The weekly messenger | Edition 43.20

REGULATORY NEWS

e-Voting Facility Provided by Listed Entities – 9 December 2020
 
As per Regulation 44 of Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, listed entities are required to provide remote e-voting facility to its shareholders, in respect of all shareholders’ resolutions. However, it has been observed that the participation by the public non-institutional shareholders/retail shareholders is at a negligible level. Presently, there are multiple e-voting service providers (ESPs) providing e-voting facility to listed entities in India, which necessitates registration on various ESPs and maintenance of multiple user IDs and passwords by the shareholders.
Therefore, in order to increase the efficiency of the voting process, SEBI has decided to enable e-voting to all the demat account holders, by way of a single login credential, through their demat accounts/websites of Depositories/Depository Participants, which will be implemented in a phased manner.
 
For more information, click here.
 
FAQs on Resolution Framework for COVID-19 related stress (Revised on 12 December 2020) – 12 December 2020
 
The Reserve Bank of India (RBI) has issued the revised set of ‘Frequently Asked Questions (FAQs) on Resolution Framework for COVID-19 related stress’, wherein the RBI has clarified that the borrowers opting for resolution of COVID-related stressed loans are not required to submit any specific plans.
 
For more information, click here.

Maintenance of records under IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020 – 8 December 2020
 
The Insurance Regulatory and Development Authority of India (IRDAI) vide its Circular dated 23 November 2020, had notified the IRDAI (Minimum Information Required for Investigation and Inspection) Regulations, 2020, which allows maintenance of records either in physical form or in electronic form.
 
Now, the IRDAI has once again issued a Circular, wherein it has encouraged the insurers, intermediaries and insurance intermediaries to maintain the records in electronic format, so as to ensure cost effectiveness and accessibility of these records for investigation and inspection by IRDAI. Therefore, now it is being advised that necessary steps may be taken by the insurers, intermediaries and insurance intermediaries to ensure digitization of physical records in a phased manner so as to convert them into electronic format within pre-fixed timelines and they have been also requested to indicate within next 15 days the timelines for the same.
 
For more information, click here.