July 31, 2020

IRDAI ISSUED AN IMPORTANT CLARIFICATION ON THE ASPECT OF TRANSFER AND ISSUANCE OF SHARES IN INSURANCE COMPANIES

Last week, the Insurance Regulatory and Development Authority of India (IRDAI) issued an important clarification on the aspect of transfer and issuance of shares of insurance companies. The key takeaway is that if a shareholder exceeds the 1% or 5% (as the case may be) threshold of share acquisitions over multiple transactions in a financial…

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July 30, 2020

NATIONAL EDUCATION POLICY ANNOUNCED ON JULY 30, 2020

As a part of the National Education Policy announced on 30th July,2020 a new law will be introduced to facilitate top foreign universities to set-up in India. The law will provide special dispensations to foreign universities from a regulatory, governance and content standpoints. While 100% FDI is permitted in the education sector for many years…

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SEBI EXTENDS RELAXED NORMS UNTIL DECEMBER 31, 2020

In May, the Securities and Exchange Board of India (SEBI) had relaxed requirements for issuance of open offers and buy-back tender offers through electronic transmission until July 31. The SEBI has now extended these relaxed norms until December 31. In addition, the timeline for submission of financial results as of June 30 has been extended…

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July 28, 2020

SEVERAL PROVISIONS OF INDIA’S NEW CONSUMER PROTECTION ACT, 2019 CAME INTO FORCE ON JULY 20, 2020

Several provisions of India’s new Consumer Protection Act, 2019 came into force on July 20, 2020. The remaining provisions came into effect on July 24, 2020. These mainly deal with: liability of endorsers; unfair trade practices in e-commerce; and establishment of the Central Consumer Protection Authority. Penalties for false or misleading advertisements will now be…

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July 24, 2020

NEERAV MERCHANT SPEAKS ON DUFF & PHELPS COURT CASE AGAINST IBBI

The Indian arm of the American financial consultancy firm, Duff & Phelps, has dragged the Insolvency & Bankruptcy Board of India (IBBI) to court, over an order involving the company and a senior adviser in its restructuring practice. Our Partner and Disputes head, Neerav Merchant, weighs in with his thoughts on the matter. Read the…

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July 20, 2020

AMRIT MEHTA TALKS ABOUT INDIA’S DIGITAL SECTOR PICKING UP DUE TO COVID-19

India’s digital sector is accelerating faster than ever before as the coronavirus pandemic forces businesses across all sectors to ramp up online solutions for customers, resulting in a flurry of high-profile investment deals, according to analysts. Amrit Mehta, Partner at Majmudar & Partners, shares his views with The National UAE along with other esteemed speakers…

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July 9, 2020

GOVERNMENT OF INDIA ISSUES A NOTIFICATION REGARDING SOVEREIGN WEALTH FUNDS AND GLOBAL PENSION FUNDS

In order to boost foreign investment in India’s infrastructure sector, the government has issued a notification that, effective from April 1, 2021, sovereign wealth funds and global pension funds will be fully exempt from tax in respect of their incomes arising from interest and dividend, and capital gains arising from their investments in India. Reports…

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BLOOMBERG QUINT FEATURES RUKSHAD DAVAR’S VIEWS ON SEBI’S AMENDMENT OF THE INVESTMENT ADVISERS REGULATIONS

From Oct. 1, individual investment advisers can either distribute investment products or advise on them, but can’t do both. The Securities and Exchange Board of India has amended the Investment Advisers Regulations, setting a tone for a reform that may change business dynamics for these entities. Any person who advises clients on purchase, sale, investment,…

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July 8, 2020

N. RAJA SUJITH TALKS ABOUT THE IMPACT OF THE INDIAN BAN OF CHINESE APPS ON CHINESE FIRMS WITH THE HINDU

A recent mobile app analysis indicated that Chinese mobile applications insisted on far more access permissions from users compared to most other apps available internationally today. The Ministry of Information and Technology had already asked app platforms such as Playstore and AppleStore to remove these apps on Monday and TikTok has already been removed. N….

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KARNATAKA HIGH COURT PASSES A RULING REGARDING TAX ON NON-COMPETE FEES

Non-compete fees on termination of employment qualify as salary in India, and the employer is statutorily required to withhold taxes prior to making payment. In a recent ruling, the Karnataka High Court has held that an Indian company will not be liable to withhold tax on non-compete fees paid to key employees performing services in…

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July 6, 2020

AMENDMENTS TO THE INDIAN STAMP ACT, 1899

The amendments to the Indian Stamp Act, 1899, introduced by the Finance Act, 2019, are effective from July 1, 2020. These amendments provide uniform stamp duty rates across all States on instruments of transaction in stock exchanges and depositories and seek to streamline the payment procedures. Also, the stamp duty rate leviable on the transfer…

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July 3, 2020

THE RESERVE BANK OF INDIA HAS ISSUED A NOTIFICATION TO REGULATE THE FUNCTIONING OF DLPs

Pursuant to various complaints made by borrowers against digital lending platforms (DLPs), including for high-interest rates, harsh recovery measures, and unauthorized use of borrowers’ personal data, the Reserve Bank of India (RBI) has issued a notification to regulate the functioning of DLPs.  The main thrust of the RBI’s notification is that outsourcing of any activity…

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