BILLS
General Counsels’ Association of India gives major recommendations for Draft Advocates (Amendment) Bill, 2025
In the run-up to the decision to amend the Advocates Act, 1961, whereby the Government of India released draft Advocates (Amendment) Bill, 2025, for public consultation; the General Counsels’ Association of India (GCAI), in its letter dated 23-2-2025 to the Ministry of Law and Justice, gave certain recommendations/suggestions to be incorporated in the draft Bill.
Government Releases Draft Advocates (Amendment) Bill, 2025 for Public Comments
The Department of Legal Affairs has unveiled the Advocates (Amendment) Bill, 2025, proposing significant changes to the Advocates Act, 1961. The draft released for public consultation aims to bring the Indian legal profession in line with contemporary global standards, enhance transparency, and introduce stricter regulatory mechanisms.
Income Tax Bill | An attempt to replace 6-decade old Income-tax Act, 1961 for the benefit of taxpayers
The Union Finance Minister, Nirmala Sitharaman, proposed the new Income-tax Bill, 2025 proposing to repeal and replace the Income-tax Act, 1961. This effort is to make the Act concise, lucid and easy to read and understandable which will help in reducing disputes, litigations and provide clearer tax certainty to tax payers.
INSOLVENCY & BANKRUPTCY BOARD OF INDIA (‘IBBI’)
IBBI amends regulations streamlining Corporate Insolvency Resolution Process
On 3-2-2025, the Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2025 to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (‘IFSCA’)
IFSCA notifies IFSCA (Bullion Market) Regulations, 2025 repealing 2020 regulations
On 4-2-2025, the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Bullion Market) Regulations, 2025 repealing the International Financial Services Centres Authority (Bullion Market) Regulations, 2020.
IFSCA (Fund Management) Regulations, 2025
On 10-2-2025, the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Fund Management) Regulations, 2025 repealing the International Financial Services Centres Authority (Fund Management) Regulations, 2022.
COMPETITION COMMISSION OF INDIA (‘CCI’)
CCI notifies CCI (Manner of Recovery of Monetary Penalty) Regulations, 2025 repealing 2011 regulations
On 25-2-2025, the Competition Commission of India notified the Competition Commission of India (Manner of Recovery of Monetary Penalty) Regulations, 2025 repealing the Competition Commission of India (Manner of Recovery of Monetary Penalty) Regulations, 2011.
RESERVE BANK OF INDIA (‘RBI’)
RBI notifies directions relating to Forward Contracts in Government Securities
On 21-2-2025, the Reserve Bank of India (‘RBI’) notified the Reserve Bank of India (Forward Contracts in Government Securities) Directions, 2025 applicable to forward contracts in government securities undertaken in the Over-the-Counter market in India.
SECURITIES & EXCHANGE BOARD OF INDIA (‘SEBI’)
SEBI introduces the concept of AI vide its amendment in Intermediaries Regulations
On 6-2-2025, the Securities and Exchange Board of India notified the Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2025 to amend the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.
SEBI levies an interest of 15% on late payment of annual fee and annual charge
On 6-2-2025, the Securities and Exchange Board of India notified the Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2025 to amend the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018
SEBI introduces the concept of AI vide its amendment in Securities Contracts Regulations relating to Stock Exchanges and Clearing Corporations
On 6-2-2025, the Securities and Exchange Board of India notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2025 to amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
SEBI revises various Regulations introducing compliance with Investor Charter
On 10-2-2025, the Securities and Exchange of India notified the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 to amend the various SEBI Regulations relating to Investor Charter.
SEBI lays down regulatory standards for SIFs
On 25-2-2025, the Securities and Exchange Board of India issued a circular on Regulatory Standards for Specialized Investment Funds to regulate the products depending on their complexity, sophistication of target investors, minimum investment size, etc.
STATE LEGISLATION
Tripura HC adopts Vulnerable Witness Deposition Centres Scheme to support vulnerable witnesses throughout the judicial process
On 1-2-2025, the High Court of Tripura adopted the Vulnerable Witness Deposition Centres Scheme with the objective of ensuring a safe and conducive environment for recording the evidence of Vulnerable Witnesses.
Delhi Govt notifies rules for police officers to simplify procedure for investigation
On 28-1-2025, the Delhi Government notified the Procedure for investigation to be followed by an officer in-charge of Police Station, Rules 2024 to give police officers a clear guideline on how to conduct investigations.
Delhi HC streamlines procedures for handling contempt cases
On 25-2-2025, the High Court of Delhi notified the Contempt of Courts (Delhi High Court) Rules, 2025 to maintain respect for the judicial process and ensure that court orders are followed diligently.
