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Law Update

Authority: RBI Department: FDI Circular Date Of Issue: 20 Oct 2016 Date Of Apply: 20 Oct 2016

FDI Circular

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Master Direction Updated ---- External Commercial Borrowings (ECB) Đ Extension and conversion

Authority: RBI Department: FDI Circular Date Of Issue: 20 Oct 2016 Date Of Apply: 20 Oct 2016

FDI Circular

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Rupee Drawing Arrangement - Trade related remittance limit

Authority: RBI Department: FDI Circular Date Of Issue: 20 Oct 2016 Date Of Apply: 20 Oct 2016

FDI Circular

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A.P. (DIR Series) Circular No. 7 Investment by a Foreign Venture Capital Investor (FVCI) registered under SEBI (FVCI) Regulations, 2000

Authority: RBI Department: FDI Circular Date Of Issue: 20 Oct 2016 Date Of Apply: 20 Oct 2016

FDI Circular

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100 % Remittance in Other Financial Services

Authority: RBI Department: FDI Circular Date Of Issue: 20 Oct 2016 Date Of Apply: 20 Oct 2016

FDI Circular

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Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016

Authority: RBI Department: RBI Master Directions Date Of Issue: 29 Sep 2016 Date Of Apply: 29 Sep 2016

RBI Master Directions

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LIST OF SECTORS where Government Approval Is Required

Authority: DIPP Department: FDI Circular Date Of Issue: 08 Jul 2016 Date Of Apply: 08 Jul 2016

FDI Circular

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LIST OF SECTORS UNDER AUTOMATIC Route Considitions

Authority: DIPP Department: FDI Circular Date Of Issue: 08 Jul 2016 Date Of Apply: 08 Jul 2016

FDI Circular

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PATENT (AMENDMENT) RULES, 2016

Authority: DIPP Department: Rules Date Of Issue: 16 May 2016 Date Of Apply: 16 May 2016

Rules

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Consolidated FDI Policy 2016

Authority: DIPP Department: FDI Circular Date Of Issue: 07 Jun 2016 Date Of Apply: 07 Jun 2016

FDI Circular

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Patent Amendment Rules

Authority: DIPP Department: Press Note/Amendment Date Of Issue: 16 May 2016 Date Of Apply: 16 May 2016

Press Note/Amendment

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Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015

Authority: RBI Department: FEMA Regularions Date Of Issue: 12 May 2016 Date Of Apply: 12 May 2016

FEMA Regularions

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PROCEDURAL GUIDELINES:- Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016

Authority: RBI Department: Procedural Guidelines Date Of Issue: 12 May 2016 Date Of Apply: 12 May 2016

Procedural Guidelines

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Foreign Exchange Management (Deposit) Regulations, 2016

Authority: RBI Department: Regulations Date Of Issue: 05 May 2016 Date Of Apply: 05 May 2016

Regulations

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Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016

Authority: RBI Department: Regulations Date Of Issue: 02 May 2016 Date Of Apply: 02 May 2016

Regulations

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Master Direction Đ Import of Goods and Services (Updated as on March 30, 2016)

Authority: RBI Department: Circular Date Of Issue: 31 Mar 2016 Date Of Apply: 31 Mar 2016

Circular

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Foreign Direct Investment (FDI) in India Đ Review of FDI policy ĐInsurance sector

Authority: RBI Department: Circular Date Of Issue: 30 Mar 2016 Date Of Apply: 30 Mar 2016

Circular

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External Commercial Borrowings (ECB) Đ Revised framework

Authority: RBI Department: Circular Date Of Issue: 30 Mar 2016 Date Of Apply: 30 Mar 2016

Circular

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Master Direction - Know Your Customer (KYC) Direction, 2016

Authority: RBI Department: RBI Master Directions Date Of Issue: 10 May 2020 Date Of Apply: 10 May 2020

RBI Master Directions

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2016

Authority: RBI Department: Amendment Regulations Date Of Issue: 15 Feb 2016 Date Of Apply: 15 Feb 2016

Amendment Regulations

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2016

Authority: RBI Department: Amendment Regulations Date Of Issue: 15 Feb 2016 Date Of Apply: 15 Feb 2016

Amendment Regulations

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10. Liberalised Remittance Shceme

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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9. Other Remittance Facilities

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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8. Compounding

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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7. Acquisition & Transfer of immovable properties

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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6. Miscellaneous Remittances

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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5. FDI Abroad

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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4. Imports

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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3. Exports

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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2. ECB

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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1. BO,LO, PO

Authority: RBI Department: RBI Master Directions Date Of Issue: 04 Jan 2016 Date Of Apply: 04 Jan 2016

RBI Master Directions

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Test Update

Authority: Test Department: Test Date Of Issue: 31 Dec 2021 Date Of Apply: 01 Jan 2022

Test Data

Sebi Alternative Investment Funds (Third Amendment) Regulations, 2021

Authority: SEBI Department: SEBI Date Of Issue: 31 Dec 2021 Date Of Apply: 01 Jan 2022

