken several measures like the PM Gati Shakti, Single Window Clearance and GIS-mapped land bank in order to promote the ease of doing business and liberalization of foreign direct investment norms. These measures are expected to push the investments in 2022. 23
6. India has recorded its highest-ever FDI inflow in 2020-21
The FDI inflow in the country has been registered as the highest ever annual FDI in the financial year of 2020-21. The inflow amounted to approximately $81.97 billion attracted mostly by the computer software and hardware sector. 24

16 https://www.ibbi.gov.in/uploads/legalframwork/3b47d76baab766da0d800edb4b2199e6.pdf
17 https://ibbi.gov.in//uploads/order/a9d294ca51a6e7d1644aaf80b24fdd6e.pdf
18 https://www.mca.gov.in/bin/dms/getdocument?mds=qf0BJBm1PRSt%252FPrrLs%252Fc4g%253D%253D&type=open
19 https://www.fdi.finance/news/dot-allows-100-percent-fdi-under-automatic-route-but-with-boundary-riders
20 https://www.fdi.finance/news/atomy-to-invest-rs-250-crore-to-set-up-manufacturing-units-in-india
21 https://www.fdi.finance/news/maharashtra-aces-fdi-deals-by-signing-25-mous-with-companies-from-6-countries
22 https://www.financialexpress.com/industry/fdi-violation-sc-gives-2-more-weeks-to-cci-to-decide-future-amazon-case/2378674/
23 https://economictimes.indiatimes.com/news/economy/policy/pm-gati-shakti-plan-single-window-clearance-to-further-push-fdi-inflows-in-
new-year/articleshow/88405510.cms
24 https://www.ndtv.com/business/fdi-inflow-data-india-registered-its-highest-ever-fdi-inflow-of-81-97-billion-in-fiscal-2020-21-government-
2655686

*IPR*
1. Delhi High Court on lack of parity in the policy by Google
The Delhi High Court asked the tech Giant over the lack of parity in its Policy for India during the investigation of the usage of trademark as a keyword in its search engine by the third-party entities. The case was filed by DSR Logistics (P) Ltd. Seeking direction to Google to restrain the third-party entities from using the registered trademark as their keyword or ‘meta tag’. 25
2. World Intellectual Property Indicators Report: Worldwide Trademark Filing Soars in 2020 Despite Global Pandemic
In the report by World Intellectual Property Indicator (WIPO), it was seen that the trademarks filings rose around the globe despite the pandemic while the Patent and industrial designs rebounded showcasing the resilience of human innovation during pandemic. 26
3. Trademark/ Copyright Infringement: No Jurisdiction Based On Location Of Branch Office Where No Part Of Cause Of Action Has Arisen- Madras High Court
The Madras High Court provided clarity about interpreting the phrase “actually and voluntarily resides or carries on business or personally works for gain” mentioned in Section 134(2) of the Trade Marks Act and Section 62(2) of the Copyright Act that determines the territorial jurisdiction of the concerned courts. 27
4. Newslaundry Agrees Before Delhi High Court To Take Down Video Making Comments On TV Today's Suit Against It
Newslaundry, a digital news portal agreed before the Delhi High Court to take down the video that infringed the copyright of TV Today Network and defamed the channel. The TV Today Network had earlier filed a case against the digital news portal. 28
5. Supreme Court dismissed ITC’s Plea Against Nestle
The Hon’ble Supreme Court has dismissed the Special Leave Petition (SLP) by ITC. The SLP had challenged the order passed by Madras High Court that restrained Nestle India Ltd. From using the expression ‘MagicMasala’ and ‘Magical Masala’ with reference to the brand’s instant noodle product. 29
6. PepsiCo’s IPR on FL-2027
The varietal registration certificate granting PepsiCo potato variety FL-2027 has been revoked by the plan varieties protection authority PPV&FR. The decision was taken upon a petition filed by a farm activist that stated the grant of the certificate of registration to PepsiCo India was based on incorrect information. 30
7. Semiconductor shortage: Government approves plan to attract manufacturers
The Government has approved an incentive plan worth Rs. 76,000 crore in the PLI scheme. The decision has been taken keeping in mind the shortage of semiconductors in the market. The incentive plan will set up an ecosystem in the country that will include design, fabrication, packaging and testing. 31

