Corporate

In a significant move aimed at overhauling the criminal justice delivery system in India, the Bharatiya Nagarik Suraksha Sanhita, 2023 (BNSS) has been recently introduced to replace the long-standing Code of Criminal Procedure, 1973 (CrPC). Although published in the Official Gazette on 25 December 2023, due to administrative and logistical reasons, the said enactment is expected to come into force only later in 2024.

In a far-reaching development for individuals and businesses with an India connection, three seminal legislations, namely, Bharatiya Nyaya Sanhita, 2023 (BNS), Bharatiya Nagarik Suraksha Sanhita, 2023 (BNSS) and Bharatiya Sakshya Adhiniyam, 2023 (BSA) were published in the Official Gazette on 25 December 2023. The said legislations will replace the long standing Indian Penal Code, 1860 (IPC), the Code of Criminal Procedure, 1973 (CrPC) and the Indian Evidence Act, 1872 (IEA) respectively.

The Reserve Bank of India (RBI) released a circular dated 19 December 2023 (Circular) which attempts to address the concerns of indirect loan exposure of REs to its stressed borrowers.

The Central Consumer Protection Authority has notified the Guidelines for Prevention and Regulation of Dark Patterns, 2023 (Guidelines) to prevent and regulate ‘dark patterns’ deployed by online platforms, advertisers and sellers. The regulatory framework introduced by the Guidelines is expected to reinforce an increased sense of accountability among market participants, specifically sellers and advertisers, thereby reshaping the landscape of consumer commerce, specifically in the digital space.

In a new development in the long-standing tussle between the Tamil Nadu government and online gaming operators regarding prohibition of all forms of online games in the State, the Madras High Court (Madras HC) vide its unreported order dated 9 November 2023 (Order) in All India Gaming Federation and Others v State of Tamil Nadu and Others upheld the constitutional validity of the Tamil Nadu Prohibition of Online Gambling and Regulation of Online Games Act, 2022 (Act) and clarified its application to games predominantly involvi

The Reserve Bank of India has published the Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (Master Directions), on 19 October 2023. The Master Directions bring about long-awaited harmonisation of the erstwhile regulatory regime with Scale Based Regulation Framework for NBFCs, published by the RBI on 22 October 2021 and made effective from 1 October 2022.

Over the past few days, the Office of the Registrar of Companies, Central Scrutiny Centre has been issuing email advisories for compliance of provisions of significant beneficial ownership (SBO) provisions of the Companies Act, 2013 (Companies Act), essentially, Section 90 of the Companies Act and the Companies (Significant Beneficial Owners) Rules, 2018 (SBO Rules).

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.