{"id":338223,"date":"2024-12-31T15:00:04","date_gmt":"2024-12-31T09:30:04","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=338223"},"modified":"2024-12-31T15:12:04","modified_gmt":"2024-12-31T09:42:04","slug":"yearly-legislation-roundup-2024-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/12\/31\/yearly-legislation-roundup-2024-legal-news\/","title":{"rendered":"Legislation Year End Round-Up 2024 | Quick Recap of all Important Central & State Legislations"},"content":{"rendered":"
\n

GST COUNCIL MEETINGS<\/h2>\n

53rd GST Council Meeting | Aadhaar-Based Biometric Authentication to roll out; Railways and Hostels remains exempted from GST<\/p>\n

In the 53rd GST Council Meeting held on 22-06-2024, Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs announced various substantial initiatives to tackle matters to tax amendments, Aadhaar integration, and exemption in railway and hostel services.<\/p>\n

READ MORE<\/a><\/p>\n

[55th GST Council Meeting] Recommends Track and Trace Mechanism to curb evasion<\/p>\n

On 21-12-2024, the Goods and Services Tax Council held its 55th meeting under the Chairpersonship of Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, providing relief to individuals and outlining measures for facilitating trade and streamlining compliances in GST.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF LAW & JUSTICE (MoLJ)<\/h2>\n

Press and Registration of Periodicals Act, 2023<\/a><\/p>\n

On 29-12-2023, the President has given assent to the Press and Registration of Periodicals Act, 2023<\/a>. The Act repeals the Press and Registration of Books Act, 1867<\/a>. The Press Registrar General and other officers will be appointed by the Central Government and the officers will be under the superintendence and control of the PR General.<\/p>\n

READ MORE<\/a><\/p>\n

Provisional Collection of Taxes Act, 2023<\/a><\/p>\n

On 29-12-2023, the President has given an assent to Provisional Collection of Taxes Act, 2023<\/a> repealing the Provisional Collection of Taxes Act, 1931<\/a>. In case where a Bill has to be introduced in the Parliament for imposition or increase of a duty of customs or excise with or without any change in tariff classification, Central Government can insert a declaration making such provision of the Bill relating to imposition or increase come into force with immediate effect.<\/p>\n

READ MORE<\/a><\/p>\n

Intellectual Property laws decriminalized and amended vide Jan Vishwas (Amendment of Provisions) Act, 2023 w.e.f. 01-08-2024<\/p>\n

Through the enforcement of certain provisions of the Schedule to the Jan Vishwas (Amendment of Provisions) Act, 2023, various provisions in different Intellectual Property Rights legislations have been amended. The provisions related to patents, trade marks, geographical indications, and copyright laws came into effect on 01-08-2024.<\/p>\n

READ MORE<\/a><\/p>\n

Mediation Council of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2024<\/p>\n

On 13-6-2024, the Ministry of Law and Justice notified the Mediation Council of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2024.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF HOME AFFAIRS (MHA)<\/h2>\n

New Criminal Laws notified: Will be effective from July 1, 2024<\/span><\/p>\n

On 23-2-2024, the Ministry of Home Affairs notified the effective date of Bharatiya Nyaya Sanhita, 2023, the Bharatiya Sakshya Adhiniyam, 2023 the Bharatiya Nagarik Suraksha Sanhita, 2023.<\/p>\n

READ MORE<\/a><\/p>\n

Citizenship (Amendment) Rules, 2024, notified<\/p>\n

The Citizenship (Amendment) Rules, 2024 will enable the persons eligible under CAA-2019 to apply for grant of Indian citizenship. These rules will now enable minorities persecuted on religious grounds in Pakistan, Bangladesh and Afghanistan to acquire citizenship in our nation.<\/p>\n

READ MORE<\/a><\/p>\n

President’s rule revoked in Jammu & Kashmir<\/p>\n

On 13-10-2024, the Ministry of Home Affairs issued a notification revoking the President’s rule in the Union Territory of Jammu and Kashmir immediately before the appointment of Chief Minister.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF FINANCE (MoF)<\/h2>\n

MoF introduces International Exchange vide FEM (Non-debt Instruments) Amendment Rules, 2024<\/p>\n

On 24-1-2024, the Ministry of Finance notified the Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2024 to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019<\/a> introducing the definition of “International Exchange”.<\/p>\n

READ MORE<\/a><\/p>\n

CBDT exempts TDS for IFSC Units<\/p>\n

On 7-3-2024, the Central Board of Direct Taxes issued a notification declaring that no deduction of tax will be made under the provisions of Income Tax Act, 1961<\/a> in respect of the payments of certain nature of receipts of International Financial Services Centre (‘IFSC’) made by any payer to a person being a Unit of IFSC.<\/p>\n

READ MORE<\/a><\/p>\n

Government notifies Constitution of GSTAT Principal Bench and State Benches<\/p>\n

On 31-7-2024, the Ministry of Finance established the Goods and Services Tax Appellate Tribunal (‘GSTAT’) having retrospective effect from 1-9-2023.<\/p>\n

READ MORE<\/a><\/p>\n

Section 128-A of CGST Act notified providing relief to taxpayers having old tax obligations<\/p>\n

The Ministry of Finance appointed 1-11-2024 as the date on which Section 128-A of the Central Goods and Services Tax Act, 2017<\/a> (‘CGST Act’) relating to Waiver of interest or penalty relating to demands raised for certain tax periods will be enforced.<\/p>\n

READ MORE<\/a><\/p>\n

MoF notifies new rules for compounding under FEMA<\/p>\n

On 12-9-2024, the Ministry of Finance notified the Foreign Exchange (Compounding Proceedings) Rules, 2024. The provisions came into effect on 12-9-2024.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF COMMERCE & INDUSTRY (MoC&I)<\/h2>\n

Provision for Grace Period and Certificate of Inventorship introduced vide Patent (Amendment) Rules, 2024<\/p>\n

On 15-3-2024, the Ministry of Commerce and Industry notified the Patents (Amendment) Rules, 2024 to amend the Patents Rules, 2003<\/a>. The time within which the applicant for a patent has to keep the Controller informed of the details in respect of other applications filed in any country in the undertaking to be given by him has now been reduced to 3 months from the date of issuance of first statement of objections.<\/p>\n

READ MORE<\/a><\/p>\n

Chapter relating to Adjudication of Penalties and Appeals introduced vide Patents (Second Amendment) Rules, 2024<\/a><\/p>\n

On 16-3-2024, the Ministry of Commerce and Industry notified the Patents (Second Amendment) Rules, 2024<\/a> to amend the Patents Rules, 2003<\/a>. A new Chapter XIVA relating to “Adjudication of Penalties and Appeals” has been inserted under which any person can file a complaint to the adjudicating officer through electronic means regarding any contravention committed.<\/p>\n

READ MORE<\/a><\/p>\n

Central Government notifies Boiler (Inquiry, Adjudication and Appeal) Rules, 2024<\/p>\n

