As the global business landscape evolves with rapid developments and innovations, the regulatory environment has similarly expanded with a growing number of legal updates and compliance regulations by industries. This trend impacts all industries, but it presents unique challenges for multinational corporations (MNCs). In the past three years alone, 1,330 foreign companies and subsidiaries of […] The post Ensuring Regulatory Compliance in MNCs: Key Challenges and Tech-Driven Solutions appeared first on Aparajitha ..read more

What is Compliance and Why is it Important? Compliance refers to the process of ensuring that an organization follows all government rules, laws, and legislations applicable to its operations. In today’s challenging business landscape, adhering to regulatory compliance is the first step for successful operations. However, the ever-changing regulations and the intricacies of ensuring compliance […] The post What is a Compliance Management System? – A Quick Guide by Aparajitha appeared first on Aparajitha ..read more

In 2022, the Reserve Bank of India (RBI) issued a guideline “Compliance Function and Role of Chief Compliance Officer (CCO) – NBFCs” outlining the Compliance Function and Role of the Chief Compliance Officer (CCO) for NBFCs. This guideline mandates NBFC-ML(Middle Layer) and NBFC-UL (Upper Layer) to establish an independent framework for compliance policies and functions, including the appointment of a CCO. The specific requirements for this framework are tailored to NBFC’s unique characteristics, considering factors such as its corporate governance structure, operational scale, risk profile, a ..read more

INTRODUCTION A non-banking financial company (NBFC) is a company registered under the Companies Act 2013, and its operations are regulated by the Reserve Bank of India (RBI) under the framework of Chapter III -B (Provisions Relating to Non-Banking Institutions Receiving Deposits and Financial Institutions). Although Chapter III exclusively dealt with NBFCs, the word NBFC was not defined until The RBI (Amendment) Act, 1997, by inserting clause (f) under Section 45-I, which defined Non-Banking Financial Company as – “a financial institution which is a company a non-banking institution which is ..read more

Starting and operating a business involves adhering to several regulations and obtaining different licenses. The first step to legally starting any business, regardless of size, is obtaining the applicable licenses. The type of licenses required to be obtained varies on various factors such as location, type of business, number of persons employed etc., however a trade license is one of the most common licenses to be applied for. This comprehensive guide will walk you through the process of applying for a trade license, including eligibility requirements, the renewal process, types of licenses ..read more

To have enhanced compliances towards regulatory frameworks, the Reserve Bank of India (RBI) mandated Banks to adopt and follow certain guidelines for performing and keeping track of such compliance functions in banks and thereby, directing the appointment of Chief Compliance Officer (CCO) to ensure uniformity in compliance and risk management culture throughout the bank. The guidelines supporting the compliance framework in banks and the role of CCO were issued on September 11, 2020 (2020 Guideline), supplementing their earlier guidelines on Compliance function in banks issued in 2007 and 2015 ..read more

Introduction In recent months, the Ministry of Corporate Affairs (MCA) has issued a series of advisories to businesses across the country, underscoring the critical importance of adhering to the provisions of Section 90 of the Companies Act, 2013 (Act), along with those outlined in the Companies (Significant Beneficial Owners) Rules, 2018 (SBO Rules). These advisories focus specifically on the compliance requirements related to Significant Beneficial Ownership. The concept of Significant Beneficial Ownership aims to ensure transparency in the ownership of corporate entities. This legal framewo ..read more

And we add another article to the plethora of articles and news on fire instances and safety regulations thereof. The recent incident of fire in Rajkot Gaming Centre and the pediatric hospital in East Delhi, resulting in casualties, has made the netizens frantic about the fire safety regulations. A total of approximately 40 casualties have been reported so far from both the incidents. However, one needs to understand that this is not the first or the last instance to be reported. The reasons for the fire in Rajkot varies from poor construction material, welding work being carried on next to th ..read more

The Government of Puducherry has taken proactive measures to address the challenges posed by extremely hot weather and heat waves anticipated during this summer season. They have mandated steps for managing and mitigating the adverse effects of these climatic conditions. This directive applies to all occupiers, employers, construction companies, and industries, emphasizing the provision of essential amenities to workers during this period of extreme hot weather and heat waves. Is Staying Hydrated with Water and ORS Costing a Fortune? Puducherry government has mandated that employers will have ..read more

The EPF(Employees Provident Fund) scheme is a welfare scheme that came into force to secure the future of employees. Under the Employees’ Provident Fund Scheme (EPF Scheme), employers and employees mandatorily contribute towards the Provident Fund Account (PF account). The amount credited is available to the employee at the time of retirement or exit from employment. However, advance withdrawal can be made from the PF account under certain circumstances, such as illness, housing, education, or marriage. The number of advance withdrawal requests surged during the COVID-19 outbreak, placing a si ..read more