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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Karnataka Lockdown Extension Order

- May 19, 2020

Pursuant to the updated order issued by the Ministry of Home Affairs, Government of India dated May 17, 2020 bearing No. 40-3/2020-DM-I(A) (“ Order ”) with the new guidelines on the measures to be taken by Ministries / Department of Government of India / states and state authorities for containing the spread of COVID-19, the Karnataka state government has issued updated guidelines on the measures to be taken for containing the spread of COVID-19 which will come into effect immediately and be valid till May 31, 2020 (“ Karnataka Order ”). The Karnataka Order can be accessed here . Below is a brief overview of the Karnataka Order, in addition to those set out by the Order: 1. Permitted Activities · In all zones areas except containment zones, taxis/autorickshaws (with a maximum of 2 (two) passengers excluding the driver), maxi cabs and aggregators will be permitted to ply with restrict...

India under Lockdown – Center invokes Disaster Management Act to contain COVID-19. What happens to State orders?

- March 25, 2020

The Indian Prime Minister, Mr. Narendra Modi, while addressing the nation on March 24, 2020, announced a nationwide lockdown for 21 days to contain the spread of COVID-19. Shortly thereafter, the National Disaster Management Authority (“ NDMA ”) issued an order dated March 24, 2020 under the Disaster Management Act, 2005 (“ DM Act ”) noting that it was satisfied that the country is threatened by the spread of COVID-19, and that there is an urgent need to bring about consistency in the application and implementation of various measures across the country while ensuring maintenance of essential services and supplies (“ NDMA Order ”). To this end, the NDMA directed that necessary guidelines be issued immediately. Pursuant to the NDMA Order, and in exercise of the powers conferred under Section 10(2)(l) of the DM Act, 2005, the Ministry of Home Affairs, through the National Executive Committee under the DM Act, issued an order dated March 24, 2020 (“ Lockdown Order ”) for the pr...

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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