On 21-06-2024, the Department for Promotion of Industry and Internal Trade of the Ministry of Commerce and Industry notified the Boiler (Inquiry, Adjudication and Appeal) Rules, 2024. These rules have been made to supplement the procedure of the complaints, inquiry, adjudication, and appeal regarding the penalties of the Boilers Act, 1923<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF CORPORATE AFFAIRS (MCA)<\/h2>\n

MCA enhances existing threshold value of assets and turnover for purpose of combination filing<\/p>\n

On 7-3-2024, the Ministry of Corporate Affairs issued 2 separate notifications vide which it increased the existing threshold value of assets and turnover mentioned under Section 5<\/a> of the Competition Act, 2002<\/a> (‘Act’) relating to “combinations” and thresholds allowing exemption from notification based on assets and turnover of the target company.<\/p>\n

READ MORE<\/a><\/p>\n

Committee Report recommends Digital Competition Act with ex-ante measures<\/p>\n

The Report of the Committee on Digital Competition Law — 2024 targeted large digital markets catering users across sectors such as healthcare, tourism, financial services, etc., made several recommendations to regulate competition on digital platforms as per the Competition Law and shared a ‘Draft Digital Competition Bill 2024’.<\/p>\n

READ MORE<\/a><\/p>\n

Govt introduces e-adjudication Platform vide Companies (Adjudication of Penalties) Amendment Rules, 2024<\/p>\n

On 5-8-2024, the Ministry of Corporate Affairs notified the Companies (Adjudication of Penalties) Amendment Rules, 2024 to amend the Companies (Adjudication of Penalties) Rules, 2014<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

MCA notifies Competition (Minimum Value of Assets or Turnover) Rules, 2024<\/p>\n

On 9-9-2024, the Ministry of Corporate Affairs notified the Competition (Minimum Value of Assets or Turnover) Rules, 2024. The provisions came into force on 10-9-2024.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF COMMUNICATIONS<\/h2>\n

Certain provisions of Telecommunications Act, 2023<\/a>, notified<\/p>\n

On 21-06-2024, the Department of Telecommunications of the Ministry of Communications notified the enforcement date on which the provisions of Sections 1<\/a>, 2<\/a>, 10<\/a> to 30<\/a>, 42<\/a> to 44<\/a>, 46<\/a>, 47<\/a>, 50<\/a> to 58<\/a>, 61<\/a>, and 62<\/a> of the Telecommunications Act, 2023<\/a> (‘Act’) would come into force.<\/p>\n

READ MORE<\/a><\/p>\n

Govt. notifies Telecommunications (Administration of Digital Bharat Nidhi) Rules, 2024<\/p>\n

On 30-8-2024, the Ministry of Communication notified Telecommunications (Administration of Digital Bharat Nidhi) Rules, 2024 to provision telecommunication services.<\/p>\n

READ MORE<\/a><\/p>\n

Govt notifies Telecommunications (Right of Way) Rules, 2024 to regulate operations of underground telecommunications network<\/p>\n

On 17-9-2024, the Ministry of Communications notified the Telecommunications (Right of Way) Rules, 2024 to regulate the establishment, operation and maintenance of underground telecommunications on public property.<\/p>\n

READ MORE<\/a><\/p>\n

Govt mandates ASOC for operating as an amateur station operator<\/p>\n

On 29-10-2024, the Ministry of Communications notifies the Telecommunications (Amateur Services) Rules, 2024 to foster innovation and enhance efficiency of amateur radio services.<\/p>\n

READ MORE<\/a><\/p>\n

Govt introduces new maritime rules to ensure global maritime safety<\/p>\n

On 29-10-2024, the Ministry of Communications notifies the Telecommunications (Commercial Radio Operator Certificate of Proficiency to Operate Global Maritime Distress and Safety System) Rules, 2024 to ensure maritime safety and effective communication in the situation of distress.<\/p>\n

READ MORE<\/a><\/p>\n

Govt. notifies Post Office Rules, 2024 superseding Post Office Rules, 1933<\/p>\n

On 16-12-2024, the Ministry of Communications notified the Post Office Rules, 2024 establishing a clear regulatory framework for the operation and management of postal services.<\/p>\n

READ MORE<\/a><\/p>\n

Govt. notifies rules enabling live testing environment of new products on a limited set of test users<\/p>\n

On 27-11-2024, the Ministry of Communications notified the Telecommunications (Regulatory Sandbox) Rules, 2024 to encourage, facilitate innovation and technological development in telecommunication.<\/p>\n

READ MORE<\/a><\/p>\n

Telecommunications (Temporary Suspension of Services) Rules, 2024<\/p>\n

On 22-11-2024, the Ministry of Communications notified the Telecommunications (Temporary Suspension of Services) Rules, 2024 to bring transparency and procedural safeguards to the process of suspending telecommunication services.<\/p>\n

READ MORE<\/a><\/p>\n

Telecommunications (Critical Telecommunication Infrastructure) Rules, 2024<\/p>\n

On 22-11-2024, the Ministry of Communications notified the Telecommunications (Critical Telecommunication Infrastructure) Rules, 2024 enhancing security and resilience of telecommunication networks identified as critical.<\/p>\n

READ MORE<\/a><\/p>\n

Govt. notifies Telecom Cyber Security Rules to enhance safety of telecommunication infrastructure<\/p>\n

On 21-11-2024, the Ministry of Communications notified the Telecommunications (Telecom Cyber Security) Rules, 2024 introducing stringent security measures and increased accountability for telecom entities.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF SOCIAL JUSTICE & EMPOWERMENT<\/h2>\n

Ministry of Social Justice and Empowerment modifies ‘Rules for Accessibility’ vide Rights of Persons with Disabilities (Amendment) Rules, 2024<\/p>\n

On 20-06-2024, the Ministry of Social Justice and Empowerment notified the Rights of Persons with Disabilities (Amendment) Rules, 2024 to amend sub-rule (1) of Rule 15 of the Rights of Persons with Disabilities Rules, 2017<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

Application for disability certificate can now be made in any hospital<\/p>\n

On 16-10-2024, the Ministry of Social Justice and Empowerment notified the Rights of Persons with Disabilities (Amendment) Rules, 2024<\/a> to amend the Rights of Persons with Disabilities Rules, 2017<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF HEALTH & FAMILY WELFARE (MoHFW)<\/h2>\n

MoHFW allows One Donor Gamete for undergoing Surrogacy subject to medical conditions prescribed by District Medical Board<\/p>\n

On 21-2-2024, the Ministry of Health and Family Welfare notified the Surrogacy (Regulation) Amendment Rules, 2024<\/a> to amend the Surrogacy (Regulation) Rules, 2022<\/a> revising provision relating to “Consent of the Surrogate Mother and Agreement for Surrogacy”.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF LABOUR & EMPLOYMENT (MoL&E)<\/h2>\n

Labour Ministry increases Expenditure limit of contracts which need prior sanction of Standing Commitee to Rs. 25 crores<\/p>\n

