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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Guidelines for Notifying COVID-19 Affected Persons by Private Institutions

- March 22, 2020

In the wake of the prevailing COVID-19 pandemic, the Ministry of Health and Family Welfare has issued guidelines for notifying COVID-19 affected persons by Private Institutions . A “suspect case” has been defined as one of the following: “A patient with acute respiratory illness (fever and at least one sign/ symptom of respiratory disease (e.g., cough, shortness of breath) and a history of travel to of residence in a country/area or territory reporting local transmission (See NCDC website for updated list) of COVID-19 disease during the 14 days prior to symptom onset” “A patient / healthcare worker with any acute respiratory illness and having been in contact with a confirmed COVID-19 case in the last 14 days prior to onset of symptoms” “A patient with severe acute respiratory infection (fever and at least one sign/symptom of respiratory disease (e.g., cough, shortness breath) and requiring hospitalization and with no other etiology that fully explains the clinical presentat...

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 ...

Face masks and hand sanitizers cease to be essential commodities

- July 13, 2020

On 13 March 2020 , the Ministry of Consumer Affairs, Food and Public Distribution notified masks (2 ply & 3 ply surgical masks, N95 masks) & hand sanitizers as essential commodities under the Essential Commodities Act, 1955 ( Act ) up to 30 June 2020. Under the Act, if the Central Government deems fit, it may, in the interest of public, notify certain commodities as ‘essential’ in order to control the production, supply and distribution of such commodities. The origins of this Act can be found in the Defence of India Act, 1939 (“ DOI Act ”) and the Defence of India Rules, 1939 (“ DOI Rules ”). The DOI Act and the DOI Rules conferred broad discretionary powers on the Government to regulate and prohibit the production, distribution, consumption, movement and disposal of goods notified by the Government and forbid the practice of controlling prices by withholding of goods from the market. The DOI Act and DOI Rules ceased to have force in 1946, but the need to have contr...

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