14 - Legal & Regulation Updates - India

SEBI: System-driven Disclosures in Securities Market
The Securities and Exchange Board of India (“SEBI”) via Circular dated December 21, 2016 has issued System-driven Disclosures in Securities Market. This Circular has been issued in furtherance of SEBI Circular dated December 01, 2015, which had introduced the System-driven Disclosures to be implemented with effect from January 01, 2016.
SEBI: Amendment to the Securities and Exchange Board of India (Investment Advisors) Regulations, 2013
The Securities and Exchange Board of India (“SEBI”) via Notification dated December 8, 2016 titled Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) Amendment Regulations, 2016 has made amendments to the Securities and Exchange Board of India (Investment Advisors) Regulations, 2013.
MCA: Central Government delegates powers and functions to the Regional Directors
The Ministry of Corporate Affairs (“MCA”) has an issued a Notification dated December 19, 2016 pertaining to delegation of the powers and functions of Central Government to the Regional Directors at Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad and Shillong subject to revocation of such powers by Central Government, in public interest.
MCA: Chapter XVIII of Companies Act 2013- Section 248 to Section 252 and Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 notified
The Ministry of Corporate Affairs (“MCA”) via Notification dated December 26, 2016 has notified Chapter XVIII of Companies Act 2013- Section 248 to Section 252.The Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 (“Rules”) shall also come into force from December 26, 2016 i.e. the date of publication in the Official Gazette.
IRDA - Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) (First Amendment) Regulations, 2016
The Insurance Regulatory and Development Authority of India (IRDA) has issued First Amendment to Insurance Regulatory and Development Authority of India (Issuance of e-insurance policies) Regulations, 2016. It amends the definition of “e-proposal” or “electronic-proposal” to include proposal from an insurance policy filed in electronic form by the prospect with his electronic signature “or be validated by One Time Password.” Further, in Regulation 3(v) i.e. when a prospect furnishes e-proposal form it shall carry its electronic signature, it adds “or be validated by One Time Password.”
PIB – Cabinet approves the National Apprenticeship Promotion Scheme
The Union cabinet through a press release has approved National Apprenticeship Promotion Scheme. The scheme has an outlay of Rs. 10,000 crores with a target of 50 lakh apprentices to be trained by 2019-20. The Scheme would be implemented by Director General of Training (DGT) under Ministry of Skill Development and Entrepreneurship (MSDE). It provides for incentivizing employers to engage apprentices. 25% of the total stipend payable to an apprentice would be shared with employers directly by Government of India. It also supports basic training, which is an essential component of apprenticeship training. 50% of the total expenditure incurred on providing basic training would be supported by Government of India.
Employees Provident Fund- Online filing of Returns by Exempted/Relaxed Establishments
The Employees Provident Fund organization has issued circular dated December 22, 2016 regarding online filing of returns by Exempted/Relaxed establishments.
Aircraft (Fifth Amendment) Rules, 2016
The Ministry of Civil Aviation, through a notification dated December 15, 2016 has made amendments to Aircraft Rules, 1937. The notification has made amendments to Rule 82 by adding intervals to the reasonable time under the clause and amended the purpose to surveillance to ensure safety and order at the aerodrome. Further, Rule 83 has been amended by inserting another clause which provides that the Director General can impose operating restriction on the license in case there is a non-compliance with the conditions mentioned in Rule 83.
CDSCO- Online licensing system
The Directorate General of Health Services Office of Drugs Controller General has issued a Notice dated December 26, 2016 regarding the online licensing system. CDSCO has initiated the online licensing system to bring transparency, accountability and efficiency in the drug regulatory system. Timelines have been stated under the Drugs & Cosmetics Act, 1940 and Rules, 1945 , for disposal of different work schedules at CDSCO, a copy of which is at Annexure I.
IBBI: Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
The Insolvency and Bankruptcy Board of India (“IBBI”) via Notification dated December 15, 2016 has issued the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (“Regulations”) to provide a framework for the process of liquidation which shall apply to the liquidation process under Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016.
SEBI: Master Circular for Depositories
The Securities Exchange Board of India (“SEBI”), has issued a Master Circular dated December 15, 2016, for Depositories. This Master Circular is a compilation of all circulars/communications issued by SEBI on Depositories, which are in operation as on date i.e. December 16, 2016. This Master Circular shall supersede previous Master Circular dated May 07, 2015.
SEBI: Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) Amendment Regulations, 2016
The Securities and Exchange Board of India “(SEBI)” via Notification dated December 8, 2016 has introduced the SEBI (Change in conditions of registration of certain Intermediaries) Amendment Regulations, 2016, thereby amending the following Regulations:
MCA: Unresolved complaints concerning name reservation or Company incorporation
The Ministry of Corporate Affairs (“MCA”) has issued a Notice to inform the stakeholders that in case of concerns with respect to unresolved service complaints pertaining to name reservation or Company incorporation, the concern can now be escalated, by sending an email to CRC.Escalation@mca.gov.in
MCA notifies Companies (Compromises, Arrangement and Amalgamations) Rules, 2016
The Ministry of Corporate Affairs “(MCA)”, via Notification dated December 14, 2016 has notified the ‘Companies (Compromises, Arrangement and Amalgamations) Rules, 2016 “(Rules)” which shall come into force with effect from December 15, 2016.
SEBI: Amendment to the Securities and Exchange Board of India (Investment Advisors) Regulations, 2013
The Securities and Exchange Board of India (“SEBI”) via Notification dated December 8, 2016 titled Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) Amendment Regulations, 2016 has made amendments to the Securities and Exchange Board of India (Investment Advisors) Regulations, 2013.
SEBI: Master Circular for Stock Exchange and Clearing Corporation
The Securities Exchange Board of India (“SEBI”) has issued a Master Circular dated December 16, 2016, for Stock Exchange and Clearing Corporation. The purpose of the Master Circular is to users to have an access to all the applicable circulars/communications at one place. It is also a compilation of all circulars/communications issued by SEBI on Stock Exchange and Clearing Corporation, which are in operation as on date i.e. December 16, 2016. This Master Circular shall supersede the previous Master Circular dated May 26, 2015.