On 26-2-2024, the Ministry of Labour and Employment notified the Employees’ State Insurance (Central) Amendment Rules, 2024<\/a> to amend the Employees’ State Insurance (Central) Rules, 1950<\/a>. The provisions came into force on 26-2-2024.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF POWER<\/h2>\n

Ministry of Power reduces maximum time limit for granting new connections and modifying existing connections<\/p>\n

On 22-2-2024, the Ministry of Power notified the Electricity (Rights of Consumers) Amendment Rules, 2024<\/a> to amend the Electricity (Rights of Consumers) Rules, 2020<\/a> revising rule relating to “Relating of new connection and modification in existing connection”.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF CONSUMER AFFAIRS, FOOD & PUBLIC DISTRIBUTION (MoCAFPD)<\/h2>\n

CCPA publishes Rules for Employees of Central Authority<\/p>\n

On 4-6-2024, the Ministry of Consumer Affairs, Food and Public Distribution has made the Central Consumer Protection Authority (Recruitment, Salary, Allowances and other Terms and Conditions of Service of Officers and Other Employees of Central Authority) Rules, 2024.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF ROAD TRANSPORT & HIGHWAYS (MoRTH)<\/h2>\n

MoRTH revises the Requirements for Emission Standards of Bharat Stage VI Vehicles of all Categories vide CMV (First Amendment) Rules, 2024<\/p>\n

On 5-1-2024, the Ministry of Road Transport and Highways published the Central Motor Vehicles (First Amendment) Rules, 2024<\/a> to amend the Central Motor Vehicles Rules, 1989<\/a> revising “Application of Test Requirements for Type-Approval-BS-VI”.<\/p>\n

READ MORE<\/a><\/p>\n

MoRTH includes Devices for Indirect Vision for the purpose of Rear View vide CMV (Second Amendment) Rules, 2024<\/p>\n

On 15-1-2024, the Ministry of Road Transport and Highways notified the Central Motor Vehicles (Second Amendment) Rules, 2024<\/a> to amend the Central Motor Vehicles Rules, 1989<\/a> revising the security measures such as safety- belt, auto- dipper and padded dashboards.<\/p>\n

READ MORE<\/a><\/p>\n

Rules regarding Category L2- 5 introduced vide CMV (Eighth Amendment) Rules, 2024<\/p>\n

On 26-6-2024, the Ministry of Road Transport and Highways notified the Central Motor Vehicles (Eighth Amendment) Rules, 2024 to amend the Central Motor Vehicles Rules, 1989<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF EXTERNAL AFFAIRS (MEA)<\/h2>\n

Toshakhana Rules 2024, notified; Applicable on the gifts received by the Government functionaries from foreign sources<\/p>\n

On 26-3-2024, the Ministry of External Affairs notified the Toshakhana Rules, 2024 which will be applicable on the gifts received by the Government functionaries from foreign sources. Applicable to Person appointed to a civil service\/ post in connection with affairs of Union (includes Defence services).<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES & PENSIONS (MoPPGP)<\/h2>\n

Centre notifies the Public Examinations (Prevention of Unfair Means) Rules, 2024<\/p>\n

On 23-06-2024, the Department of Personnel and Training of the Ministry of Personnel, Public Grievances and Pensions notified the Public Examinations (Prevention of Unfair Means) Rules, 2024 to supplement the Public Examinations (Prevention of Unfair Means) Act, 2024<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF ELECTRONICS & INFORMATION TECHNOLOGY (MeitY)<\/h2>\n

MeitY issues advisory on Misinformation and Deepfake mandating unique metadata<\/p>\n

On 1-3-2024, the Ministry of Electronics and Information Technology (‘MeitY’) issued advisory, in continuation to advisory dated 26-12-2023, for all Intermediaries\/ Platforms under the Information Technology Act, 2000<\/a> and Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

Govt. notifies ‘Fact Check Unit’ under PIB of Ministry of Information and Broadcasting<\/p>\n

On 20-3-2024, the Ministry of Electronics and Information Technology notified that the Fact Check Unit under the Press Information Bureau of the Ministry of Information and Broadcasting will also act as the Fact Check Unit of the Central Government for monitoring the news related to its business. The Fact Check Unit will be governed by the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF INFORMATION & BROADCASTING (MIB)<\/h2>\n

Cinematograph (Adjudication of Penalty) Rules, 2024<\/p>\n

On 7-6-2024, the Ministry of Information and Broadcasting notified the Cinematograph (Adjudication of Penalty) Rules, 2024 to empower authorized officer to report violation and impose penalty.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF ENVIRONMENT, FOREST & CLIMATE CHANGE (MoEF)<\/h2>\n

MoEF notifies Ecomark Rules 2024 to differentiate products having lesser adverse effects on environment<\/p>\n

On 26-9-2024, the Ministry of Environment, Forest and Climate Change notified the Ecomark Rules, 2024 to label the products that have lesser adverse impact on the environment. Ecomark will be granted to a product on fulfilling if it has a license or a certificate of Indian Standards granted under Bureau of Indian Standards Act, 2016<\/a> or the Quality Control Orders issued by the Central Government.<\/p>\n

READ MORE<\/a><\/p>\n

MoEF revises provisions relating to plastic packaging and commodities made from compostable plastics or biodegradable plastics<\/p>\n

On 14-3-2024, the Ministry of Environment, Forest and Climate Change notified the Plastic Waste Management (Amendment) Rules, 2024<\/a> to amend the Plastic Waste Management Rules, 2016<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

MoEF notifies rules to monitor and regulate the use of biological resources<\/p>\n

On 22-10-2024, the Ministry of Environment, Forest and Climate Change notified the Biological Diversity Rules, 2024 to monitor and regulate the use of biological resources and knowledge associated with it.<\/p>\n

READ MORE<\/a><\/p>\n

MoEF notifies rules to establish a clear and fair approach for conducting inquiries into air pollution<\/p>\n

On 12-11-2024, the Ministry of Environment, Forests and Climate Change notified the Air (Prevention and Control of Pollution) (Manner of Holding Inquiry and Imposition of Penalty) Rules, 2024 to establish a clear and fair approach for conducting inquiries into air pollution.<\/p>\n

READ MORE<\/a><\/p>\n

MoEF streamlines the process of addressing water pollution violations<\/p>\n

On 11-11-2024, the Ministry of Environment, Forest and Climate Change notified the Water (Prevention and Control of Pollution) (Manner of Holding Inquiry and Imposition of Penalty) Rules, 2024 to establish a systematic approach for conducting inquiries into water pollution violations. The provisions came into force 11-11-2024.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF AGRICULTURE & FARMERS WELFARE (MoA & FW)<\/h2>\n

Requirements for domestic and export trade of millets laid down vide Millets Grading and Marking Rules, 2024<\/p>\n

On 5-8-2024, the Ministry of Agriculture and Farmers Welfare notified the Millets Grading and Marking Rules, 2024 to regulate the quality of millets.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF MINES<\/h2>\n

