The last quarter saw several amendments to various waste management rules promulgated under the Environment (Protection) Act, 1986. Key among them are the Plastic Waste Management (Second Amendment) Rules, 2023 (PWM Amendment Rules) and the Hazardous and Other Wastes (Management and Transboundary Movement) Second Amendment Rules, 2023 (MTM Amendment Rules). PWM Amendment Rules: The…
The Bombay City Civil Court (Amendment) Act, 2023 was enacted by the Government of Maharashtra enhancing the pecuniary jurisdiction of the Bombay High Court to INR 10 crores. Up until 2012, the pecuniary jurisdiction of the Bombay High Court was above INR 50,000 and post the 2012 amendment, was increased to INR 1 crore.…
The Uttar Pradesh government on December 19, 2023 approved the recommendations of the committee chaired by former NITI Aayog CEO Amitabh Kant, formed by the Union Ministry of Housing and Urban Affairs in March, 2023 and comprising of officials from various government bodies, aimed to address the challenges faced by homebuyers in stalled real estate…
The recent Goods and Service Tax (GST) Council meetings recommended that actionable claims supplied in casinos, horse racing and online gaming may be taxed at the rate of 28% on full face value, irrespective of whether the activities are a ‘game of skill’ or ‘game of chance’ and proposed amendments to the Central Goods and…
The Ministry of Corporate Affairs, in exercise of the powers conferred by Section 14(3)(a) of the Insolvency and Bankruptcy Code, 2016 (IBC), issued a notification dated October 3, 2023, inter alia, notifying that the provisions of section 14(1) of the IBC shall not apply to transactions, arrangements or agreements, under the convention and the protocol,…
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations) is one of the primary legislations governing listed entities in India. Recently, certain amendments to the LODR Regulations were notified whereby listed entities were mandated to verify, confirm, deny or clarify market rumours in relation to a ‘material’ event/information (as understood under the LODR Regulations)…
The Central Consumer Protection Authority (CCPA), vide notification dated November 30, 2023, introduced the Guidelines for Prevention and Regulation of Dark Patterns, 2023 (Guidelines) with the aim to regulate and prevent deceptive online behaviours adopted by online platforms. The Guidelines define ‘dark patterns’ as practices or deceptive design patterns practices using user interface or…
The Reserve Bank of India (RBI), on October 31, 2023, issued a circular on ‘Regulation of Payment Aggregator – Cross Border (PA – Cross Border)‘ (PA – CB Directions). The PA – CB Directions mark a significant change from the existing regulatory framework governing the facilitation of cross-border payment transactions for import and export of…
The Securities and Exchange Board of India (SEBI) has introduced certain amendments to and circulars in relation to the SEBI (Foreign Portfolio Investors) Regulations, 2019 which require certain Foreign Portfolio Investors (FPIs) to provide additional disclosures regarding their ultimate ownership, economic interest and control. Pursuant to these amendments, with effect from November 1, 2023,…
On December 19, 2023, the Reserve Bank of India (RBI) issued a circular restricting certain Regulated Entities (Commercial Banks, Co-operative Banks, All India Financial Institutions, and Non-Banking Financial Companies (REs) from making investments in Alternative Investment Funds (AIFs) with immediate effect (Circular). The Circular provides for the following: REs must not invest in AIFs…