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.

SEBI takes steps to make short selling harder - Press Release 20 March 2020

- March 26, 2020

On 20 March 2020, SEBI issued a press release taking note of the continued volatility in Indian and global stock markets and observed that significant market movements had not yet disrupted settlement cycles in India. SEBI announced a slew of measures which came into effect at the start of trading on 23 March 2020 for a period of 1 month (subject to review at the end of this period). These changes include revision of market wide position limits for stocks in the futures and options segment, increase in margin for stocks in the futures and options segment, increase in cash market margins for stocks which are not futures/options, revised position limits for equity index derivatives, and flexing of dynamic price bands for futures and options stocks. 1. Revision of Market Wide Position Limit (MWPL) [1] : For futures and options stocks (“ F&O Stocks ”) whose: (a) average Daily Price High Low variation percentage [2...

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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