regulatory updates

The March 2023 version of India's most recent regulatory updates

Businesses must operate in a constantly changing legal environment, therefore staying up to date on the newest developments is critical. India changed its rules in March 2023, affecting several enterprises. Businesses need to know what's going on, from changes in legal and financial standards to changes in compliance requirements, in order to stay in compliance and decrease risks. These rule changes affect firms of all sizes and in a wide range of industries, including banking and finance, healthcare, e-commerce, and others. To avoid fines, remain legal, and compete in the rapidly changing Indian market, you must be aware of these developments, understand what they entail, and implement the necessary changes. Businesses must stay up to date on the newest regulatory updates in India for March 2023 in order to adapt to and thrive in the changing regulatory environment. You can stay up to date, follow the rules, and stay ahead of the game with these regulatory updates.

In March 2023, India enacted significant revisions to its regulations for numerous categories of businesses, including finance and taxes, commercial, secretarial, industry-focused, labor, general, and EHS. 

Here are a few examples categorized by type: 

Finance and Taxation Regulatory Updates 

There were 160 rule changes in this region.

The International Financial Services Centres Authority (IFSCA) issued a warning regarding the Financial Action Task Force's High risk countries and other countries under surveillance. (FATF). FATF discovered 16 nations with strategic deficiencies and devised a plan to address them. This is not to say that regulated businesses cannot trade and do business legally.

The Income Tax Department sent out a notice about filing online for AY 2022-23. It states that ITRs filed between April 1, 2012 and July 31, 2012 would not be processed further unless they have been verified via e-verification. This applies to all documents filed but not checked within 120 days.

The Goods and Services Tax Network (GSTN) announced the launch of a new e-Invoice website. GSTN has added four more IRPs (Invoice Reporting Portals) for reporting e-invoices, in addition to NIC-IRP. Einvoice.gst.gov.in serves as a hub for master data, announcements, modifications, and new issues.

The National Payments Corporation of India (NPCI) has urged individuals not to pay credit card bills using bogus numbers via IMPS. It is suggested that the IMPS P2A (Virtual Number + IFSC) protocol be used, which allows the sender to pay using a credit card via the P2A transaction type.

The Securities and Exchange Board of India (SEBI) issued a caution regarding the connection of PAN and Aadhaar. Accounts that have not been linked will be regarded non-KYC compliant, which means they will be unable to purchase stocks or engage in other activities. All owners must have linked their Aadhaar cards by March 31, 2023.

Secretarial Regulatory Updates 

There were 124 rule changes in this region.

The API feature would be added to NCMS FO, according to the National Stock Exchange (NSE). The service is currently available as of February 27, and members who want to utilise the URL must send an email with the necessary information to api_ncmsfo@nsccl.co.in.

When stock swaps expire, the Bombay Stock Exchange (BSE) established net payment criteria for the equity cash and futures and options (F&O) segments.

For the year 2023, the Securities and Exchange Board of India (SEBI) revised the SEBI (Deposits and Participants) Regulations, 2018. The modification will take effect 108 days after it is announced. The relocation altered, among other things, what it means to be "Key Management Personnel."

For 2023, the Securities and Exchange Board of India (SEBI) amended the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018. Changes have been made to Regulation 10A, titled "Code of Conduct for Recognized Stock Exchanges and Recognized Clearing Corporations," and Regulation 24A, titled "Nominee of the Board on the Governing Board of a Recognized Stock Exchange and Recognized Clearing Corporation."

Commercial regulations regulatory updates

There were 60 rule changes in this region.

The Cotton Bales (Quality Control) Order, 2023 was issued by the Ministry of Textiles. It will take effect 180 days after it is made public. According to Scheme-II of Schedule-II of the BIS (Conformity Assessment) Regulations, 2018, 'Cotton Bales' must bear the standard mark if they have a BIS licence.

The Punjab Food Grains Labor and Cargo Policy for 2023 was issued by the Punjab government.

The Ministry of Consumer Affairs, Food, and Public Distribution (MoCF&PD) sent meeting announcements so that BIS operations could be scrutinised.

For the year 2023, the Ministry of Consumer Affairs, Food, and Public Distribution has made revisions to the Hallmarking of Gold Jewellery and Gold Artifacts Order, 2020. (MoCF&PD). The adjustment was implemented on March 6, 2023.

