The Insolvency and Bankruptcy Board of India (IBBI) on 18 September 2023 notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 (CIRP Amendment Regulations) amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations).
In an important income-tax related development, the Central Board of Direct Taxes (CBDT) has issued a notification (Notification) to amend Rule 11UA of the Income-tax Rules, 1962, which prescribes the manner of computing the fair market value (FMV) of shares, in relation to inter alia ‘Angel Tax’ [income-tax levied on excess share premium (i.e.
On 10 August 2023, the Securities and Exchange Board of India (SEBI) introduced an amendment (Amendment) to the SEBI (Foreign Portfolio Investors) Regulations 2019 (FPI Regulations), allowing SEBI the additional right to demand granular disclosure of Ultimate Beneficial Owners (UBOs) based on ownership, economic interests and control for those Foreign Portfolio Investors (FPIs) which meet the criteria specified by SEBI from time to time.
In a move to streamline the framework dealing with the issuance and listing of non-convertible securities (NCS), the Securities and Exchange Board of India (SEBI) had consolidated various circulars pertaining to disclosure requirements and various procedures and obligations in relation to the debenture trustees (DT) into a single operational circular dated 31 March 2023
The Reserve Bank of India (RBI) through its directive dated 4 September 2023 (Directive) allowed pre-sanctioned credit line of a bank to be used as a funding account for enabling payments through the Unified Payments Interface (UPI). The existing funding accounts in UPI ecosystem are savings and overdraft accounts, prepaid payment instruments and RuPay credit cards.
In a recent development, the Department of Consumer Affairs (DCA) has issued the ‘Additional Influencer Guidelines For Health and Wellness Celebrities, Influencers and Virtual Influencers’ (Health & Wellness Influencer Guidelines) on 10 August 2023, developed in collaboration with Ministry of Heal
By way of a notification dated 25 August 2023, the Ministry of Skill Development and Entrepreneurship, Government of India, issued Guidelines for Implementation of National Apprenticeship Promotion Scheme-2 (NAPS-2), which will replace the previous version of the scheme (NAPS-1) with effect from the above-mentioned date.
On 11 April 2023, the Competition (Amendment) Act, 2023 (Amendment Act) received presidential assent to reform the Competition Act, 2002. The Amendment Act proposed expansive changes to the merger control regime in a bid to bring parity with global developments. While several provisions of the Amendment Act were enforced on 18 May 2023, the changes pertaining to merger control are largely pending implementation.
On 31 August 2023, the Department of Telecommunication (DoT) issued a notification addressed to all telecom licensees setting out instructions to further streamline the subscriber verification process (Notification). The Notification was prompted by the regulatory requirements under the terms of the Unified License (UL), which requires all licensees to ensure adequate verification of customers before enrolling them as subscribers, facilitating SIM swap or replacement, and to comply with related subscriber verification obligations.
Advertising Standards Council of India (ASCI) had earlier published self-regulatory guidelines for Online Deceptive Design Patterns in Advertising (ASCI Guidelines) in order to address the issue of deceptive design patterns (Dark Patterns) prevalent in online advertising. The ASCI Guidelines are stated to be applicable from 1 September 2023.
