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(...

Corporate Expenditure on COVID-19 to count as eligible CSR Expenditure

- March 23, 2020

As regulators across India grapple with the impact of COVID-19, amendments and relaxations are announced constantly. On 23 March 2020, the Ministry of Corporate Affairs (“ MCA ”), announced that corporate expenditure on fighting COVID-19 will constitute eligible expenditure towards corporate social responsibility (CSR) . CSR is the obligation laid on companies requiring them to spend a portion of their income in giving back to the society in which they prosper. Every company having: · a net worth of INR 500,00,00,000 (Indian Rupees Five Hundred Crores) or more, or · turnover of INR 1000,00,00,000 (Indian Rupees One Thousand Crores) or more or · a net profit of INR 5,00,00,000 (Indian Rupees Five Crores) or more during the 3 immediately preceding financial years from ...

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...

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