Regulatory updates

Breaking Down the Latest Regulatory Changes: May 2023 Update Roundup


In the dynamic and ever-evolving landscape of regulations, staying updated with the latest regulatory changes is crucial for individuals and organizations alike. Regulatory updates play a significant role in shaping industries, influencing compliance requirements, and impacting business operations. In this blog, we will dive into the roundup of important regulatory updates that took place in the month of May 2023. From new legislation to revised guidelines, these updates reflect the continuous efforts of regulatory bodies to adapt to emerging trends and address evolving challenges. By keeping a pulse on these regulatory changes, individuals and organizations can proactively navigate the compliance landscape, ensure legal adherence, and stay ahead in an increasingly regulated world. So, let's explore the notable regulatory updates from May 2023 and their implications across various categories





  1. Finance & Taxation Regulatory Updates


There were 169 regulatory updates in this category.


  • The Ministry of Commerce and Industry issued a notification regarding the realignment of the RoDTEP schedule from 01.05.2023. 149 tariff lines at the 8-digit level have been added to the RoDTEP schedule, while 52 lines at the 8-digit level have been removed


  • The Central Board of Indirect Taxes (CBIC) issued a notification regarding the acceptance of an electronic certificate of origin (e-CoO) issued under the India-Sri Lanka FTA (ISFTA). The e-CoO must be mandatorily uploaded on the e-Sanchit portal by the importer for claiming preferential benefit


  • The Ministry of Finance (MoF) issued a notification regarding the financial transactions carried out by a relevant person on behalf of his client, in the course of his/her profession. Certain activities including buying and selling of any immovable property, managing client money, securities, or other assets, and management of bank, savings, or securities accounts among others are now covered under the Prevention of Money Laundering Act, 2002


  • 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



Secretarial Regulatory Updates


There were 118 regulatory updates in this category.


  • The Securities and Exchange Board of India (SEBI) has issued a circular introducing the Legal Entity Identifier (LEI) for issuers who have listed and/or propose to list non-convertible securities, securitised debt instruments, and security receipts. It will act as a global identifier for legal entities participating in financial transactions and create a global reference data system


  • The Reserve Bank of India (RBI) has amended the Master Direction on KYC - Instructions on Wire Transfer. The amendments are made in order to align the instructions with the relevant FATF recommendations


  • The Insolvency and Bankruptcy Board of India (IBBI) issued a notice to seek comments on the regulations notified under the Insolvency and Bankruptcy Code, 2016. Comments can be sent till 31.12.2023 and the modified regulations will be notified by 31.03.2024


  • The Securities and Exchange Board of India (SEBI) issued a circular regarding the testing framework for the Information Technology (IT) systems of the Market Infrastructure Institutions (MIIs). MIIs have been directed to ensure compliance with certain requirements while establishing the testing framework for their IT systems/applications


  • 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)



  1. Commercial Regulatory Updates


There were 63 regulatory updates in this category.


  • The Ministry of Commerce and Industry (MoCI) issued the Special Economic Zones (Second Amendment) Rules, 2023 to further amend the original 2006 rules. Entities set up in an International Financial Service Centre and regulated by the IFSCA are exempted from rule 53 (Net Foreign Exchange Earnings) of the SEZ Rules, 2016


  • The Ministry of Finance (MoF) launched the ‘Vivad se Vishwas’ Scheme for providing relief to MSMEs. 95% of the performance security forfeited, liquidated damages deducted, and the risk amount realised will be refunded


  • 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


  • The Union Cabinet issued a press release regarding the approval of the Production Linked Incentive (PLI) Scheme - 2.0 for IT hardware. The scheme covers laptops, tablets, all-in-one PCs, servers, and ultra-small form factor devices and has a budgetary outlay of INR 17,000 crore



  1. Industry Specific Regulatory Updates


There were 218 regulatory updates in this category.


  • The Telecom Regulatory Authority of India (TRAI) released recommendations on “Ease of Doing Business in Telecom and Broadcasting Sector”. The recommendations suggest a user-friendly, transparent, and responsive digital single-window system-based portal, granting infrastructure status to the ‘Broadcasting and Cable Services Sector’, and shifting the process of surrendering DoT licence, issuing NOC, the release of Bank Guarantees to service providers online


  • The International Financial Services Centres Authority (IFSCA) issued the IFSCA (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023. These regulations are applicable to all IFSCA Insurance Offices (IIOs) and International Insurance Intermediary Offices (IIIOs)


  • The Insurance Regulatory and Development Authority of India (IRDAI) issued a notification regarding the draft guidelines on the remuneration of Non-Executive Directors and Key Managerial Persons (KMPs) of private sector insurers. The guidelines have been in place for over 6 years and as such the remuneration of KMPs has also been brought under them


  • The National Payments Corporation of India (NPCI) issued a notification regarding the validity of mandates. The validity of a mandate has been limited to a period of 120 working days from the date of the mandate


  • 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



  1. Environment, Health, & Safety Regulatory Updates 


There were 18 regulatory updates in this category.


  • The Government of Rajasthan issued a notification regarding the policy for empanelment of private hospitals, diagnostic centres/imaging centres under the Rajasthan Government Health Scheme. Several new categories of speciality hospitals have been added


  • The Ministry of Environment, Forest, and Climate Change (MoEF&CC) notified the draft 2023 amendment to the Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016. Suggestions/comments can be submitted within 60 days from the date of publication of the notification


  • 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


  • The Ministry of Fisheries, Animal Husbandry, and Dairying (MoFAHD) published the minimum standard protocol for semen stations for the prevention and control of contagious diseases through Semen Rules, 2023. These rules further amend the Prevention and Control of Infectious and Contagious Diseases in Animals Act, 2009


  1. Labour Regulatory Updates


There were 61 regulatory updates in this category.


  • The All India Council for Technical Education (AICTE) issued a circular regarding the maintenance of a safe working environment for female employees at the workplace to promote gender equality and women empowerment. It has mandated the creation of an Internal Complaints Committee (ICC) and a special cell in institutions, the display of banners/posters in buildings and campuses to create awareness about sexual harassment, and conducting training programmes to sensitise employees, among others


  • The Ministry of Social Justice and Empowerment (MoSJ&E) issued the draft of the 2023 amendment to the Rights of Persons with Disabilities Rules, 2017. Suggestions/comments can be submitted within 30 days from the date of publication of the draft


  • The Employees’ State Insurance Corporation (ESIC) issued guidelines on cybersecurity to sensitise government employees, and contractual/outsourced resources and build awareness regarding the Do’s and Dont’s on cybersecurity. The regional heads/institution heads are required to comply with the requirements immediately


  • The Ministry of Labour and Employment (MoL&E) has brought into force certain provisions of the Code on Social Security, 2020


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

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