UNION CABINET
Union Budget 2023-24 Highlights: What’s in bag for middle-class?
On 1-02-2023, the Union Finance Minister, Nirmala Sitharaman announced the Union Budget 2023. The budget is particularly focused upon inclusive development, especially covering the youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes.
MINISTRY OF FINANCE
CBDT revises Income-tax Return Forms vide Income-tax (First Amendment) Rules, 2023
On 10-2-2023, the Ministry of Finance notified the Income-tax (First Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (‘IT Rules’). The provisions will come into effect on 1-4-2023.
CBDT revises Income-tax Return Form ITR-7 vide Income-tax (Second Amendment) Rules, 2023
On 14-2-2023, the Ministry of Finance notified the Income-tax (Second Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (‘IT Rules). The provisions will come into force on 1-4-2023.
CBDT revises Form No. 10B & Form No. 10BB vide Income-tax (3rd Amendment) Rules, 2023
On 21-2-2023, the Ministry of Finance notified the Income-tax (3rd Amendment) Rules, 2023 to amend the Income-tax Rules, 1962. The provisions will come into force on 1-4-2023.
MINISTRY OF LAW & JUSTICE
Maritime Anti-Piracy Act, 2022 receives President’s assent
On 31-01-2023, the President has given assent to Maritime Anti-Piracy Act, 2022. The Act has been enacted to give effect to the United Nations Convention on the Law of the Sea relating to repression of piracy on high seas and for matters connected therewith or incidental thereto.
MINISTRY OF COMMERCE & INDUSTRY
Rule 21 B providing units dealing in aircraft leasing activities, introduced vide SEZ (Amendment) Rules, 2023
On 24-2-2023, the Ministry of Commerce and Industry notified the Special Economic Zones (Amendment) Rules, 2023 to amend the Special Economic Zones Rules, 2006. The provisions came into effect on 24-2-2023.
MINISTRY OF EXTERNAL AFFAIRS
Maritime Anti-Piracy Act, 2022 came into force on 22-2-2023
On 22-2-2023, the Ministry of External Affairs notified that the Maritime Anti-Piracy Act, 2022 came into force.
MINISTRY OF HEALTH & FAMILY WELFARE
Provision for Transfer of gametes and embryos for personal use, introduced vide Assisted Reproductive Technology (Regulation) Amendment Rules, 2023
On 24-2-2022, the Ministry of Health and Family Welfare notified the Assisted Reproductive Technology (Regulation) Amendment Rules, 2023 to amend the Assisted Reproductive Technology (Regulation) Rules, 2022. The provisions came into force on 24-2-2023.
CENTRAL ELECTRICITY AUTHORITY
CEA (Flexible Operation of Coal based Thermal Power Generating Units) Regulations, 2023
On 30-1-2023, the Central Electricity Authority notified the Central Electricity Authority (Flexible Operation of Coal based Thermal Power Generating Units) Regulations, 2023. The provisions came into force on 30-1-2023.
CENTRAL ELECTRICITY REGULATORY COMMISSION
Provisions relating to TRAS under CERC (Ancillary Services) Regulations, 2022 to come into force on 1-4-2023
On 15-2-2023, the Central Electricity Regulatory Commission (‘CERC’) notified the date on which certain provisions of the CERC (Ancillary Services) Regulations, 2022 will come into effect.
RESERVE BANK OF INDIA (‘RBI’)
RBI directs Asset Reconstruction Companies to reduce their management fees
On 20-2-2023, the Reserve Bank of India (‘RBI’) issued a circular on Implementation of Indian Accounting Standards (‘Ind AS’) to resolve the issue of Asset Reconstruction Companies (‘ARC’) recognizing management fees even though the said fee had not been realized for more than 180 days.
SECURITIES AND EXCHANGE BOARD OF INDIA (‘SEBI’)
SEBI issues list of securities which need to comply with provisions of Chapter of NCS Regulations, 2021
On 8-2-2023, the Securities and Exchange Board of India (‘SEBI’) clarified on the issuance and listing of perpetual debt instruments, perpetual non-cumulative preference shares and similar instruments under Chapter V of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (‘NCS’). This circular came into effect on 8-2-2023.
SEBI introduces Chapter VIB on Obligations of Investment Managers vide SEBI (InvIT) (Amendment) Regulations, 2023
On 14-2-2023, the Securities and Exchange Board of India (‘SEBI’) issued the SEBI (Infrastructure Investment Trusts) (Amendments) Regulations, 2023 to amend the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (‘InvIT’). All the provisions came into force on 14-2-2023 except for Regulation 3 sub- regulations (1) and (6) which will come into force on 1-4-2023. Key Points:
SEBI introduces Chapter VI A on Obligations of Manager vide SEBI (REIT) (Amendment) Regulations, 2023
On 14-2-2023, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2023 to amend the SEBI (Real Estate Investment Trusts) Regulations, 2014 (‘REIT’). The provisions came into effect on 14-2-2023.
SEBI clarifies on Transaction in Corp Bonds via Request for Quote Platform by AIFs
On 1-2-2023, the Securities and Exchange Board of India has issued a circular on Transaction in Corporate Bonds through Request for Quote platform by Alternative Investment Funds to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
SEBI extends timeline until 1-3-2023 to Online Bond Platform Providers for making an application for registration certificate
On 7-2-2023, the Securities and Exchange Board of India (‘SEBI’) extended the timeline for entities operating or desirous of operating as Online Bond Platform Providers (‘OBPPs’) for making an application to obtain certificate of registration as a stockbroker under the SEBI (Stock Brokers) Regulations, 1992.
First time issuers to amend their AoA within 6 months from the date of debt securities; SEBI clarifies
On 9-2-2023, the Securities and Exchange Board of India (‘SEBI’) clarified on the compliance by the first- time issuers of debt securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (‘NCS’) with Regulation 23(6). The circular came into effect on 9-2-2023.
SEBI introduces Issue Summary Document and Dissemination of Issue to facilitate consumption of data by stakeholders
On 15-2-2023, the Securities and Exchange Board of India (‘SEBI’) issued circular on Introduction of Issue Summary Document (ISD) and dissemination of issue advertisements to facilitate consumption of data by stakeholders by making the relevant information/ data points available at the Stock Exchanges and Depositories in a structured manner.
