REGULATORY AMENDMENTS
Trai amendments to MNP to curb SIM swap, replacement frauds to take effect from July 1
The regulator had notified the amendment in March 2024, after consulting stakeholders. The amendment adds an additional criterion for rejecting generation of the Unique Porting Code (UPC) required to port a SIM card to a different telecom service provider. "These amendment regulations are aimed at curbing the porting of mobile numbers by way of fraudulent SIM swap/ replacement by unscrupulous elements," the regulator said Friday.
Three state insurers may get Rs 5,000-cr infusion for revival
The Indian government may delay the planned privatisation of state-run general insurers, instead focusing on strengthening three insurers - Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd - through capital support and business revival plans. The government is expected to infuse about ₹5,000 crore into the insurers this fiscal, shelving any privatisation plan this fiscal.
DGCA revamps seaplane regulations to boost sustainable operations
Under the new regulations, pilots holding a Commercial Pilot License can now qualify as seaplane-rated pilots by completing training at any International Civil Aviation Organization (ICAO)-recognized training organization globally. This change not only eases the pathway for pilots to acquire necessary qualifications but also broadens the pool of eligible pilots, experts say.
Business families seek legal advice to amend tightly written deeds of family settlement amid global expansion plans
Business families, particularly in India, are increasingly seeking legal counsel to amend rigid Deeds of Family Settlement (DFS) originally drafted decades ago. These deeds, designed to safeguard inheritances, now pose challenges as younger generations seek to expand globally into new sectors like fintech, tech-led consumer businesses, and electric vehicles. Legal experts note that the old deeds lack flexibility for today's globalized and dynamic business environment, prompting families to consider amendments to address issues such as wealth protection, succession planning, and regulatory compliance.
TRAI broadens scope of telecom consumer education fund
The Telecom Regulatory Authority of India (Trai) on Friday amended regulations 6 and 13 of the Telecommunication Consumers Education and Protection Fund (TCEPF) principal rules to enable utilisation of the fund for expenses relating to preparation, maintenance, audit of accounts, and for the participation of representatives of consumer groups attending meetings of the Committee for Utilisation of Telecommunication Consumers Education & Protection Fund (CUTCEF).
CCI proposes amendments to general rules, seeks stakeholder feedback
The Competition Commission of India (CCI) has proposed amendments to the General Regulations, 2009, following recent changes to the Competition Act. The changes, based on the Competition (Amendment) Act, 2023, aim to align the general regulations with the latest framework. The changes include the appointment of independent agencies to oversee the implementation of orders, maintaining confidentiality and avoiding conflicts of interest.
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Meghalaya State Council address the need for framework to protect catchment areas from further degradation
Meghalaya State Council on Climate Change & Sustainable Development discussed amendments to the Meghalaya Protection of Catchment Areas Act, 1990 to protect critical areas from degradation. The meeting under Chief Minister Conrad K. Sangma focused on leveraging community institutions for climate action, highlighting the development of a GIS-based technology platform for village-level interventions.
Health insurance rules changed for senior citizens: Be ready for a 10-15% hike in health insurance premiums
In a major reform, Insurance Regulatory and Development Authority of India (IRDAI) has removed the ceiling of 65 years for a person to buy a health insurance policy. Additionally, the waiting period for pre-existing conditions has been reduced from four to three years. Both these rules have been effective from April 1, 2024. Will these new rules help uninsured senior citizens get health coverage? How easy is it now to buy a health insurance policy for the first time at the age of, say, 70? Find out here
Explained: Why WhatsApp is willing to leave India over encryption
After the messaging platform said that forcing it to break message encryption may lead to its exit from India, the Delhi HC has said the right to privacy can’t be absolute. Here’s a look at why the company is arguing that its end-to-end encryption cannot be compromised
States, Trai jump into the fray to regulate online gaming
MeitY's self-regulatory proposal for online gaming led to state laws in Tamil Nadu and Karnataka. Trai consulted on National Broadcasting Policy 2024. Challenges include defining skill-based gaming versus gambling and regulatory clarity in the online gaming industry.
States & online gaming regulations; banks tap startups to foil frauds
Happy Monday! In the absence of central government’s self-regulatory mechanisms, states are framing laws for online real money gaming. This and more in today's ETtech Morning Dispatch.
Overseas listing: RBI notifies amended FEMA regulations
The Reserve Bank has notified amendments to the FEMA regulations related to purchases of shares of Indian companies on international exchanges. The central bank has also notified the amendments to Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations.
Haryana RERA imposes Rs 50 lakh penalty on Countrywide Promoters for misleading advertisement
Haryana's real estate regulatory authority (HRERA) in Gurugram has fined Countrywide Promoters Private Limited Rs 50 lakh for a misleading advertisement about its Green Oaks project. The ad showed amenities not part of the project, like a club and other facilities, leading to confusion among potential buyers. Despite mandatory provisions under the Real Estate (Regulation and Development) Act 2016, the promoter did not describe the details properly, violating Section 61 of the Act. The project is an affordable plotted colony at Sector 70-A, Gurugram, under Deen Dayal Jan Awas Yojna Affordable Plotted Housing Policy 2016.
