RESERVE BANK OF INDIA (RBI)
RBI Updates it’s KYC master Directions, a six step procedure.
The RBI has amended its KYC Master Directions, effective November 6, 2024, to streamline the customer verification process. Key changes include simplified KYC for existing customers, periodic updates based on risk levels and mandatory integration with the Central KYC Records Registry (CKYCR). Read More
SECURITIES EXCHANGE BOARD OF INDIA (SEBI)
SEBI issues advisory for unauthorized Virtual trading/gaming platforms
SEBI in a recent notification on 4th of November releases an advisory for unauthorized Virtual trading/gaming platforms which offer trading services or paper trading or fantasy games to the public based on stock price data of listed companies which stand in violation of SEBI Act 1956 and SEBI Act 1992. Read More
SEBI introduces new amendment to Index Providers Regulations.
SEBI has recently brought amendments to its regulations through an amendment made on 28th of November. Now, the requirement of attestation by a notary has been replaced with self-attestation in form A of the First Schedule in the SEBI (Custodian) Regulations, 1966. Read More
TAX
CBDT extends the due date for filing income tax returns.
The Central Board of Direct Taxes (CBDT) extended the due date for filing income tax returns for Assessment Year 2024-25 from October 31, 2024, to November 15, 2024, for certain categories of taxpayers under Section 139(1) of the Income-tax Act. The Ministry of Finance released a circular dated 30th of November which was undersigned by the Under Secretary to the Government of India. Read More
CBDT Amends the Income Tax Rules, 1962
In a notification released by the Ministry of Finance, department of revenue, on 29th of November, notifying the Amendments made by the Central Board Of Direct Taxes, majorly amending rule 10T and its sub-rules. Read More
ARBITRATION
SC upholds equality, rules out arbitration clauses invalid.
The Supreme Court ruled that arbitration clauses that allow one party to unilaterally appoint an arbitrator are invalid. The court held that such clauses violate the principle of equality and Article 14 of the Constitution. The court also ruled that parties must be treated equally at all stages of arbitration, including when appointing arbitrators. Read More
INFORMATION TECHNOLOGY (IT)
Notified Cyber Security rules for a safer telecommunication infrastructure.
The Ministry of Communications notified in a new notification that Telecommunication entity will have to inform CG within 6 hours of becoming aware of a security incident, the provision is to come into force from 21st of November. Read More
HEALTHCARE & PHARMACEUTICALS
President for All India Organisation of Chemists and Druggists writes to the Drugs Controller General of India.
Retail chemists’ association and Swiggy-Pharmeasy to deliver medicines – a pilot project raise concerns. The retail chemists association called for a review of the impact of such partnerships on the regulatory framework and on public health and safety. Read More
POWER & ENERGY
HC passed ex-parte order against DNB Bank ASA to freeze the amount lying in escrow account of Pure E&P, Owing to the arbitration award.
ONGC petitioned the Delhi High Court to enforce a Rs 252 crore arbitral award granted against Norway’s Pure E&P. The court ordered DNB Bank to freeze funds in Pure E&P’s escrow account. ONGC claims Pure E&P still owes over Rs 137.64 crore, disputing the latter’s assertion of full payment. Read More
INTELECTUAL PROPERTY
India secures rank in top 10: WIPO report
India secures position in top 10 countries in Patents, Trademarks, and Industrial Designs. WIPO 2024 Report positions India in top 10 countries for Patents, Trademarks, and Industrial Designs. Indicators (WIPI) 2024, underscoring global trends in intellectual property (IP) filings. The report reveals significant growth in patent, trademark, and industrial design applications across top economies. Read More
Calcutta High Court to set up an Intellectual Property Rights (IPR) Divisions
The Calcutta High Court has set up an Intellectual Property Rights (IPR) Division and Intellectual Property Rights Appellate Division which has started functioning from November 4. Read More
TELECOMMUNICATIONS
Telecommunications (Critical Telecommunication Infrastructure) Rules, 2024 ruled
On 22-11-2024, the Ministry of Communications notified the Telecommunications (Critical Telecommunication Infrastructure) Rules, 2024 enhancing security and resilience of telecommunication networks identified as critical. The provisions came into force on 22-11-2024.Read More
STARTUP & E-COMMERCE
Akash barred from amending articles of associations with Byjus.
The Supreme Court asked Aakash Educational Services, owned by debt-laden Byju’s, not to go ahead with a resolution to amend its articles of association (AoA) that was passed at its November 20 extraordinary general meeting (EGM) until the National Company Law Appellate Tribunal hears its case. Read more
