Quick recap of all important legislation’s of the year 2021.
IMPORTANT LEGISLATIONS
Major Port Authorities Act, 2021
The Major Port Authorities Act, received the assent of the President which will replace the previous Major Port Trusts Act, 1963. The Act is enacted to provide for regulation, operation and planning of Major Ports in India and to vest the administration, control and management of such ports upon the Boards of Major Port Authorities.
All India Tourist Vehicles (Authorisation or Permit) Rules, 2021
The Ministry of Road Transport and Highways has notified the All India Tourist Vehicles (Authorisation or Permit) Rules, 2021. The Rules provide that the authorisation and permit can be obtained only by a tourist vehicle operator by way of payment of fees.
Government of National Capital Territory of Delhi (Amendment) Act, 2021
The Government of National Capital Territory of Delhi (Amendment) Act, 2021 received President’s assent in order to amend the Government of National Capital Territory of Delhi Act, 1991. The Amendment Act modifies the definition of Government and provides that the expression “Government” referred to in any law to be made by the Legislative Assembly shall mean the Lieutenant Governor.
Medical Termination of Pregnancy (Amendment) Act, 2021
The Medical Termination of Pregnancy (Amendment) Act, 2021 received President’s assent which will modify the Medical Termination of Pregnancy Act, 1971. Under the Act, a pregnancy may be terminated up to 20 weeks by a married woman in the case of failure of contraceptive method or device. It allows unmarried women to also terminate a pregnancy for this reason.
Tribunals Reforms (Rationalisation and Conditions of Service) Ordinance, 2021
The President has promulgated the Tribunals Reforms (Rationalisation and Conditions of Service) Ordinance, 2021 effective immediately. The Ordinance seeks to dissolve several appellate bodies and transfer their functions to judicial bodies. These acts include, the Cinematograph Act, 1952, the Customs Act, 1962, the Airports Authority of India Act, 1994, the Trade Marks Act, 1999 and the Protection of Plant Varieties and Farmers’ Rights Act, 2001 and certain other Acts.
Central Civil Services (Implementation of National Pension System) Rules, 2021
The Government has notified Central Civil Services (Implementation of National Pension System (NPS)) Rules, 2021, effective from March 30, 2021. The Rules provide a detailed guideline enlisting various benefits available to NPS employees such as compensation to be paid to the Government servant in case of delay in registration and credit of contributions to the NPS Account, option for benefits under the CCS(Pension) Rules or NPS Rules in the event of death or disability of Government servant during service, Benefits payable on retirement on superannuation, premature retirement, voluntary retirement, absorption in autonomous body or PSU, etc.
National Bank for Financing Infrastructure and Development Act, 2021
The National Bank For Financing Infrastructure And Development Act, 2021 receives President’s assent on March 28, 2021. The Act seeks to establish the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India.
Finance Act, 2021
The Finance Act received President’s assent in order to give effect to the financial proposals of the Central Government for the financial year 2021-2022.
Consumer Protection (E-Commerce) (Amendment) Rules, 2021
The Ministry of Consumer Affairs, Food and Public Distribution has notified Consumer Protection (E-Commerce) (Amendment) Rules, 2021 on May 17, 2021 to amend the Consumer Protection (E-Commerce) Rules, 2020. The amendment makes it mandatory for the e-commerce entity to appoint a nodal officer or an alternative senior designated person to ensure compliance under the Act or Rules.
Essential Defence Services Act, 2021
Central Government has power to prohibit strikes, lock-outs, and lay-offs in units engaged in essential defence services vide Essential Defence Services Act, 2021.
Plastic Waste Management Amendment Rules, 2021
Ministry of Environment, Forest and Climate Change, has notified the Plastic Waste Management Amendment Rules, 2021, which prohibits identified single use plastic items which have low utility and high littering potential by 2022. The Rules also provides for effective implementation of Extended Producer Responsibility.
IBC (Amendment) Act, 2021
The Central Government has notified the Insolvency and Bankruptcy Code Amendment Act, 2021 which has brought Pre-packaged Insolvency Resolution Process for MSMEs. The Act repeals Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 and amends the provisions of IBC Act, 2016.
Constitution (One Hundred and Fifth Amendment) Act, 2021
Constitution (One Hundred and Fifth Amendment) Act, 2021 receives President’s assent empowering States to identify SEBCs.
Drone Rules, 2021
The Ministry of Civil Aviation has passed the Drone Rules, 2021. The Rules will regularise provisions of Unmanned Aircraft System.
Adoption (Amendment) Regulations, 2021
Adoption (Amendment) Regulations, 2021 has been notified to ease the process of inter-country adoptions.
Boiler Accident Inquiry Rules, 2021
The Central Government notified Boiler Accident Inquiry Rules, 2021. The Act providesa preliminary inquiry shall be conducted in the concerned State in whose jurisdiction the accident has occurred on receipt of a report of an accident to a boiler or boiler component.
Dam Safety Act, 2021
On December 13, 2021, the Dam Safety Act received President’s assent in order to provide for surveillance, inspection, operation and maintenance of the specified dam for prevention of dam failure related disasters and to provide for institutional mechanism to ensure their safe functioning. The Act is divided into 56 sections under 9 chapters.
Surrogacy (Regulation) Act, 2021
On December 25, 2021, the Surrogacy (Regulation) Act, 2021 received President’s assent in order to regulate the practice and process of surrogacy, constitute National Assisted Reproductive Technology and Surrogacy Board, State Assisted Reproductive Technology and Surrogacy Boards.
