IBC Clarification regarding submission of particulars and declaration by the insolvency professionals
Where the application is filed through an RP, the particulars and declaration by such RP are provided in Part IV of the Form C of the IRP PGCD Rules. In such cases, the Adjudicating Authority (AA) after confirming that there is no pendency in respect of disciplinary proceedings against the RP from the database shared by the Insolvency and Bankruptcy Board of India, appoints the proposed RP.
‘Draft Omnibus Framework for recognizing Self-Regulatory Organizations for Regulated Entities
The draft omnibus framework contains broad parameters applicable to any Self-Regulatory Organization (SRO) viz., objectives, responsibilities, eligibility criteria, governance standards, application process and other basic conditions for grant of recognition to the SRO. Comments/ feedback from the stakeholders and members of the public on the above draft omnibus framework may be submitted by January 25, 2024, through e-mail.
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Seventh Amendment) Regulations, 2023
The amendment provides that a Social Enterprise, which is either registered with or has raised funds through a Social Stock Exchange or a Stock Exchange, as the case may be, shall be required to submit an annual impact report to the Social Stock Exchange or the Stock Exchange in the format specified by the Board from time to time. The annual impact report shall be assessed by a Social Impact Assessment Firm employing Social Impact Assessor(s).
RBI has enabled Card-on-File Tokenization through Card Issuing Banks
RBI has decided to enable CoFT directly through card issuing banks / institutions. This will provide cardholders with an additional choice to tokenize their cards for multiple merchant sites through a single process.
RBI clarification regarding Investments in Alternative Investment Funds (AIFs)
REs shall not make investments in any scheme of AIFs which has downstream investments either directly or indirectly in a debtor company of the RE. investment by REs in the subordinated units of any AIF scheme with a ‘priority distribution model’ shall be subject to full deduction from RE’s capital funds.
Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023
These regulations aim to bring greater clarity and structure to foreign exchange transactions in India. Businesses engaged in international trade or financial transactions need to align their processes with these new rules to ensure compliance. It’s crucial for entities to understand the nuances of these regulations to avoid legal complications and to facilitate smoother international transactions.
Business Continuity for Clearing Corporations through Software as a Service (SaaS) Model
Each CC shall design a system to run its RMS related operations, to risk manage trades for its clearing members, using the Risk Management Systems related software components of another CC. This instance would be called SaaS-RMS. For instance, when NCL designs SaaS-RMS using software of ICCL, NCL would be considered as client CC and ICCL would be considered as service provider CC.
Revised process for Online Resolution of Disputes in the Indian Securities Market
SEBI has issued revised process for Online Resolution of Disputes in the Indian Securities Market. The seat and venue of mediation, conciliation and/or arbitration shall be in India and can be conducted online. The fees, charges and costs for the independent mediation institution or independent conciliation institution and/or independent arbitration institution (and of the mediators/conciliators/arbitrators), and other applicable costs, charges and expenses may be as prescribed by such institution/s or as agreed upon by the parties with such institution/s.
