07 - Legal & Regulation Updates - India

IRDAI- Clarifications on Transitory Provisions under section 64 UM(3) read with regulation 27 of The IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015

The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated September 7, 2016 has issued clarification on transitory Provisions under section 64UM(3) read with regulation 27 of The IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015.

SEBI: FAQs on Know Your Client (“KYC”) norms for Offshore Derivative Instruments (“ODI”) subscribers, transferability of ODIs, reporting of suspicious transactions, periodic review of systems and modified ODI reporting format

The Securities and Exchange Board of India (“SEBI”), has issued FAQs on September 01, 2016 and provided clarifications with respect to the circular dated June 10, 2016 issued by it on the above cited subject. The brief points covered by these FAQs are as follows:

MCA notifies certain provisions of Companies Act 2013 relating to Unpaid Dividend Account and IEPF

The Ministry of Corporate Affairs “MCA” , through a Notification dated September 5, 2016 notified the following provisions pertaining to Unpaid Dividend Account and Investor Education and Protection Fund of the Companies Act 2013.

SEBI Restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies Pending Fulfilment of Exit Offers to the Shareholders

The Securities Exchange Board of India “SEBI”, has vide a circular dated September 7, 2016 amplified certain restrictive provisions on Companies, Promoters and Whole Time Directors in addition to those restrictions specified under Regulation 23(3) and 24 of the SEBI (Delisting of Equity Shares) Regulations 2009.

Food Safety and Standards (Packaging and Labelling) Fourth Amendment Regulations, 2016

The Ministry of Health and Family Welfare via notification dated August, 23rd 2016 has issued Food Safety and Standards (Packaging and Labelling) Fourth Amendment Regulations, 2016 to amend the Food Safety and Standards (Packaging and Labelling) Regulations, 2011.

Internet broadcasting/streaming companies fall under the ambit of the Copyright Act, 1957

Department of Industrial Policy and Promotion (‘DIPP’) has clarified that internet broadcasting companies fall within the purview of section 31 D of the Copyright Act 1957. Section 31 D of the 1957 Act requires organizations to have a statutory license for the purpose of broadcasting of literary and musical works.

IRDAI- Amendment in IRDAI’s (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015

The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated September 2, 2016 has issued draft on amendment to Regulation 16(c), 28(2), 28(5) and 28(7) of IRDAI’s (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 dealing with Investment requirements.

RBI - Merchant Discount Rates (MDR) structure – unbundling of charges

The Reserve Bank of India (‘RBI’) through a notification dated September 1, 2016 has advised all banks to keep greater transparency in merchant discount rates (MDR) applicable at merchant level.

Operationalization of Food Safety and Standards (Food Import) Regulations, 2016

The Food Safety and Standards Authority of India has issued a notice dated September, 2 2016 for Operationalization of Food Safety and Standards (Food Import) Regulations, 2016.

RBI - Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016

The Reserve Bank of India (‘RBI’) has issued Master Directions on Non-Banking Financial Company - Account Aggregator. These directions provide a framework for the registration and operation of Account Aggregator in India.

Section 66 of The Motor vehicles Act

The Ministry of road Transport and Highways has issued a order dated August 30, 2016 that Section 66 of the Motor Vehicles act shall not apply to transport vehicle.

Examination for Safety and Efficacy of Fixed Dose Combinations (FDCs)

The Directorate General of Health Services Office of Drugs Controller General has issued a notice dated September 1, 2016 for Examination for Safety and Efficacy of Fixed Dose Combinations (FDCs) licensed for manufacture for sale in the country without due approval from office of DCG (I).

RBI - Master Direction - Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016

The Reserve Bank of India (‘RBI’) has issued Master Directions on Non-Systemically Important Non-Deposit taking Company (NBFC-ND) applicable to every Non Banking Financial Company’s (NBFC’s).

RBI - Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016

The Reserve Bank of India (‘RBI’) has issued Master Directions on Systemically Important Non-Deposit taking Non-Banking Financial Company (NBFCND-SI) and Deposit taking Non-Banking Financial Company (NBFC-D) applicable to the following.

Gujarat VAT- Single common log in id for tax payers under various Acts in state of Gujarat

Finance department, Gujarat vide this notification has availed the facility of single common log in id under Gujarat Value Added Tax Act, 2003, The Central Sales Tax Act, 1969, the Tax on Entry of Specified Goods into Local Area Act, 2001, Profession Tax Act, 1976, Entertainment Tax Act, 1977 & the Luxury Tax Act, 1977 from September 1, 2016 in the state.
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