04 - Legal & Regulation Updates - India

Compliance Watcher

SEBI - 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 (SEBI), 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').

Import policy of Unmanned Aircraft System (UAS)/Unmanned Aerial Vehicle (UAVs)/Remotely Piloted Aircraft (RPAs)/drones

The Ministry of Commerce and Industry, through a notification dated July 27, 2016 has made Import policy of Unmanned Aircraft System (UAS)/Unmanned Aerial Vehicle (UAVs)/Remotely Piloted Aircraft (RPAs)/drones.

Lok Sabha passes the Factories (Amendment) Bill, 2016

The Factories (Amendment) Bill, 2016 has been passed by the Lok Sabha. The Bill amends provisions related to overtime hours of work.

Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016

The Ministry of Law and Justice, through a notification in August 16, 2016 has brought into efftct the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 amending  four laws:

• Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI),
• Recovery of Debts due to Banks and Financial Institutions Act, 1993 (RDDBFI),
• Indian Stamp Act, 1899 and
• Depositories Act, 1996

The Maternity Benefit (Amendment) Bill, 2016

The Maternity Benefit (Amendment) Bill, 2016 has been passed in the Lok Sabha and Rajya Sabha. The Bill amends the Maternity Benefit Act, 1961 in relation to the duration and applicability of maternity leave, and other facilities.

IRDA – Discussion Paper on “Listing of Indian Insurance Companies”

The Insurance Regulatory and Development Authority of India (IRDA) vide a draft dated August 11, 2016 has directed Indian insurance companies having completed 8 years of operations in case of general/re-insurance and 10 years of operations in case of life insurance, to go for public listing.

CBDT- Income Declaration Scheme (Second Amendment) Rules, 2016

The Central Board of Direct Taxes (CBDT) vide notification dated August 12, 2016 has further amended Income Declaration Scheme Rules, 2016. Vide this amendment –

Special Advance Authorization Scheme for export of Articles of Apparel and Clothing Accessories

Ministry of Commerce & Industry vide this notification has issued Special Advance Authorization Scheme for export of Articles of Apparel and Clothing Accessories through which duty free import of fabric shall be allowed subject to the terms & conditions.

Copyright (Amendment) Rules, 2016

Department of Industrial Policy and Promotion vide this notification has further amended the Copyright Rules, 2013.

In rule 70 –In sub-rule (6) for the words, “in relation to any goods”, the words “in relation to any goods or services”, shall be substituted.

MCA - Companies (Share Capital and Debentures) Fourth Amendment Rules, 2016

The Ministry of Corporate Affairs (“MCA”) has through a Notification dated August 12, 2016 has amended the Companies (Share Capital and Debentures) Rules, 2014.

Guidelines related to Food Import Clearance Process by FSSAI’s Authorised Officers

The Food Safety and Standards Authority of India, through a notification in August 5, 2016 has clarified that for labelling requirement of primary food like food grains, pulses, fruits, dry fruits, whole spices, etc., that are imported in package, the name and address of the importer can be verified from accompanying documents of the consignment

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