Risk-based Internal Audit for NBFCs – Applicability & Implementation
– Subhojit Shome, Assistant Manager | subhojit@vinodkothari.com
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Archive for month: July, 2023
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Silence no more golden: New regulatory regime forces top listed companies to respond to rumours
Vinod Kothari and Nitu Poddar (corplaw@vinodkothari.com)
– Updated February 02, 2024
Come June 1, 2024, top 100 listed companies, and thereafter, effective from December 1, 2024 top 250 listed companies, will have to mandatorily respond to market rumours, and cannot keep a policy of maintaining their own silence. What is the intent and scope of this requirement? Does this requirement expect companies to scan through more than 100000 mainstream media publications, and news channels and innumerable investor influencers, keep searching for the written or spoken word about the company, and then keep responding to all the din about the company? Or, the intent is just to ensure that a false market in the company’s securities is not being created or propped up by the company’s silence? And if the company is to respond to rumours, how and where does it respond?
These are some very pertinent questions bothering the larger of the listed entities. We are trying to address some of these questions below.
Read more →Introducing common offer document disclosures for Private Placement and Public Issue
SEBI (Issue and Listing of NCS) (Second Amendment) Regulations, 2023
– Palak Jaiswani | corplaw@vinodkothari.com
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Carbon credit markets: building the ecosystem for trading in India
– Payal Agarwal, Manager (payal@vinodkothari.com)
The consequences of climate change and the need for a positive climate action need no introduction in the present world. What once remained a matter of concern for the so-called “environmental activists”, gradually traveled their way to the government as countries committed towards achieving “net zero”. Climate action requires involvement of the masses, and therefore, the government is coming up with new regulatory devices towards developing climate action on a large scale.
India is no exception to the same, and following the footsteps of other countries, has proposed to develop a compliance mechanism and domestic market for carbon credits in India. Regulatory inclusion is provided to carbon credits in India by way of an amendment to the Energy Conservation Act, 2001 (“ECA”). Carbon credits are a form of emission trading schemes (ETS), that incentivize the reduction in emissions, against the offsetting of higher emissions by other market participants. A brief comparison of the domestic ETS in other parts of the world, and the existing emissions trading markets in India can be referred to at Emission law amendments: Laying the framework for Carbon trading market in India.
Read more →Workshop on Co-Lending and Loan Sourcing Arrangements
| Register here: https://forms.gle/LBNKATZ8rxL3KvPz6 |
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Read our articles on the subject: https://vinodkothari.com/?s=co-lending
Identifying Senior Managers: Listing rules may force companies to relook at the tag
Identification as a “senior management person” brings information needs as well as obligations
– Pammy Jaiswal and Mahak Agarwal
Background
The concept of Senior Management ( herein, ‘SM’, and senior management person or personnel as ‘SMP’ or ‘SMPs’) was not there under the regime of the Companies Act, 1956 and was first introduced under Section 178 of the Companies Act, 2013 (Act, 2013). The law requires the Nomination and Remuneration Committee to get into compensation policies of SMPs. The definition under the Listing Regulations has, over time, been aligned with that under the Act, 2013. These definitions have been around for almost 10 years now, and therefore, largely seem to have settled.
However, the LODR (2nd Amendment) Regulations[1] have introduced several new information requirements and obligations pertaining to SMPs, which has given rise to the need for relooking at the said position from a fresh perspective.
Read more →Consultation paper on the proposed IFSCA (Payment Services) Regulations, 20XX: An Analysis
By Anirudh Grover, Executive, finserv@vinodkothari.com
The International Financial Services Centre Authority in an attempt to restructure the regulatory overview of the Payment Services segment in GIFT IFSC has issued a Consultation Paper dated June 13, 2023 (‘CP’), along with the draft regulations that will be applicable to the payment services market in GIFT IFSC. The aim of this write-up is to critically analyze the same with comparisons with the current RBI framework and similar guidelines practiced by regulators globally.
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