Corporate

Enhanced corporate governance standards prescribed for listed entities
Definite timelines introduced for fast-track mergers
Certain categories of investors exempted from the applicability of the angel tax provision

Dispute Resolution

Supreme Court clarifies the scope of adjudicating authority’s power to decide on a financial creditor’s insolvency application when debt and default have been established
Supreme Court holds unstamped or insufficiently stamped arbitration agreements unenforceable
Delhi High Court holds arbitral award to be unenforceable against a third-party funder who is a non-party to the arbitration proceedings or award
Jharkhand High Court holds that a resolution professional falls within the definition of a ‘public servant’ and can be proceeded against under the Prevention of Corruption Act, 1988

Delhi High Court rules that a victim can raise sexual harassment complaint even if the delinquent employee is from a different office
Telangana government renews permission for establishments to remain open on all 365 days
Maharashtra government exempts female employees earning up to INR 25,000 from depositing professional tax
Chhattisgarh government notifies the Rights of Persons with Disabilities Rules, 2023

India revamps space policy to enable private participation in the satellite sector
Karnataka High Court holds that blocking orders issued by MEITY can be account specific and need not be tweet/content specific
Insurance entities are subject to new cybersecurity compliance and audit requirements
Telecom service providers are now required to deploy artificial intelligence-based tools to filter spam communications

ASCI releases guidelines to combat ‘dark patterns’ in online advertising
New Tamil Nadu Gaming Act classifies rummy and poker as games of chance and introduces a registration framework for providers of local online games

Fintechs can enter into default loss guarantee arrangements in digital lending transactions up to 5% of the loan portfolio
NBFCs outsourcing IT services subject to new risk-based compliances
RBI permits regulated lending entities to deploy Aadhaar OTP based e-KYC for updating details in non-face-to-face mode and access the Central Know Your Customer Registry for due diligence; prescribes compliances for Video based Customer Identification Process

Foreign Portfolio Investors fulfilling certain criteria will now have to make additional disclosures of ownership, economic interest, and control
Alternate eligibility criteria introduced for sponsoring a mutual fund, easing the entry of private equity funds
New regulatory framework notified for providing execution-only services in mutual funds
Stringent advertisement code issued for investment advisers and research analysts

SEBI approves amendments to provisions for listing and delisting of non-convertible debentures
RBI issues framework for acceptance of green deposits by regulated entities

Amendments to the SEBI Issue of Capital and Disclosure Requirements Regulations, 2018:
- Codification of ‘hard underwriting’ provisions
- Pension funds sponsored by associates of lead managers allowed to invest in public issues as anchor investors
SEBI prescribes enhanced corporate governance standards for listed entities
Legal Entity Identifier code is now mandatory for entities that have listed or propose to list debt securities

Exemption from angel tax provision for:
- Recognised start-ups
- Consideration received from exempted investors
Proposed amendments to angel tax valuation rule:
- New valuation methods for equity shares issued to non-resident investors
- Date of valuation report deemed to be the valuation date, if issuance of shares is within 90 days of the date of the valuation report
- Safe harbour limit of up to 10% for equity shares
- Price matching principle introduced

Service tax on import of Engineering Design and Drawings
Service tax on User Development Fees collected by airport developers from passengers
Mandatory fulfilment of pre-import condition to avail IGST exemption in respect of goods imported under the Advance Authorisation Scheme
Doctrine of legitimate expectation in respect of statutory exemptions

Computer programs that demonstrate technical contribution are eligible for patent protection
Criteria for patent-ineligible ‘business methods’ clarified; computer programs producing a technical effect would be patentable
Appeal from a trademark rectification order by a high court will lie before its appellate bench
Author remains the owner of a screenplay, even when commissioned by a producer
Authors of underlying works of a sound recording are entitled to independently seek royalties for the use and communication of the sound recording