Govt. notifies Offshore Areas Operating Right Rules, 2024<\/p>\n

On 16-10-2024, the Ministry of Mines notified the Offshore Areas Operating Right Rules, 2024 which provides a structured framework for granting operating rights for mineral exploration and production in offshore areas.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OR PORTS, SHIPPING & WATERWAYS (MoPSW)<\/h2>\n

Govt. introduces rules to create and maintain central database of inland vessels<\/p>\n

On 29-10-2024, the Ministry of Ports, Shipping and Waterways notifies the Inland Vessels (Central Database and Allied Matters) Rules, 2024 to establish a comprehensive framework for regulation and management of inland vessels.<\/p>\n

READ MORE<\/a><\/p>\n

TELECOM REGULATORY AUTHORITY OF INDIA (TRAI)<\/h2>\n

TRAI notifies new Property Rating System to improve digital connectivity across India<\/p>\n

On 25-10-2024, the Telecom Regulatory Authority of India (‘TRAI’) notified the Rating of Properties for Digital Connectivity Regulations, 2024 to improve the quality of digital connectivity within buildings across the country.<\/p>\n

READ MORE<\/a><\/p>\n

COMPETITION COMMISSION OF INDIA (CCI)<\/h2>\n

CCI introduces Interlocutory Application vide Competition Commission of India (General) Amendment Regulations, 2024<\/a><\/p>\n

On 12-1-2024, the Competition Commission of India notified the Competition Commission of India (General) Amendment Regulations, 2024<\/a> to amend the Competition Commission of India (General)Regulations, 2009 introducing “Interlocutory Application”.<\/p>\n

READ MORE<\/a><\/p>\n

CCI introduces provision for Lesser Penalty Plus vide CCI (Lesser Penalty) Regulations, 2024<\/p>\n

On 20-2-2024, the Competition Commission of India notified the Competition Commission of India (Lesser Penalty) Regulations, 2024<\/a> repealing CCI (Lesser Penalty) Regulations, 2009.<\/p>\n

READ MORE<\/a><\/p>\n

CCI notifies Competition Commission of India (Determination of Monetary Penalty) Guidelines, 2024<\/p>\n

On 6-3-2024, the Competition Commission of India issued the Competition Commission of India (Determination of Monetary Penalty) Guidelines, 2024 to provide clarity on methodology, amount and factors to be considered while computing penalties.<\/p>\n

READ MORE<\/a><\/p>\n

Competition Commission of India (General) Regulations, 2024<\/p>\n

On 17-9-2024, the Competition Commission of India notified the Competition Commission of India (General) Regulations, 2024 outlining the procedures for filing documents.<\/p>\n

READ MORE<\/a><\/p>\n

CCI imposes a penalty of Rs. 213.14 crore on Meta for abusing its dominant position vide order dated 18-11-2024<\/p>\n

On 18-11-2024, the Competition Commission of India (‘CCI’) passed an order to impose a penalty of Rs. 213.14 crores on Meta regarding how WhatsApp’s 2021 Privacy Policy was implemented and how user data was collected, which was shared with other Meta companies. CCI issued cease-and-desist directions while directing Meta and WhatsApp to implement certain behavioural remedies within a defined timeline.<\/p>\n

READ MORE<\/a><\/p>\n

UNIQUE IDENTIFICATION AUTHORITY OF INDIA (UIDAI)<\/h2>\n

UIDAI revises Aadhaar (Authentication and Offline Verification) Regulations 2021<\/p>\n

On 31-1-2024, the Unique Identification Authority of India notified the Aadhaar (Authentication and Offline Verification) Amendment Regulations, 2024<\/a> to amend the Aadhaar (Authentication and Offline Verification) Regulations, 2021<\/a> revising the definition of “e-KYC authentication facility”.<\/p>\n

READ MORE<\/a><\/p>\n

Fee for authentication to be revised upon completion of every 24 months based on Consumer Price Index | UIDAI<\/p>\n

On 31-1-2024, the Unique Identification Authority of India notified the Aadhaar (Payment of Fees for Performance of Authentication) Amendment Regulations, 2024<\/a> to amend the Aadhaar (Payment of Fees for Performance of Authentication) Regulations, 2023<\/a> revising regulation regarding “Fee for authentication”.<\/p>\n

READ MORE<\/a><\/p>\n

PENSION FUND REGULATORY & DEVELOPMENT AUTHORITY (PFRDA)<\/h2>\n

Governance and operational standards of Central Recordkeeping Agencies enhanced vide PFRDA (Central Recordkeeping Agency) (Amendment) Regulations, 2023<\/p>\n

On 9-2-2024, the Pension Fund Regulatory and Development Authority (‘PFRDA’) notified the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (Amendment) Regulations, 2023<\/a> to amend the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

PFRDA decreases turnaround time for grievance redressal to 21 days<\/p>\n

On 21-2-2024, the Pension Fund Regulatory and Development Authority (‘PFRDA’) notified the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) (Second Amendment) Regulations, 2023<\/a> to amend the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA (IRDAI)<\/h2>\n

IRDAI (Insurance Products) Regulations, 2024<\/p>\n

On 22-3-2024, the Insurance Regulatory & Development Authority of India (‘IRDAI’) notified the Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2024.<\/p>\n

READ MORE<\/a><\/p>\n

IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024<\/p>\n

On 22-3-2-2024, the Insurance Regulatory and Development Authority of India (‘IRDAI’) notified the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 applicable to all insurers including those engaged exclusively in reinsurance business to promote ease of doing business.<\/p>\n

READ MORE<\/a><\/p>\n

INDIA INTERNATIONAL ARBITRATION CENTRE (IIAC)<\/h2>\n

IIAC (Conduct of Micro and Small Enterprises Arbitration) Regulations, 2024<\/p>\n

On June 07, 2024, IIAC has made India International Arbitration Centre (Conduct of Micro and Small Enterprises Arbitration) Regulations 2024 (‘The Regulations’) recognising the need to promote faster and more effective resolution of disputes affecting Micro and Small Enterprises as part of its efforts to promote arbitration in this very important sector in the Indian economy.<\/p>\n

READ MORE<\/a><\/p>\n

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (IFSCA)<\/h2>\n

IFSC (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024<\/p>\n

On 6-6-2024, the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024.<\/p>\n

READ MORE<\/a><\/p>\n

New process of authorization and operations of Payment System introduced vide IFSCA (Payment and Settlement Systems) Regulations, 2024<\/p>\n

On 14-10-2024, the International Financial Services Centres Authority (‘IFSCA’) notified the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024.<\/p>\n

READ MORE<\/a><\/p>\n

IFSCA lays down maximum exposure limits for Investment Assets in which IIO can invest<\/p>\n

On 14-10-2024, the International Financial Services Centres Authority (‘IFSCA’) notified the International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2024.<\/p>\n

READ MORE<\/a><\/p>\n

INSOLVENCY & BANKRUPTCY BOARD OF INDIA (IBBI)<\/h2>\n

IBBI excludes assets in a real estate project that have been handed over to the allottee from liquidation process of the company<\/p>\n

On 12-2-2024, the Insolvency and Bankruptcy Board of India (‘IBBI’) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024<\/a> to amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016<\/a> revising regulation relating to “Stakeholders’ consultation committee”.<\/p>\n

