The Ministry of New & Renewable Energy (MNRE) has issued a directive exempting renewable energy plants located within Special Economic Zones (SEZs) or Export-Oriented Units (EOUs) from the Approved List of Models and Manufacturers (ALMM) requirements, on the condition that they exclusively supply power for green hydrogen production. This initiative is intended to accelerate…
The Central Electricity Regulatory Commission (CERC) notified the CERC (Terms and Conditions for Tariff determination from Renewable Energy Sources) Regulations, 2024 on June 12, 2024 for the purpose of calculation of tariff and the terms and conditions for the same for any grid connected generating station or unit based on renewable energy sources. The…
The Government of India approved the PM Surya Ghar: Mufta Bijli Yojana on February 29, 2024 to accelerate the adoption of solar rooftop installations and empower residential households to generate their own electricity. This ambitious scheme, with an outlay of INR 750 billion, aims to significantly boost solar capacity by FY 2026-27. As part…
In the matter of Ayodhya Rami Reddy Alla vs. Principal Commissioner of Income tax Central, the taxpayer had challenged the invocation of the General Anti-Avoidance Rule (GAAR) proceedings by the Income tax Department. The matter involved the taxpayer holding shares in an unlisted private company which issued bonus shares in the ratio 5:1 resulting in…
Historically, Mauritius was a preferred jurisdiction for foreign direct investment into India predominantly owing to the benefits enshrined under the Double Taxation Avoidance Agreement (DTAA or Tax Treaty) between India & Mauritius, initially signed on August 24, 1982. As per the Indian Mauritius Tax treaty absolute rights to levy capital gains arising from transfer of…
The Indian securities market regulator – Securities and Exchange Board of India (SEBI) had constituted an expert committee last year for facilitating ease of doing business for listed companies, in line with the overall goals of the Indian Government. The expert committee (Committee) has published its final report on June 26, 2024 (Report) recommending significant…
The Indian securities market regulator – Securities and Exchange Board of India (SEBI) has revamped and overhauled the regulatory framework for trading plans vide amendments dated June 25, 2024 to the SEBI (Prohibition of Insider Trading) Regulations, 2015 (Insider Trading Regulations). These amendments shall come into force with effect from September 23, 2024. The…
In furtherance of a consultation paper (that was discussed in a previous edition of LegIt), the Indian securities market regulator – Securities and Exchange Board of India (SEBI), along with the recognized stock exchanges – BSE and National Stock Exchange of India (NSE), and the industry bodies – FICCI, CII and ASSOCHAM have prescribed the…
The Securities and Exchange Board of India (SEBI) issued a consultation paper on May 23, 2024 which made the following proposals and recommendations: Valuation norms for computation of valuation of unlisted securities held by AIFs The consultation paper suggests that the present methodology for valuation of an AIF’s investment portfolio is required to…
The Reserve Bank of India (RBI) on April 26, 2024, issued revised limits for investment by foreign portfolio investors (FPIs) in debt instruments such as government securities and corporate bonds along with limits for sale of credit default swaps by FPIs for the financial year (FY) 2024-2025. Key highlights: The investment limits for…