Ergo Update

The Securities and Exchange Board of India (SEBI), vide circular number SEBI/HO/ISD/ISD-PoD-2/P/CIR/2024/180 dated 30 December 2024 (Circular) relaxed the applicability of trading window restrictions prescribed under schedule B paragraph 4 of the SEBI (Prohibition on Insider Trading) Regulations, 2015 (PIT Regulations) in relation to subscription to non- convertible securities, as defined under Regulation 2(x) of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 202

The Securities and Exchange Board of India (SEBI) has recently introduced amendments to the SEBI (Investment Advisers) Regulations, 2013 and SEBI (Research Analysts) Regulations, 2014 dated 16 December 2024 (Amendments) and has significantly modified the regulatory framework governing Investment Advisers and Research Analysts in India.

In the judiciary’s latest tryst with governance of National Sports Federations (NSFs) in India, a Single Judge of the Delhi High Court (HC), by judgment dated 7 January 2025 in Rajasthan Equestrian Association v Union of India & Ors, unreported judgment in W.P.(C) 5989/2022 (judgment), set aside an order dated 9 November 2021 (impugned order) issued by the Ministry of Youth Affairs and Sports (MYAS) relaxing the application of certain provisions of the National Sports Development Code, 2011 (C

In a first of its kind ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has adjudicated on the merits of the PPT provisions and in the facts, granted the benefit under the double taxation avoidance agreement (Tax Treaty) between India and Luxembourg with respect to income earned by a Luxembourg company (Taxpayer) from its India investments.

On 31 December 2024, the Ministry of Mines notified the Offshore Areas Mineral Conservation and Development Rules, 2024 (Offshore Minerals Rules). The Offshore Minerals Rules seek to regulate offshore mining and facilitate sustainable mining practices in the various maritime zones of India.

Following Karnataka in the race to entice multi-national corporations to establish Global Capability Centers (GCCs) in its state, the Government of Andhra Pradesh through an order dated 12 December 2024, has introduced the ‘Andhra Pradesh Information Technology (IT) and GCC Policy (4.0) for 2024 – 2029’ (Policy).

On 20 August 2024, the Securities and Exchange Board of India (SEBI) issued the Cybersecurity and Cyber Resilience Framework (Cybersecurity Framework) to provide standards and guidelines for strengthening cyber resilience and maintaining robust cyber security of SEBI regulated entities (REs).

The Reserve Bank of India (RBI) has amended the Master Directions on Prepaid Payment Instruments (PPI) through Notification No. RBI/2024-2025/97, issued on 27 December 2024 (Master Directions).

On 6 December 2024, the Department of Telecommunications (DoT) issued the final Telecommunications (Procedures and Safeguards for Lawful Interception of Messages) Rules, 2024 (Rules) replacing the earlier draft released for public consultation on 28 August 2024.