MCA: notifies National Company Law Tribunal (Procedure for Reduction of Share capital of Company) Rules, 2016
The Ministry of Corporate Affair “(MCA)” via Notification dated December 15, 2016 has notified the National Company Law Tribunal (Procedure for Reduction of Share capital of Company) Rules, 2016 “(Rules)” which shall come into force with effect from December 15, 2016 i.e. the date of publication in the Official Gazette.
MCA: E-Forms INC-2 and INC-7 likely to be withdrawn
The Ministry of Corporate Affairs “(MCA)” vide its Notice dated December 19, 2016 has drawn attention to the fact that E-Forms INC-2 and INC-7 are likely to be withdrawn from the MCA portal shortly.
Taxation Laws (Second Amendment) Act, 2016
Government of India with assent received from Hon’ble President of India has notified The Taxation Laws (Second Amendment) Act, 2016 with effect from December 15, 2016. The Act amends Section 115BBEE of the Income tax Act, Section 2 of the Finance Act, and introduces a new Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. The Act seeks to amend the tax charged on and penalty that is levied on undisclosed income.
Introduction of Pradhan Mantri Garib Kalyan Yojna for declaration of undisclosed income
The Ministry of Finance vide notification dated December 16,2016 has introduced Pradhan Mantri Garib Kalyan Yojana (‘PMGKY’) consisting of Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 and Pradhan Mantri Garib Kalyan Yojana Rules, 2016. The Scheme provides for deposits that shall be made by any person who intends to declare undisclosed income under section 199C (1) of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. The scheme shall come into force from December 17, 2016 and shall be valid till March 31, 2017. Upon making a declaration under this scheme, a 50% charge shall be levied on all cash deposits made under Section 199C (1) in addition to which 25% of the amount which is declared will go in non-interest bearing PMGKY for four years. The deposits mad under PMGKY shall not bear any interest.
Rajya Sabha passes Rights of Persons with Disabilities Bill, 2014
The Rajya Sabha, on December 14, 2016 has passed the Rights of Persons with Disabilities Bill, 2014 which repeals Persons with Disabilities (Equal Opportunity Protection of Rights and Full Participation) Act of 1995. The bill covers problems from physical disabilities to mental illness and multiple disabilities under it. It complies with the UN Convention on Rights of Persons with Disabilities, to which India became a signatory in 2007.
The Wetlands (Conservation and Management) Amendment Rules, 2016
The Ministry of Environment, Forest and Climate Change, on December 14, 2016, has issued the Wetlands (Conservation and management) Amendment Rules, 2016 amending the Wetlands (Conservation and management) Rules, 2010.
Draft- The Payment of Wages (Amendment) Act, 2016
The bill was presented in Lok Sabha on December 15, 2016 to further amend the Payment of Wages Act, 1936. This bill proposes change in Section 6 and the employer will have to pay the wages current coin or currency notes or by cheque or by crediting the wages in the bank account of the employee.
ESIC introduces of a new Scheme to promote Registration of Employers/Employees
The Employees State Insurance Corporation has issued a press release dated December, 15th 2016 in relation to the new Scheme to promote Registration of Employers/Employees.
PESO- Launching of e-filing of applications and e-payment gateway facilities
The Ministry of Commerce & Industry, Petroleum and Explosives Safety Organization has issued a letter dated November 30, 2016 in relation to the Launching of e-filing of applications and e-payment gateway facilities under Explosives Rules, 2008 and Ammonium Nitrate Rules, 2012.
SEBI: Streamlining the process for acquisition of shares pursuant to Tender-offers made for takeovers, buy-back and delisting of securities
The Securities and Exchange Board of India (“SEBI”) has issued a Circular dated December 09, 2016 to revise the mechanism for acquisition of shares pursuant to Tender-offers for the purpose of takeovers, buy back and delisting of securities thereby affecting the SEBI (Buy Back of Securities) Regulations, 1998, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Delisting of Equity Shares) Regulations, 2009. This Circular is in furtherance of a previous Circular dated April 13, 2015.
MCA: Clarification regarding rules for transfer of shares to Investor Education and Protection Fund (“IEPF”) Authority
The Ministry of Corporate Affairs (“MCA”) via Circular dated December 7, 2016 has issued clarification regarding transfer of shares under Investor Education Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”).
MCA notifies certain Sections of Companies Act, 2013 effective from December 15, 2016.
The Ministry of Corporate Affairs (“MCA”), vide its Notification dated December 7, 2016 has notified the following Sections of the Companies Act, 2013(“the Act”), which shall come into force from December 15, 2016
MCA: notifies Chapter III of the Insolvency and Bankruptcy Code, 2016
The Ministry of Corporate Affairs (“MCA”), vide its Notification dated December 9, 2016 has notified Chapter III (Sections 33 to 54) of The Insolvency and Bankruptcy Code, 2016 (the “Code”), which shall come into force from December 15, 2016.
MCA: Companies (Transfer of Pending Proceedings) Rules, 2016
The Ministry of Corporate Affairs (“MCA”) via Notification dated December 07, 2016 has issued Companies (Transfer of Pending Proceedings) Rules, 2016.
NCLT waives minimum shareholding requirement for filing mismanagement petition against public religious & charitable trust
The Chennai bench of National Company Law Tribunal in its judgment dated November 18, 2016 has waived the minimum shareholding requirement for filing a petition of oppression and mismanagement under Section 241 of the Companies Act 2013 (hereinafter referred to as the “Act”). Under Section 244(b) of the 2013 act, not less than 1/5th of the total members are required to file a petition under Section 241.
Approval by cabinet for replacement of ‘Major Port Trusts Act, 1963’ with ‘the Major Port Trust Authorities Bill, 2016’
Press Information Bureau vide press release dated December 14,2016 has announced that the Union Cabinet has approved the proposal of Ministry of Shipping to replace the Major Port Trusts Act, 1963 with the Major Port Authorities Bill, 2016. The draft bill will now be placed before the parliament for legislative clearance.
Draft- The Food Safety and Standards (Contaminants, toxins and Residues) ….Amendment Regulations, 2016
The Food Safety and Standards Authority of India through a notification dated December, 02 2016 has invited objections or suggestions on the draft The Food Safety and Standards (Contaminants, toxins and Residues) …. Amendment Regulations, 2016.
Food Safety and Standards (Food Products Standards and Food Additives) Thirteenth Amendment Regulations, 2016
The Food Safety and Standards Authority of India through a Notification dated December, 2 2016 has issued Food Safety and Standards (Food Products Standards and Food Additives) Thirteenth Amendment Regulations, 2016 amending the Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011.
