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Projects and Infrastructure | October – December 2023

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…

Insurance | October – December 2023

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…

Finance | October – December 2023

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…

Competition | October – December 2023

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…

Projects and Infrastructure | July – September 2023

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…

Insurance | July – September 2023

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)…

Finance | July – September 2023

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…

Competition | July – September 2023

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…

Projects and Infrastructure | April – June 2023

Regulatory Updates Addendum to the Dredging Guidelines for Major Ports The Ministry of Ports, Shipping and Waterways (“MoPSW”) has, on 16 March 2023, issued an addendum to the Dredging Guidelines for Major Ports 2021 ("Addendum"). The Addendum became publicly available…

Finance | April – June 2023

Regulatory Updates RBI Framework for Acceptance of Green Deposits The RBI has introduced guidelines on 11 April 2023 (effective from 1 June 2023) to encourage regulated entities (viz., scheduled commercial banks excluding regional rural banks, local area banks and payments…

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