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– Anita Baid, finserv@vinodkothari.com
Streamlining internal compliance monitoring function
The recent RBI directive on streamlining the internal compliance monitoring function by leveraging technology has raised concerns regarding actionable on the part of regulated entities covered thereunder. The notification on Streamlining of Internal Compliance monitoring function – leveraging use of technology dated January 31, 2024 is based on RBI’s review of of the prevailing system in place for internal monitoring of compliance with regulatory instructions and the extent of usage of technological solutions to support this function.
Read more →IT Governance, Risk, Controls and Assurance Practices Direction, 2023
Analysis of Impact on Financial Sector Entities
Kaushal Shah & Subhojit Shome | finserv@vinodkothari.com
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Read our other resources
- RBI regulates outsourcing of IT Services by financial entities
- Draft Master Direction on IT Governance, Risk, Controls and Assurance Practices
- Erstwhile Directions on IT Framework for the NBFC Sector – RBI keen on implementing several operational requirements
Access our resource centre on SBR Framework :
Digital Personal Data Protection Bill 2023: Analysing the Impact on Digital Lenders
– Subhojit Shome, Assistant Manager | subhojit@vinodkothari.com
Click here to view our: Consultancy and advisory services on Digital Personal Data Protection Act, 2023
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Draft Master Direction on IT Governance, Risk, Controls and Assurance Practices
An analysis of its impact on NBFCs
– Team Finserv, Vinod Kothari Consultants | finserv@vinodkothari.com
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Our recent write-ups on financial services: https://vinodkothari.com/category/financial-services/
Reintroduction of the Data Protection Bill: Analysing the Implications for FinTech
– Financial Services Division (finserv@vinodkothari.com)
Background
The Ministry of Electronics and Information Technology (MeitY) introduced the revised draft of the Digital Personal Data Protection Bill, 2022[1] (‘Bill’) on November 18, 2022 for public comments. The Bill is intended to be technology and sector-agnostic and hence, shall serve as a broad guide for digital data protection across all sectors. It is expected that sector-specific regulators shall develop regulations based on the legislation passed based on the said Bill.
In this write-up, we intend to cover the broad prescriptions of the said draft Bill and their impact on the fintech industry.
Read more →Expanding the ambit of IT Act in a bid for increased digitalisation
– Neha Sinha, Assistant Legal Advisor | finserv@vinodkothari.com
Introduction
The Information Technology Act, 2000 (‘IT Act’) allows digital execution of documents by way of electronic and digital signatures. While the reach of IT Act is wide, certain contracts and transactions were excluded from its ambit. The First Schedule of IT Act enumerates the documents or transactions to which IT Act is not applicable and such documents or transactions cannot be signed digitally. Recently, the Ministry of Electronics and Information Technology has released a notification amending the First Schedule of the IT Act. The amendments are as follows:
- Entry No. 5 of the said Schedule included “any contract for sale or conveyance of immovable property or any interest in such property”. Contracts for sale of immovable property fell outside the scope of the IT Act and hence, could not be signed digitally. The Amendment has omitted the Entry No. 5, thus, bringing contracts for sale or conveyance of immovable property within the ambit of the IT Act. This amendment allows a contract for sale of immovable property to be executed digitally.
- Entry No. 2 of the said Schedule contained power-of-attorney, thus, excluding it from the purview of the IT Act. The amendment allows the application of the IT Act to those power-of-attorney that empower an entity regulated by the RBI, National Housing Bank, SEBI, IRDAI and PFRDA to act for the person executing it. Hence, a power-of-attorney in favour of entities regulated by these bodies can now be executed digitally.
- Entry No. 1 of the said Schedule, excluded the application of the IT Act to negotiable instruments other than a cheque. Hence, negotiable instruments could not be signed digitally, but cheques were exempt from this provision and they could be signed digitally. The amendment has included other negotiable instruments and brought them within the purview of the IT Act. Now, a cheque, a demand promissory note or a bill of exchange issued in favour of or endorsed by an entity regulated by the Reserve Bank of India, National Housing Bank, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India and Pension Fund Regulatory and Development Authority, can be signed digitally.
Fiduciary Information under sec 8 (1) (e) of RTI Act
Vinod Kothari and Aditi Jhunjhunwala | corplaw@vinodkothari.com
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