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NATIONAL DAM SAFETY AUTHORITY<\/h2>\n

National Dam Safety Authority lays down Guidelines and Checklist for inspection of dams<\/p>\n

On 6-5-2024, the Inspection, Instrumentation, Seismic Data, Risk Assessment and Evaluation of Specified Dam Regulations, 2024 were published which were earlier notified by the National Dam Safety Authority on 24-4-2024 to ensure safety monitoring.<\/p>\n

READ MORE<\/a><\/p>\n

BAR COUNCIL OF INDIA (BCI)<\/h2>\n

BCI mandates criminal background check of the students before issuance of final marksheets and degrees<\/p>\n

On 24-9-2024, the Bar Council of India (‘BCI’) mandated implementation of criminal background checks, declaration regarding simultaneous degree or regular academic programs, disclosure of employment status, attendance compliance and biometric attendance and installation of CCTV cameras in all centers of legal education.<\/p>\n

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BCI directs Firms, Senior Advocates, Advocates to pay minimum stipend to Junior Advocates<\/p>\n

On 15-10-2024, the Bar Council of India issued a notification laying down directory guidelines for payment of a minimum stipend to junior advocates to nurture a balanced approach and encourage financial support.<\/p>\n

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BCI prohibits usage of ‘Indian’, ‘National’ and other terms of ‘national significance’ in legal events\/moots without necessary approval<\/p>\n

On 15-10-2024, the Bar Council of India (‘BCI’) published a notification regarding prohibition on the use of words — ‘India’, ‘Indian’, ‘National’, ‘Bharat’, ‘Bharatiya’, or ‘Rashtriya’ while organizing legal or law related conferences, events, mock courts or moot courts by all centers of legal education, universities, private institutions, organizations, trusts, societies, associations, and other entities.<\/p>\n

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PRASAR BHARATI, BROADCASTING CORPORATION OF INDIA<\/h2>\n

Prasar Bharati Recruitment Board (Procedure and Conduct of Business) Regulations, 2024<\/p>\n

On 12-9-2024, the Prasar Bharati, Broadcasting Corporation of India, notified the Prasar Bharati Recruitment Board (Procedure and Conduct of Business) Regulations, 2024.<\/p>\n

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SUPREME COURT<\/h2>\n

SC redefines ‘summer vacation’ as partial working days; reduces total number of holidays to 95 days from 103 days<\/p>\n

On 5-11-2024, the Supreme Court of India notified the Supreme Court (Second Amendment) Rules, 2024 to amend the Supreme Court Rules, 2013<\/a>. The provisions came into force on 6-11-2024.<\/p>\n

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RESERVE BANK OF INDIA (RBI)<\/h2>\n

No acceptance of deposits and other banking services after 29 February; RBI imposes additional curbs on Paytm Payments Bank<\/p>\n

In exercise of its powers under Section 35-A<\/a> of Banking Regulation Act, 1949<\/a>, the Reserve Bank of India, gave following directions to the Paytm Payments Bank Ltd. The restrictions came after the comprehensive system audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the PPBL, warranting further supervisory action.<\/p>\n

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RBI advises NPCI to examine request of One97 Communication Ltd to become a Third-Party Application Provider<\/p>\n

On 23-2-2024, the Reserve Bank of India laid down additional steps that has to be followed by the Paytm Payments Bank Ltd. along the with the business restrictions that were imposed on the Paytm Bank earlier.<\/p>\n

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Reserve Bank of India issues Master Direction to Asset Reconstruction Companies<\/p>\n

On 24-04-2024, the Reserve Bank of India, through powers conferred by Sections 3<\/a>, 9<\/a>, 10<\/a>, 12<\/a>, and 12-A<\/a> of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002<\/a> (‘Act’), issued Master Direction namely — Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 to ensure prudent and efficient functioning of Asset Reconstruction Companies and to protect the interest of investors.<\/p>\n

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RBI imposes penalty of 3 Lakh on Hero FinCorp for non-compliance with Fair Practices Code<\/p>\n

On 24-05-2024, The Reserve Bank of India (‘RBI’) imposed a monetary penalty of Rs. 3,10,000\/- on Hero FinCorp Limited for non-compliance with certain provisions of the Non-Banking Financial Company — Systematically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 issued by RBI which was related to Fair Practices Code.<\/p>\n

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Reserve Bank of India imposes penalty of 1.45 Crore on Central Bank of India for non-compliance with directions<\/p>\n

By an order dated 11-06-2024, the Reserve Bank of India (‘RBI’) imposed a monetary penalty of Rs. 1,45,50,000 on the Central Bank of India for non-compliance with certain directions issued by the RBI on ‘Loans and Advances — Statutory and Other Restrictions’ and ‘Customer Protection — Limiting Liability of Customers in Unauthorized Electronic Banking Transactions’.<\/p>\n

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RBI imposes penalty of Rs. 1.31 Crore on Punjab National Bank for non-compliance of directions on ‘Loans and Advances’ and ‘KYC’<\/p>\n

By an order dated 03-07-2024, the Reserve Bank of India (‘RBI’) imposed a monetary penalty of Rs. 1,31,80,000 on Punjab National Bank (‘PNB’) for non-compliance with certain directions issued by RBI on ‘Loans and Advances — Statutory and Other Restrictions and the RBI (Know Your Customer) Direction, 2016.<\/p>\n

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RBI revises Master Directions on Fraud Risk Management in Regulated Entities; rescinds 36 Circulars<\/p>\n

On 15-07-2024, the Reserve Bank of India (‘RBI’) issued three revised Master Directions for the Regulated Entities namely — ‘Master Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions’, ‘Master Directions on Fraud Risk Management in Urban Cooperative Banks\/State Cooperative Banks\/Central Cooperative Banks’, and ‘Master Directions on Fraud Risk Management in Non-Banking Financial Companies (including Housing Finance Companies)’.<\/p>\n

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RBI imposes penalty of Rs. 1.9 Lakh on Muthoot Finance Ltd. for non-compliance with KYC Directions, 2016<\/p>\n

By an order dated 15-07-2024, the Reserve Bank of India (‘RBI’) has imposed a penalty of Rs. 1,90,000\/- on Muthoot Finance Limited (‘Muthoot Finance’) for non-compliance with certain provisions of Know your Customer (KYC) Directions, 2016 issued by the RBI.<\/p>\n

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RBI imposes penalty amounting to Rs. 1.91 crores on Axis bank Limited for failure to comply with Banking Regulation Act, 1949<\/a> and RBI Directions<\/p>\n

By an order dated 03-09-2024, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 1.91 crores on Axis Bank Limited (‘Axis bank’) for contravention of Section 19(1)(a)<\/a> of the Banking Regulation Act, 1949<\/a> and non-compliance with certain directions issued by RBI on ‘Interest rate on deposits’, ‘Know Your Customer (KYC)’, and ‘Credit flow to Agriculture — collateral free agricultural loans’.<\/p>\n

