Ministry of Environment, Forest and Climate Change  

‘LIFE’ - ‘Lifestyle for Environment’, key to combating climate change(MAR 13,  2023)  

Minister of State for Environment, Forest and Climate Change, Shri Ashwini Kumar  Choubey in a written reply to a question in Lok Sabha on March 13, 2023 informed that  the Government has started Lifestyle for Environment (LiFE) movement with a view to  sensitize all stakeholders, including the public at large, about the need for mindful  utilization instead of mindless consumption of resources. 

A comprehensive and non-exhaustive list of 75 individual environment-friendly actions (LiFE actions) across 7  categories has been identified for nudging individuals, communities and institutions as a  part of this movement.

PRESS RELEASE : https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1906390

SEBI

SEBI relief for large registrars on enhanced reporting requirements (MAR 13, 2023) 

Markets regulator SEBI provided relaxation of 60 days to large Registrars to an issue/ Share Transfer Agents (RTAs) from complying with the enhanced requirements pertaining to periodic reporting. Under the rules, qualified RTAs or QRTAs are required to comply with enhanced responsibilities through adoption and implementation of an internal policy framework and periodic reporting requirements. 

In a circular, SEBI clarified that an RTA would be categorised as QRTA if at any time during a financial year, the combined number of physical and demat folios being serviced by the RTA for listed companies exceeds 2 crore. In case of the categorisation as a QRTA, an intimation needs to be sent by the RTA within five working days to SEBI.

DETAILS : Sebi relief for large registrars on enhanced reporting requirements (business-standard.com)

RBI 

RBI expresses reservations on setting up of family offices (MAR 15, 2023)

The Reserve Bank of India (RBI), in a call with authorised dealer banks on Monday, said the intent for allowing overseas direct investment in financial services is not to have wealthy individuals set up family offices overseas, said a person familiar with the matter.  The RBI has instructed banks not to facilitate such structures as it is not permitted under current regulations.

India reportedly has 250-300 family offices, with average assets under management of $100 million each. Prominent businessmen who have family offices include Ratan Tata, Azim Premji and NR Narayana Murthy.

NEWS REPORT : RBI expresses reservations on setting up of family offices | The Financial Express

RBI chief bags ‘Governor of the year’ award (MAR 16, 2023) 

Reserve Bank of India Governor Shaktikanta Das has bagged the ‘Governor of the year’ 2023 award by international economics journal Central Banking. The journal has cited Das’ work in strengthening the regulations governing the NBFC sector after the IL&FS crisis in 2018, banks’ improving asset quality and Covid-19 crisis management as factors for the recognition. 

Das has also been credited with improving communication between the regulator and the Government and overseeing the rise in India’s digital payment infrastructure.

NEWS REPORT : RBI chief bags ‘Governor of the year’ award | The Financial Express

BANKING AND FINANCE 

Yes Bank tanks 13% as lock-in period expires (MAR 14, 2023) 

Shares of Yes Bank fell nearly 13% in intra-day trade on March 13, 2023 as the three-year lock-in period for several key investors came to an end. In March 2020, a consortium led by State Bank of India (SBI) infused Rs. 10,000 crore into Yes Bank in a bid to rescue the latter. Earlier in that month, the Reserve Bank of India had superseded the Yes Bank board owing to the deteriorating asset quality. 

The bank’s rescue plan imposed a three-year lock-in on existing shareholders, except for the ones holding less than 100 shares, for up to 75% of their shareholding. This forbade various private banks from offloading their shares till the expiry of the lock-in period.

DETAILS : Yes Bank tanks 13% as lock-in period expires | The Financial Express

New age firms unwilling to comply with rules at times: Shaktikanta Das (MAR 18, 2023)

Reserve Bank of India Governor Shaktikanta Das on March 18, 2023 said though the digital payments infrastructure has grown rapidly over the past years, some Payment System Operators (PSOs) are unwilling to comply with regulatory instructions. 

The RBI had directed PSOs to implement an ODR system for disputes and grievances related to failed transactions in their respective payment systems.

NEWS REPORT : New age firms in payment space reluctant to comply with rules at times: Das (business-standard.com)

NCLAT

Google's 'castle and moat' strategy is data hegemony: CCI tells NCLAT (MAR 16 2023) 

Fair trade regulator CCI on March 16, 2023 alleged that Google has created a digital data hegemony and called for a market space with "free, fair and open competition". Concluding the arguments of the Competition Commission of India (CCI) before the appellate tribunal NCLAT in the Google matter, Additional Solicitor General Mr. N Venkataraman said a market with greater freedom for all players would be in total sync with principles of free competition rather than the 'walled garden' approach of the internet major. 

On October 20 last year, the CCI slapped a penalty of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. The regulator had also ordered the internet major to cease and desist from various unfair business practices.

DETAILS : Google's 'castle and moat' strategy is data hegemony: CCI tells NCLAT (business-standard.com)

MINISTRY OF CORPORATE AFFAIRS  

MCA Establishes Centre for Processing Accelerated Corporate Exit (MAR 17, 2023)

In exercise of the powers conferred by sub-section (1) of section 396 of the Companies Act, 2013, the Central Government hereby establishes a Centre for Processing Accelerated Corporate Exit (C-PACE).  

The C-PACE shall be located at the Indian Institute of Corporate Affairs (IICA), Plot No. 6, 7,  8, Sector 5, IMT Manesar, District Gurgaon (Haryana), Pin Code – 122050. This notification shall come into force with effect from the 01st day of April, 2023.

GAZETTE NOTIFICATION: 244467.pdf (egazette.nic.in)

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