Assisted Reproductive Technology (Regulation) Act, 2021
The Parliament passed the Assisted Reproductive Technology (Regulation) Act, 2021 on December 18, 2021. The Act seeks to regulate and supervise the assisted reproductive technology clinics and the assisted reproductive technology banks, prevention of misuse, safe and ethical practice of assisted reproductive technology services for addressing the issues of reproductive health where assisted reproductive technology is required for becoming a parent or for freezing gametes, embryos, embryonic tissues for further use due to infertility, disease or social or medical concerns and for regulation and supervision of research and development.
GST e-invoicing turnover limit reduced to Rs. 50 Crores
The Government, on the recommendations of the Council, made amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March, 2020.
ORDINANCES
Delhi Special Police Establishment (Amendment) Ordinance, 2021
Extension of tenure of Director of CBI upto five years. READ MORE
Central Vigilance Commission (Amendment) Ordinance, 2021
Enforcement Directorate term can be extended to 5 years. READ MORE
BAR COUNCIL
Bar Council of India Legal Education (Post-Graduate, Doctoral, Executive, Vocational, Clinical and other Continuing Education) Rules, 2020
BCI notifies new Legal Education Policy; Scraps 1-yr LL.M; Prescribes PG Common Entrance Test in Law; No LL.M in any specialised branch of Law without LL.B
STATE LEGISLATION
Uttar Pradesh Regulation of Urban Premises Tenancy Ordinance, 2021
Governor of Uttar Pradesh promulgates the Uttar Pradesh Regulation of Urban Premises Tenancy Ordinance, 2021 To establish Rent Authority and Rent Tribunals to regulate renting of premises and to protect the interests of landlords and tenants and to provide speedy adjudication mechanism for resolution of disputes.
Andhra Pradesh Electricty Regulatory Commission (Licensees’ Standard of Performance) Third Amendment Regulation, 2021
Andhra Pradesh Electricity Regulatory Commission (Licensees’ Standard of Performance) Third Amendment Regulation, 2021 comes into force on June 4, 2021. The amendment modified manner of payment of compensation under Schedule II of Principal Regulation 4 of 2004 (amended from time to time): The licensee shall pay the compensation amount to the complaining consumers automatically. The consumers will be required to make claim for non-complaince, within 30 days of violation of service standard by the licensee, to senior officer as designated by the licensee. The same officer shall be responsible for monitoring compliance and submitting periodical reports to the commission.
Code on Wages (Gujarat) Rules, 2021
The Government of Gujarat has issued the Code on Wages (Gujarat) Rules, 2021 vide notification dated October 5, 2021.The Code will supersede- The Payment of Wages (Procedure) Rules, 1937; The Gujarat Payment of Wages Rules, 1963.
SECURITIES EXCHANGE BOARD OF INDIA
Securities and Exchange Board of India (Annual Report) Rules, 2021
The Ministry of Finance has notified SEBI (Annual Report) Rules, 2021. Under the Rules, the Securities and Exchange Board of India is obligated to submit a report to the Central Government giving a true and full account of its activities, policies and programmes during the previous financial year.
Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2021
The Securities and Exchange Board of India has notified the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2021. The amendment provides that every merchant banker acting as an underwriter shall enter into an agreement with each body corporate on whose behalf it is acting as an underwriter.
SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021
The Securities Exchange Board of India in order to amend Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 makes Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021. The words “Institutional Trading Platform” shall be substituted with the words “Innovators Growth Platform” in Regulation 1.
SEBI (Delisting of Equity Shared) Regulations, 2021
The Securities and Exchange Board of India (SEBI) has issued the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. The Regulations apply to delisting of equity shares of a company including equity shares having superior voting rights from all or any of the recognised stock exchanges where such shares are listed.
SEBI (Credit Rating Agencies) (Amendment) Regulations, 2021
Credit rating agency shall only rate securities that are listed or proposed to be listed on a stock exchange, stated vide SEBI (Credit Rating Agencies) (Amendment) Regulations, 2021
SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2021
Lock-in period for promoter contribution reduced from 3 years to 18 months vide SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2021.
MINISTRY OF CORPORATE AFFAIRS
Companies (Incorporation) Second Amendment Rules, 2021
The Ministry of Corporate Affairs published the Companies (Incorporation) Second Amendment Rules, 2021 effective April 01, 2021 in order to amend the Companies (Incorporation) Rules, 2014. The amendment modifies Rule 6 which deals with Conversion of One Person Company into a Public company or a Private company.
Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2021
On February 01, 2021, the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2021 came into effect in order to amend Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. The amendment modifies Section 25 dealing with Merger or Amalgamation of certain companies and inserts a new clause providing a scheme of merger or amalgamation under Section 233 of the Act.
Companies ( Audit and Auditors) Amendment Rules, 2021
Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021
The Central Government hereby makes the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021, further to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. The Rules inserts Rule dealing with Manner of transfer of shares under sub-section (9) of section 90 of the Act to the Fund.
Companies (Accounting Standards) Rules, 2021
The Ministry of Corporate Affairs has notified the Companies (Accounting Standards) Rules, 2021 on June 23, 2021. The notification deals with small and medium companies to revise the turnover and borrowing limits and help in making disclosure requirements less onerous.
Companies ( Incorporation) Fifth Amendment Rules, 2021
New rule for allotment of a new name to the existing company, notified via Companies (Incorporation) Fifth Amendment Rules, 2021.