03 - Legal & Regulation Updates - India
Allowing authorized employees of IT/ITeS units in SEZ to work from home or place outside SEZ units
Ministry of Commerce & Industry vide notification dated August 2,
2016 has issued general conditions for employees of IT/ITeS units to work from
home which are provided.
Transgender Persons (Protection of Rights) Act, 2016
The Lok Sabha, through a
notification dated August 2, 2016 has introduced the Transgender Persons
(Protection of Rights) Act, 2016. The Bill introduces various aspects which
comprise of Prohibition of certain acts against Transgender for Discrimination
namely, unfair treatment, denial, termination, in relation to or from
employment or occupation. The bill also has introduced a Chapter for Obligation
of Establishments and other persons.
IRDA - Insurance Regulatory and Development Authority of India (Listed
Indian Insurance Companies) Guidelines, 2016
The Insurance Regulatory and
Development Authority of India (IRDA) vide circular dated August 5, 2016 has
issued Insurance Regulatory and Development Authority of India (Listed Indian
Insurance Companies) Guidelines, 2016.
Revised Formats for Financial Results and Implementation of Ind AS
by listed entities which have listed their debt securities and/or
non-cumulative redeemable preference shares
The Securities and Exchange Board
of India has via Circular dated August 10, 2016 modified the contents of
previous Circular dated November 27, 2015 which prescribed formats for
publishing financial results for the entities which have listed their debt
securities and/or non-cumulative redeemable preference shares and in
continuation of previous Circular dated July 5, 2016 for manner of
implementation of Companies (Indian Accounting Standards) Rules, 2015 ('Ind-AS
Rules').
Micro, Small and Medium Enterprises Development (Furnishing of
Information) Rules, 2016
The Ministry of Micro, Small and
Medium Enterprises, through a notification dated July 29, 2016 has made Micro,
Small and Medium Enterprises Development (Furnishing of Information) Rules,
2016 which supersedes Micro, Small and Medium Enterprises Development
(Furnishing of Information) Rules, 2009.
SEBI introduces e-payment facility for payment of penalties,
disgorgement amounts, etc.
The Securities and Exchange Board
of India via Press Release dated August 9, 2016 has introduced an option for
e-payment of amounts pertaining to penalties, disgorgement amounts, settlement
amounts, legal charges and recovery amounts.
Insolvency and Bankruptcy Code, 2016
The provisions of the Insolvency
and Bankruptcy Code, 2016 have been notified. Highlights of this code are
pointed out.
IRDA - Clarification on addition of products for sale through
CSC-SPV
The Insurance Regulatory and
Development Authority of India (IRDA) vide circular dated August 9, 2016 has
issued clarifications on CSC-SPV marketing Government sponsored Insurance
Schemes without any sum insured limit.
SEBI - Foreign Investment in Rupee denominated bonds issued
overseas by Indian Corporates
In view of the fact that the
Reserve Bank of India had permitted Indian corporates to issue Rupee
denominated bonds overseas, the Securities and Exchange Board of India has
directed that the INR 244,323 crore Corporate debt limit for Foreign Portfolio
Investors will now be redefined as the Combined Corporate debt limit for all
foreign investments in Rupee denominated bonds issued both onshore and overseas
by Indian corporates.
IRDA - Clarification on addition of products for sale through POS
The Insurance Regulatory and
Development Authority of India (IRDA) vide circular dated August 9, 2016 has
issued clarification on POS marketing Government sponsored Insurance Schemes
without any sum insured limit.
SEBI - Discussion paper on 'Strengthening of the Regulatory
framework for Algorithmic Trading & Co-location
The Securities Exchange Board of
India (“SEBI”) has issued a discussion paper on Algorithmic trading which in
simple words, is a step-by-step instruction for trading actions taken by
computers which enables the traders to automate the process of taking trading
decisions based on the preset rules / strategies, trading systems of the
exchanges.
RBI - Dishonor of cheques – Modification in procedure
The Reserve Bank of India (‘RBI’)
has issued a circular stating that it has been decided to leave it to the
discretion of the banks to determine their response to dishonor of cheques of
the account holders. Banks are advised to put in place an appropriate policy
approved by the Board or its Committee taking into consideration the need to
prevent misuse of the cheque drawing facility and avoid penalising customers
for unintended dishonor of cheques.
IRDA - Insurance Regulatory and Development Authority of India
(Remuneration of Non-executive Directors of Private Sector Insurers)
Guidelines, 2016
The Insurance Regulatory and
Development Authority of India (IRDA) vide circular dated August 5, 2016 has
issued guidelines on Remuneration of Non-executive Directors and Managing
Director /Chief Executive Officer / Whole-time Directors of Insurers.
RBI - Implementation of Indian Accounting Standards (Ind AS)
The Reserve Bank of India (‘RBI’)
has issued a circular advising select All-India Term Lending and Refinancing
Institutions(AIFIs) (Exim Bank, NABARD, NHB and SIDBI), shall follow the Indian
Accounting Standards as notified under the Companies (Indian Accounting
Standards) Rules, 2015, subject to any guideline or direction issued by the
Reserve Bank in this regard.
SEBI – Frequently Asked Questions on SEBI (Delisting of Equity
Shares) Regulations, 2009
The Securities and Exchange Board
of India (“SEBI”), with a view to guide market participants on delisting of
equity shares has issued Frequently Asked Questions (“FAQs”).
The Goa Factories (Thirteenth Amendment) Rules, 2016
Department of labour,
Goa vide this notification has amended the Goa Factories Rules, 1985.https://innovatorsrace50.com/
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