13 July 2020

Notifications & Circulars

Securities and Exchange Board of India


Capital Market

Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015-Amendments


1. Kindly refer to SEBI (IFSC) Guidelines, 2015 which were notified by SEBI on March 27, 2015 and SEBI Circular dated July 27, 2017.

2. In order to further streamline the operations at IFSC, based on the internal discussions and consultations held with the stakeholders, it has been decided to amend clause 4 (1) of SEBI (IFSC) Guidelines, 2015 to read as follows:

"4. 1) Eligibility and shareholding limit for stock exchange desirous of operating in IFSC

Any Indian recognized stock exchange or any stock exchange of a foreign jurisdiction may form a subsidiary to provide the services of stock exchange in IFSC wherein at least fifty one per cent. of paid up equity share capital is held by such stock exchange and remaining share capital may be offered to any other person (whether Indian or of foreign jurisdiction) and such person shall not at any time, directly or indirectly, either individually or together with persons acting in concert, acquire or hold more than five per cent of the paid up equity share capital in a recognised stock exchange in IFSC, subject to applicable law.

Provided that,--

(a) a stock exchange,

(b) a depository,

(c) a banking company,

(d) an insurance company,

(e) a commodity derivatives exchange

[whether Indian or of foreign jurisdiction for (a) to (e)]

(g) a public financial institution of Indian jurisdiction, and

(h) a bilateral or multilateral financial institution approved by the Central Government,

may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, upto fifteen per cent of the paid up equity share capital of a recognised stock exchange with prior approval of the Board.

Provided further that the provisions of Regulation 19 and 20 of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 should be complied with".

3. 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 : Guidelines Amendments Interests Investors

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Press Information Bureau



EESL signs agreement with NOIDA authority to install EV charging units and related infrastructure


Energy Efficiency Services Limited (EESL), a joint venture of PSUs under the Ministry of Power, Government of India, has signed an agreement with the New Okhla Industrial Development Authority (NOIDA) to promote electric vehicles and install public EV charging stations & related infrastructure. The partnership will also facilitate the creation of an infrastructural ecosystem to accelerate e-mobility uptake as the nation emerges from the lockdown post COVID-19 pandemic.

The agreement was signed by Sh. A.K. Tyagi, General Manager, NOIDA Authority and Shri Amit Kaushik, Executive Director (Growth), EESL in the august presence of Smt. Ritu Maheshwari, CEO, NOIDA Authority.

Speaking at the agreement signing ceremony, Smt. Ritu Maheshwari, CEO, NOIDA, said, "Developing a sustainable landscape with strong supporting EV infrastructure is the key to cultivating consumer confidence in electric vehicles. This will significantly enhance consumer convenience as well. With increasing penetration of EVs, the local pollutants emission levels are also expected to reduce, leading to cleaner air and several public health benefits."

Shri Amit Kaushik, ED, EESL said, "Electric Vehicles (EVs) are at the forefront of the world's agenda to move towards a sustainable future and EESL is proud to be progressively leading initiatives to promote EV adoption in India under its national e-mobility programme. We are pleased to partner with NOIDA authority to co-create synergies to set up Public EV Charging Infrastructure in Noida."

EESL will make an upfront investment on services pertaining to the agreement along with the operation and maintenance of public charging infrastructure by qualified manpower. NOIDA authority will be responsible for the provision of space for the charging infrastructure. The initiative is estimated to save over 3.7 tonnes of CO2 emissions per e-car per year.

Noida authority has been sanctioned 162 Public EV Charging Stations (PCS) comprising 54 Bharat DC001 (15kW) and 108 122kW (50kW CCS2+ 50kW CHAdeMO+ 22kW Type2) Fast Chargers under the FAME India Scheme Phase-II of Department of Heavy Industry (DHI). EESL is the selected organization for deployment of public charging stations in NOIDA City.

So far, EESL has installed 20 EV chargers, 13 are commissioned and 7 are under commissioning. These EV chargers have been installed around the prominent places of Noida such as the ganga shopping complex (Sector 29), near the electronic city metro station (Sector 63), opposite shopprix mall (Sector 61), near RTO office (Sector 33), Advant Chowk (Sector 142) and main market of Sector 50 to name a few.

With its innovative model of demand aggregation and bulk procurement, EESL receives electric vehicles and chargers at a significantly discounted rate vis-a-vis the actual market value. Further, with access to low cost funds, the overall cost of project becomes competitive. With this, EESL has established a sustainable business model which is affordable for end consumers.

NOIDA authority is constantly working to make the city cleaner, greener, and more sustainable. It has been at the forefront in establishing the public charging infrastructure and spurring the e-mobility adoption in the city.

Tags : Agreement Signing of EV charging units

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Ministry of Commerce and Industry



Bicycles-Retro Reflective Devices (Quality Control) Order, 2020


In exercise of the powers conferred by sub-sections (1) and (2) of section 16 read with section 17 of the Bureau of Indian Standards Act, 2016 (11 of 2016), the Central Government is of the opinion that it is necessary or expedient so to do in the public interest, after consulting the Bureau of Indian Standards, hereby makes the following Order, namely:-

1. Short title, commencement and application.--

(1) This Order may be called the Bicycles-Retro Reflective Devices (Quality Control) Order, 2020.

(2) This order shall come into force with effect from 01.01.2021.

(3) This order shall apply to goods or articles specified in column (1) of the Table 1 and Table 2, but nothing herein shall apply to said goods or articles meant for export.

