Notifications & Circulars

Telecom Regulatory Authority of India

17.10.2019

Media and Communication

Implementation of Telecommunication Mobile Number Portability (Seventh Amendment) Regulations, 2018

MANU/TRAI/0112/2019

1. TRAI had issued the Telecommunication Mobile Number Portability (Seventh Amendment) Regulations, 2018, on 13th December 2018, to the principal regulations of Telecommunication Mobile Number Portability (MNP) Regulations 2009 (8 of 2009). The revised MNP process is scheduled to be in force w.e.f. 11th November 2019.

2. Through these amendment regulations a major shift in the mechanism for generating Unique Porting Code (UPC) has been provisioned. Pre-validation of eligibility conditions for porting will determine generation of UPC by the Mobile Number Portability Service Provider (MNPSP). This shall ensure smooth porting in new framework, thus making the porting process faster and convenient to the mobile subscribers. Validity of UPC as per new process will be 4 days for all Licensed Service Areas (LSAs), barring the LSAs of Jammu & Kashmir, Assam and North East, where validity of UPC will still be 30 days.

3. Individual porting requests of Intra-Licensed Service Area (Intra-LSA) nature will be completed in 3 working days; whereas the porting requests of Inter-License Service Area (Inter-LSA) nature and all porting requests under corporate category (including Intra-LSA and Inter-LSA) will be completed in 5 working days. (For example-porting request of the mobile subscriber 'X' (individual) of Karnataka LSA who wants to change his operator within Karnataka LSA will be completed in 3 working days, whereas the service request of a person 'Y' (individual) who wishes to port his mobile number from Karnataka LSA to Delhi LSA service area will be completed in 5 days).

4. The cut-over to the new regulations will be effective from 00:00:00 hours of 11.11.2019. In the current MNP process, mobile subscribers can generate the UPC and submit their port request to the Recipient Operator of their choice till 17:59:59 hours of 04.11.2019.

5. There will be 'No service period' of 6 days for mobile number portability starting from 18:00:00 hours of 04.11.2019 till 23:59:59 hours of 10.11.2019 for all LSAs. Existing active UPCs where no porting request is not submitted by the subscriber till 17:59:59 hours of 04.11.2019, will become invalid. The subscriber can attempt the UPC generation afresh after the migration to the new process starts from 00:00:00 hours of 11.11.2019.

6. For all such requests where porting requests is submitted by the subscriber by 17:59:59 hours of 04.11.2019 and clearance is subsequently granted by the Donor Operator, the porting will have to be executed in the next porting window and broadcast of all executed porting have to be completed by 09:00:00 hours of 09.11.2019.

7. The mobile subscriber attempting to generate the UPC during 'No service period' will not get any response. In such a situation, UPC can be generated on or after 11.11.2019.

Tags : Implementation Seventh Amendment Regulations

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Ministry of Finance

16.10.2019

Commercial

Determination of specified instruments as debt instruments

MANU/EAFF/0067/2019

In exercise of the powers conferred by sub-section (7) of section 6 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby determines the following instruments as debt instruments, namely:-

(i) Government bonds;

(ii) corporate bonds;

(iii) all tranches of securitisation structure which are not equity tranche;

(iv) borrowings by Indian firms through loans;

(v) depository receipts whose underlying securities are debt securities.

2. Instruments specified below shall be considered as non-debt instruments, namely:-

(i) all investments in equity in incorporated entities (public, private, listed and unlisted);

(ii) capital participation in Limited Liability Partnerships (LLPs);

(iii) all instruments of investment as recognised in the FDI policy as notified from time to time;

(iv) investment in units of Alternative Investment Funds (AIFs) and Real Estate Investment Trust (REITs) and Infrastructure Investment Trusts (InVITs);

(v) investment in units of mutual funds and Exchange-Traded Fund (ETFs) which invest more than fifty per cent in equity;

(vi) the junior-most layer (i.e. equity tranche) of securitisation structure;

(vii) acquisition, sale or dealing directly in immovable property;

(viii) contribution to trusts;

(ix) depository receipts issued against equity instruments.