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RBI imposes penalty amounting to Rs. 1 Crore on HDFC Bank Limited for non-compliance with directions<\/p>\n

By an order dated 03-09-2024, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 1 crore on HDFC Bank Limited (‘HDFC’) for non-compliance with the directions issued by RBI regarding ‘Interest rate on deposits’, ‘Recovery agents engaged by Banks’ and ‘Customer service in banks’ read with the Banking Codes and Standards Board of India (‘BCSBI’) Code and ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’<\/p>\n

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RBI imposes penalty of Rs. 10.4 lakhs on HP Financial Services for failing to adhere to its KYC, NBFC, and IT framework regulations for the non-banking financial sector<\/p>\n

By an order dated 03-09-2024, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 10,40,000\/- on Hewlett Packard Financial Services (India) Pvt. Ltd. (‘HP Financial Services’) for non-compliance with certain provisions of the ‘RBI Know Your Customer (KYC) Directions, 2016’, ‘Non-Banking Financial Company — Systematically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and Master DIrections for ‘Information Technology Framework for the NBFC Sector’ issued by RBI.<\/p>\n

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RBI imposes penalty of Rs. 7.9 lakh on Muthoot Vehicle & Asset Finance Ltd. for non-compliance with Liquidity Risk Management Framework and RBI Directions for NBFCs<\/p>\n

By an order dated 11-09-2024, the Reserve Bank of India (‘RBI’) imposed a monetary penalty of Rs. 7,90,000\/- on Muthoot Vehicle & Asset Finance Ltd. (‘MVAFL’) for non-compliance with certain provisions of RBI directions on ‘Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies’ and ‘Non-Banking Financial Company — Systematically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’.<\/p>\n

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RBI re-defines ‘Startup’ vide Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024<\/p>\n

On 19-11-2024, the Reserve Bank of India notified the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024 to amend the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015<\/a>.<\/p>\n

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Government appoints IAS Sanjay Malhotra as the 26th Governor of the Reserve Bank of India<\/p>\n

On 9-12-2024, the Ministry of Finance notified the appointment of IAS Sanjay Malhotra, Secretary, Department of Revenue as the Governor of the Reserve Bank of India for a duration of three years commencing from 11-12-2024.<\/p>\n

Reserve Bank of India takes Supervisory Action against Kotak Mahindra Limited u\/s 35-A<\/a> of Banking Regulation Act, 1949<\/a><\/p>\n

On 24-04-2024, the Reserve Bank of India (‘RBI’), under Section 35-A<\/a> of the Banking Regulation Act, 1949<\/a>, directed Kotak Mahindra Bank Limited (‘the bank’) to cease and desist from onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards, with immediate effect.<\/p>\n

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Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024<\/p>\n

On 06-05-2024, the Reserve Bank of India amended the Foreign Exchange Management (Deposit) Regulations, 2016<\/a> (‘Principal Regulations’) through powers conferred by Section 47(2)<\/a> of the Foreign Exchange Management Act, 1999<\/a>. The amendment shall be called the Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024.<\/p>\n

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RBI introduces provisions for ‘Sovereign Green Bonds’ vide Foreign Exchange Management (Debt Instruments) (Third Amendment) Regulations, 2024<\/p>\n

On 02-08-2024, the Reserve Bank of India (‘RBI’) notified the Foreign Exchange Management (Debt Instruments) (Third Amendment) Regulations, 2024 to amend the Foreign Exchange Management (Debt Instruments) Regulations, 2019<\/a>.<\/p>\n

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SECURITIES & EXCHANGE BOARD OF INDIA (SEBI)<\/h2>\n

SEBI relaxes mandate of additional disclosures for FPIs having more than 50% of its Indian equity AUM in a corporate group<\/p>\n

On 20-3-2024, the Securities and Exchange Board of India (‘SEBI’) revised the circular which mandated additional disclosures by the Foreign Portfolio Investors (‘FPIs’) holding more than 50% of their Indian equity Assets Under Management (‘AUM’) in a single Indian corporate group to protect the interest of investors in securities and to promote the development of securities market.<\/p>\n

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SEBI issues Master Circular for Stock Brokers rescinding 12 circulars<\/p>\n

On 22-5-2024, the Securities and Exchange Board of India (‘SEBI’) issued a Master Circular for Stock Brokers. In addition to the directions\/ instructions laid down in the circulars contained in the Master Circular dated 17-5-2023 which laid down the extent to which it related to Stock Brokers which stood rescinded, this Master Circular further lays down the directions\/ instructions contained in the 12 Circulars listed in the Appendix which will stand rescinded, to the extent they relate to the Stock Brokers.<\/p>\n

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SEBI issues Master Circular on Non-Convertible Securities, Debt Securities, and Commercial Paper to serve as a comprehensive guide for issuers<\/p>\n

On 22-05-2024, the Securities and Exchange Board of India (‘SEBI’) issued a Master Circular for issue and listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities, and Commercial Paper.<\/p>\n

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SEBI issues Master Circular for Research Analysts to enable comprehensive access for users<\/p>\n

On 21-05-2024, the Securities and Exchange Board of India (‘SEBI’) issued the Master Circular for Research Analysts to enable the users to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.<\/p>\n

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SEBI issues Master Circular for Non- convertible Securities, Securitized Debt Instruments and\/or Commercial Paper<\/p>\n

On 21-5-2024, the Securities and Exchange Board of India (‘SEBI’) issued Master Circular for listing obligations and disclosure requirements for Non- convertible Securities, Securitized Debt Instruments and\/or Commercial Paper.<\/p>\n

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SEBI issues Master Circular for Investment Advisers rescinding 25 previous circulars<\/p>\n

On 21-05-2024, the Securities and Exchange Board of India (‘SEBI’) issued the Master Circular for Investment Advisers to compile all relevant circulars for the investment advisers that had been issued as of 15-05-2024.<\/p>\n

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SEBI issues Master Circular to include all previous circulars related to Foreign Portfolio Investors, Designated Depository Participants, and Eligible Foreign Investors<\/p>\n

On 30-05-2024, the Securities and Exchange Board of India (‘SEBI’) issued a Master Circular for Foreign Portfolio Investors, Designated Depository Participants, and Eligible Foreign Investors to incorporate all circulars pertaining to Foreign Portfolio Investors and Designated Depository Participants issued earlier.<\/p>\n

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SEBI introduces Framework for Issuance of Subordinate Units<\/p>\n

On 27-5-2024, the Securities and Exchange Board of India notified the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014<\/a>.<\/p>\n

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SEBI revises provisions relating to FPIs holding securities in India whose Certificate of Registration is not valid as on 3-6-2024<\/p>\n

On 3-6-2024, the Securities and Exchange Board of India notified the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019<\/a>.<\/p>\n

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SEBI issues Master Circular for Mutual Funds rescinding 16 circulars<\/p>\n

On 27-06-2024, the Securities and Exchange Board of India issued a Master Circular for mutual funds to incorporate all guidelines\/directions issued for effective regulation of the mutual funds industry to enable the stakeholders to have access to all applicable regulatory requirements at one place.<\/p>\n