Trai puts in additional conditions for MNP
Telecom regulator restricts porting after SIM swap to prevent fraud. Trai introduces rule denying UPC request within 7 days of replacement. MNP, launched in 2009, expanded to full number retention nationwide by 2015.
Federal Bank, South Indian Bank stop new co-branded card issuance
Federal Bank has three co-branded credit cards with partnerships with OneCard Scapia Technology Pvt. Ltd and FI Brand Pvt Ltd, targeting mostly the new generation customers. The bank on Wednesday said it is in the process of rectifying the areas that are deficient and will seek regulatory clearance prior to resumption of new issuance.
RBI amends these debit card, credit card rules: What card holders should know
Latest credit card, debit card rules: The RBI has requested business card issuers to put in place an adequate system to track the use of money.
Paytm Payments Bank and Paytm to discontinue inter company agreements amid regulatory scrutiny
Paytm Payments Bank has been instructed by the Reserve Bank of India to halt its basic banking services from March 16. Earlier this week, on Monday, Vijay Shekhar Sharma - the founder of Paytm - announced his resignation from the board of Payments Bank, which replaced its directors with new inductees, mostly from the banking and bureaucratic fraternity.
Government bringing laws, taking steps to make social media platforms accountable: Ashwini Vaishnaw
The minister, who was responding to supplementaries during question hour, said the government is amending intermediary rules for social media to tackle the menace of misinformation and deep fake.
Why it's high time to amend alternative funds regulations
Sebi reports more than 40 cases, about ₹30,000 crore (around 3% of a ₹9.5 lakh crore industry), where AIFs appear to have been structured to facilitate circumvention of regulations. Sebi identifies the critical problem - 'most of the identified cases of circumvention had a single investor, or investors of the same group, i.e., narrow and connected investors, having majority contribution in or exercising control over the AIF'.
BlackRock, Ark file amended forms in final push for Bitcoin ETFs
Fidelity, Invesco and Galaxy Digital and WisdomTree were among other firms that filed amended S-1 applications with the SEC. The regulator has until January 10 to take action on at least one of their applications, and crypto insiders have speculated the regulator will use that date to announce a slew of decisions at once.
Govt may tweak rules for AI firms, LLMs; FY23 financials for Unacademy, Myntra
The amendments, to be notified soon by the IT ministry, could mandate that platforms that use artificially intelligent algorithms or language models to train their machines, are free of biases.
Microblogging website 'X' fails to block California's content moderation law
U.S. District Judge William Shubb, in an eight-page decision, dismissed X's request, stating that while the reporting requirement imposes a significant compliance burden, it is not considered unjustified or unduly burdensome within the context of First Amendment law.
Major NPS rule changes 2023: Systematic Lumpsum Withdrawal facility, NPS Lite exit rules, consolidated statement & more
The Pension Fund Regulatory and Development Authority (PFRDA) has implemented many rule and regulatory changes in 2023 to better facilitate and support NPS subscribers. Here is a look at a few important changes made to NPS in 2023.
CCI considering boosting manpower for tighter oversight, says Chairperson Ravneet Kaur
The regulator currently has 15 officers in its two anti-trust divisions, 11 in the combination wing, five in the legal division, six in research and trend analysis, five each in economics and advocacy divisions and four in international cooperation division, among others, according to its website.
Online gaming firms seek new regulatory model; suggest three-tier oversight mechanism
While several industry associations submitted their proposals, the plan to notify these SRBs was put on the backburner.
Fractional ownership of property as investment tool to get boost from Sebi regulation: experts
Proptech platforms such as YOURS, ALYF, hBits, and WiseX are helping investors in having fractional ownership of primarily office and luxury holiday homes assets. Real estate consultants like Square Yards and 360 Realtors have also entered into this space. On Saturday, the Sebi board approved amendments to REITs (Real Estate Investment Trusts) Regulations, 2014 in order to create a regulatory framework for the facilitation of Small and Medium REITs (SM REITs), with an asset value of at least Rs 50 crore vis-a-vis minimum asset value of Rs 500 crore for existing REITs.
Sebi to introduce regulatory framework for index providers
In this regard, the minimum issue size in case of public issuance of Zero Coupon Zero Principal Instruments (ZCZP) for NPOs on the social stock exchange will be reduced to Rs 50 lakh from Rs 1 crore.
Sebi to amend rules to facilitate small and medium REITs
Sebi's board, at its meeting on Saturday, approved amendments to REITs (Real Estate Investment Trusts) Regulations, 2014 in order to create a regulatory framework for the facilitation of SM REITs, with an asset value of at least Rs 50 crore vis-a-vis minimum asset value of Rs 500 crore for existing REITs.
Sebi to amend rules to facilitate small and medium REITs
The regulatory framework approved by the board for SM REITs provides for the structure, migration of existing structures meeting certain specified criteria, obligations of the investment manager including net worth, experience and minimum unit holding requirement, investment conditions, minimum subscription, distribution norms and valuation of assets.
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