Regulatory Updates

Regulatory Updates in India: Second Week of May 2023

The second week of May 2023 witnessed noteworthy regulatory updates in India, signifying the ongoing evolution of the country's regulatory landscape. In this blog, we will delve into these updates, exploring their significance and the implications they hold for businesses, industries, and individuals. Staying informed about regulatory changes is crucial in order to navigate the dynamic regulatory environment effectively. Let's delve into the key regulatory updates that emerged during this period and understand their impact on India's regulatory framework.


In India, the second week of May 2023 witnessed a substantial number of regulatory updates, with a total of 130 updates reported across the country. Out of these, 91 updates were at the central level, while 39 updates occurred at the state level. These regulatory updates encompass a wide range of areas, including finance, technology, healthcare, environment, and more. Here, we present some of the most significant regulatory updates that emerged during this period, shaping the regulatory landscape in India.

  1. FINANCE AND TAXATION regulatory updates 


There were 30 regulatory updates in this category.


  • The Reserve Bank of India (RBI) issued a notification regarding the Udyam Assist Platform. The Udyam Assist Platform (UAP) has been launched to facilitate the formalisation of informal micro enterprises (IMEs) through the online generation of a Udyam Assist Certificate. Registration on the platform can be done with the assistance of RBI-regulated entities that have been made the designated agencies


  • The Central Board of Indirect Taxes (CBIC) issued an amendment to notification no. 13/2020-central tax, dated 21 March 2020 which provides for the preparation of invoices and other prescribed documents for registered persons. The threshold for a registered person who must create an invoice has been changed to 5 crore rupees


  • The Reserve Bank of India (RBI) issued the Master Circular - Basel III Capital Regulations. The master circular carries the provisions for minimum capital requirement, supervisory review and evaluation process, and market discipline


  • The Reserve Bank of India (RBI) issued an advisory on the cessation of LIBOR (London Interbank Offered Rate). Banks and other regulated entities are required to take steps to transition away from the LIBOR from 01.07.2023



  1. SECRETARIAL regulatory updates


There were 23 regulatory updates in this category.


  • The Securities and Exchange Board of India (SEBI) has issued a circular regarding Direct Market Access (DMA) to SEBI-registered foreign portfolio investors (PFIs). SEBI has allowed stock exchanges to extend the DMA facility to FPIs for participation in Exchange Traded Commodity Derivatives (ETCDs)


  • The Bombay Stock Exchange (BSE) issued a notification regarding the ULC mapping bulk upload. Members can now place bulk ULC mapping requests through ENIT


  • The Securities and Exchange Board of India (SEBI) issued a consultation paper on Regulatory Framework for Micro, Small & Medium REITs. The consultation paper provides proposals to regulate platforms that offer fractional ownership of real estate assets. Suggestions/ Comments can be sent by 27.05.2023


  • The Securities and Exchange Board of India (SEBI) issued a consultation paper on the delisting of non-convertible debt securities. The paper proposes a framework for delisting non-convertible debt securities listed entities that will augment the ease of doing business


  1. COMMERCIAL regulatory updates


There were 14 regulatory updates in this category.


  • The Government of Goa has notified regarding the enhancement of the wage rate of the jobseekers for unskilled manual work. The enhanced wage rate under the Mahatma Gandhi National Rural Employment Guarantee Scheme will be applicable from 01.04.2023


  • The Directorate General of Foreign Trade (DGFT) issued a notification regarding an amendment to the import policy condition of apples under ITC (HS) 08081000. Import of such apples has been prohibited wherever the CIF import price is less than or equal to INR 50/kg


  1. INDUSTRY-SPECIFIC regulatory updates


There were 47 regulatory updates in this category.


  • The Directorate General of Shipping (DGS) issued a notification regarding the mandatory possession of bio-metric seafarers’ identity documents (BSID). Seafarers that are going to visit any port in Brazil are required to possess BSID


  • The Securities and Exchange Board of India (SEBI) issued a circular regarding registration with the FINNET 2.0 system of the Financial Intelligence Unit- India (FIU-India). All reporting entities under the debenture trustee segment are required to re-register themselves in the FINNET 2.0 system


  • The Ministry of Health and Family Welfare (MoHFW) issued a notification regarding the SAKSHAM learning management information system. SAKSHAM is a unified platform providing online training and medical education to all health professionals. Health professionals can now register for available courses and get certified after requisite training and qualifying for the assessment criteria


  • The Insurance Regulatory and Development Authority of India (IRDAI) issued a notification regarding compliance with Surrogacy Act, 2012 and Assisted Reproductive Technology (Regulation) Act, 2021. All insurers are required to comply with provisions of section 4(iii)(a)(III) of the 2021 act, rule 5 of the Surrogacy (Regulation) Rules, 2022, and rule12 of the ART (Technology) Rules, 2022


  1. ENVIRONMENT, HEALTH, AND SAFETY regulatory updates


There were 6 regulatory updates in this category.


  • The Ministry of Ports, Shipping, and Waterways (MoPSW) issued a press release regarding the launch of ‘Harit Sagar’, the Green Port Guidelines, 2023. The guidelines provide a framework for major ports for drawing out a comprehensive action plan for achieving targeted outcomes in terms of quantified reduction in carbon emission to achieve sustainable development goals (SDGs)


  • The Government of Goa issued a notification regarding Aadhaar authentication for availing the benefits of the Nital Goem Nital Baim Scheme. Individuals eligible for benefits under the scheme will be required to furnish proof of possession of an Aadhaar number or undergo the Aadhaar authentication process


  1. LABOUR regulatory updates


There were 10 regulatory updates in this category.


  • The Pension Fund Regulatory and Development Authority (PFRDA) issued a notification stating that PAN must be linked with Aadhaar by 30.06.2023


  • The Ministry of Health and Family Welfare (MoHFW) issued the Accessibility Standards for Health Care. The standards aim to provide accessible healthcare services to persons with disability (PWD). It sets requirements such as availability of services, the accessible physical design of healthcare infrastructure, easy communication, and trained staff with reasonable accommodation among others


  • The Employees’ State Insurance Corporation (ESIC) issued a notification regarding enabling features to upload ESI beneficiary photographs in BPA (UTI-ITSL) portal for all direct/emergency cases admitted in tie-up hospitals. The feature to click and upload real-time photos of the ESI beneficiary in direct/emergency cases for ease of identification and verification for cashless medical treatment has been enabled

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