In exercise of the powers conferred by sub-section (1) of Section 30 read with sub-section (1) of Section 11, clause (ba) and clause (c) of sub-section (2) of section 11 and sub-section (1) and (1B) of Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 namely:– 1. These regulations may be called the Securities and Exchange Board of India (Alternative Investment Funds) (Fourth Amendment) Regulations, 2021. 2. They shall come into force on the date of their publication in the Official Gazette: Provided that the amendments to regulation 12 shall come into force on the ninety first day from the date of publication of these regulations in the Official Gazette. 3. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012,- Following Definitions have been inserted / amended: “debt fund” means an Alternative Investment Fund which invests primarily in debt securities of listed or unlisted investee companies or in securitized debt instruments as per the stated objectives of the Fund;” “investable funds” means corpus of the scheme of Alternative Investment Fund net of expenditure for administration and management of the fund estimated for the tenure of the fund. Explanation: For the purpose of this clause, the expression “tenure” means the duration of scheme from the day of its launch till last day of the term as specified in the fund documents;” “unit” means beneficial interest of the investors in the Alternative Investment Fund or a scheme of the Alternative Investment Fund and may be fully or partly paid up. Explanation: For the purpose of this clause, partly paid up units shall represent the portion of committed capital invested by the investor in Alternative Investment Fund or scheme of the Alternative Investment Fund;” “Accreditation agency” means a subsidiary of a recognized stock exchange or a subsidiary of a depository or any other entity as may be specified by the Board from time to time. Explanation: For the purpose of this clause, the Board may recognize an Accreditation agency subject to such conditions as may be specified; “accredited  investor”  means  any  person  who  is  granted  a certificate of accreditation by an accreditation agency who, in case of an individual, Hindu Undivided Family, family trust or sole proprietorship has:  annual income of at least two crore rupees; or net worth of at least seven crore fifty lakh rupees, out of  which  not  less  than  three  crores  seventy-five  lakh rupees is in the form of financial assets; or annual  income  of  at  least  one  crore  rupees  and minimum net worth of five crore rupees, out of which not less than two crore fifty lakh rupees is in the form of financial assets. in case of a body corporate, has net worth of at least fifty crore rupees; in case of a trust other than family trust, has net worth of at least fifty crore rupees; in case of a partnership firm set up under the Indian Partnership Act, 1932, each partner independently meets the eligibility criteria for accreditation Provided  that the Central  Government  and  the  State  Governments, developmental agencies  set  up  under  the  aegis  of the Central Government  or the State  Governments, funds  set  up  by the Central Government or the State Governments, qualified institutional buyers as defined under the Securities and Exchange Board of India(Issue of   Capital   and   Disclosure   Requirements)   Regulations,   2018, Category  I foreign portfolio investors, sovereign wealth funds  and multilateral agencies and any other entity as may be specified by the Board from time to time, shall deemed to be an accredited investor and may not be required to obtain a certificate of accreditation;” “large   value fund for accredited investors” means an Alternative Investment Fund or scheme of an Alternative Investment Fund in which each investor (other than the Manager, Sponsor, employees or directors of the Alternative Investment Fund or employees or directors of the Manager) is an accredited investor and invests not less than seventy crore rupees;” II. In regulation 12, Private Placement Memorandum shall be filed through a Merchant Banker with effect from 91st days from the publication of these regulations in the official Gazette.       Refernces: SEBI ALTERNATIVE INVESTMENT FUNDS REGULATIONS (Amended Till date) 1. The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 were published in the Gazette of India on May 21, 2012 vide No. SEBI/LAD-NRO/GN/2012-13/04/11262. 2. The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 were subsequently amended on, – (1) 16th September, 2013 by Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/24/6573. (2) 23rd May, 2014 by Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089. (3) 26th September, 2014 by Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/11/1576. (4) 14th August, 2015 by Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-16/011. (5) 4th January, 2017 by Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2016 vide No. SEBI/LAD/NRO/GN/2016-17/026. (6) 6th March, 2017 by Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 vide No. SEBI/LAD/NRO/GN/2016-17/037. (7) 1st June, 2018 by Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2018 vide No. SEBI/LAD/NRO/GN/2018/19. (8) 10th May, 2019 by Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2019 vide No. SEBI/LAD/NRO/GN/2019/16. (9) On 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10. (10) 19th October, 2020 by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2020 vide No. SEBI/LAD/NRO/GN/2020/37. (11) 8th January, 2021 by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2021 vide  No. SEBI/LAD/NRO/GN/2021/01. (12) 5th May, 2021 by the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2021 vide No SEBI/LAD-NRO/GN/2021/21 (13) 3rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30. (14) 3rd August, 2021 by the Securities and Exchange Board of India (Alternative Investment Funds) (Third Amendment) Regulations, 2021 vide No SEBI/LAD-NRO/GN/2021/33.  

Relaxation in Levy of additional Fees in filing of certain Formsunder the COmpanies Act, 2013 and LLP Act, 2008

Authority: MCA Department: MCA Date Of Issue: 31 Dec 2021 Date Of Apply: 01 Jan 2022

Brief about recent updates: MCA  General Circular No. 06/2021 dated 03/05/2021 (Click to Open) A. Relaxation on levy of additional fees in the filing of certain forms Due to COVID MCA has relaxed late filing fees from till 31st July  B.Gap Between board meeting under section 173, of companies act (CA-13) Clarification-reg. C.Gap Between two board meetings under section 173, of companies act  for the first two-quarters of the FY 2021-22 the Gap between two board meeting has been increased by 60 days, means two meetings can be scheduled on the gap of 180 days. D.  Clarification on the spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’ etc.- reg.   In continuation to this Ministry's General Circular No. 10/2020 dated 23.03.2020, wherein it was clarified that spending of CSR funds for COVID-19 is an eligible CSR activity, it is further clarified that spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or similar such activities are eligible CSR activities under item nos. (i) and (xii) of Schedule VII of the Companies Act, 2013 relating to the promotion of health care, including preventive health care, and, disaster management respectively.   

The Limited Liability Partnership Act, 2008

Authority: MCA Department: Notifications Date Of Issue: 31 Dec 2021 Date Of Apply: 01 Jan 2022

A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.

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