This post updates you must know legislative and regulatory developments in India. The information covers the important jurisdictions and industry sectors of most interest to our subscriber and highlights the key amendments notified to different laws in India, saving you time and helping you to focus on the implications for your business. The information is design to meet the needs of professionals with legal and compliance responsibilities.
SEBI - Relaxation in timelines for compliance with regulatory requirements
The Securities and Exchange Board of India(“SEBI”) has issued a Circular dated May 15,2020 to further extend the timelines for compliance with the regulatory requirements, by the trading members/clearing members/depository participants.
SEBI - Relaxations relating to procedural matters - Takeovers and Buy-back
The Securities and Exchange Board of India(“SEBI”) has issued a Circular dated May 14,2020 according to which, one time relaxations are granted for the compliances under SEBI(Substantial Acquisition of Shares and Takeovers)Regulations, 2011 and SEBI(Buy-back of securities) Regulations, 2018 pertaining to open offers and buy-back tender offers opening up to July 31, 2020.
SEBI - Relaxation from the applicability of SEBI Circular dated October 10, 2017 on non-compliance with the Minimum Public Shareholding (MPS) requirements
The Securities and Exchange Board of India (“SEBI”) has issued a Circular dated May 14,2020 according to which, the listed entities and industry bodies who have not complied with the procedures of Minimum Public Shareholding (MPS) and where MPS requirements falls between the period from March 1, 2020 to August 31, 2020 will get a relaxation in complying with the same.
RBI: Extending Master Direction - Know Your Customer (KYC) Direction, 2016 to Housing Finance Companies
Reserve Bank of India (RBI) has issued a circular extending the purview of Master Direction – Know Your Customer (KYC) Direction, 2016 to all Housing Finance Companies.
CBDT: Press Release regarding reduction of TDS/TCS in view of COVID-19
The Central Board of Direct Taxes ("CBDT")has issued a Press Release regarding reduction of TDS/TCS announced by the Ministry of Finance in view of COVID-19.
CBIC: Notification regarding amendment to the previous notification dated June 30, 2017 under Customs Act 1962
The Central Board Of Indirect taxes and Customs ("CBIC") has issued a Notification amending the previous notification dated June 30, 2017 in view of COVID-19.
CBIC: Notification regarding section 128 of the Finance Act, 2020
The Central Board of Indirect taxes and Customs ("CBIC") has issued a Notification regarding section 128 of the Finance Act, 2020.
CBIC: Circular regarding implementation of Participating Government Agencies (PGAs) on e- SANCHIT
The Central Board of Indirect taxes and Customs ("CBIC") has issued a Circular regarding implementation of Participating Government Agencies (PGAs) on e- SANCHIT.
Ministry of Labour and Employment: Revised Variable Dearness Allowance (Minimum Wages)
The Ministry of Labour and Employment has issued a notification amending the Schedule II of the notification dated April 9, 1997 which amended section 6 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (“Act”).
ESIC: Relaxation of time limit for filing and depositing ESI contribution for the month of February, 2020 and March 2020
The Employee State Insurance Corporation (“ESIC”) has issued a Notification regarding relaxation of time limit for filing and depositing ESI contribution for the month of February, 2020 and March 2020.
IRDAI: Additional time allowed for filing Quarterly Return – Q4-2019-20 - Regulatory Returns to all insurance intermediaries
The Insurance Regulatory and Development Authority of India (“IRDAI”) has issued a Circular allowing additional time for filing Quarterly Return to all insurance intermediaries.