*REAL ESTATE*

1. Supreme Court Upholds Application of RERA To Real Estate Projects Ongoing at Act's Commencement
The Hon’ble Supreme Court upheld the application of the Real Estate (Regulation and Development) Act, 2016 to the projects that were ongoing at the commencement of the Act. 32
2. Real Estate Regulatory Authority can delegate its powers to hear complaints from homebuyers: SC
25 https://www.thehindu.com/news/national/google-asked-to-probe-diversion-of-web-traffic/article37372703.ece
26 https://www.wipo.int/pressroom/en/articles/2021/article_0011.html
27 https://www.livelaw.in/news-updates/madras-high-court-trademark-copyright-infringement-territorial-jurisdiction-branch-offices-cause-of-
action-186083#
28 https://www.livelaw.in/news-updates/newslaundry-tdelhi-high-court-india-today-tvtoday-defamation-copyright-suit-185672
29 https://www.livelaw.in/top-stories/supreme-court-itc-nestle-trademark-passing-off-use-of-expressions-petition-dismissed-186592
30 https://www.livemint.com/companies/news/pepsicos-ipr-on-fl-2027-potato-variety-revoked-11638545520051.html
31 https://timesofindia.indiatimes.com/business/india-business/semiconductor-shortage-cabinet-approves-rs-76000-crore-incentive-plan-to-
woo-manufacturers/articleshow/88298699.cms
32 https://www.livelaw.in/top-stories/supreme-court-upholds-application-of-rera-real-estate-projects-ongoing-at-acts-commencement-185419

The Real Estate Regulatory Authority can now delegate its powers to a single member. The Supreme Court
gave allowance in order to hear complaints from homebuyers against the builders. 33
3. Stay over construction activities in the city undertaken without RERA registration
The Real Estate Appellate Tribunal, Delhi has put a stay over all the construction activities that includes
residential and commercial activities in Delhi. The projects stayed are those that were undertaken without
the registration of the Real Estate Authority (RERA). 34
4. Realty sector might surpass $5 billion funds flow in 2022
The institutional investments in the real estate sector of the country are expected to rebound in 2022 that will be led by the broad-based growth on the back of the low-interest environment, monetary stimulus, revenue visibility and inclusive growth. 35

*CORPORATE UPDATES*
1. Centre may reduce corporate tax rate for foreign banks in budget 2022
The Centre is planning on creating a proposal in order to offer the foreign banks with the local branches tax parity with their Indian counterparts. The tax rate is likely to be reduced as much as 15% points to 22%. 36
2. Indian Oil acquires 4.93% stakes in the Indian Gas Exchange
Indian Oil Corporation Limited (IOCL) has acquired 4.93% equity share in the Indian Gas Exchange Limited.
The acquisition occurred for 36,93,750 equity shares on the face value of Rs. 10/-. 37
3. Wipro buys US cybersecurity company for $230mn
India’s top IT consulting company Wipro is acquiring US-based Edgile which is a cybersecurity consulting providing risk and compliance, information and cloud security and digital identity. The deal has been confirmed in approximately $230million. 38
4. CCI approves the acquisition of Air India by Tata Group
The Competition Commission of India (CCI) has approved the acquisition of the shareholding in Air India Limited, Air India Express Limited and Air India SATS Airport Services Private Limited by Talace Private Limited. 39
5. Zee-Sony merger deal
The entertainment company Zee Entertainment Enterprises (ZEE) is set to close the merger deal with Sony
Pictures Networks India Private Limited. The entertainment company will hold 47.07 per cent while Sony will hold nearly 53 per cent stake. 40

33 https://www.thehindubusinessline.com/news/real-estate/real-estate-regulatory-authority-can-delegate-its-powers-to-hear-complaints-from-
homebuyers-sc/article37467619.ece
34 https://www.livelaw.in/news-updates/delhi-real-estate-appellate-tribunal-stays-construction-activities-undertaken-without-registration-rera-
till-project-registration-186244
35 https://economictimes.indiatimes.com/industry/services/property-/-cstruction/realty-sector-may-surpass-5-billion-funds-flow-in-2022-set-
to-recover-lost-ground-across-segments/articleshow/88407046.cms
36 https://www.india.com/business/centre-likely-to-reduce-corporate-tax-rate-for-foreign-banks-in-budget-2022-report-5123700/
37 https://www.ndtv.com/business/indian-oil-shares-today-indian-oil-corporation-limited-iocl-acquires-4-93-equity-stake-in-indian-gas-
exchange-2662892
38 https://timesofindia.indiatimes.com/business/india-business/wipro-buys-us-cybersecurity-co-for-230mn/articleshow/88401471.cms
39 https://www.thehindubusinessline.com/companies/cci-approves-tata-group-acquisition-of-air-india/article37999215.ece
40 https://www.indiatoday.in/business/story/zee-entertainment-sony-merger-deal-key-details-you-need-to-know-1890414-2021-12-21