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SEBI issues Master Circular to consolidate all relevant circulars for Surveillance of Securities Market; rescinds 15 circulars<\/p>\n

On 09-07-2024, the Securities and Exchange Board of India (‘SEBI’) issued a Master Circular for Surveillance of Securities Market to consolidate the provisions of all relevant circulars for the surveillance of the securities market in this Master Circular.<\/p>\n

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SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2024<\/p>\n

On 08-07-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2024 (‘the Regulations’) to amend the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015<\/a>.<\/p>\n

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SEBI (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2024<\/p>\n

On 08-07-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2024 to amend the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021<\/a>.<\/p>\n

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SEBI widens scope of ‘liquid asset’ for ESG Rating Providers vide SEBI (Credit Rating Agencies) (Amendment) Regulations, 2024<\/p>\n

On 08-07-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2024 to amend the SEBI (Credit Rating Agencies) Regulations, 1999<\/a>.<\/p>\n

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SEBI lays down ‘Framework for Unit Based Employee Benefit Scheme’ vide SEBI (REIT) (Second Amendment) Regulations, 2024<\/p>\n

On 09-07-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Real Estate Investment Trusts) (Second Amendment) Regulations, 2024 (‘The Regulations’) to amend the SEBI (Real Estate Investment Trusts) Regulations, 2014<\/a>.<\/p>\n

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SEBI issues Master Circular for Stockbrokers to increase accessibility by consolidating all relevant circulars<\/p>\n

On 09-08-2024, the Securities and Exchange Board of India (‘SEBI’) issued a Master Circular for Stockbrokers to update the Master Circular dated 22-05-2024 and include all relevant circulars that were issued till 09-08-2024.<\/p>\n

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SEBI bans Reliance Home Finance Limited and 23 other entities for 5 years; imposes penalty of Rs. 25 crores on each entity<\/p>\n

On 22-8-2024, the Securities and Exchange Board of India imposed a ban on Reliance Home Finance Limited and 23 other entities for 5 years. SEBI also imposed a fine of Rs. 25 crores on each entity for a fraudulent scheme, orchestrated by Anil Ambani and administrated by key managerial persons of Reliance Home Finance Limited (‘RHFL’), for siphoning of funds from the public listed company, RHFL and structure the loans to credit the unworthy conduit borrowers who are linked to Anil Ambani.<\/p>\n

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SEBI introduces Chapter on ‘Restriction in Dealing with Unregulated\/Other Entities’ in Regulations for Securities Contracts, Depositories and Participants, and Intermediaries<\/p>\n

On 26-08-2024, the Securities and Exchange Board of India (‘SEBI’) notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2024, the SEBI (Depositories and Participants) (Second Amendment) Regulations, 2024, and the SEBI (Intermediaries) (Amendment) Regulations, 2024 to amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018<\/a>, the SEBI (Depositories and Participants) Regulations, 2018<\/a>, and the SEBI (Intermediaries) Regulations, 2008.<\/p>\n

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SEBI issues measures to strengthen Equity Index Derivatives Framework<\/p>\n

On 1-10-2024, the Securities and Exchange Board of India (‘SEBI’) laid down measures to strengthen Equity Index Derivatives Framework for increased investor protection and market stability on the recommendation of Expert Working Group (‘EWG’) on derivatives.<\/p>\n

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SEBI simplifies registration process for FPIs<\/p>\n

On 12-11-2024, the Securities and Exchange Board of India (‘SEBI’) issued a circular on Simplified Registration for Foreign Portfolio Investors (‘FPIs’) to ease onboarding for FPIs applicants and reduce duplication of available information. The provisions will come into effect after 3 months from 12-11-2024.<\/p>\n

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SEBI mandates Registration of Index Providers vide SEBI (Index Providers) Regulations, 2024<\/p>\n

On 8-3-2-2024, the Securities and Exchange Board of India (‘SEBI’) issued Securities and Exchange Board of India (Index Providers) Regulations, 2024 mandating Registration of every Index Provider. The provisions will come into force on the 118th day from 8-3-2024.<\/p>\n

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SEBI introduces Small and Medium REITS vide SEBI (REIT) (Amendment) Regulations, 2024<\/p>\n

On 8-3-2024, the Securities and Exchange Board of India (‘SEBI’) notified the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014<\/a>.<\/p>\n

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SEBI notifies Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2024<\/p>\n

On 06-05-2024, in exercise of the powers conferred by Section 30<\/a> of the Securities and Exchange Board of India Act, 1992<\/a>, the Board made certain regulations namely — Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Employee’s Service) Regulations, 2001.<\/p>\n

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SEBI revises ICDR regulation relating to Minimum Promoter’s Contribution<\/p>\n

On 17-5-2024, the Securities and Exchange Board of India issued Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018<\/a>.<\/p>\n

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SEBI revises SEBI LODR Regulations relating to Applicability of the regulations<\/p>\n

On 17-05-2024, the Securities Exchange Board of India issued the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015<\/a>.<\/p>\n

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Securities and Exchange Board of India (Stock Brokers) (Amendment) Regulations, 2024<\/p>\n

On 27-06-2024, the Securities and Exchange Board of India notified the Securities and Exchange Board of India (Stock Brokers) (Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992<\/a>.<\/p>\n

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SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2024<\/p>\n

On 27-06-2024, the Securities and Exchange Board of India notified the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2024 (the Regulations) to amend the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003<\/a>.<\/p>\n

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SEBI modifies ‘Restrictions on Investments’ vide SEBI (Mutual Funds) (Amendment) Regulations, 2024<\/p>\n

On 02-07-2024, the Securities and Exchange Board of India notified the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996<\/a>.<\/p>\n

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Provisions for ‘market abuse’ and ‘mechanism for identification of market abuse’, introduced vide SEBI (Mutual Funds) (Second Amendment) Regulations, 2024<\/p>\n

On 02-08-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Mutual Funds) (Second Amendment) Regulations, 2024 to amend the SEBI (Mutual funds) Regulations, 1996<\/a>.<\/p>\n

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SEBI updates method of ‘Disclosure of Shareholding’ vide Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2024<\/p>\n

On 29-07-2024, the Securities and Exchange Board of India (‘SEBI’) notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024 to amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018<\/a>.<\/p>\n

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SEBI revises ‘Tenure’ of Category I and II Alternative Investment Fund vide SEBI (Alternative Investment Funds) (Fourth Amendment) Regulations, 2024<\/p>\n

On 05-08-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Alternative Investment Funds) (Fourth Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012<\/a>.<\/p>\n

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SEBI widens scope of SEBI (Foreign Venture Capital Investors) Regulations, 2000<\/a><\/p>\n

On 05-09-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2024 to further amend the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000<\/a>.<\/p>\n

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SEBI (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2024<\/p>\n

On 18-9-2024, the Securities and Exchange Board of India issued Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021<\/a>.<\/p>\n

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SEBI introduces ‘voting threshold’ vide SEBI (Real Estate Investment Trusts) (Third Amendment) Regulations, 2024<\/p>\n

