Corporate and Commercial

Last few years have seen a shift in regulatory ideology in the education sector from protectionism to internationalisation. With a view to promoting India as an attractive destination for foreign universities and as a global study destination providing premium education, the National Education Policy, 2020 envisaged laying down a legislative framework to facilitate the entry of top foreign universities and higher educational institutions (Foreign HEI) into the country.

The Ministry of Corporate Affairs (MCA), by a notification dated 27 October 2023 (Amendment), has amended the Companies (Management and Administration) Rules, 2014 (MGT Rules), to insert a requirement for every company to designate a person from within the company to provide information to the Registrar of Companies (ROC) in relation to compliance with provisions concerning ‘beneficial interest’, which in the larger picture forms part of the significant beneficial ownership (SBO) regime in India.

The notification dated 27 October 2023 by the Ministry of Corporate Affairs (MCA) (Amendment), amends Rule 9 of the Companies (Prospectus and Allotment of Securities) Rules, 2023 (PAS Rules) introduces sun-set provisions in respect of the bearer share warrants issued under the erstwhile Indian Companies Act, 1913 or Companies Act, 1956.

The Insolvency and Bankruptcy Board of India (IBBI) on 1 November 2023 released a discussion paper inviting comments on certain proposed changes to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) (Discussion Paper). A summary of the key changes proposed to the CIRP Regulations is as follows

Recently, by way of a notification dated 27 October 2023 (Amendment), the Ministry of Corporate Affairs (MCA) amended the Companies (Prospectus and Allotment of Securities) Rules, 2014 (PAS Rules), inserting a new rule , to require every private company (other than small company and government company) (Private Company) to dematerialise all its securities, issue securities only in dematerialised form and permit transactions in securities only in a dematerialised form. Until now, only public companies were required to do this.

In a significant move towards bolstering investor protection, the Securities and Exchange Board of India (SEBI) has issued a circular on 20 September 2023 (Circular) for redressal of investor grievances through SEBI’s Complaint Redressal Platform (SCORES) and its Online Dispute Resolution Platform (ODR). The Circular will be effective from 4 December 2023.

The Prime Minister's Science, Technology, and Innovation Advisory Council (PM-STIAC), at its 21st meeting dated 7 July 2022, had recommended the creation of a national consortium and a working group to propose a comprehensive policy framework to address the needs of, and strengthen, the Indian deep tech startup ecosystem.