MINISTRY OF COMMUNICATIONS
Govt. notifies Telecommunications (Administration of Digital Bharat Nidhi) Rules, 2024
On 30-8-2024, the Ministry of Communication notified Telecommunications (Administration of Digital Bharat Nidhi) Rules, 2024 to provision telecommunication services.
Govt notifies Telecommunications (Right of Way) Rules, 2024 to regulate operations of underground telecommunications network
On 17-9-2024, the Ministry of Communications notified the Telecommunications (Right of Way) Rules, 2024 to regulate the establishment, operation and maintenance of underground telecommunications on public property.
MINISTRY OF CORPORATE AFFAIRS (MCA)
MCA notifies Competition (Minimum Value of Assets or Turnover) Rules, 2024
On 9-9-2024, the Ministry of Corporate Affairs notified the Competition (Minimum Value of Assets or Turnover) Rules, 2024. The provisions came into force on 10-9-2024.
MINITRY OF FINANCE (MOF)
MoF notifies new rules for compounding under FEMA
On 12-9-2024, the Ministry of Finance notified the Foreign Exchange (Compounding Proceedings) Rules, 2024. The provisions came into effect on 12-9-2024.
BAR COUNCIL OF INDIA (BCI)
BCI mandates criminal background check of the students before issuance of final marksheets and degrees
On 24-9-2024, the Bar Council of India (‘BCI’) mandated implementation of criminal background checks, declaration regarding simultaneous degree or regular academic programs, disclosure of employment status, attendance compliance and biometric attendance and installation of CCTV cameras in all centers of legal education…
COMPETITION COMMISSION OF INDIA (CCI)
Competition Commission of India (General) Regulations, 2024
On 17-9-2024, the Competition Commission of India notified the Competition Commission of India (General) Regulations, 2024 outlining the procedures for filing documents.
PRASAR BHARTI
Prasar Bharati Recruitment Board (Procedure and Conduct of Business) Regulations, 2024
On 12-9-2024, the Prasar Bharati, Broadcasting Corporation of India, notified the Prasar Bharati Recruitment Board (Procedure and Conduct of Business) Regulations, 2024. The provisions came into force on 13-9-2024.
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
SEBI widens scope of SEBI (Foreign Venture Capital Investors) Regulations, 2000
On 05-09-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2024 to further amend the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000.
SEBI (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2024
On 18-9-2024, the Securities and Exchange Board of India issued Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
SEBI introduces Chapter on ‘Restriction in Dealing with Unregulated/Other Entities’ in Regulations for Securities Contracts, Depositories and Participants, and Intermediaries
On 26-08-2024, SEBI notified Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2024, SEBI (Depositories and Participants) (Second Amendment) Regulations, 2024, and SEBI (Intermediaries) (Amendment) Regulations, 2024 to amend Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, SEBI (Depositories and Participants) Regulations, 2018, and SEBI (Intermediaries) Regulations, 2008.
RESERVE BANK OF INDIA (RBI)
RBI imposes penalty amounting to Rs. 1.91 crores on Axis bank Limited for failure to comply with Banking Regulation Act, 1949 and RBI Directions
By an order dated 03-09-2024, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 1.91 crores on Axis Bank Limited (‘Axis bank’) for contravention of Section 19(1)(a) of the Banking Regulation Act, 1949 and non-compliance with certain directions issued by RBI on ‘Interest rate on deposits’, ‘Know Your Customer (KYC)’, and ‘Credit flow to Agriculture — collateral free agricultural loans’.
RBI imposes penalty amounting to Rs. 1 Crore on HDFC Bank Limited for non-compliance with directions
By an order dated 03-09-2024, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 1 crore on HDFC Bank Limited (‘HDFC’) for non-compliance with the directions issued by RBI regarding ‘Interest rate on deposits’, ‘Recovery agents engaged by Banks’ and ‘Customer service in banks’ read with the Banking Codes and Standards Board of India (‘BCSBI’) Code and ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’.
RBI imposes penalty of Rs. 10.4 lakhs on HP Financial Services for failing to adhere to its KYC, NBFC, and IT framework regulations for the non-banking financial sector
By an order dated 03-09-2024, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 10,40,000/- on Hewlett Packard Financial Services (India) Pvt. Ltd. (‘HP Financial Services’) for non-compliance with certain provisions of the ‘RBI Know Your Customer (KYC) Directions, 2016’, ‘Non-Banking Financial Company — Systematically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and Master Directions for ‘Information Technology Framework for the NBFC Sector’ issued by RBI.
RBI imposes penalty of Rs. 7.9 lakh on Muthoot Vehicle & Asset Finance Ltd. for non-compliance with Liquidity Risk Management Framework and RBI Directions for NBFCs
By an order dated 11-09-2024, the Reserve Bank of India (‘RBI’) imposed a monetary penalty of Rs. 7,90,000/- on Muthoot Vehicle & Asset Finance Ltd. (‘MVAFL’) for non-compliance with certain provisions of RBI directions on ‘Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies’ and ‘Non-Banking Financial Company — Systematically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’.
