Banking and Finance

The Insolvency and Bankruptcy Code, 2016 (Code) is an ever evolving legislation which is aligned with the economic needs of the country. While frequent revisions have been carried out in the Code and Insolvency and Bankruptcy Board of India (Insolvency Resolution for Corporate Persons) Regulations, 2016 to bring forth onus and responsibility in the roles of the resolution professional and allied professional, the role of the creditors comprising the committee of creditors (CoC) has long remained vague and undefined.

Over the years, SEBI, the financial market regulator, has introduced numerous changes and reforms aimed at enhancing the user-friendliness and efficiency of financial market transactions. These innovations include digital payment systems like the Unified Payments Interface, the SCORES platform for addressing public grievances, and KYC registration agencies, among others.

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.

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

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.