The Ministry of Consumer Affairs, Food, and Public Distribution (MoCF&PD) issued a set of regulations for renowned people, people with a lot of followers, and people with a lot of followers online dubbed "Endorsements know-hows!" The guidelines are in place to ensure that those who promote products or services do not deceive their audiences.

The Ministry of Consumer Affairs, Food, and Public Distribution (MoCF&PD) issued a notification across the country regarding the new laws for handling and carrying dangerous commodities.

Regulatory Updates for Specific Industries

There were 227 regulation changes in this sector.

The proposed Multi-Source Edible Oils (MSEO) Grading and Marking Rules, 2023 were issued by the Ministry of Agriculture and Farmers Welfare. You have 45 days from the moment the draught is made public to remark on it or provide input.

The International Financial Services Centres Authorities published a draughts of the IFSCA (Management Control, Administrative Control, and Market Conduct of Insurance Business) Regulations, 2023. You have until March 13, 2023 to submit thoughts or notes concerning the drought.

The BEE enacted the BEE (Specifics and Methods of Displaying Them on Labels of Light Commercial Air Conditioners) Regulations, 2023. The rules specify what should be on the sticker, among other things.

The Prevention of Cruelty to Animals (Egg Laying Hens) Rules, 2023 were enacted by the Ministry of Fisheries, Animal Husbandry, and Dairying. By January 1, 2029, all farms must comply with the new animal care regulations.

Environmental, health, and safety regulatory updates

There were 28 rule changes in this region.

The Petroleum and Explosives Safety Organisation (PESO) issued out a notification about making it easier for firms to comply by lessening the compliance burden as part of DPIIT's goal. DPIIT has covered 91 of PESO's 131 compliance expenditures. Oil marketing businesses must explain in detail what changes must be made to the EoDB requirements to make them easier to comply.

The Ministry of Health and Family Welfare (MoHFW) issued the drafting Drugs (Amendment) Rules, 2022. You have 30 days from the date of release to submit comments or ideas.

The Central Pollution Control Board (CPCB) advised individuals on how to dispose of single-use plastics. (SUP). All field officers who require the SUP compliance tracking site must register.

The Goa State Pollution Control Board (GSPCB) issued a warning regarding a new circular for disassembling outdated devices. All heavy users of electronic waste must use the above/board-approved dismantler/PRO on a regular basis.

The Ministry of Environment, Forests, and Climate Change (MoEFCC) issued a notice extending producer duty rules in order to strengthen the circular economy and assist in the construction of infrastructure for recycling plastic packaging trash.

Labour Regulatory Updates 

The rules in this sector were changed 36 times.

The Employees' State Insurance Corporation (ESIC) issued a notice stating that medical benefits under rule 95-A of the ESI (General) Regulations, 1950 will be available in Aizawl beginning February 1, 2023.

The Employees' Provident Fund Organization (EPFO) instructed employees to submit their application forms online.

The Ministry of Labor and Employment (MoL&E) published an e-book outlining India's new labour laws.

Employees' State Insurance Corporation (ESIC) issued a circular outlining its plan to establish the lowest floor pricing for manpower outsourcing services based on the minimum wage. For outsourcing services based on the minimum wage, all ESIC offices in the country are now permitted to use the higher minimum floor price. This was approved by the appropriate body.

The Employees' State Insurance Corporation (ESIC) announced an investigation into what happened when ROS/SROS received CPGRAMS/MOLE references. After the CAIU branch offices noticed that referrals for seeking inspection in compliance instances were being sent to the headquarters for approval, the warning was issued. As a result, the time limit for resolving cases was reached.

Businesses in India must deal with a constantly changing regulatory environment, therefore it is critical to be aware of significant developments. Businesses must ensure that they are in compliance with changes in finance, taxes, business, secretarial, industry-specific, labor, general, and EHS laws. To avoid fines and stay in compliance in a fast-paced company atmosphere, it's critical to follow compliance requirements, legal laws, and guidelines. Businesses must be aware of the most recent regulatory changes in order to successfully react to a changing regulatory environment. To remain ahead, keep up with the latest developments in March 2023 and beyond. You can keep compliant, competitive, and up to date with these regulatory updates.