Home 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

Home 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

Home 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

Home 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

Home 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

Home 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

Home 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

Home 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

Home 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

Home 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