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FIG Paper - Navigating SEBI’s Definition of UPSI

Introduction:

The objective of the PIT Regulations is to prohibit insiders with access to Unpublished Price Sensitive Information (“UPSI”) from making illicit gains and to ensure timely, adequate and even disclosure of UPSI to the public. Hence, the determination of what constitutes as UPSI becomes necessary. In this regard, the Securities and Exchange Board of India (“SEBI”) has signalled a shift from a principle-based regime to a more prescriptive regime, which is likely to result in increased compliance obligations for the listed companies.

Continue Reading FIG Paper (No. 26 – Series. 3): Navigating SEBI’s Definition of UPSI
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The Ministry of Corporate Affairs (“MCA”) issued a notification on October 03, 2023 under Section 14(3)(a) of the Insolvency and Bankruptcy Code, 2016 (“IBC”), exempting the applicability of moratorium under Section 14(1) of the IBC to transactions, arrangements or agreements under the Cape Town Convention on International Interests in Mobile Equipment (“Convention”) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (“Protocol”) (the “Notification”).

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India's New Data Protection Law: How Does it Differ from GDPR and What Does that Mean for International Businesses?

On August 11, 2023, India’s long-awaited general personal data protection legislation, the Digital Personal Data Protection Act, 2023 (“DPDPA”) was finally enacted.

Governing the world’s fifth largest economy and one of its fastest growing digital markets, the DPDPA will be of importance to a large number of international businesses that operate in India, rely on Indian service providers/group service companies for their operations, or are looking to enter Indian markets.

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Evaluating principles in use of trademark as keyword and intermediary liability

Introduction

The division bench of the Hon’ble Delhi High Court recently agreed with the findings of the single judge of the Hon’ble Delhi High Court in Google LLC Vs. DRS Logistics and held that Google cannot escape liability in case of trademark infringement by an AdWord, by claiming benefit of safe harbour provisions under the Information Technology Act, 2000.

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FIG Paper (No. 25 – Series 2): Shedding Light on Dark Patterns in FinTech: Impact of DPDP Act

Introduction:

The new draft guidelines titled ‘Guidelines for Prevention and Regulation of Dark Patterns, 2023’[1] (“Draft Dark Pattern Guidelines”), released by the Department of Consumer Affairs in September 2023, define dark patterns as “any practices or deceptive design patterns using UI/UX (user interface/user experience) interactions on any platform; designed to mislead or trick users to do something they originally did not intend or want to do; by subverting or impairing the consumer autonomy, decision making or choice; amounting to misleading advertisement or unfair trade practice or violation of consumer rights”.

Continue Reading FIG Paper (No. 25 – Series 2): Shedding Light on Dark Patterns in FinTech: Impact of DPDP Act
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Fair lending practices on levy of penal charges

The Reserve Bank of India (“RBI”) recently issued instructions on practices to be adopted for charging penal interest/ charges on loans, vide its notification dated August 18, 2023, titled ‘Fair Lending Practice – Penal Charges in Loan Accounts’ (“Circular”).

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End of the Party for Sin (Fin) Fluencers? SEBI’s Regulatory Crackdown on Finfluencers

Introduction

Social media platforms have become an essential communication tool in the post pandemic world. The advent of the COVID-19 pandemic led to a sustained rise of retail investors on the D-Street, in an eager attempt to profit from the great COVID bull run. Ever more, retail investors are looking at influencers on social media platforms for financial advice instead of approaching registered advisors (without evaluating the life alerting consequences it may have).

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Rajasthan passes Rajasthan Platform Based Gig Workers (Registration and Welfare) Act, 2023

Introduction

The Government of Rajasthan, on July 24, 2023, passed the Rajasthan Platform Based Gig Workers (Registration and Welfare) Act, 2023 (“Act”). With this initiative, Rajasthan has become the first state in India to pass a legislation, which regulates the engagement of gig workers and aims to provide social security and other benefits to platform-based gig workers.

While at the Central level, the Code on Social Security, 2022 (“SS Code”), recognises gig and platform workers (essentially those workers who work on online aggregator platforms) as a separate class of workers and seeks to extend a variety of benefits to them, the same is yet to be brought in force.

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FIG Paper (No. 24 – Series 1): New Data Law – Financial Services Implications

(Indian) Digital Personal Data Protection Act, 2023 (“DPDP Act”) received Presidential assent on August 11, 2023, and is awaiting notification by the Indian Government, which is expected soon. This FIG Paper examines: (i) the existing data protection/ privacy framework for the Indian financial services space; (ii) overlays DPDP Act considerations; and (iii) preferred approach to “gap” analysis, basis global learnings.

Continue Reading <em>FIG Paper (No. 24 – Series 1): New Data Law – Financial Services Implications</em>
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Remuneration to Directors and KMPs of Insurers – Enhanced Guidelines with Extended Coverage

Introduction

The remuneration payable to Chief Executive Officers (“CEOs”), Whole-Time Directors (“WTDs”) and Managing Directors (“MDs”) of insurance companies is governed under Section 34A of the Insurance Act, 1938. This provision requires insurers to procure prior approval from the Insurance Regulatory and Development Authority of India (“IRDAI”) in relation to such remuneration. The IRDAI (Remuneration of Non-Executive Directors of Private Sector Insurers) Guidelines, 2016 and IRDAI (Remuneration of Chief Executive Officer/Whole Time-Director and Managing Director of the Insurers) Guidelines, 2016 dated August 5, 2016 (collectively, the “Erstwhile Guidelines”) have historically governed this matter. In supersession of the Erstwhile Guidelines, the IRDAI has recently notified the Guidelines on Remuneration of Directors and Key Managerial Persons of Insurers, on June 30, 2023, which includes the IRDAI (Remuneration of Non-Executive Directors of Insurers) Guidelines, 2023 and IRDAI (Remuneration of Key Managerial Persons of Insurers) Guidelines, 2023 (collectively, the “Revised Guidelines”). The Revised Guidelines are effective from the FY 2023-24 i.e. from April 1, 2023 and the insurers are required to complete the process of framing/reviewing the remuneration policy within three months of the issuance of the Revised Guidelines.

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