2. Conformity to Standard and Compulsory use of Standard Mark.--

Goods or articles specified in the column (1) of the Table 1 shall conform to the corresponding Indian Standard mentioned in the column (2) of the said Table and shall bear the Standard Mark under a license from the Bureau as per Scheme-I of Schedule-II of BIS (Conformity Assessment) Regulations, 2018.

3. Certificate of Conformity.--

Goods or articles specified in the column (1) of the Table-2 shall conform to the corresponding essential requirement(s) given in the column (2) of the said table under a certificate of conformity from the Bureau as per Scheme-IV of Schedule-II of BIS (Conformity Assessment) Regulations, 2018.

4. Certification and Enforcement Authority.--

In respect of the goods or articles specified in the column (1) of the Table-1 and Table-2, the Bureau shall be the certifying and enforcing authority.

5. Penalty for Contravention.--

Any person who contravenes the provisions of this Order shall be punishable under the provisions of the Bureau of Indian Standards Act, 2016.

Tags : Quality Control Articles Applicability

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Securities and Exchange Board of India


Capital Market

SEBI signs MoU with CBDT


Securities and Exchange Board of India (SEBI) signed a Memorandum of Understanding (MoU) with Central Board of Direct Taxes (CBDT), Government of India, today, for data exchange between the two organizations. The MoU was signed by Ms. Anu J Singh, Pr. DGIT (Systems), CBDT and Ms. Madhabi Puri Buch, Whole Time Member, SEBI in the presence of senior officers from both the organizations via video conference.

The MoU will facilitate the sharing of data and information between CBDT and SEBI on an automatic and regular basis. The MoU will ensure that both CBDT and SEBI have seamless linkage for data exchange. In addition to regular exchange of data, CBDT and SEBI will also exchange with each other, on request and suo moto basis, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.

The MoU is an ongoing initiative of CBDT and SEBI, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group has also been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism. The MoU marks the beginning of enhanced cooperation and synergy between SEBI and CBDT.

Tags : MOU CBDT Signing of

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Press Information Bureau



Cabinet approves extension of time limit for availing the benefits of "Pradhan Mantri Garib Kalyan Yojana" for Ujjwala beneficiaries by three months w.e.f. 01.07.2020


The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the proposal of Ministry of Petroleum & Natural Gas for extension of time limit by three months w.e.f. 01.07.2020 for availing the benefits of "Pradhan Mantri Garib Kalyan Yojana" for Ujjwala beneficiaries.

The Government had announced a relief package " Pradhan Mantri Garib Kalyan Yojana" aimed at providing a safety net to the poor and vulnerable who had been hit the hardest by the pandemic. The package also included relief for poor families who had availed of an LPG connection under PMUY. Under the PMGKY-Ujjwala, it was decided to provide free of cost refills for PMUY consumers for a period of 3 months w.e.f. 01.04.2020.

Under the Scheme, Rs. 9709.86 Cr was transferred directly into the bank accounts of Ujjwala beneficiaries during April- June 2020 and 11.97 Crore cylinders were delivered to the PMUY beneficiaries. The scheme went a long way to ameliorate the suffering and disruption caused due to the Coronavirus pandemic.

On review of the scheme, it has been observed that a section of PMUY beneficiaries are yet to utilize the advance credited into their account to purchase the cylinder refill within the scheme period. Hence, the Cabinet has approved the proposal of the Ministry of Petroleum & Natural Gas to extend the time-limit for availing the advance by three months. This will benefit those PMUY beneficiaries who have been credited with the advance for buying the cylinder, but have not been able to purchase the refill. Thus, the beneficiaries who already have the advance transferred to their account can now take the free refill delivery till 30th September.

Tags : Extension Time limit Ujjwala beneficiaries

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Press Information Bureau


MRTP/ Competition Laws

CCI approves proposed combination involving Eros Plc, STX and Marco


The Competition Commission of India (CCI) approves the proposed combination involving Eros International Plc (Eros Plc), STX Film works Inc ("STX") and Marco Alliance Limited (Marco).

Eros Plc is a company incorporated in the Isle of Man, with its shares listed on the New York Stock Exchange. It is a global Indian entertainment company that acquires, coproduces, and distributes films (including Hindi, Tamil, and other Indian regional language films) across all available formats such as cinema, television, and digital new media. Eros Plc also owns and operates the Over-The-Top platform 'Eros Now'.

STX is a fully-integrated global media company specialising in the production, marketing and distribution of talent-driven motion pictures, television and multimedia content. STX has an indirect presence in India by way of licensing of certain films to Indian distributors. Marco is a company organised and existing under the laws of the British Virgin Islands and is an investment holding company. Marco is controlled by Hony Capital, which is an investment management firm that specialises in private equity buyout and expands into areas including real estate, hedge fund, mutual fund and innovation investment.

In a two-step transaction, it is proposed that an indirectly wholly owned subsidiary of Eros Plc will merge into STX, with STX continuing to be the surviving entity. In the second step, the Hony Group, through Marco, an existing investor in STX, will subscribe to certain shares of the merged entity.

With the completion of the transaction, it is expected that Eros, STX and Marco will directly or indirectly acquire an economic and voting interest along with certain other rights, in the combined entity.

Tags : Eros Plc STX Combination Approval

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Reserve Bank of India



Extension of timeline for finalization of audited accounts


1. Please refer to para 18(2) of the Master Direction on Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 and Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, as per which every applicable NBFC shall finalise its balance sheet within a period of 3 months from the date to which it pertains.

2. In view of the on-going situation and taking in to account the feedback received from various stakeholders, it has been decided that every applicable NBFC shall finalise its balance sheet within a period of 3 months from the date to which it pertains or any date as notified by SEBI for submission of financial results by listed entities.

Tags : Extension Timeline Audited accounts

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