Ergo Update

On 3 May 2024, the Reserve Bank of India (RBI) released draft regulatory guidelines, titled ‘Draft Prudential Framework for Income Recognition, Asset Classification and Provisioning pertaining to Advances - Projects Under Implementation, Directions, 2024’ (Draft Framework). The Draft Framework applies to all commercial banks, non-banking financial Companies, urban cooperative banks, and financial institutions like NABARD and National Housing Bank.

In February 2021, the Reserve Bank of India (RBI) had decided to permit resident individuals to make investments in the International Financial Services Centers (IFSC) under the Liberalized Remittance Scheme (LRS Scheme) with a view to strengthen the financial markets in IFSC and to provide Indian resident individuals with the opportunity to expand and diversify their portfolios.

The Telecom Regulatory Authority of India (TRAI) has kickstarted a comprehensive consultation paper seeking stakeholder comments on the ‘Framework for Service Authorisations to be granted under the Telecommunications Act, 2023’ (TRAI CP).

On 11 July 2024, the Government of India through the Department of Telecommunications (DoT) published the draft Telecommunications Right of Way Rules, 2024 (Draft Rules) in the Official Gazette.

The Government of Tamil Nadu has, by a notification dated 2 July 2024, implemented the Tamil Nadu Shops and Establishments (Amendment) Amendment Act, 2023 (2023 Amendment I), which in turn sought to implement the Tamil Nadu Shops and Establishments (Amendment) Act, 2018 (2018 Amendment).

At its board meeting dated April 30, 2024, the Securities and Exchange Board of India (SEBI) made several amendments to various SEBI regulations.

On 4 July 2024, the Government of India through the Department of Telecommunications (DoT) published the draft Telecommunications Act (Digital Bharat Nidhi) Rules, 2024 (Draft Rules) in the Official Gazette. The Draft Rules, framed under the Telecommunications Act, 2023 (Telecom Act), follow the enactment of selected provisions of the Telecom Act.

Infrastructure Provider – I (IP-I) is a registration granted by the Department of Telecommunications (DoT) to entities that establish and provide passive telecom infrastructure, such as towers, ducts, and dark fiber, to licensed telecom service providers (TSPs).

the Insolvency and Bankruptcy Board of India (IBBI) has recently issued a discussion paper suggesting various reforms to the Insolvency and Bankruptcy Board of India (Insolvency Resolution for Corporate Persons) Regulations, 2016 (CIRP Regulations) in order to address the gaps in running of a CIRP process and increase the viability and effectiveness of the Code (Discussion Paper).

Reserve Bank of India (RBI) has introduced the 'Framework for Self-Regulatory Organisation(s) in the FinTech Sector' (SRO-FT Framework) on 30 May 2024.