Ergo Update

The Reserve Bank of India, on 7 June 2024, brought about two amendments to the ODI Directions by liberalising investment in overseas funds by Indian corporates and resident individuals.

In an effort to enhance flexibility in asset acquisition transactions and facilitate ease of doing business, the Securities and Exchange Board of India (SEBI), has made a significant amendment to the regulations governing Infrastructure Investment Trusts (InvITs) vide the SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2024 (Amendment).

The Securities and Exchange Board of India (SEBI) in its board meeting dated 30 April 2024 (Board Meeting) has approved a series of proposals to ease disclosures under various regulations inter alia, the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (SEBI NCS Regulations) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations).

On 28 May 2024, the Reserve Bank of India (RBI) issued a press release launching three transformative initiatives, “PRAVAAH” (Platform for Regulatory Application, VAlidation and AutHorisation) portal, a FinTech Repository and the Retail Direct Mobile App. These initiatives have been notified pursuant to the announcements made in the Statement on Development and Regulatory Policies previously issued by the RBI.

In a significant move to propel growth India's space sector, the Government of India and the Indian National Space Promotion and Authorization Centre (IN-SPACe), on May 4, 2024, released the Norms, Guidelines, and Procedures for implementation of the Indian Space Policy – 2023 (Policy) in respect of authorization of space activities (NGP).  

For quite some time now, the company law administration in India has been issuing standard and generic email advisories for compliance with significant beneficial ownership (SBO) provisions under the Companies Act, 2013 (Companies Act) and the Companies (Significant Beneficial Owners) Rules, 2018 (SBO Rules) (as mentioned previously in our Ergo).

The Guidelines on Regulation of Payment Aggregators and Payment Gateways, 2020 (PA Guidelines) issued by the Reserve Bank of India (RBI) sets out a regulatory framework for online payment aggregators and prescribes authorisation requirements for such entities under the Payment and Settlement Systems Act, 2007.

SEBI has amended the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations) on and effective from 17 May 2024, by way of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2024 (ICDR Amendment), to facilitate ease of raising capital in India by allowing minimum promoters’ contribution to be met by certain persons other than the promoters of the issuer company undertaking an initial public offering (IPO) and reducing the

In a significant stride towards enhancing engagement of NRIs and OCIs in India's financial sector, SEBI has introduced measures to facilitate 100% participation for NRIs and OCIs through FPIs operating within the IFSC at GIFT City.

In a bid to address the hurdles presented by the ‘liquidation scheme’ construct for unliquidated investments held by alternative investment funds (AIFs), the Securities and Exchange Board of India (SEBI), on 25 April 2024, notified certain significant amendments to the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) by way of the SEBI (Alt