Notifications & Circulars
Press Information Bureau
09.05.2024
Insurance
IREDA incorporates "IREDA Global Green Energy Finance IFSC Limited" in GIFT City, Gujarat
MANU/PIBU/0375/2024
Indian Renewable Energy Development Agency Ltd. (IREDA) has incorporated a wholly owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. Named "IREDA Global Green Energy Finance IFSC Limited," the subsidiary was officially incorporated on 7th May, 2024. Earlier, on 8th February, 2024, the Reserve Bank of India gave its No Objection letter to set up the finance company in IFSC GIFT City.
Commenting on the development, Chairperson & Managing Director of IREDA Shri Pradip Kumar Das, said that IREDA's presence in GIFT City signifies a momentous step in its mission to pioneer innovative approaches to green financing. "This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth, aligning with the Government of India's ambitious 'Panchamrit' targets."
The CMD added that IREDA's entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector. "This strategic step is in line with IREDA's vision of facilitating sustainable development through renewable energy investments, both domestically and internationally. With IREDA's presence in the IFSC, we anticipate greater access to innovative financing alternatives and enhanced collaboration with international investors, encouraging the advancement of renewable energy projects in the country and abroad."
Tags : Incorporation IREDA
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Securities and Exchange Board of India
07.05.2024
Capital Market
Master Circular for Alternative Investment Funds (AIFs)
MANU/SMIS/0010/2024
1. With an objective to ensure an effective regulatory framework for AIFs, Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. SEBI's Master Circular no. SEBI/HO/AFD/PoD1/P/CIR/2023/130 for AIFs dated July 31, 2023 was a compilation of such relevant circulars issued by SEBI up to March 31, 2023, which were operational as on that date.
2. Subsequently, various circulars have been issued by SEBI under SEBI (Alternative Investment Funds) Regulations, 2012. The provisions of such circulars issued until March 31, 2024 have been incorporated in this Master Circular, which supersedes the Master Circular for AIFs dated July 31, 2023.
3. In addition to the requirements specified under this Master Circular, the AIFs shall be required to independently comply with the other requirements specified by SEBI for market intermediaries such as the 'Levy of Goods & Services Tax (GST) on the fees payable to SEBI', 'Approach to securities market data access and terms of usage of data provided by data sources in Indian securities market', 'Digital mode of payment', 'Information regarding Grievance Redressal Mechanism' and 'Guidelines on Outsourcing of Activities by Intermediaries', etc.
4. With respect to any other directions or guidance issued by SEBI, as specifically applicable to AIFs, the same shall continue to remain in force in addition to the provisions of this Master Circular or any other law for the time being in force.
5. This Master Circular shall come into force from the date of its issuance. With the issuance of this Master Circular, all the circulars mentioned in Annexure 17 of this Master Circular shall stand rescinded.
6. Notwithstanding such rescission:
a) anything done or any action taken or purported to have been done or taken under the rescinded circulars, including registrations or approvals granted, fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or adjudication commenced or show cause notice issued prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b) any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
c) the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded.
7. The trustee / sponsor of AIF, as the case may be, shall ensure that the 'Compliance Test Report' prepared by the manager of the AIF, in terms of para 15.2 of this Master Circular, includes compliance with the provisions of all chapters of this Master Circular.
8. This circular is issued with the approval of the competent authority.
9. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Tags : Master Circular AIFs Regulatory framework
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Securities and Exchange Board of India
07.05.2024
Capital Market
Master Circular for Registrars to an Issue and Share Transfer Agents
MANU/SSMD/0015/2024
I. Securities and Exchange Board of India ("SEBI"/ "the Board"), from time to time, has been issuing various circulars/directions to Registrars to an Issue and Share Transfer Agents (RTA). In order to enable the users to have access to the applicable circulars at one place, this Master Circular in respect of RTA is being issued.
