A quick legal roundup to cover important stories from all Legislation Updates in October 2022
MINISTRY OF CORPORATE AFFAIRS
Legal Metrology (General) Amendment Rules, 2022
The Central Government has notified Legal Metrology (General) Amendment Rules, 2022 to amend the Legal Metrology (General) Rules, 2011 to provide for the companies to nominate an officer of the establishment or branch or unit in any establishment or branch who has the authority and responsibility for planning, directing and controlling the activities of the respective establishment or branch or unit in any establishment or branch.
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MINISTRY OF ELECTRONICS AND INFORMATION TECHNOLOGY
IT (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2022
The Central Government has notified Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2022 in order to amend the IT (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. The amendment inserts a new rule providing appeal to grievance Appellate Committee.
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MINISTRY OF HEALTH AND FAMILY WELFARE
Medical Devices (Fifth Amendment) Rules, 2022
On 30-09-2022, the Central Government, after consultation with the Drugs Technical Advisory Board, notified Medical Devices (Fifth Amendment) Rules, 2022 to amend the Medical Devices Rules, 2017. The Rules provides that any person not holding licence and intends to sell medical devices exclusively must obtain registration certificate.
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RESERVE BANK OF INDIA
RBI (Credit Information Companies- Internal Ombudsman) Directions, 2022
On 06-10-2022, the Reserve Bank of India has mandated Internal Ombudsman mechanism for Credit Information Companies (CICs) vide RBI (Credit Information Companies- Internal Ombudsman) Directions, 2022. These Directions are introduced with a view to strengthen the internal grievance redress mechanism within the Credit Information Company (CIC) by enabling a review of customer complaints before their rejection, by an independent apex level authority within the CIC.
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Reserve Bank of India (Unhedged Foreign Currency Exposure) Directions, 2022
The Reserve Bank of India (hereinafter called the Reserve Bank) issued Reserve Bank of India (Unhedged Foreign Currency Exposure) Directions, 2022. These Directions shall come into effect from 1-01-2023.
The provisions of these Directions shall be applicable to all commercial banks excluding Payments Banks and Regional Rural Banks (‘banks’). These Directions shall be applicable to overseas branches / subsidiaries of banks incorporated in India.
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SECURITIES AND EXCHANGE BOARD OF INDIA
SEBI extends timeline for entering details of existing outstanding non- convertible securities into DLTs by one month
On 3-10-2022, the Securities and Exchange Board of India (‘SEBI’) has issued a circular on extension of timeline for entering the details of the existing outstanding non- convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.
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SEBI issues circular on Participation of SEBI registered FPIs in Exchange Traded Commodity Derivatives in India
On 29-09-2022, the Securities and Exchange Board of India (‘SEBI’) has issued a circular on participation of SEBI registered Foreign Portfolio Investors (‘FPI’s) in Exchange Traded Commodity Derivatives in India to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. The Circular comes into effect with immediate effect.
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SEBI modifies provisions pertaining to Electronic Book Provider platform
On 10-10-2022, the Securities and Exchange Board of India (‘SEBI’) has issued a circular on review of provisions pertaining to Electronic Book Provider (‘EBP’) platform and its usage for issue and listing of Non-convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
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SEBI issues circular on Suspension, Cancellation or Surrender of Certificate of Registration of a Credit rating Agency
On 13-10-2022, the Securities and Exchange Board of India (‘SEBI’) has issued a circular on Suspension, Cancellation or Surrender of Certificate of Registration of a Credit Rating Agency (‘CRA’) to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.
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SEBI issues circular on Request for Quote; Stockbrokers can now bid on behalf of clients
On 19-10-2022, the Securities and Exchange Board of India (‘SEBI’) has issued a circular on Request for Quote (‘RFQ’) platform for trade execution and settlement of trades in listed Non-convertible Securities, Securitized Debt Instruments, Municipal Debt Securities and Commercial Paper to bring in transparency in “Over the Counter” deals which are negotiated bilaterally and to facilitate wider market participation in the corporate bond market. The provisions of this circular will come into effect from 1-01-2023.
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SEBI issues circular reducing denomination of debt securities and non- convertible redeemable preference shares to Rs. 1 Lakh
On 28-10-2022, the Securities and Exchange Board of India (‘SEBI’) has issued a circular on reduction in denomination for debt securities and non- convertible redeemable preference shares to protect the interest of investors in securities and to promote the development of, and to regulate the securities market. The provisions of this circular are applicable on all issues on or after 1-01-2023.
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SEBI issues circular to standardize rating scales used by Credit Rating agencies
On 31-10-2022, Securities and Exchange Board of India (‘SEBI’) issued circular regarding standardization of rating scales used by Credit Rating Agencies (‘CRA’s) to standardize the usage of rating scales. The circular is effective from 01-01-2023 and CRA’s are required to report on compliance to SEBI within one quarter from the specified date of applicability.
FSSAI
Food Safety and Standards (Approval for Non-Specified Food and Food Ingredients) First Amendment Regulations, 2022
The Food Safety and Standards Authority of India has notified Food Safety and Standards (Approval for Non-Specified Food and Food Ingredients) First Amendment Regulations, 2022 to amend the Food Safety and Standards (Approval for Non-Specified Food and Food Ingredients) Regulations, 2017. As per the amendment, the manufacturer or importer of non-specified food shall submit an application in FORM – I along with necessary documents and fee to the Food Authority.
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Food Safety and Standards (Labelling and Display) Second Amendment Regulations, 2022
On 11-10-2022, the Food Safety and Standards Authority of India has published the Food Safety and Standards (Labelling and Display) Second Amendment Regulations, 2022. They shall come into force on 01-05-2023.Schedule II has been modified to insert the warning of “Chewing of Pan Masala Is Injurious to Health, note: The warning statement must cover 50% of front-of-pack of the label.”
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FOREIGN LEGISLATIONS
US- California | Governor signs law of mandatory bereavement leave
On 29-09-2022, Governor Newsom signed AB 1949, which creates protected bereavement leave under the California Family Rights Act (CFRA). As of January 1, 2023, AB 1949 makes it unlawful for an employer to refuse to grant an eligible employee the opportunity to take up to five days of bereavement leave upon the death of a family member. As does CFRA, this new requirement applies to employers with five or more employees.
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Financial Advisory and Intermediary Services Act, 2022
On 19-10-2022, the Financial Sector Conduct Authority has declared crypto asset as a financial product under paragraph (h) of the definition of “ financial product” as defined in section 1 of the Act.
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