The Payment of Bonus (Amendment) Rules, 2016
The Ministry of Labour and Employment, through a notification dated December 6, 2016 has amended the Payment of Bonus Rules, 1975.
The Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Amendment) Rules, 2016
The Ministry of Mines, through a notification dated December 8, 2016 has amended the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Amendment) Rules, 2016.
FSSAI-Restricting the use of newspaper as food packaging material
The Food Safety and Standards Authority of India have issued a notification dated December 6, 2016 in relation to the restriction on the use of newspaper as food packaging material.
SEBI - Review of guidelines for Co-location / proximity hosting facility offered by stock exchanges
The Securities and Exchange Board of India (“SEBI”) has issued a Circular dated December 01, 2016 in furtherance of previous Circular dated May 13, 2015, reviewing the guidelines of Co-location/proximity hosting facilities provided by stock exchanges in consultation with Technical Advisory Committee (“TAC”)
SEBI - (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2016
The Securities and Exchange Board of India (“SEBI”) has issued a Notification dated November 29, 2016 amending the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
SEBI - Real Estate Investment Trusts (Amendment) Regulations, 2016
The Securities and Exchange Board of India (“SEBI”) has issued a Notification dated November 30, 2016 amending the SEBI (Real Estate Investment Trusts) (“REIT”) Regulations, 2014. This Notification has amended various provisions of the previous circulars and introduced the following changes:
SEBI: Infrastructure Investment Trusts (Amendment) Regulations, 2016
The Securities and Exchange Board of India (“SEBI”) has issued a Notification dated November 30, 2016 amending the Securities and Exchange Board of India (Infrastructure Investment Trusts) (“InvIT”) Regulations, 2014.
National Company Law Tribunal to be the ‘Adjudicating Authority’ under Insolvency and Bankruptcy Code, 2016
The Ministry of Corporate Affairs (“MCA”) via Notification dated November 30, 2016 has designated benches of the National Company Law Tribunal which are constituted vide notification number S.O. 1935 (E) dated the June 01, 2016 to exercise the jurisdiction, powers and authority of the Adjudicating Authority with regard to the Insolvency and Bankruptcy Code, 2016.
MCA notifies certain Sections of Insolvency and Bankruptcy Code, 2016
The Ministry of Corporate Affairs (“MCA”), vide its Notification dated November 30, 2016 has notified the following sections of the Insolvency and Bankruptcy Code, 2016 (“Code”):
Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act.
The Ministry of Corporate Affairs (MCA) via Circular dated December 05, 2016 has issued a clarification regarding filing of Offline Challans with IEPF Authority under the Companies Act, 2013 in accordance with Investor Education & Protection Fund (Accounting, Audit, Transfer, and Refund) Rules, 2016.
Supreme Court holds the appointment of directors on the Board of Target Company by Person Acting in Concert, during the Offer Period as invalid
The Supreme Court of India, held that appointment of directors by a person acting in concert during the offer period under the (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (the “SAST Regulations”) is invalid.
NCLT allows compounding of offence in case of non-disclosure of interest by Director
The National Company Law Tribunal (“NCLT”), Bangalore Bench, in the matter of Personal Performance Consultants India (P.) Ltd., has allowed compounding with respect to offences of non-disclosure committed by Directors under Section 299(3) of the Companies Act, 1956.
CBDT - Income Tax (34th Amendment) Rules, 2016
he Central Board of Direct Taxes (CBDT) has issued a notification amending the Income Tax rules. Vide this amendment, In the Income-tax Rules, 1962, in rule 8AA, new sub-rule (3) shall be inserted.
Clarification on requirement of board resolution in obtaining Licenses under Food Safety and Standards Act, 2006
The Food Safety and Standards Authority of India has issued an Order dated November, 29 2016 in relation to the clarification on requirement of board resolution in obtaining Licenses under Food Safety and Standards Act, 2006.
Special Economic Zones (Amendment) Rules, 2016
The Ministry of Commerce and Industry via notification dated November, 21st 2016 has issued the Special Economic Zones (Amendment) Rules, 2016 to amend the Special Economic Zones Rules, 2006.
Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
The Insolvency and Bankruptcy Board of India (“IBBI”) via Notification dated November 23, 2016 has issued the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 to provide a framework for the registration and regulation of Insolvency Professionals (“IP”) to be followed by individuals desirous of being registered as IPs.
SEBI Guidelines for functioning of Stock Exchanges and Clearing Corporations in International Financial Services Centre
The Securities and Exchange Board of India (“SEBI”) via Circular dated November 28, 2016 has decided to put in place the broad framework for functioning of Stock Exchanges “SEs” and Clearing Corporations “CCs” in International Financial Services Centre “IFSC”.
Exposure Drafts of Secretarial Standards on Dividend and Report of The Board of Directors for Public Comments (Last Date for Comments: December 25, 2016)
The Secretarial Standards Board (“SSB”) of the Institute of Company Secretaries of India (“ICSI”) has revised the Secretarial Standard on Dividend and Secretarial Standard on Report of the Board of Directors as per the Companies Act, 2013, Rules made there under and other applicable regulations, and hosted the Exposure Drafts thereon for public comments on ICSI website (http://www.icsi.edu).
Sick Industrial Companies (Special Provisions) Repeal Act, 2003
Ministry of Finance has repealed all the provisions of The Sick Industrial Companies (Special Provisions) Act, 1985. All the provisions of The Sick Industrial Companies (Special Provisions) Act, 1985 shall be repealed with effect from December 1, 2016.
The Draft Integrated Goods and Services Tax Act, 2016
The Integrated Goods and Services Tax Act, 2016 has been introduced in Lok Sabha on November 25, 2016. The Integrated Goods and Services Tax Act, 2016 deals with the interstate trade of Goods and Services.
CBEC- Courier Imports and Exports (Clearance) Amendment Regulations, 2016.
Central Board of Excise and Customs (‘CBEC’) vide notification dated November 29, 2016 has amended the Courier Imports and Exports (Clearance) Regulations, 1998.
IRDAI - Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated November 26, 2016 has extended the grace period for all the Policies issued by life insurers the premium/s of which fell/falls due on or after November 8, 2016 till December 31, 2016 by an additional 30 days.
