The Monthly Digest- April 2022

May 2, 2022by admin0
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MINISTRY OF CORPORATE AFFAIRS (MCA)

COMPANIES (ACCOUNTS) SECOND AMENDMENT RULES, 2022-REG
The Ministry of Corporate Affairs (MCA) has released a notification regarding the amendment of Companies (Accounts) Second Amendment Rules, 2022. The amendment has been implemented in various sections of the Act. Read More

REPORT OF THE COMPANY LAW COMMITTEE- 2022
The Ministry of Corporate Affairs (MCA) has released a report of the Company Law Committee (2022.
The report constitutes the recommendations to the Government on changes aimed at facilitating and promoting greater ease of doing business in India. Read More

NOTICE INVITING COMMENTS ON THE REPORT OF THE COMPANY LAW COMMITTEE (2022)
The Ministry of Corporate Affairs (MCA) has constituted Company Law Committee (CLC) to make recommendations to the Government inter alia on changes aimed at facilitating and promoting greater ease of doing business in India and effective implementation of the Companies Act, 2013, the Limited Liability Partnership Act, 2008 and the Rules made thereunder. The CLC has submitted its latest Report (2022) to the Government on 21 st March, 2022 which has been placed on the website of the MCA. ReadMore

NIDHI (AMENDMENT) RULES, 2022
The Ministry of Corporate Affairs (MCA) has released a notification regarding the Nidhi (Amendment) Rules, 2022. The amendments include changes in various definitions as per the Rules amongst other amendments. Read More

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

UPDATED OPERATIONAL CIRCULAR RELEASED BY SEBI
Updated Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper – Modifications in Chapters I, II and XIV, Introduction of Chapter XIX on Investor Charter and Introduction of Chapter XX on payment of fees. Read More

CLARIFICATION ON APPLICABILITY OF REGULATION 23(4) READ WITH REGULATION 23(3)(E) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 IN RELATION TO RELATED PARTY TRANSACTIONS
The Department for Promotion of Industry and Internal Trade (DPIIT) has recently in a press release has changed the definition of the real estate business. The move has been taken to provide more clarity in the FDI policy for the sector. As per the note, FDI is not permitted in a firm that is engaged or seeks to engage in real estate business, farmhouse construction, or trading in transferable development rights. Read More

STANDARD OPERATING PROCEDURES (SOP) FOR DISPUTE RESOLUTION AVAILABLE UNDER THE STOCK EXCHANGE ARBITRATION MECHANISM FOR DISPUTES BETWEEN A LISTED COMPANY AND ITS SHAREHOLDER(S) INVESTOR(S).
The Securities and Exchange Board of India (SEBI) has released a Standard Operating Procedures (SOPs) for the Dispute Resolution for the dispute between a listed company and its shareholders. The SOP contains six steps through which the procedure can be carried out. Read More

EXECUTION OF ‘DEMAT DEBIT AND PLEDGE INSTRUCTION’ (DDPI) FOR TRANSFER OF SECURITIES TOWARDS DELIVERIES / SETTLEMENT OBLIGATIONS AND PLEDGING / RE- PLEDGING OF SECURITIES
The Securities and Exchange Board of India (SEBI) has released a circular regarding the Execution of ‘Demat Debit and Pledge Instruction’ (DDPI) for transfer of Securities towards deliveries / settlement obligations and pledging / re-pledging of securities. Read More

CLARIFICATION ON APPLICABILITY OF REGULATION 23(4) READ WITH REGULATION 23(3)(E) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 IN RELATION TO RELATED PARTY TRANSACTIONS
The Securities and Exchange Board of India (SEBI) has released a circular regarding the Clarification on applicability of Regulation 23 (4) read with Regulation 23 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to Related Party Transactions. Read More

FOREIGN DIRECT INVESTMENT (FDI)

