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The Mediation Act 2023 received the assent of the President on the14th September, 2023 and has been published in the Gazette for general information.

Copy of Gazette Notification attached.

The Reserve Bank of India (RBI) has officially disclosed the list of Non-Banking Financial Companies (NBFCs) falling within the Upper Layer (NBFC-UL) as part of the Scale Based Regulation for NBFCs framework for the fiscal year 2023-24.

This announcement follows the RBI’s introduction of the Scale Based Regulation (SBR) framework on October 22, 2021, which categorises NBFCs into different layers, including the Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL), and Top Layer (NBFC-TL). The framework outlines the methodology for classifying NBFCs into the Upper Layer based on their asset size and scoring methodology.

The list of NBFCs included in the Upper Layer for the year 2023-24 is as follows:

• LIC Housing Finance Limited: Deposit taking Housing Finance Company
• Bajaj Finance Limited: Deposit taking NBFC-Infrastructure Credit Company
• Shriram Finance Limited (formerly Shriram Transport Finance Company Limited): Deposit taking NBFC-Infrastructure Credit Company
• Tata Sons Private Limited: Core Investment Company (CIC)
• L & T Finance Limited: Non-deposit taking NBFC-Infrastructure Credit Company
• Piramal Capital & Housing Finance Limited: Non-deposit taking Housing Finance Company
• Cholamandalam Investment and Finance Company Limited: Non-deposit taking NBFC-Infrastructure Credit Company
• Indiabulls Housing Finance Limited: Non-deposit taking Housing Finance Company
• Mahindra & Mahindra Financial Services Limited: Deposit taking NBFC-Infrastructure Credit Company
• Tata Capital Financial Services Limited: Non-deposit taking NBFC-Infrastructure Credit Company
• PNB Housing Finance Limited: Deposit taking Housing Finance Company
• HDB Financial Services Limited: Non-deposit taking NBFC-Infrastructure Credit Company
• Aditya Birla Finance Limited: Non-deposit taking NBFC-Infrastructure Credit Company
• Muthoot Finance Limited: Non-deposit taking NBFC-Infrastructure Credit Company
• Bajaj Housing Finance Ltd.: Non-deposit taking Housing Finance Company

As per the framework’s guidelines, once an NBFC qualifies for the NBFC-UL category, it will be subject to enhanced regulatory requirements for a minimum of five years from the date of classification, even if it does not meet the parametric criteria in subsequent years.

This move by the RBI aims to strengthen the regulatory oversight of NBFCs and ensure the stability and integrity of the financial sector in India.

The 55th NPG meeting assessed six projects, including three from the Ministry of Railways (MoR) and three from the Ministry of Road Transport and Highways (MoRTH), totaling Rs. 14,081 Crore. This brings the total projects assessed by NPG to 106, valued at about Rs 11 Lakh Crore, since the launch of PM GatiShakti.

In the rail sector, three projects, costing Rs. 5,374.5 Crore, were evaluated. One Greenfield railway line passes through West Bengal, Odisha, and Jharkhand, another in Odisha offers a shorter route, easing congestion, and a third is located in Gujarat. These lines will benefit industries and passenger transportation, reducing logistics costs and congestion.

Additionally, NPG discussed three road projects totaling Rs. 8,706 Crore. The Dhubri bridge in Meghalaya connects the East-West Road Corridor, facilitating agro-product transport and India-Bangladesh trade. The Kharagpur-Moregram road project shortens the distance to Siliguri, benefiting districts and trade, including Left-Wing Extremism (LWE) affected areas. Deoghar Bypass eases city traffic congestion and aids local industrial parks.

Bombay Chamber’s 14th AgriCorp Conference focuses on making our farmers market resilient

Mumbai, September 11, 2023: India has long become self sufficient in agriculture, but now it is time to pass on the fruits of self sufficiency to our farmers and make them market resilient, said Dasharath L Tambhale, Director – Agriculture (ATMA) Commissionerate of Agriculture cum Head, PIU Agriculture, SMART Project. He was speaking at the inauguration of the 14th AgriCorp Conference organised by Bombay Chamber being held on September 11 & 12, 2023 at the CIDCO Exhibition & Convention Centre, Vashi, Navi Mumbai. Tambhale added, “Agriculture Department’s SMART project was started to develop a comprehensive and inclusive agri value chain. Maharashtra is home to nearly one third of the FPOs in the country. We need to mobilise these FPOs to develop their value chains. The Department has initiated several projects which subsidises warehousing, transport, cold chain infra, etc. There is also the POCRA (Project for Climate Resilient Agriculture) in association with World Bank to develop climate resilience in agriculture.”