Food Safety and Standards (Health Supplements, Nutraceuticals, Food for Special Dietary Use, Food for Special Purpose, Functional Food and Novel food) Regulations, 2016
The Food Safety and Standards Authority of India through a Notification dated November, 24 2016 has issued Food Safety and Standards (Health Supplements, Nutraceuticals, Food for Special Dietary Use, Food for Special Purpose, Functional Food and Novel food) Regulations, 2016.
FSSAI-Representation from FBOs seeking permission to use pre-printed packaging material-reg
The Food Safety and Standards Authority of India has issued an Order dated November, 23 2016 in relation to the representation from FBO’s seeking permission to use pre-printed packaging material-reg.
Revision of North East Industrial and Investment Promotion Policy, 2007 for new industrial units
The Ministry of Commerce and Industry has issued a Notification dated November 22, 2016 in relation to the Revision of North East Industrial and Investment Promotion Policy, 2007 for new industrial units.
Meghalaya- Prohibition against employment of children
The Government of Meghalaya Directorate of Information & Public Relations has published a press release dated November 24, 2016 in relation to Prohibition against employment of children.
Public Utility Service –‘Manufacturing of Alumina and Aluminium’ and Mining of Bauxite’
The Ministry of Labour and Employment, Central Government, through a notification dated November 16, 2016, has declared the service in the ‘Manufacturing of Alumina and Aluminium and Mining of Bauxite’ to be a Public Utility Service.
Collection of Statistics from the manufacturers and traders of textile
The Ministry of Textiles has issued a Notification dated November 24, 2016 in relation to the Collection of Statistics from the manufacturers and traders of textile.
Amendment-Environment Impact Assessment Notification 2006
The Ministry of Environment, Forest and Climate Change through a Notification dated November, 23 2016 has amended the Environment Impact Assessment Notification 2006.
The Gas Cylinder Rules, 2016
The Ministry of Commerce and Industry through a Notification dated November, 22 2016 has issued The Gas Cylinder Rules, 2016 in suppression of the Gas Cylinder Rules, 2004.
Discontinuation of the Freight Subsidy Scheme
The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, through a notification dated November 22, 2016 has discontinued the Freight Subsidy Scheme, 2013 with immediate effect. The industrial units registered under the Freight Subsidy Scheme, 2013 prior to the date of issue of the notification alone will be eligible for the benefits of the scheme.
Central Motor Vehicles (Twentieth Amendment) Rules, 2016
The Ministry of Road Transport and Highways, on November 28, 2016, has issued the Central Motor Vehicles (Twentieth Amendment) Rules, 2016 amending the Central Motor Vehicles Rules, 1989.
Central Motor Vehicles (21st Amendment) Rules, 2016
The Ministry of Road Transport and Highways, on November 28, 2016, has issued the Central Motor Vehicles (Twentieth Amendment) Rules, 2016 amending the Central Motor Vehicles Rules, 1989.
Employees State Insurance Corporation- Single challan for Main code and Multiple Sub Code
The Employees State Insurance Corporation has issued a circular dated November, 22nd 2016 in relation to the Single challan for Main code and Multiple Sub Code.
Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
The Ministry of Corporate Affairs (“MCA”) via Notification dated November 21, 2016 has issued the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Regulations) which are required to be complied by Companies which propose to act as insolvency professional agencies. The Regulations specify the manner of publication and amendment of the bye-laws of the agencies and composition of their governing Board.
Insolvency and Bankruptcy Code (“The Code”): Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016.
The Ministry of Corporate Affairs (“MCA”) via Notification dated November 21, 2016 has issued the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016(‘Regulations’) to provide a framework for regulation of insolvency professional agencies to be followed by Section 8 companies under the Companies Act, 2013.
SEBI – Investment/trading in securities by employees of AMC(s) and Trustees of Mutual Funds
The Securities and Exchange Board of India (“SEBI”) has issued a Circular dated November 17, 2016 in furtherance of previous circulars dated May 08, 2001, June 20, 2002, July 11, 2003, December 15, 2009 and May 22, 2014 pertaining to investment/trading in securities by employees of Asset Management Companies (“AMCs”) and Trustees of Mutual Funds Companies (“TCs”) thereby modifying the various existing SEBI circulars applicable to Mutual Funds. This Circular dated November 17, 2016 has amended various provisions of the existing circulars and introduced new changes.
SEBI: Review of requirement for copy of PAN Card to open accounts of Foreign Portfolio Investors (“FPIs”)
The Securities and Exchange Board of India (“SEBI”) via Circular dated November 17, 2016 has reviewed the requirement for copy of PAN card for opening accounts of FPIs in furtherance of previous circulars dated January 04, 2013 relating to ‘Rationalisation process for obtaining PAN by Investors’ and September 12, 2013, pertaining to ‘Know Your Client Requirements for Eligible Foreign Investors’.
MCA: Applicability of provisions of Indian Accounting Standards (Ind AS) to Schedule II of Companies Act, 2013.
The Ministry of Corporate Affairs (“MCA”) via Notification dated November 17, 2016 has amended sub-paragraph (ii) of Para 3 under Part A of Schedule II of Companies Act, 2013.
MCA notifies certain Sections of Insolvency and Bankruptcy Code, 2016 effective from November 15, 2016
The Ministry of Corporate Affairs (“MCA”), vide its Notification dated November 15, 2016 has notified the following Sections of the Insolvency and Bankruptcy Code, 2016 (“Code”): ­­
Employees Provident Funds (Sixth Amendment) Scheme, 2016
The Ministry of Labour and Employment through a notification dated November 11, 2016, has issued the Employees Provident Funds (Sixth Amendment) Scheme, 2016, amending the Employees’ Provident Funds Scheme, 1952.
Draft- The Food Safety and Standards (Food Products Standards and Food Additives) Amendment Regulations, 2016
The Food Safety and Standards Authority of India through a notification dated November, 15 2016 has invited objections or suggestions on the draft The Food Safety and Standards (Food Products Standards and Food Additives) Amendment Regulations, 2016.
Food Safety and Standards (Food Products Standards and Food Additives) Twelfth Amendment Regulations, 2016
The Food Safety and Standards Authority of India through a Notification dated November, 15 2016 has issued Food Safety and Standards (Food Products Standards and Food Additives) Twelfth Amendment Regulations, 2016 amending the Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011.
