Regulatory Updates CERC removes difficulties in implementation of GNA Regulations By its order dated 1 October 2023, Central Electricity Regulatory Authority (“CERC”) has issued clarifications on a few issues for removal of difficulties in implementation of CERC (Connectivity and General…
Regulatory Updates Amendment of Arbitration Clause in General Insurance Policies The Insurance Regulatory and Development Authority of India (“IRDAI”), has by way of acircular dated 27 October 2023, amended the arbitration clause in general insurance policies. The IRDAI has stated…
Regulatory Updates New Scale-based regulatory regime for NBFCs RBI issued the Master Direction- RBI (NBFC-Scale Based Regulation) Directions, 2023 ("NBFC Directions") on 19 October 2023 to streamline its earlier layered categorisation of NBFCs. The NBFC Directions have sought to divide…
Enforcement Matters NCLAT sets aside the CCI's order against sugar mills for bid-rigging on procedural grounds. On 10 October 2023, the National Company Law Appellate Tribunal (“NCLAT”) set aside the CCI's order which held sugar mills and their trade associations…
As we ring in the new year, we continue to look at our world with a different perspective. And to help you discover this constantly evolving world, our team at Veritas continues to create this digital annual calendar that hits…
Co-authored by Zenia Cassinath (Principal Associate) and Vrinda Gundam (Associate) On 19 May 2023, various provisions of the Competition (Amendment) Act, 2023 (Amendment Act) were brought into force with effect from 18 May 2023. Set out below is a brief overview…
Regulatory Updates Amendments to the validity period and transferability of CRZ clearances On 3 July 2023, the Central Government amended the Coastal Regulation Zone (“CRZ”) Notification, 2011. The key amendments include: Increase in the validity period of CRZ clearances from…
Regulatory Updates Revision of Customer Information Sheet/Know Your Policy for the Consolidated Guidelines on Product filing in Health Insurance Business dated 22 July 2020 As per Regulation 26 of the Insurance Regulatory and Development Authority of India (“IRDAI”) (Health Insurance)…
Regulatory Updates Appointment of debenture trustee's nominee on boards/governing bodies of non-company issuers Regulation 23(6) of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations 2021 (“NCS Regulations”), obligates an issuer which is a company under the Companies Act, 2013…
Enforcement Matters Delhi High Court holds that the Patents Act will prevail over the Competition Act On 13 July 2023, a division bench of the Delhi High Court, while deciding on the interplay between the Competition Act and the Patent…
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