Ergo Update

As per the Sexual Harassment of Women (Prevention, Prohibition and Redressal) Act, 2013 (PoSH Act) read with the Sexual Harassment of Women (Prevention, Prohibition and Redressal) Rules 2013 (Rules), every employer including Government/Non-Government organisation employing ten or more employees is required to constitute an Internal Committee (IC) for enquiring into complaints of sexual harassment filed by any woman at workplace.

The Securities and Exchange Board of India (SEBI) vide its circular dated 1 November 2018 (SEBI Circular) laid down the roadmap for shortening the timeline for listing in a public issue, from the existing framework of T+6 working days, to 3 working days from the date of issue closure. The framework was to be implemented in a phased manner. One of the key changes to achieve T+3 listing, was the introduction of the UPI payment mechanism and phasing out of the Syndicate ASBA mechanism. Our ERGO on the SEBI Circular can be accessed here.

On 5 June 2019, the Government of Tamil Nadu (Government) published a notification to bring into effect the relevant government order dated 28 May 2019 (Notification) granting exemption to all shops and establishments having ten (10) or more employees from complying with sections 7(1) and 13(1) (opening and closing hours) of the Tamil Nadu Shops and Establishments Act 1947 (Act).

The CBDT (Central Board of Direct Taxes) has issued Guidelines for Compounding of Offences under Direct Tax Laws on 14 June 2019 (2019 Guidelines). These will supersede the prevailing compounding guidelines (dated 23 December 2014) and the clarification (dated 4 September 2015) issued in relation thereto (collectively, the 2014 Guidelines).

Pursuant to a government order dated 11 June 2019 (GO), the Government of Karnataka (Government) has discontinued the requirement of renewing the registration obtained under the Karnataka Shops and Commercial Establishments Act 1961 (Karnataka S&E Act). As per the GO, the registration obtained under Karnataka S&E Act would stand automatically renewed upon submission of a self-certification form and payment of the renewal fees by the concerned establishment. 

The Reserve Bank of India (RBI) vide circular numbered RBI/2018-19/226 (FLA Circular) issued on 28 June 2019, introduced a web-based online reporting portal for submission of return on foreign liabilities and assets (FLA) in an effort to enhance the security level in data submission and further improve the data quality.

This Case Update provides a brief analysis of the recent judicial decisions delivered by the Supreme Court of India (SC) and High Court of Bombay, on certain labour and employment matters pertaining to maternity / paternity leave in surrogacy cases, wage claims by absentee employees and communication of performance appraisals to concerned employees.

The Indian fintech industry is rapidly evolving to provide innovative technologies in the financial services sector. In a bid to further promote innovation and allow testing of new products in a relaxed regulatory framework, the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have introduced a sandbox mechanism for the fintech industry. While a ‘sandbox’ originally referred to a box containing sand where children play and experiment under supervision, it has since acquired a whole new meaning for innovators and regulators across the world.

Following the proposals put forward by the Union Minister of Finance and Corporate Affairs in the Union Budget 2019-20 (Budget), we take a look at some of the key takeaways which have the potential to deeply impact the investment funds industry in India.

On 24 March 2019, the Securities and Exchange Board of India (SEBI) released a report on redrafting the SEBI (Foreign Portfolio Investors) Regulations 2014 (FPI Regulations) by the Working Group constituted under the chairmanship of Harun R Khan (HR Khan Report), for public comments. The HR Khan Report tables recommendations to liberalize and simplify the foreign portfolio investment (FPI) regime from the perspective of (i) ease of registration; (ii) simplification of know your client (KYC) requirements; (iii) revision of investment limits and (iv) other miscellaneous liberalizations.