On 26-09-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Real Estate Investment Trusts) (Third Amendment) regulations, 2024 to amend the SEBI (Real Estate Investment Trusts) Regulations, 2014.<\/p>\n

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SEBI reduces trading lot for InvITs on designated stock exchange to Rs. 25 Lakhs<\/p>\n

On 26-09-2024, the Securities and Exchange Board of India (‘SEBI’) notifies the SEBI (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024 to further amend the SEBI (Infrastructure Investment Trusts) Regulations, 2014<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

SEBI modifies qualifications required for research analysts seeking registration: SEBI (Research Analyst) (Third Amendment) Regulations, 2024<\/p>\n

On 16-12-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Research Analysts) (Third Amendment) Regulations, 2024 to amend the SEBI (Research Analysts) Regulations, 2014<\/a>.<\/p>\n

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SEBI inserts Chapters on Specialized Investment Fund and Mutual Funds Lite in Mutual Funds Regulations<\/p>\n

On 16-12-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Mutual Funds) (Third Amendment) Regulations, 2024 to amend the SEBI (Mutual Funds) Regulations, 1996<\/a>.<\/p>\n

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SEBI replaces requirement of ‘notary attestation’ with ‘self-attestation’ in various Regulations<\/p>\n

Through the amendment, the requirement of attestation by a notary has been replaced with self-attestation in Form A of the First Schedule in the SEBI (Custodian) Regulations, 1996, in Form A of the First Schedule in SEBI (Credit Rating Agencies) Regulations, 1999, in Form A of the First Schedule in SEBI {KYC (Know Your Client) Registration Agency} Regulations, 2011, and in Form A of Schedule I in SEBI (Index Providers) Regulations, 2024.<\/p>\n

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STATE LEGISLATION<\/h2>\n

Delhi Govt widens the ambit of “Victim” by including mob violence & mob lynching injury cases<\/p>\n

On 5-1-2024, the Government of the National Capital Territory of Delhi published an amendment of Delhi Victims Compensation Scheme, 2018 vide which the definition of “Victim” and the provisions relating to “Interim Relief to Victims” has been revised. The provisions came into effect on 5-1-2024.<\/p>\n

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Delhi High Court amends Rules for Designation of Senior Advocates<\/p>\n

On 14-03-2024, the Delhi High Court amended Chapter 6 Part L, Volume V of High Court Rules, in exercise of the powers conferred by Section 7<\/a> of the Delhi High Court Act, 1966<\/a>, Section 16(2)<\/a> of the Advocates Act, 1961<\/a> and all other powers enabling it in this behalf. The official notification provided that the Rules shall be called the High Court of Delhi Designation of Senior Advocate Rules, 2024<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

Uttar Pradesh Digital Media Policy, 2024<\/p>\n

On 28-8-2024, the Uttar Pradesh State Cabinet approved the Uttar Pradesh Digital Media Policy, 2024 for appointing digital influencers to publicize the State Government’s policies, schemes and achievements on various social media platforms.<\/p>\n

READ MORE<\/a><\/p>\n

Directorate of Family Welfare notifies constitution of Medical Boards in the NCT of Delhi<\/p>\n

On 14-08-2024, the Directorate of Family Welfare notified the constitution of Medical Boards in the National Capital Territory of Delhi by the President. These Medical Boards have been constituted by exercising powers under Section 3(2C)<\/a> of the Medical Termination of Pregnancy Act, 1971<\/a> read with Section 45-D(b)<\/a> of the Government of National Capital Territory of Delhi Act, 1991<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

GRAP Stage IV Actions to tackle ‘Severe+’ Air Quality Crisis as Delhi-NCR gasps for clean air<\/p>\n

On 17-11-2024, the Commission for Air Quality Management in NCR and adjoining areas issued a statutory direction for implementing the revised schedule of the Graded Response Action Plan (GRAP) as and when orders under GRAP are invoked.<\/p>\n

READ MORE<\/a><\/p>\n

Delhi High Court issues “e-True Copy Rules of the High Court of Delhi, 2024”<\/p>\n

On 22-4-2024, the High Court of Delhi, New Delhi issued the e-True Copy Rules of the High Court of Delhi, 2024 applicable to the electronic applications made for obtaining an e-True Copy generated from the available Digitized record.<\/p>\n

READ MORE<\/a><\/p>\n

New rules relating to destruction of records retained in electronic form, introduced in the Delhi High Court Rules<\/p>\n

On 2-5-2024, the High Court of Delhi amended Chapter 16 of Volume IV of the Delhi High Court Rules and Order and introduced new rules relating to destruction of records retained in electronic form.<\/p>\n

READ MORE<\/a><\/p>\n

FOREIGN LEGISLATION<\/h2>\n

MONETARY AUTHORITY OF SINGAPORE<\/h3>\n

Monetary Authority of Singapore introduces new Regulations under Securities and Futures Act for Corporate Governance of approved entities<\/p>\n

The Regulation also provides for the governance of regulated institutions, wherein they have been required to compose the Committees, their compositions, and responsibilities. The Regulations also mandate their observance, the contravention of which will attract penalties.<\/p>\n

READ MORE<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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Nirmala Sitharaman through video conferencing. It was also attended by Union Minister of State for Finance & Corporate Affairs, Shri Anurag Thakur besides Finance Ministers of States & UTs\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":216042,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/06\/24\/gst-council-decision-relating-to-changes-in-law-and-procedure\/","url_meta":{"origin":338223,"position":3},"title":"GST Council decision relating to changes in “law and procedure”","author":"Bhumika Indulia","date":"June 24, 2019","format":false,"excerpt":"The 35th GST Council Meeting was held on 21-06-2019 under the chairmanship of Union Finance & Corporate Affairs Minister Nirmala Sitharaman. This was the first meeting of the Council after the swearing in of the new Government. The meeting was also attended by Union Minister of State for Finance &\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":306011,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/31\/legislation-roundup-october-2023-legal-update\/","url_meta":{"origin":338223,"position":4},"title":"Legislation Roundup October 2023: Amnesty Scheme for taxpayers; Approval of 4% hike in DA and DR; Green Credit Rules; and more","author":"Kriti","date":"October 31, 2023","format":false,"excerpt":"UNION CABINET Cabinet approves 4% hike in DA and DR w.e.f. from 1-7-2023 On 18-10-2023, the Union Cabinet has approved a 4% hike in Dearness Allowance (\u2018DA\u2019) for Central Government employees and Dearness Relief (\u2018DR\u2019) for pensioners. READ MORE GOODS AND SERVICES TAX COUNCIL (GST COUNCIL) [52nd GST Council Meeting]\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Legislation Roundup October 2023","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":223391,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/19\/38th-gst-councils-decisions-regarding-law-and-procedure-related-changes\/","url_meta":{"origin":338223,"position":5},"title":"38th GST Council\u2019s decisions regarding Law and Procedure related changes","author":"Bhumika Indulia","date":"December 19, 2019","format":false,"excerpt":"The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman. 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