Risk based inspections of the manufacturing facilities
The Directorate General of Health Services Office of Drugs Controller General has issued a notice dated November 9, 2016 in relation to the Risk based inspections of the manufacturing facilities.
Draft - Aircraft (Amendment) Rules, 2016
The Ministry of Civil Aviation, through a notification dated November 9, 2016 has invited Objections or suggestions for the draft - Aircraft (Amendment) Rules, 2016 which would be amending Aircraft Rules, 1937. The draft has proposed to make amendments by making changes in Rule 133B of the Aircraft Rules, 1937 and Rule 133C by amending the sub-clauses and inserting sub-rules.
Guidelines on Point of Sales Person – Life Insurance Products
The Insurance Regulatory and Development Authority of India (IRDAI) vide order dated November 9, 2016 has issued Guidelines on Point of Sales Person – Life Insurance Products. These guidelines shall applicable to the products sold by Life Insurers through ‘Point of Sales Person’.
MCA: Companies (Registration Offices & Fees) Second Amendment Rules, 2016
The Ministry of Corporate Affairs (“MCA”) via Notification dated November 7, 2016 has issued the Companies (Registration Offices & Fees) Second Amendment Rules, 2016, (“Rules”) which shall come into force with effect from the date of its publication in the Official Gazette. The Rules have amended the Companies (Registration Offices & Fees) Rules, 2014.
Supreme Court: Open Offer under Takeover Code once made, cannot be withdrawn without any proper justification.
The Supreme Court (“Court”) in the case Pramod Jain and Others vs. Securities and Exchange Board of India (“SEBI”) has held that public offer under the Takeover Code once made, cannot be withdrawn without justifying any clear prejudice to the acquirer for carrying out of public offer.
SEBI – Uploading of Know Your Customer (“KYC”) details with CKYCR system by the registered intermediaries
The Securities and Exchange Board of India (“SEBI”) has issued a Circular dated November 10, 2016 in furtherance of previous Circular dated July 21, 2016 regarding Central KYC Records Registry (‘’CKYCR’’). The Circular has made a reference to the letter dated October 04, 2016 issued by Government of India, through which directions regarding KYC details of existing and new individual clients, were given to registered intermediaries.
FAQs on Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of? 500/- and? 1000/-
The Reserve Bank of India (“RBI”) has released Frequently Asked Questions (FAQs) updated as on November 11, 2016, on withdrawal of legal tender character of the existing bank notes in the denominations of Rs. 500/- and Rs. 1000/-.
State’s Levy Of Entry Tax On Goods Constitutionally Valid
The Supreme Court of India in the case of Jindal Stainless Ltd. & Anr. Vs. State of Haryana & Ors. has upheld the constitutional validity of ‘Entry Tax’ levied by the States on goods brought in from other states. The said landmark judgment was passed by a 7:2 majority bench comprising of Chief Justice T S Thakur and justices A K Sikri, S A Bobde, Shiva Kirti Singh (Justice Singh is retiring today), N V Ramana, R Banumathi, A M Khanwilkar, D Y Chandrachud and Ashok Bhushan.
CBEC- Service Tax (Fourth Amendment) Rules, 2016
Central Board of Excise and Customs (‘CBEC’) vide notification dated November 9, 2016 has further amended the Service Tax Rules, 1994.
Withdrawal of Legal Tender Character of existing? 500/- and? 1000/- Bank Notes – Revision in limits
The Reserve Bank of India (“RBI”) on review has issued a circular dated November 13, 2016, making certain modifications in the limits on the withdrawal of legal tender of the specified denominations
Annual Renewal process for existing TV channels gets simplified as part of “Ease of Doing Business”
Ministry of Information & Broadcasting vide press release dated November 11, 2016 has simplified the process of obtaining an “Annual Renewal” for TV channels as part of the Government’s initiative of “Ease of Doing Business”.
Drugs (Prices Control) Order, 2013
The Ministry of Chemicals and fertilizers, National Pharmaceutical Pricing Authority, through an Order dated November 10, 2016, has issued the Order to fix the ceiling price exclusive of local tax applicable, if any of the scheduled formulations of drugs.
Maharashtra Pollution Control Board-Guidelines about e-payment Gateway
The Maharashtra Pollution Control Board dated September 2, 2016 has issued the Guidelines about e-Payment Gateway [Pay Now] launched from 1st September 2016 for ec-MPCB Web-Portal.
Maharashtra VAT- Distribution of Provisional Login id & password for existing dealers under GST
Finance Department, Maharashtra vide trade circular dated November 12, 2016 has started distribution of provisional login id & password for existing dealers for enabling them to Log-on to the GST common portal for GST enrolment.
National Pharmaceutical Pricing Authority has fixed/revised ceiling prices of 45 scheduled formulations of Schedule-I
Via notification dated November 11, 2016 NPPA has fixed/revised ceiling prices of 45 scheduled formulations of Schedule-I under Drugs (Price Control) Amendment Order, 2016.
National Pharmaceutical Pricing Authority- Working sheet related to price notified regarding medicines
The National Pharmaceutical Pricing Authority via notice dated November 11, 2016 has issued the Working sheet related to price notified regarding medicines.
Amendment in Gazette Notification of Pattern of Investment 2015 for EPF Exempted Establishments
The Employees Provident Fund Organization has issued a notice dated November 11, 2016 regarding the amendment in Gazette Notification of Pattern of Investment 2015 for EPF Exempted Establishments.
Central Motor Vehicles (19th Amendment) Rules, 2016
The Ministry of Road Transport and Highways, on November 2, 2016, has issued the Central Motor Vehicles (19th Amendment) Rules, 2016 amending the Central Motor Vehicles Rules, 1989.
The Employees Provident Funds (Fifth Amendment) Scheme, 2016
The Ministry of Labour and Employment via notification dated November 2, 2016 has issued The Employees Provident Funds (Fifth Amendment) Scheme, 2016 amending the Employees’ Provident Funds Scheme, 1952.
The Employees" Pension (Sixth Amendment) Scheme, 2016
The Ministry of Labour and Employment via notification dated November 2, 2016 has issued The Employees" Pension (Sixth Amendment) Scheme, 2016 amending the Employees’ Pension Scheme, 1995.