The AgriCorp Conference is themed Farm to Shelf: Enhancing Market Linkages.

In her Keynote address, Dr Usha B Zehr, Chairman & Executive Director, Grow Indigo spoke about Green Credits which is beyond just Carbon Credits. “We need to bring in sustainability in agriculture, improve farmer incomes without environmental impact and enhance market linkages. Carbon is the new cash crop in agriculture” she said. Speaking about how Indian agriculture has more of small holder farmers, Dr Zehr added that any regenerative farming initiatives should target these farmers.

Ritesh Tiwari, President, Bombay Chamber of Commerce & Industry and CFO, Hindustan Unilever & Unilever South Asia said, “Indian agriculture, contributing to 18%5 of GDP and 46%6 of employment, is complex. While the green revolution followed by the white revolution helped us achieve the status of food sufficiency, we now need to talk about an “income revolution”. Looking at the end-to-end value chain, the sector is ripe for disruption benefitting everyone in the value chain. Backed by regulatory support, there are 3 key drivers of disruption that are likely: efficient transportation and storage; digitalisation and farmer financing on the back of digitised transaction data; and innovations stemming from sustainability and productivity needs.”

Rajan Raje, CEO Nichem Solutions & Chairman – Agriculture and Food Processing Committee, Bombay Chamber and Sandeep Khosla, Director General, Bombay Chamber of Commerce & Industry, were also present at the inaugural ceremony. The conference saw the release of Analytique, a Bombay Chamber publication featuring expert insights on Financing Rural Bharat.

The AgriCorp Conference will have many interesting knowledge sessions over the two days like Retail Dynamics, Agri Startups (Seed to Shelf), the Global Marketplace, Shared value Creation, Agri Warehousing and Logistics, Leveraging Technology for Market Linkages, Compliances for taking Indian products Global, Funding & Govt Schemes.

The Conference is being organised in association with Kisan and supported by SBI, Rallis India, Celcius, BASF, Godrej Agrovet, Nabard, NICHEM, agribazaar, IDBI Bank and SatSure.

A Collective Focus to Achieve Net-Zero by 2070: PE&VC Conclave on “Financing India’s Green Future”

The Bombay Chamber, under the aegis of the PE&VC Committee, successfully convened a highly insightful Conclave on the topic, “Financing India’s Green Future.” The event, which took place in a hybrid mode, brought together industry leaders, experts, and thought pioneers to explore sustainable and responsible approaches to financing projects with significant environmental benefits. The Conclave addressed the pressing need for substantial investment and financing to support India’s ambitious goal of achieving net-zero emissions by 2070.

India, as one of the world’s largest emitters of greenhouse gases, is poised to make a transformative shift toward a cleaner, greener economy. According to a recent Reserve Bank report, India’s green financing requirement is projected to be at least 2.5 percent of its GDP annually until 2030. This commitment entails substantial investment in renewable energy and a significant reduction in the energy intensity of GDP, approximately 5 percent annually.

Sandeep Khosla, Director General of Bombay Chamber of Commerce & Industry, welcomed the audience and emphasised the pivotal role that green finance will play in India’s journey toward achieving net-zero emissions by 2070.

Setting the tone for the Conclave, Akalpit Gupte, Managing Director & Head Compliance at Deutsche Bank India, highlighted the need to mobilise funds and steer policy directives toward green initiatives. He emphasised the importance of accountability and the efficient utilisation of funds in green projects. Gupte also stressed the necessity of active regulations and industry participation in India’s sustainability efforts.

Delivering his Keynote Address, Shri Pramod Rao, Executive Director of SEBI, acknowledged the rapid changes happening in India, with the Government and RBI leading the way. He emphasised the importance of diverse funding sources for India’s corporate sector and the need to provide purpose-driven financing for sustainable initiatives. He discussed SEBI’s role in enhancing green finance through revised definitions, third-party verification processes, and enhanced disclosure mechanisms, such as mandating Business Responsibility and Sustainability Reporting (BRSR) BRSR Core Framework for assurance and ESG disclosures for top 1000 companies.

