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Fox Mandal is one of the oldest corporate law firms in India. A full service law firm practices all facets of law and advises Fortune 500 companies
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Onboarding of Remote Trading Participants by IFSC Stock Exchanges
April 17, 2024
Sanjana Sreenath
On April 3, 2024, the International Financial Services Centre Authority (“IFSCA”) issued a Circular on Remote Trading Participants (IFSCA/CMD-MIIT/RTP/2023-24/001) (“Circular”).[1] Through this, foreign entities, not having a physical presence in the International Financial Service Centres (“IFSCs”), are permitted to directly trade on IFSC stock exchanges without a broker-dealer. These entities are called Remote Trading Participants (“RTPs”). This article will break d ..read more
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Enhancing Trust: Governance Framework for Insurers
April 5, 2024
Rohan Singh
Siddhi Kasekar
Recently, the Insurance Regulatory and Development Authority of India (“IRDAI”) approved eight principle-based consolidated regulations after conducting a comprehensive review of the regulatory framework for the insurance sector during its 125th authority meeting held on March 19, 2024. Among these regulations is the IRDAI (Corporate Governance for Insurers) Regulations, 2024 (“Regulations”), aimed at establishing a robust governance framework for insurers by defining the r ..read more
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SEBI’s 204th Board Meeting: A Look at Key Decisions
April 4, 2024
Rohan Singh
Siddhi Kasekar
The Securities and Exchange Board of India (“SEBI”) convened its 204th Board Meeting in Mumbai on March 15, 2024.[1] During this session, several significant decisions were taken to enhance the regulatory framework governing the Indian securities market. This article provides an overview of the key approvals granted by SEBI in the said Board Meeting.
Expediting timelines: Launch of beta version of T+0 settlement cycle approved
SEBI has approved the launch of the bet ..read more
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Property Tax: BBMP’s Guidance Value-Based System
20 March, 2024
Smitha Pavan
Prateek Panday
On March 6, 2024, the Bruhat Bengaluru Mahanagara Palike (Amendment) Act, 2024 (“Amendment Act”) received the assent of the Governor, was first published in the Karnataka Gazette Extra-ordinary on March 7, 2024, and accordingly, the Amendment Act has come into force at once from the date of publication.
The Amendment Act, inter alia other amendments to the Bruhat Bengaluru Mahanagara Palike Act, 2020 (“2020 Act”), lays emphasis on collection of property tax ..read more
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Determination of Monetary Penalty: Decoding CCI's Guidelines
March 13, 2024
Orijit Chatterjee
On March 6, 2024, the Competition Commission of India (CCI) came out with important notifications pertaining to the imposition of penalties on enterprises and individuals for contravening provisions of the Competition Act, 2002. While the CCI (Determination of Turnover or Income) Regulations, 2024, provide for the determination of turnover or income of enterprises and individuals for imposing penalty under Sections 27 and 48, the CCI (Determination of Monetary Penalty) Gu ..read more
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Under-testing AI Models: MeitY's Advisory to Tackle Potential Risks
March 7, 2024
Gaurav Sahay
The Ministry of Electronics and Information Technology (MeitY) released an advisory on March 1, 2024, specifying that permission from the government has to be obtained before the under-testing or unreliable artificial intelligence (AI) models are made available to users on the Indian internet.
A few days ago, in response to a user’s prompt as to whether the Indian Prime Minister was fascist, Google’s AI platform, Gemini responded that he has been “accused of implemen ..read more
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CIRP Amendments: Positive Stride Towards Enhancing Framework
March 6, 2024
Jayaprakash Padmanaban
Lakshmi Kandasubramanian
Theyagarajan B
The Insolvency and Bankruptcy Board of India (IBBI), vide notifications dated February 12, 2024, and February 15, 2024, amended the IBBI (Liquidation Process) Regulations, 2016,[1] and the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016,[2] respectively, in order to streamline and optimise the insolvency resolution process.
The key amendments brought in, and their potential implications are as fo ..read more
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Governance, Risk & Compliance: Future Trends & Strategies
March 1, 2024
Jeevanandham Rajagopal
Jinal Jain
As we all know, governance, risk, and compliance (GRC) are the three core elements in the corporate world referring to an organization’s strategy for handling the interdependencies among corporate governance policies and framework, risk management and mitigation approach along with regulatory and compliance requirements of companies. The objective of this article is to understand the future of corporate governance with compliance and risk management me ..read more
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FDI Policy Amendment: Space Sector to get Strong Influx of Capital
February 29, 2023
Gaurav Sahay
In a historic move, the Union Cabinet has approved an amendment in the Foreign Direct Investment (FDI) policy, liberalizing the entry routes for FDI in the space sector. Stakeholder consultations in this regard were earlier held by the Department of Space. Whether government approval is required for investing depends on the thresholds prescribed under the amended FDI policy.
Prior to the amendment, FDI was permitted[1] in the establishment and operation of satelli ..read more
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Compulsory Gratuity Insurance: Karnataka Govt Notifies Rules
February 28, 2024
Divya Jude
The State Government notified the Karnataka Compulsory Gratuity Insurance Rules, 2024, on January 10, 2024. Pursuant to such notification, every new employer (other than an employer or establishment under the control of the Central Government or a State Government or exempted by the appropriate Government) shall, within a period of thirty days from the date on which the rules become applicable to the establishment, obtain a valid insurance policy for his liability for payment ..read more