MINISTRY OF FINANCE
Government notifies Constitution of GSTAT Principal Bench and State Benches
On 31-7-2024, the Ministry of Finance established the Goods and Services Tax Appellate Tribunal (‘GSTAT’) having retrospective effect from 1-9-2023.
MINISTRY OF COMMERCE & INDUSTRY
Intellectual Property laws decriminalized and amended vide Jan Vishwas (Amendment of Provisions) Act, 2023 w.e.f. 01-08-2024
The provisions related to patents, trade marks, geographical indications, and copyright laws came into effect on 01-08-2024
MINISTRY OF CORPORATE AFFAIRS
Govt introduces e-adjudication Platform vide Companies (Adjudication of Penalties) Amendment Rules, 2024
On 5-8-2024, the Ministry of Corporate Affairs notified the Companies (Adjudication of Penalties) Amendment Rules, 2024 to amend the Companies (Adjudication of Penalties) Rules, 2014. The provisions will come into force on 16-9-2024.
MINISTRY OF AGRICULTURE & FARMERS WELFARE
Requirements for domestic and export trade of millets laid down vide Millets Grading and Marking Rules, 2024
On 5-8-2024, the Ministry of Agriculture and Farmers Welfare notified the Millets Grading and Marking Rules, 2024 to regulate the quality of millets. The provisions came into force on 5-8-2024.
DIRECTORATE OF FAMILY WELFARE
Directorate of Family Welfare notifies constitution of Medical Boards in the NCT of Delhi
On 14-08-2024, the Directorate of Family Welfare notified the constitution of Medical Boards in the National Capital Territory of Delhi by the President.
SECURITIES AND EXCHANGE BOARD OF INDIA
SEBI issues Master Circular for Stockbrokers to increase accessibility by consolidating all relevant circulars
On 09-08-2024, the Securities and Exchange Board of India (‘SEBI’) issued a Master Circular for Stockbrokers to update the Master Circular dated 22-05-2024 and include all relevant circulars that were issued till 09-08-2024.
SEBI bans Reliance Home Finance Limited and 23 other entities for 5 years; imposes penalty of Rs. 25 crores on each entity
SEBI imposed a fine of Rs. 25 crores on 23 entities for a fraudulent scheme, orchestrated by Anil Ambani and administrated by key managerial persons of RHFL.
SEBI introduces Chapter on ‘Restriction in Dealing with Unregulated/Other Entities’ in Regulations for Securities Contracts, Depositories and Participants, and Intermediaries
SEBI notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2024, the SEBI (Depositories and Participants) (Second Amendment) Regulations, 2024, and the SEBI (Intermediaries) (Amendment) Regulations, 2024.
SEBI updates method of ‘Disclosure of Shareholding’ vide Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2024
On 29-07-2024, the Securities and Exchange Board of India (‘SEBI’) notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024 to amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
Provisions for ‘market abuse’ and ‘mechanism for identification of market abuse’, introduced vide SEBI (Mutual Funds) (Second Amendment) Regulations, 2024
On 02-08-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Mutual Funds) (Second Amendment) Regulations, 2024 to amend the SEBI (Mutual funds) Regulations, 1996.
SEBI revises ‘Tenure’ of Category I and II Alternative Investment Fund vide SEBI (Alternative Investment Funds) (Fourth Amendment) Regulations, 2024
On 05-08-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Alternative Investment Funds) (Fourth Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. They came into force on 06-08-2024.
RESERVE BANK OF INDIA
RBI introduces provisions for ‘Sovereign Green Bonds’ vide Foreign Exchange Management (Debt Instruments) (Third Amendment) Regulations, 2024
On 02-08-2024, the Reserve Bank of India (‘RBI’) notified the Foreign Exchange Management (Debt Instruments) (Third Amendment) Regulations, 2024 to amend the Foreign Exchange Management (Debt Instruments) Regulations, 2019. They came into force on 07-08-2024.
STATE AMENDMENTS
Uttar Pradesh Digital Media Policy, 2024
On 28-8-2024, the Uttar Pradesh State Cabinet approved the Uttar Pradesh Digital Media Policy, 2024 for appointing digital influencers to publicize the State Government’s policies, schemes and achievements on various social media platforms.
