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Welcome to Taxmann.com | Newsletter – Reporting the Facts with Taxmann's Analysis. Today's Edition Brings You Updates on Company & SEBI Laws | FEMA Banking & NBFCs | Insolvency & Bankruptcy Code (IBC) | Competition Laws.
IBBI extends application window for renewal of authorization for assignment from 45 to 90 days before expiry
The IBBI has notified amendment in the Model Bye-Laws for Insolvency Professional Agencies. Now, the application window for renewal of authorization for assignment has been extended from 45 to 90 days before expiry. Additionally, it will be deemed approved if the Agency does not issue, renew, or reject the authorization within 90 days (earlier 15 days) of receiving the application.
Disciplinary Committee members must not be involved in any stage of investigation or inspection: IBBI clarifies
The Insolvency and Bankruptcy Board of India (IBBI) has notified an amendment to the Inspection and Investigation Regulations, 2017, to clarify the role of Disciplinary Committee members. The board explicitly defines ‘associated’ as involvement in the conduct of investigation or inspection, consideration of the investigation or inspection report, or issuance of show cause notice.
IBBI extends the time for filing grievances or complaints to 30 days after closure of related legal proceedings
The IBBI has notified amendments in the Grievance and Complaint Handling Procedure Regulations, 2017. In the revised regulation, the timeframe for filing grievances or complaints after the occurrence of the cause of action has been extended. The grievance or complaint may now be filed within thirty days from the closure of all related proceedings before the Adjudicating Authority, Appellate Authority, High Court, or Supreme Court.
RBI aligns ‘Housing Finance Companies‘ private placement norms for NCDs (Maturity>1 year) with NBFC guidelines
RBI has decided that the guidelines on Private Placement of NCDs (with maturity more than one year) by NBFCs, as per the Master Direction – RBI (NBFC – Scale Based Regulation) Directions, 2023 shall be applicable, mutatis-mutandis, to Housing Finance Company (HFCs). Accordingly, the existing guidelines under Master Direction – NBFC – HFC (Reserve Bank) Directions, 2021 stand repealed. The revised guidelines shall apply from the date of this circular.
SEBI clarifies on provisions w.r.t association of MIIs and their agents with individuals involved in prohibited activities
SEBI has issued a circular, addressing provisions related to the association of persons regulated by the Board, Market Infrastructure Institutions (MIIs), and their agents with individuals engaged in prohibited activities. The circular explains which regulations govern such associations, defines who qualifies as a ‘person regulated by the Board,’ and identifies who constitutes an agent of these persons.
RBI files application for initiation of CIRP against ‘Aviom India Housing Finance Pvt. Ltd’ under IBC on Jan 30, 2025
RBI has filed an application for initiation of CIRP against ‘Aviom India Housing Finance Pvt. Ltd’ under IBC read with Financial Service Providers Insolvency Rules, 2019 at the New Delhi Bench of the Hon’ble National Company Law Tribunal. As per the rules, an interim moratorium must commence on and from the date of filing of the application till its admission or rejection. The RBI took this action due to governance issues and payment defaults.
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