Recently, Securities and Exchange Board of India (“SEBI”), in exercise of its powers under Section 11(1) of the Securities and Exchange Board of India Act, 1992, amended the framework for the Social Stock Exchange (“SSE”), via its circular dated: December 28, 2023 (“Circular”), thereby amending the provisions under the Securities and Exchange Board of India […]
Amendment to the Legal Framework on Social Stock Exchange Read More »
Background Recently, the Ministry of Corporate Affairs (“MCA”) launched an investigation into the affairs of Hero MotoCorp Limited under Section 210(1)(c) read with Section 216 of the Companies Act, 2013 (“2013 Act”). This development makes it germane to understand what these powers entail and the consequences thereof. Necessary In Public Interest Section 210(1)(c) of the
Investigations in Public Interests and Ownership Under Companies Act Read More »
Introduction The Reserve Bank of India (“RBI”) on December 19, 2023 released a circular (RBI/2023- 24/90) (“Circular”), addressing the practice of “evergreening”. Evergreening refers to a practice where Regulated Entities (“REs”) circumvent the direct exposure to the debtor company by making investments in units of Alternative Investment Funds (“AIFs”) which in turn makes investment in
DPIIT Recognized Start-Ups Will Not Face Angel Tax Scrutiny : Cbdt Clarifies Section 56(2)(viib) of the Income-tax Act, 1961 stipulates that where a company (other than a public listed company) receives consideration for shares which exceeds the fair market value (“FMV”) of the shares, the excess consideration would be chargeable with income tax, under the
DPIIT Recognized Start-Ups Will Not Face Angel Tax Scrutiny Read More »
Key Highlights Of Prevention Of Money Laundering (Maintenance Of Record) Third Amendment Rules, 2023 And The Impact On Vdasps The Ministry of Finance on October 17, 2023 notified the Prevention of Money Laundering (Maintenance of Record) Third Amendment Rules, 2023 (“Amendment”) to amend the Money Laundering (Maintenance of Record) 2005 (“PMLA Rules”). Following are some
Highlights of PMLA (Maintenance of Record) 3rd Amendment Rules, 2023 & Impact on VDASPs Read More »
The Reserve Bank of India (RBI), through its a circular dated: October 17, 2023, amended the Master Direction on Know Your Customer (KYC) (“Master Directions”) to impose stricter Customer Due Diligence (“CDD”) guidelines, instructing regulated entities (which, inter alia, includes NBFCs, scheduled commercial banks, payment system providers, prepaid payment instruments etc.) (“RE”) to adopt a
Breaking Down the Amendments to RBI’s Master Direction on KYC Read More »
Delineating The Difference Between A Payment Aggregator – Cross Border And An Online Payment Gateway Service Provider On October 31, 2023, the Reserve Bank of India (RBI) through its circular named Regulation of Payment Aggregator – Cross Border; (the Regulations), has brought all entities involved in facilitating cross-border payments for the import and export of
RBI Notifies Directions for Regulation of Payment Aggregators – Cross-Border Read More »
The Electric Vehicles (“EV(s)”) sector and its charging infrastructure is evolving at a fast pace, with implementation of the Central and State policies, and contribution by several companies, India can be seen elevating towards an all EV-nation. The Asia Pacific region is the largest market for charging infrastructure with a growth rate of 40.7% from
EV Charging Infrastructure in India – Emerging need and Governing Framework Read More »
The role of directors in a company is to provide leadership, guidance, and oversight to ensure that the company is being run in a responsible and ethical manner, and that its goals and objectives are being achieved. The directors play a crucial role in ensuring that a company operates in the best interests of its
Civil liabilities of a director and why every investor needs a D & O insurance policy Read More »
Withdrawal of Personal Data Protection Bill The Central Government on Wednesday withdrew the heavily deliberated Data Protection Bill, 2019 (“Bill”) as per a statement circulated to Members of Parliament in the ongoing monsoon session. The Union Minister for Electronics and Information Technology, Ashwini Vaishnaw stated that the bill was deliberated at great lengths by the
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