The Tamil Nadu cabinet has approved an ordinance on 26 September 2022 (Ordinance) to “ban” online games with stake in the state of Tamil Nadu. The announcement was made via a press release. The Ordinance will take effect once it receives the governor’s assent.
Upon an application by the promoter in the case of Turf Estate Joint Venture LLP v Kesari Realty and Others (Regulatory Case No. 1 of 2022, erstwhile Suo-motu Case No. 218 of 2022), the Maharashtra Real Estate Regulatory Authority (Authority) has proceeded to de-register a real estate project despite the fact that there is no provision in the Real Estate (Regulation and Development) Act, 2016 (Act) providing for such de-registration.
The Department of Telecommunications (DoT) has on 21 September 2022 released the Indian Telecommunication Bill, 2022 (Bill) which consolidates and amends the Indian Telegraph Act 1885, Indian Wireless Telegraphy Act 1933, and The Telegraph Wires, (Unlawful Protection) Act 1950.
The Insolvency and Bankruptcy Board of India (IBBI) on 16 September 2022 promulgated the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022 (CIRP Amendment Regulations) amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations).
The Insolvency and Bankruptcy Board of India (IBBI) on 13 September published the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022 (CIRP Amendment Regulations) amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations), and Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022 (IP Amendment Regulation) amending the Insolven
On 9 September 2022, the Competition Commission of India (Commission) released its findings pursuant to a market study on the taxi and cab aggregator industry in its report with special reference to surge pricing (Market Study).
On 2 September 2022, the Reserve Bank of India (RBI) issued the ‘Guidelines on Digital Lending’ (Guidelines) to banks and non-banking finance companies (NBFCs) which disburse loans through digital lending platforms. This follows the press release issued by the RBI on 10 August 2022 on the implementation of the recommendations of the Working Group on Digital Lending (Press Release). Please refer to our analysis of the Press Release here.
Over the past week, the Government of India (GOI) and Reserve Bank of India (RBI) have revamped the overseas investment architecture for persons resident in India with the New OI Regime. Khaitan & Co. has on 24 August 2022, already shared an update on the overall framework of the New OI Regime (available here), outlining the key changes introduced through such regime. This update addresses the impact on financial services sector.
The Reserve Bank of India (RBI) has in an attempt to mitigate volatility and dampen global spillover, undertaken measures to enhance forex inflows while ensuring overall macroeconomic and financial stability.
Previously, the Securities and Exchange Board of India (SEBI) vide Circular No. SEBI/ HO/ MIRSD/ CRADT/ CIR/ P/ 2020/218 dated 03 November 2020 (November 3 Circular), had prescribed the manner in which debenture trustees (Trustee) shall carry out due diligence for creation of security at the time of issuance of non-convertible debt securities (NCS).