3. All other instruments which are not specified in paragraphs (1) and (2) above, shall be deemed as debt instruments.

Tags : Determination Debt instruments Non-debt instruments

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Ministry of Finance

16.10.2019

Insurance

Life Insurance Corporation of India (Staff) Amendment Rules, 2019

MANU/FNSV/0035/2019

In exercise of the powers conferred by Clause (cc) of Sub-section (2) of Section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules further to amend the Life Insurance Corporation of India (Staff) Rules, 1960, namely:-

1. (1) These rules may be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2019.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Life Insurance Corporation of India (Staff) Rules, 1960 in rule 61, in clause (c) the following proviso shall be inserted, namely:-

"Provided that in the event of compulsory retirement as a measure of penalty under the provisions of clause (e) of sub-rule (1) of rule 39 a payment equal to the employee's last salary for the period of privilege leave to his credit as on the date of his compulsory retirement subject to maximum of 240 days, shall be allowed to the retiree employee."

Tags : Rules Amendment Insurance

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Reserve Bank of India

16.10.2019

Banking

Reserve Bank of India imposes monetary penalty on SBM Bank (India) Ltd

MANU/RPRL/0190/2019

The Reserve Bank of India (RBI) has, by an order dated October 15, 2019, imposed a monetary penalty of Rs. 3 crore on SBM Bank (India) Ltd. for non-compliance by SBM Bank (Mauritius) Ltd. (amalgamated with SBM Bank (India) Ltd. on November 30, 2018) with certain provisions of directions issued by RBI on "Time-bound implementation and strengthening of SWIFT - related operational controls" and "Cyber Security Framework in Banks". This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the failure to adhere to the aforesaid directions issued by RBI.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

A scrutiny was carried out by RBI to examine the implementation of SWIFT related operational controls in SBM Bank (Mauritius) Ltd. at its Indian operations and it was observed that it had failed to comply with certain provisions of the aforesaid directions. Based on the findings of the scrutiny and taking into account that Indian undertaking of the said bank was amalgamated with SBM Bank (India) Ltd., a notice was issued to SBM Bank (India) Ltd. advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. After considering the reply received from SBM Bank (India) Ltd., oral submissions made in the personal hearing, and examination of additional submissions, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were sustained and warranted imposition of monetary penalty.

Tags : Penalty Imposition SBM Bank

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Telecom Regulatory Authority of India

16.10.2019

Media and Communication

TRAI releases Consultation Paper on "Reserve Price for auction of FM Radio channels"

MANU/TRAI/0108/2019

The Telecom Regulatory Authority of India (TRAI) has today released a Consultation Paper on "Reserve Price for auction of FM Radio channels". The Ministry of Information and Broadcasting (MIB) sent a reference dated 22nd August 2019, seeking recommendations of TRAI on reserve prices for 283 cities (260 new + 23 existing), under FM Phase-III Policy.

Accordingly, this Consultation Paper has been prepared to seek the comments/views of the stakeholders on the issues related to estimation of the reserve prices for auction of FM Radio channels. As part of the consultative process, the Consultation Paper has been uploaded on the TRAI website. Written comments on the consultation paper are invited from the stakeholders by 6th November 2019.

Tags : Consultation Paper Reserve Price Auction FM Radio channels

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Press Information Bureau

16.10.2019

MRTP/ Competition Laws

CCI approves Kora Master Fund LP investment of up to 10% ($75 million) in Edelweiss Securities Limited

MANU/PIBU/1497/2019

The Competition Commission of India (CCI) has approved Kora Master Fund LP investment of up to 10% ($75 million) in Edelweiss Securities Limited under sub-section (1) of Section 31 of the Act. The notification relates to a proposed investment by Kora in Edelweiss Securities Limited (ESL) and Edelweiss Global Investment Advisory Business (EGIA) Subsidiaries of up to INR equivalent to $75 million, as set out in the Share Subscription Agreement. The Acquirer is a foreign portfolio investor (FPI) registered with the Securities Exchange Board of India (SEBI). Its principal activity is that of investment holding and related activities. The Target Entities belong to the Edelweiss Group, with Edelweiss Financial Services Limited (EFSL) as the ultimate holding company, are broadly engaged in the Edelweiss Global Investment Advisory Business.

Tags : Investment Approval Edelweiss Securities

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