II. SEBI's Master Circular for RTA's dated May 17, 2023 was a compilation of relevant circulars issued by SEBI which were operational as on May 17, 2023. Subsequently, various guidelines/directions were issued to the RTAs by way of circulars/advisory.
III. In view of the same, the instant Master Circular has been prepared which supersedes the Master Circular for RTAs dated May 17, 2023 and the subsequent circulars on the subject. With the issuance of this Master Circular, the directions/ instructions contained in the circulars listed out in the Appendix to this Master Circular, to the extent they relate to the RTAs, shall stand rescinded.
IV. Notwithstanding such rescission,
a. anything done or any action taken or purported to have been done or taken including registration or approval granted, fees collected, registration or approval, suspended or cancelled, any adjudication, enquiry or investigation commenced or show-cause notice issued under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b. any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
c. the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded;
V. This circular is issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.
Tags : Master Circular Registrars Transfer Agents
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Press Information Bureau
07.05.2024
MRTP/ Competition Laws
CCI approves acquisition of additional shares in Sikkim Urja Limited (formerly Teesta Urja Limited) by Greenko Energies Private Limited
MANU/PIBU/0371/2024
The Competition Commission of India (CCI) has approved the acquisition of additional shares in Sikkim Urja Limited (formerly Teesta Urja Limited) by Greenko Energies Private Limited.
Greenko Energies is a limited liability company incorporated in India. It is an (indirectly) wholly-owned subsidiary of Greenko Mauritius. Greenko Mauritius is wholly-owned by Greenko Energy Holdings (GEH), a company incorporated in Mauritius, which is the holding company of the Greenko group of companies. GEH is an investment holding company, having its investments in a portfolio of companies engaged in the power generation sector in India.
Sikkim Urja is a special purpose vehicle incorporated for the purpose of the implementation of the 1200 Mega Watt (MW) (6 Units of 200 MW each) hydro power project in North Sikkim, India.
Tags : Acquisition Approval Additional shares
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Reserve Bank of India
06.05.2024
Banking
Rate of interest on Government of India Floating Rate Bond, 2024
MANU/RPRL/0311/2024
The rate of interest on Government of India Floating Rate Bond 2024 (FRB 2024) applicable for the half year May 07, 2024 to November 06, 2024 shall be 7.03 per cent per annum.
It may be recalled that the rate of interest on FRB 2024 is reset at the average rate (rounded off up to two decimal places) of the implicit yields, at the cut-off prices of the last three auctions of Government of India 182-days Treasury Bills, held up to the period preceding the coupon reset date, which is May 07, 2024.
Tags : Interest Floating Rate Bond
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Securities and Exchange Board of India
06.05.2024
Capital Market
Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUA
MANU/SSMD/0014/2024
1. The Master Circular on Know Your Client (KYC) norms for the securities market SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169 dated October 12, 2023 inter alia has detailed the provision for the adaptation of Aadhaar based e-KYC process and e- KYC Authentication facility for Resident Investors under section 11A of the Prevention of Money Laundering Act, 2002 in securities market as sub-KUA and on-boarding process of sub-KUA by UIDAI.
2. Department of Revenue, Ministry of Finance (DoR-MoF) has from time to time issued gazette notifications notifying entities, to undertake Aadhaar authentication service of UIDAI under Section 11A of the Prevention of Money Laundering Act, 2002.
3. DoR-MoF has vide Gazette Notification S.O. 1863(E) dated April 30, 2024, notified one entity which is permitted to use Aadhaar authentication services of UIDAI under section 11A of the Prevention of Money-laundering Act, 2002.
4. The above mentioned entity shall follow the process as detailed in SEBI circular dated October 12, 2023 and as may be prescribed by UIDAI from time to time. The KUAs shall facilitate the on-boarding of the entity as sub-KUA to provide the services of Aadhaar authentication with respect to KYC.
5. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.
Tags : E-KYC Aadhaar Authentication UIDAI
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