MINISTRY OF LAW AND JUSTICE (Department of Legal Affairs)
Notaries (Amendment) Rules, 2022 (JUNE 10, 2022)
In exercise of the powers conferred by section 15 of the Notaries Act, 1952 (53 of 1952), the Central Government hereby makes the following rules further to amend the Notaries Rules, 1956.
(Refer gazette notification for details)
For Official Gazette, Click Here
CENTRAL CONSUMER PROTECTION AUTHORITY
Guidelines for Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022. (JUNE 10, 2022)
In exercise of the powers conferred by section 18 of the Consumer Protection Act, 2019 (35 of 2019), the Central Consumer Protection Authority hereby issues the following guidelines to provide for the prevention of false or misleading advertisements and making endorsements relating thereto.
(Refer gazette notification for details)
For Official Gazette, Click Here
SEBI
Modification in Cyber Security and Cyber Resilience Framework of Mutual Funds/ Asset Management Companies (AMCs) (JUNE 9, 2022)
Partial modification to Annexure 1 of SEBI circular dated January 10, 2019 have been made which includes :-
- To have uniformity for identifying and classifying critical assets, across the industry, paragraph 11 on section “Identify” of the circular.
- Based on the recommendation of IT-Projects Advisory Committee (IT-PAC) of SEBI and also to adopt “audit the auditor approach” for conducting the Vulnerability Assessment and Penetration Testing (VAPT) of the intermediaries, paragraphs 40, 41 & 42 on section “Vulnerability Assessment and Penetration Testing (VAPT)” of the circular.
- For receipt of quarterly reports containing information on cyber-attacks and threats experienced by Mutual Funds/ AMCs in a time bound manner, paragraph 51 on section “Sharing of information” of the circular.
- Further, the Mutual Funds/ AMCs are mandated to conduct comprehensive cyber audit at least 2 times in a financial year.
RBI
Change in Bank Rate (JUNE 8, 2022)
As announced in the Monetary Policy Statement 2022-23 dated June 08, 2022, the Bank Rate is revised upwards by 50 basis points from 4.65 per cent to 5.15 per cent with immediate effect.
All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in the Annex.
Discontinuation of Return under Foreign Exchange Management Act, 1999 (June 09, 2022)
Attention of Authorised Persons is invited to A.P. (DIR series) circular No 26, dated February 18, 2022, wherein Authorised Persons were advised about proposed discontinuation of the return “Details of guarantee availed and invoked from non-resident entities”. It was also advised that the date of discontinuation would be notified in due course.
It has now been decided to discontinue the ‘Statement for reporting of non-resident guarantees issued and invoked in respect of fund and non-fund based facilities between two persons resident in India’ with effect from the quarter ending June 2022.
SUPREME COURT
Shell Companies Case: Jharkhand Challenges High Court Order In Supreme Court (JUNE 10, 2022)
Jharkhand government on Friday filed a Special Leave Petition (SLP) in the Supreme Court challenging the state High Court's order on the maintainability of PIL in connection with shell companies allegedly related to state Chief Minister Hemant Soren and his associates.
The state High Court on June 3 held two PILs against the Chief Minister and rejected the arguments made by senior advocates Kapil Sibal and Mukul Rohatgi (questioning the maintainability of the two PILs filed against CM and his associates) in its 79-page judgement.
Rejecting the objections point-by-point, the Court had said that because some of the requirements as per Rule 4, 4-B and 5 of the Jharkhand High Court (Public Interest Litigation) Rules, 2010 have not been followed and the instant writ petitions cannot be held to be not maintainable.
NEET-PG 2021: SC dismisses pleas seeking special stray round of counselling to fill 1,456 vacant seats (JUNE 10, 2022)
The Supreme Court on Friday said the decision of the government and the Medical Council not to conduct special stray round of counselling for All India Quota in NEET-PG-2021 cannot be said to be arbitrary, and dismissed a batch of petitions seeking to fill the vacant 1,456 seats.
A vacation bench of Justices M R Shah and Aniruddha Bose said there cannot be any compromise with the quality of medical education which will affect public health. The apex court said the decision of the government and the Medical Counselling Committee (MCC) not to allow special stray round is in the interest of medical education and public health.
The batch of petitions has been filed by doctors who appeared in NEET-PG 2021-22 examination and participated in Rounds 1 and 2 of the All India Quota (AIQ) Counselling and State Quota Counselling which was followed by All India Mop-Up and State Mop-Up Rounds and concluded on 7 May by the MCC post the All India Stray Vacancy Round.
DELHI HIGH COURT
Amount spent by man to support divorced sister must be taken into account while deciding maintenance to wife: Delhi High Court
The Delhi High Court recently observed that a brother cannot be a mute spectator to his divorced sister's miseries especially when she is in need of financial help [Sarita Bakshi vs. State & Anr].
Justice Sharma was dealing with a revision petition by a wife challenging the order of the family court which directed her husband (Respondent-2) to pay a maintenance of ₹6,000 to her. It was stated that the husband had remarried and had a child as well. His 79-year-old father and a divorced sister also depended on him even though the sister was receiving some maintenance from her former husband.
Advocates GP Thareja and Rahul Singh appeared for the petitioner-wife. Advocate Saurabh Kansal appeared for the respondent-husband.
Delhi High Court agrees to hear Cloudtail's challenge against CCI raids on July 15 (JUNE 8,2022)
The Delhi High Court has agreed to hear Cloudtail's challenge to the raids conducted on its premises by the Competition Commission of India (CCI) as part of the competition watchdog's probe against e-commerce giants Amazon and Flipkart.
In an order passed on June 3, the high court said that the matter requires consideration and in the interim directed the Director-General of the CCI to ensure that the details pertaining to the search and seizure exercise conducted against Cloudtail are not divulged to any third party or made public.
The investigation against e-commerce platforms Amazon and Flipkart was launched in 2020 after a Delhi-based traders' association had alleged that they were engaging in anti-competitive practices by allowing preferential listings of certain preferred sellers. This investigation was challenged before the Karnataka High Court, which ultimately allowed the probe to be carried out. The raids against Cloudtail and certain other firms are part of this investigation.
BUSINESS NEWS
IRDAI allows life insurers to launch term insurance plans, Ulips without prior approval (JUNE 10, 2022)
Insurance Regulatory and Development Authority of India (IRDAI) has extended the ‘Use and File’ procedure for most of the Life Insurance products. This means now the life insurance companies can also launch these products without prior approval of IRDAI. This move will enable Life Insurers to launch most of the products (except Individual Savings, Individual Pensions and Annuity) in a timely manner.
The life insurers are expected to have a Board approved product management and pricing policy (BAPMPP). The Board shall also constitute a Product Management Committee (PMC), which shall have Appointed Actuary, Chief Risk Officer, Chief Marketing/Distribution Officer, Chief Technology Officer and Chief Compliance Officer of the insurer as members and also an option to include other members of its Senior Management as Invitees. The PMC shall review and approve the products/riders in line with BAPMPP.
WORD OF THE DAY
Special Leave Petition (SLP) means taking of a special permission by an individual for being heard in an appeal against the order/ judgment/decree/determination passed or made by any High court, Court, or tribunal. Therefore, SLP is not an appeal but a petition filed for an appeal.
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