SEBI: Enhanced standards for Credit Rating Agencies (“CRAs”)
The Securities and Exchange Board of India (“SEBI”) has issued a Circular dated November 1, 2016 enhancing the standards and guidelines for CRAs. By virtue of this Circular, SEBI has introduced the following provisions to strengthen the guidelines and raising industry standards for CRAs.
NCLT allows compounding of offence for delay in appointment of woman director
The Hyderabad bench of the National Company Law Board (“NCLT”), in the case of ‘Jalpower Corporation Limited vs. Registrar of Companies’, (“ROC”) Telangana, Andhra Pradesh, has held that where the provisions pertaining to appointment of Woman Director are compiled by the Company with delay and such delay has not caused any prejudice to any creditors of the Company or public at large, then such delay can be condoned. The NCLT further observed that the delay in appointing Woman Director does not in any way benefit the Company.
MCA notifies certain Sections of Insolvency and Bankruptcy Code, 2016 effective from November 1, 2016
The Ministry of Corporate Affairs (“MCA”), vide its notification dated November 1, 2016 has notified the following Sections of the Insolvency and Bankruptcy Code, 2016 (“Code”).
Draft amendment to CAR Section 8 Series A Part I - Minimum Flight Crew Requirements
The Ministry of Civil Aviation, through a notification dated November 4, 2016 has invited Objections or suggestions for the Draft amendment to CAR Section 8 Series A Part I - Minimum Flight Crew Requirements.
Online Fee Collection System in DGCA
The Office of Director General of Civil Aviation, through a notice dated October 17, 2016 has decided that the fees charged in lieu of various services being provided by DGCA may be collected only through online mode.
Draft amendment to CAR Section 8 Series O Part II - Operation of commercial air transport - aeroplanes
The Ministry of Civil Aviation, through a notification dated November 4, 2016 has invited Objections or suggestions for the Draft amendment to CAR Section 8 Series O Part II - Operation of commercial air transport - aeroplanes.
Employees Provident Fund- Settlement of death case claim within 7 days
The Employees Provident Fund organization has issued a circular dated October 28, 2016 in relation to the settlement of cases relating to death claims within 7 days.
National Pharmaceutical Pricing Authority has displayed draft version of Proposed Price Calculation Sheets for 2 proposed revised/notified ceiling price/retail prices
Via Office Memorandum dated November 4, 2016 NPPA has released the draft version of proposed price calculation sheets for 2 proposed revised/notified ceiling price/retail price on the website of NPPA. Draft of calculation sheets based on Pharma Trac data are uploaded on the website.
National Pharmaceutical Pricing Authority has displayed draft version of Proposed Price Calculation Sheets for 1 proposed revised/notified ceiling price/retail price
Via Office Memorandum dated November 3, 2016 NPPA has released the draft version of proposed price calculation sheets for 1 proposed revised/notified ceiling price/retail price on the website of NPPA. Draft of calculation sheets based on Pharma Trac data are uploaded on the website.
Drugs and Cosmetics (Seventh Amendment) Rules, 2016
The Ministry of Health and Family welfare via notification dated November, 4th 2016 has issued the Drugs and Cosmetics (Seventh Amendment) Rules, 2016 to amend the Drugs and Cosmetics Rules, 1945.
The Haryana Motor Vehicles (Second Amendment) Rules, 2016
The Haryana Government Department of Transport, on September 19, 2016, has issued The Haryana Motor Vehicles (Second Amendment) Rules, 2016 amending The Haryana Motor Vehicles Rules, 1993.
Employees Provident Fund- Payment of PF and Pension on the date of retirement
The Employees Provident Fund organization has issued circular dated November 1, 2016 in relation to the payment of PF and pension on the date of retirement.
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Sixteenth Amendment) Regulations, 2016
The Reserve Bank of India (“RBI”) has issued the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Sixteenth Amendment) Regulations, 2016 on November 4, 2016. The said regulations have made amendments to the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 (‘2000 Regulations’).
IRDAI- Modification in master circular on Insurance Advertisements, regarding Spurious Phone Calls and Fictitious/Fraudulent offers
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated November 7, 2016 has modified the master circular on Insurance Advertisements, dated August 13, 2015.
Employees Provident Fund- Digitization of registers and other documents
The Employees Provident Fund organization has issued circular dated October 31, 2016 regarding Digitization of registers and other documents.
Bank notes of existing series of denomination of the value of Rs. 500/- and Rs. 1000/- have ceased to be legal tender on and from the November 9, 2016
Government of India vide notification dated November 8, 2016 has declared that the bank notes of existing series of denomination of the value of Rs. 500/- and Rs. 1000/- have ceased to be legal tender on and from the November 9, 2016.
CBEC- No more requirement of filing of Annual Return forms under Rule 12 of Central Excise Rules, 2002 & under Rule 7 of Service Tax Rules, 1994
Central Board of Excise and Customs (‘CBEC’) vide circular dated November 8, 2016 in view of impending implementation of Goods & Service Tax (GST), has decided that there is no more requirement to file annual returns under Rule 12 of Central Excise Rules, 2002 & under Rule 7 of Service Tax Rules, 1994 for the financial year 2015-16 which is due to be filed by November 30, 2016.
Central Board of Excise and Customs (‘CBEC’) vide circular dated November 8, 2016 in view of impending implementation of Goods & Service Tax (GST), has decided that there is no more requirement to file annual returns under Rule 12 of Central Excise R
The Personnel and Administrative Reforms Department of the state of Tamil Nadu has issued orders dated 7th November, 2016, enhancing the maternity leave from 180 days (6 months) to 270 days (9 months) to married women Government workers with less than two surviving children in Tamil Nadu. The maternity leave may be spread over from the pre confinement rest to post confinement recuperation, with full pay, at the option of the women Government Servants.
Draft: KERC (Procurement of Energy from Renewable Sources) (Fourth Amendment) Regulations, 2016
The Karnataka Electricity Regulatory Commission, through a notification dated October 26, 2016, has invited objections or suggestions on the Draft: KERC (Procurement of Energy from Renewable Sources) (Fourth Amendment) Regulations, 2016.
Draft- Ease of Compliance to Maintain Registers under various Labour Laws Rules, 2016
The Ministry of Labour and Employment, through a notification dated November 4, 2016, has invited objections or suggestions on the Draft- Ease of Compliance to Maintain Registers under various Labour Laws Rules, 2016.
