Latest developments by SEBI on account of COVID-19

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- July 14, 2020

Since March 2020, the Securities and Exchange Board of India (SEBI) has relaxed various provisions of rules and regulations for listed entities on account of the pandemic. Recent relaxations include:

(i) Extension of relaxation from compliance to REITs and InvITs.

(ii) SEBI (Substantial Acquisition of Shares and Takeovers) Third Amendment Regulations, 2020.

(iii) SEBI (Issue of Capital and Disclosure Requirments) Third Amendment Regulations, 2020.

(iv) Relaxation in timelines for compliance with regulatory requirements.

(v) Relaxation of time gap between two Board/ Audit Committee meeting of listed entities.

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IRDAI – Relaxations for e-Insurance policies and proposal forms

- September 15, 2020

The Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) Regulations, 2016 ( e-Insurance Regulations ) governs the issuance of electronic policy and submission of electronic proposal form of insurance policies. “E-insurance policy” or electronic insurance policy” means a policy document which is an evidence of insurance contract issued by an insurer and digitally signed in accordance with the applicable provisions prescribed by law and issued in an electronic form either directly to the policyholder by the insurer or through the platform of registered Insurance repository. As per Regulation 3 of the e-Insurance Regulations, every insurer soliciting insurance business through electronic mode shall create an e-proposal form similar to the physical proposal form approved by the Authority. The e-Insurance Regulations mandate that, every such insurer, shall also make available physical version of the e-proposal form. Per Regulation 4(...

COVID-19 related Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR)

- April 13, 2020

Further to the clarification issued by the Ministry of Corporate Affairs (MCA) on contributions to PM CARES fund as eligible CSR activity under item number viii of Schedule VII of Companies Act, 2013 the MCA has received several representations from various stakeholders seeking clarification on eligibility of CSR expenditure related to COVID-19 activities. As a consolidated response to all the representations, the MCA has released a set of FAQ’s along with clarifications for better understanding of the stakeholders on CSR expenditure related to COVID-19 activities. Whether contribution made to ‘PM CARES Fund’ shall qualify as CSR expenditure? MCA: Contribution made to ‘PM CARES Fund’ shall qualify as CSR expenditure under item no (viii) of Schedule VII of the Companies Act, 2013 and it has been further clarified vide office memorandum F. No. CSR-05/1/2020-CSR-MCA dated 28th March, 2020. Whether contribution made to ‘Chief Minister’s Relief Funds’ or ‘State Relief Fund f...

Department of Telecommunications - Relaxed Regulations for Work from Home

- March 22, 2020

In the wake of recent COVID-19 related developments across the globe, the Department of Telecommunications (“ DoT ”) has issued Circular No. 18-5/2015-CS-I (Pt.) dated March 13, 2020 , relaxing certain terms and conditions relating to ‘Work from Home’ (“ WFH” ) for registered ‘Other Service Providers’ (“ OSPs ”) for a temporary period. According to the Circular: The requirement of seeking prior permission for WFH has been exempted. OSPs are required to give prior intimation to the jurisdictional DoT office before implementing WFH, along with certain details; The requirement of signing a separate WFH Agreement and furnishing Security Deposit for WFH registration has been temporarily suspended; OSP’s have been permitted to use secured VPN configuration using ‘Static IP’ by themselves for interconnection between the employee at home and the OSP centre; These exemptions are effective till April 30, 2020. Any violations of ...

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