On 10 January 2019 the Securities and Exchange Board of India (SEBI) had prescribed the framework for cyber security and cyber resilience for mutual funds / asset management companies vide Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/12.
The Ministry of Information and Broadcasting (MIB) issued an advisory on 13 June 2022 to print media, private satellite television channels, and digital media to refrain from advertising online betting platforms / websites (Advisory).
On 26 April 2021, the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 (PM Regulations) were revised to introduce a prior approval requirement in case of change in control of portfolio managers (PM) registered with Securities and Exchange Board of India (SEBI).
The role of an independent director (ID), amongst others, is to uphold ethical standards of integrity and probity, act objectively while exercising his / her fiduciary duties, and exercise responsibilities in a bona fide manner in the interests of the company. Under the Companies Act, 2013 (Act), IDs are required to possess appropriate skills, experience, and knowledge in one or more fields of finance, law, management, corporate governance, or other disciplines related to the company’s business.
In April 2020, the Government of India for curbing opportunistic takeovers / acquisitions of Indian companies due to the COVID-19 pandemic reviewed the Indian foreign direct investment (FDI) policy and issued Press Note No. 3 (2020 Series) (PN3) amending FDI policy as contained in Consolidated FDI Policy, 2017.
In furtherance of the Press Note No. 3 (2020 Series) (PN3) which announced a critical change to the Consolidated Foreign Direct Investment Policy to curb opportunistic takeover of stressed and strategic assets, or Indian entities in light of the impact of COVID 19 pandemic, on 1 June 2022, the Ministry of Corporate Affairs (MCA) has notified amendments to the Companies (Appointment and Qualification of Directors) Rules, 2014 (Rules), by way of the Companies (Appointment and Qualification of Directors) Amendment Rules, 2022 (2022 Amendment).
In an endeavour to promote India as a filming destination and increase investments from foreign filmmakers in India, the Ministry of Information and Broadcasting (MIB) on 18 May 2022 announced two new schemes aimed at incentivising foreign films and foreign co-productions, respectively.
The Central government has amended the rules associated with share transfer forms as required to transfer shares of companies under the Companies Act 2013. Based on the amendment, the buyer is required to confirm in the form of a declaration in the share transfer form, that no approval is required under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (the “NDI Rules”), or where such approval is required under the NDI Rules, it has been obtained.