CBDT - Income Tax (29th Amendment) Rules, 2016
The Central Board of Direct Taxes (CBDT) has issued a notification amending the Income Tax rules. Vide this amendment,
CBEC- Service Tax (Fourth Amendment) Rules, 2016
Central Board of Excise and Customs (‘CBEC’) vide notification dated November 9, 2016 has further amended the Service Tax Rules, 1994.
RBI-External Commercial Borrowings (ECB) by Startups
Reserve Bank of India (‘RBI’) vide notification, dated October 27, 2016, has permitted Startup enterprises to access loans under External Commercial Borrowings (‘ECB’) framework.
Maharashtra VAT- e-Returns for dealers registered under the Maharashtra Tax on Entry of Goods into Local Areas Act, 2002
Finance Department, Maharashtra vide trade circular dated October 27, 2016 has started the facility to file e-returns for the importer is made available through departments website www.mahavat.gov.in.
IRDAI- Extension in time limit for registering of Insurance companies & TPA's in Hospital Registry ROHINI
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated October 27, 2016 has extended the time limit for registration of network providers in hospital registry, ROHINI maintained by Insurance Information Bureau (IIB) from 90 days from the date of notification of the guidelines to December 31, 2016.
Maharashtra VAT- e-payment under SAP-TRM automation system
Finance Department, Maharashtra vide trade circular dated October 27, 2016 has started the first phase of e-payment system under SAP-TRM new automation system.
The Tea (Distribution and Export) Control (Amendment) Order, 2016
The Ministry of Commerce and Industry via notification dated October 25, 2016 has issued The Tea (Distribution and Export) Control (Amendment) Order, 2016 amending The Tea (Distribution and Export) Control Order, 2005.
The Tea Warehouses (Licensing) Amendment Order, 2016
The Ministry of Commerce and Industry via notification dated October 25, 2016 has issued The Tea Warehouses (Licensing) Amendment Order, 2016 amending The Tea Warehouses (Licensing) Order, 1989.
The Tea (Marketing) Control (Amendment) Order, 2016
The Ministry of Commerce and Industry via notification dated October 25, 2016 has issued The Tea (Marketing) Control (Amendment) Order, 2016 amending The Tea (Marketing) Control Order, 2003.
The Tea Waste (Control) Amendment Order, 2016
The Ministry of Commerce and Industry via notification dated October 25, 2016 has issued The Tea Waste (Control) Amendment Order, 2016 amending The Tea Waste (Control) Order, 1959.
MCA - Relaxation of additional fees and extension of last date of filing AOC-4, AOC-4 (XBRL), AOC-4(CFS) and MGT-7 under the Companies Act, 2013
The Ministry of Corporate Affairs (“MCA”) has issued a Circular dated October 27, 2016 in furtherance to its previous Circular dated July 29, 2016 pertaining to extension of last date for filing of financial statements and annual return through e-forms AOC-4, AOC-4 (XBRL), AOC-4 (CFS) and MGT-7 without payment of any additional fees. The due date for filing of such financial statements and annual return is extended till November 29, 2016.
Aircraft (Fifth Amendment) Rules, 2016
The Ministry of Civil Aviation, through a notification dated October 19, 2016 has made amendments to Aircraft Rules, 1937. The notification has made amendments to Rule 62 by amending the fees in the Table for Issue, renewal or endorsement in the scope of a license, Authorisation, Approval or Certificate of Competency in respect of Aircraft Maintenance Engineers or Authorised persons or Approved persons or Certificate of Competency holders.
IRDAI- Formation of working groups to come out with comprehensive framework for cyber security in insurance sector
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated October 31, 2016 has planned to come out with a comprehensive framework for cyber security. Two separate working groups to be formed for life and non-life sector (including health) comprising of Chief Information Officers (CIOs) of insurers to discuss and decide on the issues related cyber security.
IRDAI- Cyber Security Framework
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated October 31, 2016 has decided to beef up the efforts on a comprehensive cyber security framework for Insurance sector of India to implement appropriate mechanism to mitigate cyber risks.
CBEC- Customs, Central Excise Duties and Service Tax Drawback (Amendment) Rules, 2016.
Central Board of Excise and Customs (‘CBEC’) vide notification dated October 29, 2016 has amended the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995.
NSE – Filing of information on Electronic Platform
The National Stock Exchange of India Limited (“NSE”) has issued a Circular dated October 27, 2016 in furtherance of previous Circulars dated December 28, 2015, January 21, 2016 and January 25, 2016. The present Circular is in relation to Principles of Corporate Governance enunciated in Chapter II of Listing Regulations and also provides information to shareholders without any loss of time
Draft - Central Motor Vehicles (Amendment) Rules, 2016
The Ministry of Road Transport and Highways, on October 26, 2016, has invited objections/suggestions for the draft - Central Motor Vehicles (Amendment) Rules, 2016. The objections/suggestions can be sent before expiry of 30 days from the date of the notification to the Joint Secretary (Transport), Ministry of Road Transport and Highways, Transport Bhawan, Parliament Street, New Delhi- 110001 or can be mailed to js.tpt@gov.in.
The Removal of Licensing requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2016
The Ministry of Consumer Affairs, Food and Public Distribution via notification dated October 27, 2016 has issued The Removal of Licensing requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2016 amending the Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs Order, 2016.
CBEC- Deferred Payment of Import Duty Rules, 2016.
Central Board of Excise and Customs (‘CBEC’) vide notification dated November 2, 2016 hereby makes rules which may be called as the Deferred Payment of Import Duty Rules, 2016.
MERC- Practice directions processing of open access applications
The Maharashtra Electricity Regulatory Commission has issued practice directions dated October 19, 2016, related to processing of open access applications. The commission has received several representations regarding difficulties faced by Open Access Applicants with regard to the following issues raised by a Distribution Licensee: i) Day-ahead Open Access for sourcing power through Power Exchanges; ii) Renewable Purchase Obligation (RPO) compliance by Open Access Applicants; iii) Restricting Open Access to the extent of Contract Demand.
