In the May edition of our monthly newsletter “Legalaxy”, our team analyses some of the key developments in securities market, banking and finance, labour and startup funds.

Below are the key highlights of the newsletter:

SEBI UPDATES

• SEBI operationalises mechanism for lock-in of pledged shares under ICDR Regulations
• SEBI grants one-time relaxation from penal provisions for non-compliance with minimum public shareholding requirements
• SEBI relaxes social stock exchange norms for not-for-profit organisations
• SEBI amends the ‘fit and proper person’ criteria for intermediaries
• SEBI amends the AIF Regulations 2012

RBI & IFSC UPDATES

• RBI exempts NBFCs without public funds or customer interface from registration
• RBI issues standardised approach directions for credit risk capital charge
• IFSCA mandates certification courses for KMPs and employees of capital market intermediaries and fund management entities in IFSC
• IFSCA amends KMP circular for FMEs in IFSC
• IFSCA revises reporting norms for CMIs in IFSC
• IFSCA mandates segregation of fiduciaries roles from fund administration roles in IFSC

LABOUR UPDATES

• Karnataka exempts certain classes of enrolled persons from filing profession tax returns
• No profession tax in Odisha from April 2026

 OTHER UPDATES

•  Central Government establishes Startup India Fund of Funds 2.0 with INR 10,000 crores corpus

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

Please feel free to contact us at [email protected]

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