TRAS Alert – December 2023
In this edition we have tried to bring you notice the latest amendment that followed in the month of December, 2023 issued by MCA, RBI, SEBI, IBBI and others.
- RESERVE BANK OF INDIA
Rationalization of Licensing Framework for Authorized Persons (APs) under Foreign Exchange Management Act (FEMA), 1999 (December 26, 2023)
It has been decided to rationalize and simplify the licensing framework for Aps. Keeping in view the progressive liberalization under FEMA, increasing integration of the Indian economy with the global economy, digitization of payment systems, evolving institutional structure, etc. The review aims to meet the emerging requirements of the rapidly growing Indian economy, achieve operational efficiency in the delivery of foreign exchange facilities to common persons, tourists, and businesses, while maintaining appropriate checks and balances.
To Read More:
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=56993
Minutes of the Monetary Policy Committee Meeting (December 6-8, 2023)
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting decided to:
(i) Keep the policy repo rate under the Liquidity Adjustment Facility (LAF)
unchanged at 6.50 per cent.
(ii) The Standing Deposit Facility (SDF) rate remains unchanged at 6.25 per cent
and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
(iii) The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.
To read more:
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=56982
- SECURITIES LAWS AND CAPITAL MARKET
CCs to Replicate Risk Management Systems on Saas Model
The market regulator has taken another step to ensure business continuity in the face of software disruptions. The CCs are directed to set up their critical risk management systems (RMS) in a software-as-service (SaaS) model. Each CC has been instructed to design their RMS-SaaS using the RMS software of a peer.
To Read More:
- MISCELLANEOUS
CCI approves acquisition of control/stake in Reliance Capital Limited by IndusInd International Holdings Limited, IIHL BFSI (India) Limited, and Aasia Enterprises LLP
The proposed combination relates to the acquisition of control by acquiring shares in Reliance Capital Limited (RCL/Target Company) by IndusInd International Holdings Limited (IIHL), IIHL BFSI (India) Limited (IIHL BFSI), and Aasia Enterprises LLP (Aasia/ Acquirer).
To read more:
https://pib.gov.in/PressReleasePage.aspx?PRID=1991029
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