Lock down period to be excluded from the timeline for insolvency resolution process
The IBBI through amendment states that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the timeline for any activity that could not be completed in due time due to the lockdown, in relation to a corporate insolvency resolution process.
SEBI relaxes compliance related to Credit Rating Agencies
The Securities and Exchange Board of India in its notification dated 30th March 2020, has decided to grant relaxations from compliance with certain provisions under the SEBI (Credit Rating Agencies) Regulations, 1999, due to the COVID-19 pandemic and moratorium permitted by RBI.
SEBI extends second phase of UPI implementation for retail investors
The Securities and Exchange Board of India vide its notification dated 30th March 2020 has decided to continue with the current phase II of Unified Payments Interface (UPI) with Application Supported by Blocked Amount due to Covid-19 virus pandemic. The modalities for the implementation of Phase III of the UPI ASBA shall be notified later after deliberations with stakeholders.
Prevention of money laundering Act provides relaxation to small bank accounts
The Ministry of Finance on 31st March 2020 has published the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2020 by which permits the small accounts in banking companies to remain operational between 1st April 2020 and 30th June 2020.
Government introduces price control on medical device
The Ministry of Chemicals and Fertilizers vide its notification dated 31st March 2020 has stated that the medical devices intended for use in human beings or animals shall be regulated by the government as drugs for quality control and price monitoring.
RBI announces further measures for dealing with the COVID-19 pandemic
Reserve bank of India vide press release dated April 1, 2020, has issued further measures to help the state governments as well as exporters to combat the Covid 19 pandemic outbreak.
RBI extends timeline for obtaining legal entity identifier
The Reserve Bank of India vide Circular dated March 27, 2020, has extended timeline for obtaining legal entity identifier. The timeline for entities with net worth up to Rs. 200 crore to comply with the requirement is extended till September 30, 2020.
MCA’s appeal to Corporate India to contribute to PM CARES Fund
Ministry of Corporate Affairs on its official website has made a formal appeal to Corporate India to contribute to the PM CARES Fund and has enumerated the benefits of making such contributions.
SEBI Extends implementation of stewardship code till 1st July
The Securities Exchange Board of India vide its notification dated 30th March 2020 has extended the deadline till 1st July 2020 for implementation of stewardship code for all Mutual Funds and all categories of AIFs due to the COVID–19 pandemic.
Ministry of Health and Family Welfare issues guidelines for rational use of PPE
The Ministry of Health and Family Welfare, in the context of the heavy spread of COVID 19, has issued guidelines for health care workers and others working for various health care centres. The guidelines directs how & when to use where Personal Protective Equipment.
