Vaish Associates Advocates

Legalaxy – Monthly Newsletter Series – Vol XXV – June, 2025

In the June edition of our monthly newsletter “Legalaxy”, our team analyses some of the key developments in securities market, corporate affairs, banking and finance, labour, environment and consumer affairs.

Below are the key highlights of the newsletter:

SEBI UPDATES

SEBI extends timeline for complying with the certification requirement for the key investment team of the AIF manager
SEBI clarifies investment scope for Category II AIFs
SEBI introduces amendments to master circular for InvITs
SEBI tweaks provisions pertaining to electronic book provider platform

RBI & IFSC UPDATES

Relaxations in investments by FPIs in corporate debt securities through the general route
RBI issues Digital Lending Directions, 2025 to strengthen consumer protection and data governance
Reporting of issuance of partly paid units by investment vehicles on FIRMS portal
IFSCA issues framework to facilitate co-investment by venture capital scheme and restricted scheme
IFSCA extends timeline for appointment of custodian under the FM Regulations

CORPORATE UPDATES

Extension of deadline to file Form CSR-2 – Notified
Substitution of company forms and additional disclosure requirements under financial statement and board’s report – Notified

LABOUR UPDATES

Haryana publishes conditions for employing women in night shifts
Tamil Nadu permits all shops and establishments to keep open for 24×7 for a further period of 3 years
Tripura Government amends the Tripura Shops and Establishments Act, 1970
Andaman and Nicobar Islands revise the daily hours in factories

ENVIRONMENTAL UPDATES

Biological Diversity (Amendment) Rules, 2025 – Notified
Extension of return filing deadline under the E-Waste (Management) Rules, 2022

OTHER UPDATES

Rule 8 of the Securities Contracts (Regulation) Rules, 1957 – Amended
Credit Guarantee Scheme for startups
FSSAI advisory on discontinuation of “100%” claims in food labelling and advertising

We hope you like our publication. We look forward to your suggestions.

Please feel free to contact us at [email protected]

Customs and GST Alert – June 2025

We are pleased to share with you the link to our newsletter on the latest GST and Customs Developments. The newsletter covers recent judgments and regulatory updates in the GST and Customs space in India.

We trust that you will find the same useful.

Looking forward to receiving your valuable feedback.

For any clarification, please write to:

Mr. Shammi Kapoor
Senior Partner
[email protected]

Mr. Arnab Roy
Partner
[email protected]

Empowering the Gig Economy: Karnataka’s Ordinance for Platform-Based Worker Rights and Welfare

Karnataka Government, vide its notification dated May 27, 2025, has published the Karnataka Platform Based Gig Workers (Social Security and Welfare) Ordinance, 2025 (“Gig Workers Ordinance”) with an aim to protect the rights of platform-based gig workers.

The provisions of the Gig Workers Ordinance shall come into force on such date as the Karnataka Government may, by notification in the Official Gazette, appoint. The Gig Workers Ordinance applies to: (a) all aggregators or platforms in Karnataka offering specified services (such as ride sharing services, food and grocery delivery services, logistics services, travel and hospitality, etc.); (b) all platforms as defined below and (c) all gig workers registered with the Karnataka platform based Gig Workers Welfare Board (“Welfare Board”).

We hope you like our publication. We look forward to your suggestions.

Please feel free to contact us at [email protected]

Karnataka High Court reinforces export benefit for independent service providers

In a landmark judgment, the Karnataka High Court held that cross-border B2B support services rendered independently do not qualify as ‘intermediary services’ under the IGST Act. By quashing the Revenue’s classification and ordering refund of IGST with interest, the Court reinforced that characterisation must reflect the true nature of the service arrangement.

This ruling clarifies key legal distinctions between intermediaries and independent service providers, and extends vital relief to exporters navigating interpretational challenges in GST law.

We hope you like our publication. We look forward to your suggestions.

Please feel free to contact us at [email protected]

SEBI issues clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities

Securities and Exchange Board of India (“SEBI”), vide its circular dated August 20, 2024, had issued the Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (“SEBI Circular on CSCRF”) which provides standards and guidelines for strengthening cyber resilience to strengthen the cybersecurity measures in Indian securities market, and to ensure adequate cyber resiliency against cybersecurity incidents/ attacks.

SEBI, vide its circular dated April 30, 2025, has issued clarifications to the SEBI Circular on CSCRF (“Clarifications to SEBI Circular on CSCRF”) aiming to revise thresholds and categorisation of the SEBI Regulated Entities.

We hope you like our publication. We look forward to your suggestions.

Please feel free to contact us at [email protected]

Customs and GST Alert – May 2025

We trust that you will find the same useful.

Looking forward to receiving your valuable feedback.

For any clarification, please write to:

Mr. Shammi Kapoor
Senior Partner
[email protected]

Mr. Arnab Roy
Partner
[email protected]