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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Government of India announces exemption from Customs Duty for certain medical devices

- April 10, 2020

In the wake of COVID-19 outbreak, and to facilitate the fight to contain its spread, the Government has issued a Notification No. 20/2020-Customs dated April 9, 2020 , exempting the following medical devices from all customs duty and health cess: COVID-19 test kits; Face masks and surgical masks; Personal Protection Equipment (PPE); Artificial respiration or other therapeutic respiration apparatus (i.e. ventilators); and Inputs required in manufacturing such products provided that importer follows the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017. This exemption will remain effective until 30 September 2020.

Karnataka High Court on grant of COVID-19 moratorium

- July 13, 2020

The Reserve Bank of India ( RBI ) notified COVID-19 – Regulatory Package ( Circular ) on 27 March 2020 which inter-alia , permitted all commercial banks, co-operative banks, all India Financial Institutions and NBFCs to grant a 3-month moratorium on all payment of installments falling due between March 1, 2020 and May 31, 2020. Subsequently, on 22 May 2020, the period of the moratorium was extended by another 3 months by the RBI. Detailed note on the Circular can be accessed at https://jsacovid19.blogspot.com/2020/04/rbi-instructions-in-light-of-covid-19.html Followed by the Circular, the Ministry of Finance also issued FAQs on the matter to address the technicalities of the moratorium. However, several ambiguities still persisted in the subject matter, which the Karnataka High Court has addressed in its judgment on 8 July 2020 while ruling on a Writ Petition filed by a borrower. The Writ Petition was filed by Velankani Information Systems Limited (VISL) engaged in t...

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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