Regstreet Law Advisors

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Telecom Regulatory Authority of India (TRAI)

1. TRAI Imposes Penalty of Rs. 3050 Crore in Reliance Jio Controversy Recently, telecom sector regulator TRAI has settled the controversy revolving around free voice call services by Reliance Jio (“Jio”). Jio’s tariff plans and free voice call plans has garnered significant criticism from other telecom operators. Jio in its letter dated 14.07.2016 addressed to …

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Real Estate Regulatory Authority (RERA)

1. Release of Draft Maharashtra Real Estate (Regulation and Development) (General) Rules, 2016 The Draft of Maharashtra Real Estate (Regulation and Development) (General) Rules, 2016 is yet to be notified, even though the deadline of 31.10.2016 set by the central government under Real Estate (Regulation and Development) Act, 2016 has passed. This was required to …

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Pension Fund Regulatory And Development Authority (PFRDA)

1. Discontinuance of acceptance of any third party contribution in Tier II accounts under NPS PFRDA in its Circular dated January 13, 2017 has notified that any third party contributions in Tier II account under National Pension System will be disallowed henceforth. Tier II account is a voluntary savings account which can be opened along …

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Commercial Banking

1. RBI identifies 12 stressed accounts to be referred under IBC Reserve Bank of India (“RBI”) vide its press release dated June 13, 2017, has identified 12 stressed accounts totaling about 25% of the current gross Non-Performing Assets (“NPAs”) of the banking system for immediate reference for resolution under Insolvency and Bankruptcy Code, 2016 (“IBC”). …

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Life Insurance

1. IRDAI directs Sahara Life Insurance Co. not to procure new insurance business By its order dated June 23, 2017, IRDAI has directed M/s Sahara India Life Insurance Co. Ltd. (“Company”), not to procure / collect proposal deposits / underwrite new business with immediate effect. However, the Company has been allowed to continue to collect …

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Foreign Exchange Management

1. Ease of Doing Business: RBI Liberalizes Automatic FDI Norms for Financial Services In order to relax FDI norms for financial services activities (“Activities”) regulated by Financial Sector Regulators (“Regulator”), RBI vide its notification dated September 09, 2016 (“the Notification”) has made certain amendments to FEMA (TISPRO) Regulations, 2000. Vide the Notification, RBI has increased …

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Information Utilities

1. IBBI has invited public comments on draft regulations on Information Utilities The Insolvency and Bankruptcy Board (IBBI) has sought public comments on the draft norms for information utilities. The fourth working group on bankruptcy set up by the Corporate Affairs Ministry to facilitate implementation of the Code has submitted its report on information utilities …

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IPs & IPAs

1. Insolvency regulator issues orders, denies one Insolvency Professional registration Within a short span of five months of its establishment, Dr. M. S. Sahoo, Chairman of IBBI has issued two regulatory orders. The orders have been issued in respect of applications under Regulation 6 of IBBI (Insolvency Professionals) Regulations, 2016 (“the Regulations”) for registration as …

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Commodity Market

1. SEBI strengthens risk management norms for commodity Exchanges Within a year’s timeline of SEBI-Forward Markets Commission (FMC) merger, SEBI was required to make norms to strengthen enforcement of commodities regulations. SEBI has issued various circulars this month. In one circular, SEBI barred exchanges from sponsoring any programmes run by media channels, which directly or …

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