SEBI issues clarification on Know Your Client (KYC) Process and Use of Technology for KYC
The Securities and Exchange Board of India has issued circular dated 24th April 2020 to simplify, harmonize abd clarify the process of KYC by investors / RI.
SEBI issues relaxation in holding AGM by top 100 listed entities under LODR Regulation
SEBI has also relaxed regulation 44(5) of LODR whereby the top 100 listed entities by market capitalization whose financial year ended on December 31, 2019, may hold their AGM within a period of 9 months from the closure of the financial year that is by September 30, 2020.
State governments of Tamil Nadu has permitted infrastructure works to resume, with state-specific conditions
The Revenue and Disaster Management Department of Tamil Nadu vide its order dated 23rd April 2020 has relaxed certain basic infrastructure maintenance activities in rural areas and non-containment zones which includes MGNREGA and construction projects.
Foreign Exchange Management (Non-debt Instruments) Rules Amended to prevent opportunistic takeover of domestic firms
The Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020 in which it has made it mandatory that foreign investments from countries that share a land border with India to obtain prior approval from the government to prevent opportunistic takeover of domestic firms amid COVID-19 pandemic.
State Government of Tamil Nadu exempts certain activities, services from COVID-19 lockdown
The Revenue and Disaster Management Department of Tamil Nadu in its order dated 23rd April 2020 has decided to relax the restrictions for certain activities and services within the state.
FSSAI has eased certain norms to ensure uninterrupted food supply
The Food Safety and Standards Authority of India in its press release dated 23rd April 2020 has declare the steps taken to ensure uninterrupted food services/supply as well as industry facilitation during the lockdown period.
Ministry of Corporate Affairs gives relaxations for holding AGMS due to COVID19
The companies whose financial year (other than first financial year) has ended on 31st December, 2019, can hold their AGM for such financial year within 30th September 2020.
Andhra Pradesh exempts Boilers from Inspection
Andhra Pradesh Government via notification dated 21st April 2020 has exempted all certified boilers from Inspection. Accordingly, all boilers for which inspections are due in the months of April & May, 2020 are exempted for two months or end of lockdown, whichever is earlier.
West Bengal Government determines interest rate on certain Government operated Funds
West Bengal Government vide notification dated 22nd April 2020 has determined 7.1% rate of interest on certain Funds under administrative control of government. This rate will be in force during the period from 01.04.2020 to 30.06.2020.
SEBI relaxes Buy back of Securities Regulations due to the COVID 19 pandemic
The Securities and Exchange Board of India vide its notification dated 23rd April 2002, to reduce burden of coronavirus crisis, has decided to temporarily reduce the restriction to raise further capital from the securities market for a period of 1 year from the buyback period expiry to six months.
