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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Unlock 5.0: Ministry of Home Affairs Guidelines

- October 05, 2020

Lockdown measures to contain the spread of COVID-19 has been in force in the country since 24 March 2020. On 30 May 2020, pursuant to the direction of the National Disaster Management Authority under Section 6(2)(i) of the Disaster Management Act, 2005, the Ministry of Home Affairs ( MHA ) issued an order enumerating the guidelines for phased re-opening of activities which were prohibited during the lockdown in areas outside the designated containment zones, as Unlockdown 1 . This order was to remain in force up to 30 June 2020. On 29 June 2020, with a view to re-open more activities in the country, in a calibrated manner, in areas outside containment zones, the MHA issued detailed guidelines on Unlockdown 2 . The order had also extended the lockdown in containment zones up to 31 July 2020. On 29 July 2020, MHA had issued guidelines on Unlock 3 which came into effect on 1 August 2020 for further extension of the process of phased re-openin...

State of Karnataka - Closedown update

- April 28, 2021

The Government of Karnataka has announced a 14 (fourteen) days closedown in the state starting from 9pm, April 27, 2021 to be in force until 6am, May 12, 2021. In this regard, the Government of Karnataka has issued guidelines (available here ) on April 26, 2021 clarifying the state of operations during the closedown ("Guidelines"). A summary of the Guidelines is given below for your reference: 1. Prohibited Activities : Only flights and trains previously scheduled will continue to operate during the period of closedown. Metro rail services will cease. Taxis (including auto rickshaws) and services of cab aggregators prohibited, except while hired for emergency and as permitted in the guidelines. Schools, colleges, educational/coaching institutions etc. will remain closed. Online/ distance teaming shall continue to be permitted and shall be encouraged. However, examination already scheduled shall be permitted with strict adherence to National Directives for ...

Restructuring of Corporate Loans under RBI’s Covid Resolution Framework

- September 01, 2020

I. Introduction On August 6, 2020, the Reserve Bank of India (“ RBI ”) promulgated a special regulatory package - Resolution Framework for Covid-19-related Stress (“ Covid Resolution Framework ”). This package has been introduced because several Indian borrowers have been adversely affected by the pandemic and are facing difficulties in servicing their debt obligations. The moratorium imposed by the RBI has provided some breathing space to such borrowers, but once that expires, several borrowers may need to restructure their debts as they recover from the havoc Covid-19 has created in their businesses. Lenders also need an effective and flexible restructuring tool for Covid-related defaults and the existing Prudential Framework for Resolution of Stressed Assets dated June 7, 2019 (“ June 7 Framework ”) of the RBI may not cater to their needs arising specifically out of the pandemic. The Covid Resolution Framework applies to personal loans as well corporate loans. However, in this ...

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