National Pharmaceutical Pricing Authority (NPAA) - draft version of 10 Proposed Price Calculation Sheets
Via Office Memorandum dated October 20, 2016 NPPA has released the draft version of proposed price calculation sheets for 10 proposed revised/notified ceiling price/retail price on the website of NPPA. Draft of calculation sheets based on Pharma Trac data are uploaded on the website. All the companies aggrieved by NPPA’s proposed price fixation, can make representations against the proposed ceiling price/retail price by submitting documents /information of price to retailer (PTR) and Moving Annual Turnover (MAT) data along with supporting documents like copies of sample invoices to retailer and samples of August, 2015 duly attested with name, designation, mobile no, signature and seal of the authorized officer of the company along with the summary of all the invoices issued during the month of August 2015 (giving details like Invoice No. , Date, Name of Distributor, & Retailer, quantity, pack size, PTR (excluding VAT), Discounts/Free goods, (if any) and copies of supporting Form V/IPDMS, within 10 working days to NPPA in order to take necessary action in this regard.
SEBI - Disclosures in case of listed insurance Companies
The Securities and Exchange Board of India (“SEBI”) has issued a Circular dated October 24, 2016 in furtherance of previous two circulars dated November 30, 2015 and July 05, 2016 pertaining to the formats for publishing financial results by listed Companies under the provisions of the Regulation 33 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Circular dated July 06, 2016, allowed the Banking and Insurance Companies to follow the formats as prescribed under their respective Acts or Regulations, while submitting the Unaudited/Audited quarterly financial results.
RBI-Master Direction- Foreign investment in Other Financial Services
Reserve Bank of India (‘RBI’) vide notification dated October 20, 2016, has decided to allow foreign investment up to 100% under the automatic route in ‘Other Financial Services’ that include activities which are regulated by any financial sector regulator viz. Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Pension Fund Regulatory and Development Authority, National Housing Bank or any other financial sector regulator as may be notified by the Government of India.
National Pharmaceutical Pricing Authority (NPAA) - draft version of 18 Proposed Price Calculation Sheets
Via Office Memorandum dated October 21, 2016 NPPA has released the draft version of proposed price calculation sheets for 18 proposed revised/notified ceiling price/retail price on the website of NPPA. Draft of calculation sheets based on Pharma Trac data are uploaded on the website. All the companies aggrieved by NPPA’s proposed price fixation, can make representations against the proposed ceiling price/retail price by submitting documents /information of price to retailer (PTR) and Moving Annual Turnover (MAT) data along with supporting documents like copies of sample invoices to retailer and samples of August, 2015 duly attested with name, designation, mobile no, signature and seal of the authorized officer of the company along with the summary of all the invoices issued during the month of August 2015 (giving details like Invoice No. , Date, Name of Distributor, & Retailer, quantity, pack size, PTR (excluding VAT), Discounts/Free goods, (if any) and copies of supporting Form V/IPDMS, within 10 working days to NPPA in order to take necessary action in this regard.
IRDAI- Submission of Returns for Non-Life (Reinsurance) through Business Analytics Project (BAP)
The Insurance Regulatory and Development Authority of India (IRDAI) vide this circular has instructed the insurers who have not submitted their Annual and Half-yearly returns in the BAP-Non Life (Reinsurance) Module for the FY 2013-14, FY 2014-15 & FY 2015-16, till date, to submit all the forms, except Forms Input_NL_34, 35 and 38 (which are now under modification) by November 30, 2016.
IRDAI- Products for sale through Micro Insurance Agents
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated October 21, 2016 has decided to allow Government insurance schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather Based Crop insurance Scheme (WBCIS) & Coconut Palm lnsurance Scheme (CPIS) covering the non-loanee farmers to be solicited and marketed by Micro Insurance Agents.
IRDAI- Quality of data filed for online allotment of FRN to Cross Border Reinsurer
The Insurance Regulatory and Development Authority of India (IRDAI) vide this circular has instructed the insurers to file the complete data in the information sheet while filing the Cross Border Reinsurer (CBR) online as follows- 1.       Solvency Ratio for last three years of the CBR 2.       Rating of CBR in last three years 3.       ICR for last 3 years 4.       Combined Ratio for last 3 years The insurers are also advised to strictly ensure filling of all data fields in information sheet while filing the CBR details for auto generation of Filing Reference Number (FRN).
Draft - Aircraft (Amendment) Rules, 2016
The Ministry of Civil Aviation, through a notification dated October 18, 2016 has invited Objections or suggestions for the draft - Aircraft (Amendment) Rules, 2016 which would be amending Aircraft Rules, 1937. The draft has proposed to make amendments by making changes in Rule 82 of the Aircraft Rules, 1937 by changing the reasonable time period and Rule 83 by inserting a new sub-rule.
Prohibition of Benami Property Transactions Rules, 2016
Ministry of Finance vide notification dated October 25, 2016 makes the Prohibition of Benami Property Transactions Rules, 2016. Salient features of this rule are- ·  Determination of price of unquoted equity shares shall be the higher of, — 1.       Its cost of acquisition; 2.       The fair market value of such equity shares determined, on the date of transaction, by a merchant banker or an accountant as per the Discounted Free Cash Flow method. ·  Furnish information under sec 285BA of Income-tax Act, 1961 electronically to Initiating Officer or such authority or agency authorized by the Initiating Officer on or before fifteen days from the end of the month in which said statement is received.
RBI-Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2016
Reserve Bank of India (‘RBI’) vide The Gazette of India (“the Gazette”), dated October 25, 2016, has made amendments in the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000. Vide the Gazette, the existing Regulation 5B shall be substituted by- 5B Permission to a person resident outside India to enter into exchange traded currency derivatives
Draft Regulation-Amendment to Reg 4.2 of Odisha Electricity Regulatory Commission (Procurement of Energy from Renewable Sources and its compliance) Regulations, 2015
The Odisha Electricity Regulatory Commission through a Notice dated September, 30 2016 has invited objections or suggestions on the draft regulations of Odisha Electricity Regulatory Commission (Procurement of Energy from Renewable Sources and its compliance) Regulations, 2015. The commission has proposed an amendment to Regulation 4.2 of OERC (Procurement of Energy from Renewable Sources and its Compliance) Regulations, 2015. The objections or suggestions can be sent by November 15, 2016 to the OERC Secretary Bhubaneswar. https://innovatorsrace50.com/team/compliance-watcher.html#.WJxAx8FH6A4.gmail