SEBI issued a notification on Foreign Investment in Alternative Investment Funds (AIFs)
According to Regulation 10(a) of SEBI (Alternative Investment Funds) Regulations, 2012 AIFs may raise funds from any investor. Such an investor may be Indian, foreign or non-resident Indians. These funds may be raised by way of issue of units. In case an investor who has been on-boarded to the scheme of an AIF subsequently does not meet specified conditions, the manager of the AIF shall not draw down any further capital contribution from the such investor for investing until the investor again meets the said conditions.
IFSCA answered FAQs on International Financial Services Centres Authority (Fund Management) Regulations, 2022
The International Financial Services Centres Authority (IFSCA) has answered FAQs on International Financial Services Centres Authority (Fund Management) Regulations, 2022. The FAQs were issued on 9th December, 2022. However, these FAQs are not the interpretation of the law but provide only a simplistic explanation of processes/issues/terms/concepts related to IFSCA (Fund Management) Regulations, 2022. Any queries about the IFSCA (Fund Management) Regulations, 2022 may be addressed to the IFSCA.
IFSCA notifies Renewal of Recognition to Bullion Exchange and Bullion Clearing Corporation
Through this notification the IFSCA renews the recognition granted to India International Bullion Exchange IFSC Ltd., Guajarat as the Bullion Exchange and Bullion Clearing Corporation. This recognition is granted for one year, commencing on 9th December, 2022 to 8th December, 2023.
MeiTY notifies the Mandatory Verification of Social Media Accounts
An intermediary under the Information Technology Rules, 2021 must perform prescribed due diligence. The due diligence is aimed at ensuring an Open, Safe Trusted, and Accountable Internet by addressing the risk posed by fake accounts. Furthermore, to address the potential damage due to fake accounts, it is reiterated that section 66D of the Information Technology Act, 2000 penalizes cheating by impersonating. Such impersonation may be by means of any communication device or computer resource.
SEBI clarifies on its Scheme(s) of Arrangement by Debt Listed Entities
The Securities and Exchange Board of India (SEBI) has issued a clarification on its Scheme(s) of Arrangement by entities who have listed their Non-Convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS) (‘debt listed entities’). The clarification states that the circular on this Scheme(s) of Arrangements shall not apply to Schemes of Arrangement which solely provide for an arrangement between a debt listed entity and its unlisted wholly owned subsidiary.
Programmatic interventions to encourage domestic manufacturing to reduce import dependency of medical devices
Under Production Linked Incentive (PLI) scheme for Pharmaceuticals, with the tenure from FY 2020-2021 to 2028-29, five (5) industry applicants have been selected under the scheme for in-vitro diagnostic medical devices.
Government measures for Curbing of Obscenity and Vulgarity on Social Media Networks
To help achieve the aim of making Internet Open, Safe and Trusted and Accountable and to strengthen the mechanism to deal with such cybercrimes in a coordinated manner, the Central Government, in exercise of powers conferred by the IT Act, has made the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. These rules cast specific obligation on intermediaries, including social media intermediaries, to observe due diligence and provide that if they fail to observe such due diligence, they shall no longer be exempt from their liability under law for third-party information or data or communication link hosted by them.
