In anticipation of the upcoming General Elections pursuant to which new formed government would present the full-fledged Budget in July this year, in February, the current Government of India introduced the Interim Budget. The Budget was preceded by an ‘The Indian Economy: A Review’ which outlined the Indian economy’s journey in the last ten…
On January 10, 2024, the Government of Karnataka notified the Karnataka Compulsory Gratuity Insurance Rules, 2024 (Rules) in accordance with Section 4A of the Payment of Gratuity Act, 1972 (Gratuity Act) prescribing a mandatory requirement for employers to obtain a valid insurance policy to cover their liability towards payment of gratuity under the Gratuity Act.…
The Ministry of New and Renewable Energy, Government of India (MNRE) had launched National Green Hydrogen Mission (Mission) in January 2023. To take the objective of the Mission forward, the MNRE on February 14, 2024, notified the guidelines for implementation of pilot projects for use of green hydrogen in the transport sector (Scheme) with a…
The Ministry of New and Renewable Energy (MNRE), on January 2, 2019, issued the Approved Models and Manufacturers of Solar Photovoltaic Modules (Requirement of Compulsory Registration) Order, 2019 (ALMM Order). As per the ALMM Order, only the models and manufacturers (of solar PV modules) included in ALMM List were eligible for use in Government projects/Government…
In February 2024, the International Bar Association (IBA) released the most recent version of the IBA Guidelines on Conflicts of Interest in International Arbitration (2024 IBA Guidelines). The purpose of the recent revision (2024 Revision) was to modernize and clarify the Guidelines. The changes to the 2024 IBA Guidelines include updates to both the general…
The Securities and Exchange Board of India (SEBI), by way of the SEBI (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2023 (NCS Amendment), brought into effect certain changes to the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 (NCS Regulations). The NCS Regulations set out the regime applicable to various securities, including…
In a significant move aimed at providing relief to homebuyers, the Insolvency and Bankruptcy Board of India (IBBI), by way of its notification dated February 12, 2024, has amended its rules to exclude assets in real estate projects possession of which have been handed over to homebuyers, from liquidation process of the company. Section…
The Securities and Exchange Board of India (SEBI) issued a circular, dated February 8, 2024 (the Circular), introducing revisions to the pricing methodology for institutional placements of privately placed Infrastructure Investment Trusts (InvITs). Regulation 14(4) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations), provides that any subsequent issue of units by an…
■ Amendment to Prevention of Money Laundering (Maintenance of Records) Rules: The Government of India, through gazette notifications dated March 07, 2023, and September 04, 2023, amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules). Pursuant to amendments in Rule 9(3) of the PML Rules, the threshold for determination of…
The Securities and Exchange Board of India (SEBI) enacted an amendment to the SEBI (Alternative Investment Funds) Regulations, 2012 on January 5, 2024 (Amendment Regulations). Pursuant to the Amendment Regulations, SEBI notified guidelines for Alternative Investment Funds (AIFs) with respect to holding their investments in dematerialized form and appointment of custodians vide circular dated…