THE INDIAN REAL ESTATE MARKET NOW HAS A $63 BN BULL CASE
According to a study by JLL India, an international real estate consulting company, since 2006, the Indian real estate industry has attracted Rs. 4.81 trillion in investment. Institutional investment, in particular, totaled Rs. 4.22 trillion (the US $62.8 billion). This immense influx of capital was mainly due to two significant reforms occurring around this period- administrative and financial reforms that started in early 2014 and the middle of 2015. Read More

THE MAJOR HIGHLIGHTS OF THE DOT PLAN FOR FOREIGN COMPANIES
Under the upcoming telecom reforms to be announced before the end of this quarter in June, foreign companies will have more leeway to start a business in India without having to partner with an Indian company. The main change will be allowing foreign companies to bid and win spectrum auctions without
having any local ties, although they still need approval from the Department of Telecommunications (DoT) according to another official. Read More

DATA PROTECTION LAWS WILL BE CRITICAL IN ATTRACTING FDI AND PUSHING DIGITAL EXPORTS
In today’s & modern digital services economy, technology and data-driven innovations are at the center of economic activity. International companies in the digital sector increasingly rely on the ability to process and transfer data across borders. The need for protecting consumers' personal information is also encouraging countries to develop progressive data regulations to ensure adequate protection of consumers & rights. Read More

GOVT ALLOWS 20 PERCENT FDI IN LIC AHEAD OF IPO
The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for foreign investment up to 20 percent in the insurance behemoth LIC. As part of this move, global players will now be able to invest in Indian businesses and benefit from new opportunities and growth
prospects. At present, it is estimated that China-based companies have a 25 percent investment in LIC. Read More

RESERVE BANK OF INDIA (RBI)

IMPLEMENTATION OF SECTION 51A OF UAPA, 1967: UPDATES TO UNSC’S 1267/ 1989 ISIL (DA’ESH) &  AL-QAIDA SANCTIONS LIST: AMENDMENT IN TWO ENTRIES
RBI through circular DOR.AML.REC.11/14.06.001/2023-23 has released updates to UNSC’S 1267/1989 ISIL (DA’ESH) & AL-QAIDA SANCTIONS LIST. The updates took place in section 51A of the UAPA. The Regulated Entries (RE’s) shall ensure that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967 they do not have any account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the United Nations Security Council (UNSC).” Read More

SECTION 24 AND SECTION 56 OF THE BANKING REGULATION ACT, 1949 – MAINTENANCE OF STATUTORY LIQUIDITY RATIO (SLR)
RBI through the circular DOR.RET.REC 15/12/.0100/2022-23 released a notification regarding section 24 and section 36 of the Banking Regulation Act, 1949. The notification is addressed for all scheduled commercial banks (Including Regional Rural Banks), All India Financial Institutions, Small Finance Banks, Local Area Banks, Primary (Urban) Co-operative Banks and Non-Banking Financial Companies (including Housing Finance Companies). Read More

LARGE EXPOSURES FRAMEWORK FOR NON-BANKING FINANCIAL COMPANY – UPPER LAYER (NBFC-UL)
The Reserve Bank of India has released a notification through the circular No. DOR.CRE.REC. 24/21.01.003/2022-23 regarding large exposures Framework for Non-Banking Financial Company-Upper Layer (NBFC-UL) in reference to paragraph 3.2.2 (d) of RBI Circular DOR.CRE.REC. No. 60/03. 10.001/2021-22 dated October 22, 2021. Read More

ISSUE AND REGULATION OF SHARE CAPITAL AND SECURITIES – STATE CO-OPERATIVE BANKS AND DISTRICT CENTRAL CO-OPERATIVE BANKS
The Reserve Bank of India (RBI) via its notification No. DOR.CAP.REC. 22/09. 18/201/2022-23 has released the information of the Banking Regulation (Amendment) Act, 2020 (No. 39 of 2020) has come into force with effect from April 01, 2021 for the Rural Co-operative Banks (RCBs) i.e. State Co operative Banks (SICBs) and District Central Co-operative Banks (DCCBs).Read More

INFORMATION TECHNOLOGY (IT)

