Daily Archives: October 15, 2024

Ministry of Finance notifies amendments to the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019

The Department of Economic Affairs, Ministry of Finance (MoF) has notified Foreign Exchange Management (Non-Debt Instruments) (Fourth Amendment) Rules, 2024 (NDI Amendment Notification), with an objective to simplify rules and regulations for foreign direct investment and overseas investment in the country. In its press release regarding the NDI Amendment Notification, the MoF has inter alia…

RBI publishes Draft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions

Pursuant to the announcement made in its statement on developmental and regulatory policies dated February 8, 2024, the Reserve Bank of India (RBI) published the draft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions for public comments (Draft Framework). The Draft Framework has been published with the objective to enable the digital ecosystem to…

Ministry of Finance notifies the Foreign Exchange (Compounding Proceedings) Rules, 2024

The Department of Economic Affairs, Ministry of Finance (MoF) has notified the Foreign Exchange (Compounding Proceedings) Rules, 2024 (New Compounding Rules) under the Foreign Exchange Management Act, 1999 (FEMA) on September 12, 2024. The New Compounding Rules supersede the existing Foreign Exchange (Compounding Proceedings) Rules, 2000 (Old Compounding Rules). However, any compounding applications pending before…

RBI publishes draft notifications on Regulation of Foreign Trade

The Reserve Bank of India (RBI) has published the following draft notifications in relation to regulation of foreign trade (export and import transactions) inviting public comments: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024 (Draft Regulations) Directions to Authorised Dealer Banks on Export and Import of Goods and Services (Draft Directions)…

Recent Amendments to SEBI’s (Real Estate Investment Trusts) Regulations

On July 9, 2024, SEBI introduced a Second Amendment to the Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2014, laying down the ‘Framework for Unit-Based Employment Benefit Scheme’ (Scheme), which refers to a scheme under which the REIT manager grants unit options to employees via an employee benefit trust.…

IFSCA releases consultation paper proposing amendments to the IFSCA (Fund Management) Regulations, 2022

In a consultation paper dated August 5, 2024 (Consultation Paper), the International Financial Services Centres Authority (IFSCA), has proposed changes to the extant IFSCA (Fund Management) Regulations, 2022 (FME Regulations) with the objective of laying down a unified regulatory framework governing activities of Fund Management Entities (FMEs) operating out of the Gujarat International Fin-Tech City…

SEBI proposes relaxations in additional disclosure requirements applicable to large FPIs to identify such FPIs as LBC or non-LBC entities

In terms of a circular dated August 24, 2023 (August Circular), the Securities and Exchange Board of India (SEBI) issued a framework for additional disclosure requirements for Foreign Portfolio Investors (FPIs) mandating FPIs: (a) with equity assets under management (AUM) exceeding INR 25,000 crores in the Indian market, either individually or as an investor group;…

Key approvals in SEBI’s board meeting dated September 30, 2024

The Securities and Exchange Board of India (SEBI) in its board meeting held on September 30, 2024, considered and approved several measures concerning the primary and secondary markets which was concluded without any concrete decision on the much-anticipated revised framework governing Futures and Options. Key amendments announced by SEBI relating to the introduction of a…

Ministry of Finance amends Securities Contracts (Regulation) Rules 1957 to enable direct listing of securities of public companies on international exchanges in GIFT City IFSC

In order to provide accessibility to global capital funding for Indian listed companies, the Department of Economic Affairs, Ministry of Finance introduced amendments to the Securities Contracts (Regulation) Rules, 1957 (SCR Rules) on August 28, 2024, permitting public listed companies to list their securities on international exchanges domiciled in Gujarat International Fin-Tech City International Financial…

RBI publishes draft notifications on Regulation of Foreign Trade

The Reserve Bank of India (RBI) has published the following draft notifications in relation to regulation of foreign trade (export and import transactions) inviting public comments: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024 (Draft Regulations) Directions to Authorised Dealer Banks on Export and Import of Goods and Services (Draft Directions)…