IT MINISTRY SETS UP 17-MEMBER COMMITTEE TO STEER, GUIDE SEMICONDUCTOR MISSION
The Ministry of Electronics and Information Technology on Wednesday announced the formation of a 17-member advisory committee to steer and guide the government’s Rs 76,000 crore semiconductor mission, an official release said.Read More

MOS FOR ELECTRONICS AND INFORMATION TECHNOLOGY, SAYS GOVT IS COMMITTED TO ENSURE OPEN, SAFE, TRUSTED AND ACCOUNTABLE INTERNET FOR ALL USERS
The Government is committed to ensure that the Internet in the country is open, safe and trusted and accountable for all users. In a written reply in the Lok Sabha, Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar said Indian Computer Emergency Response Team
(CERT-In) is mandated to track and monitor cyber security incidents in India. Read More

NATIONAL STRATEGY ON EMERGING TECHNOLOGIES IN THE OFFING: GOVT TELLS PARLIAMENT
Minister of State (MoS) for Finance, Pankaj Chaudhary informed the Parliament that all emerging technologies were being regulated by the Information Technology Act, 2000. These, according to the MoS, included areas like Artificial Intelligence, Blockchain, Drones, Augmented Reality, Metaverse, Web 3.0, among others. Read More

INTELLECTUAL PROPERTY RIGHTS (IPR)

BOI DRAGS FUTURE RETAIL TO NCLT, SUGGESTS V K V IYER'S NAME AS IRP
Public sector lender Bank of India has moved to the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Future Retail Ltd and a moratorium over the assets of the Kishore Biyani-led debt-ridden firm. In its petition, BOI has said the Future group company has already issued intimation & admitting the default under the payment obligations & of Rs 3,494.56 crore on December 31, 2021, and Rs 5,322.32 crore on March 31, 2022, to its lenders. Read More

DPIIT SECRETARY SAYS GOVERNMENT HAS TAKEN SEVERAL STEPS TO STRENGTHEN IPR REGIME
Several measures have been incorporated by the government to strengthen the country & intellectual property rights (IPR) regime, which includes steps like reducing the number of forms for trademarks and patents. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain
also said several steps have been taken to enhance innovation and the knowledge economy. Read More

FOR THE FIRST TIME IN 11 YEARS, INDIAN PATENT OFFICE REGISTERS MORE INDIAN PATENTS THAN FOREIGN
India has taken a step closer to the ambitious goal of being in the top 25 nations of Global Innovation Index, with another milestone of the number of domestic patent filing surpassing the number of international patents filed at the Indian patent office in the January-March quarter of FY 2022 for the first time in the last 11 years. Read More

REAL ESTATE

INDIAN REAL ESTATE MARKET TO GROW TO RS 65,000 CR BY 2040: CIRIL
Consultancy firm CIRIL said in a report that the Indian real estate (RE) market is poised to touch Rs 65,000 crore by 2024 and by 2025, this sector is expected to contribute to 13 per cent of the country &  GDP. In 2019, the size of the RE market was Rs 12,000 crore, according to the report. Despite fears
related to the Omicron crisis, the market in 2022 looked bullish while demand is accelerating across all categories, the report added. Read More

FROM T-HOMES TO DIGITOWN: THE JOURNEY OF ‘DIGITAL HOUSING’ IN INDIAN REAL ESTATE
The Indian housing market has long been fairly traditionalist in its approach. From building homes to selling them, the industry cannot be said to have come significantly far from its nascent days in the country and remains notoriously old-school in so many ways. At the same time, a lot has changed in recent years about the segment of buyers that it aims to cater to. Read More

HOUSING PRICES MAY RISE 8% THIS FISCAL
India Ratings and Research (Ind-Ra) on Monday said it expects housing prices to appreciate by 8 percent this fiscal, mainly due to rise in demand from end users. Furthermore, a surge in the housing sales in India has not been accompanied by a sharp rise in prices so far. Read More

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