Giving his presentation, Amit Kumar, Partner-Climate and Energy Leader at Grant Thornton Bharat, discussed India’s long and short-term clean energy goals, emerging investment opportunities in clean energy sectors, and key green financing initiatives.

The first panel discussion, moderated by Saurabh Kamdar, Associate Partner at KPMG India, featured industry experts Govind Sankaranarayanan, Co-Founder & COO, Ecofy, Raman Kalra, Vice President & Senior Partner, Communications Sector Leader & Sustainability Consulting Leader, IBM , Padmanabh (Paddy) Sinha, Executive Director & CIO-Private Equity at National Investment and Infrastructure Fund (NIIF) and Siddharth Mayur, Founder, Managing Director & CEO, H2E Power Systems Private Ltd. & MD, HEXIS AG, discussing funding for India’s sustainability transition, renewable energy, mobility, infrastructure, and supply chain development. The panel explored niche and targeted green finance products, technology’s role in decarbonisation, and digital acceleration of the transition.

A presentation on GIFT IFSCA’s evolution and its role in financing India’s Green Future was delivered by Pavan Shah, General Manager, IFSCA.

The second panel discussion, moderated by Prerana Langa, CEO of Aga Khan Agency for Habitat India, focused on navigating the evolving regulatory landscape in green financing. Panellists, including Shailesh Haribhakti, Jigar Shah, Manu Maudgal, and Dr. Rambabu Paravastu, discussed carbon pricing regulations, sustainability actions, data quality improvement, and the real-world impact of sustainability initiatives.

The Conclave concluded with a Vote of Thanks by Ashith Kampani, Chairperson of the PE&VC Committee at Bombay Chamber, who expressed gratitude to the speakers, participants, and the Chamber for their invaluable contributions to the event.

The Bombay Chamber’s “Financing India’s Green Future” Conclave served as a platform for in-depth discussions, knowledge sharing, and collaborative efforts to support India’s journey towards a sustainable and environmentally responsible future.

EPFO publishes standard Operation Procedure (SOP) for Grant of Exemption with reference to statutory provisions contained in Section 17(1) of the EPF Act, the exemption for a class of employees is regulated by Section 17(2) of the Act & the enabling provision enshrined in Para 27A of the EPF Scheme, 1952

Copy of the circular and SOP is attached

Govt of Maharashtra extends ESI Scheme to Municipal bodies including Municipal
Corporation (Nagar Nigam), Municipal councils, Nagar Palika & Other Urban Local Bodies run by State Government wherein 10 or more persons on casual or contractual or both, basis are employed, or were employed for wages on any day of the preceding twelve months.

Copy of notification attached.

The Ministry of Electronics and Information Technology will be organising the Global IndiaAI 2023, scheduled for October this year. There will be participation from leading AI players, researchers, startups, and investors in India and worldwide.

The conference is poised to cover a wide spectrum of topics, including Next Generation Learning and Foundational AI models, AI’s applications in healthcare, governance, and next-gen electric vehicles, future AI research trends, AI computing systems, investment opportunities, and nurturing AI talent.

Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT, Rajeev Chandrasekhar chairs the conference’s steering committee which is entrusted with the task of shaping the contours of the Global IndiaAI 2023. It draws members from MeitY’s Digital Economy Advisory group and other prominent leaders in the field of AI.

Speaking about the conference, Chandrasekhar emphasised that the Government’s vision is to gather the world’s best and brightest minds under one roof to deliberate the future of AI and its impact in several sectors.

The Global IndiaAI 2023 conference is tentatively planned for October 14/15 and it will bring together the best and brightest in AI from India and around the world. The conference will also serve as a showcase for the vibrant IndiaAI ecosystem that comprises key initiatives such as DI Bhashini, India Datasets Program, IndiaAI Futuredesign program for startups, and IndiaAI FutureSkills program dedicated to nurturing world-class AI talent.

“What makes India so attractive for AI is the diversity of it. Our diversity will be an addition to the quality of data sets for any large language model or any AI learning model. What we want is that AI should be responsible so that user harm is curbed and innovation is encouraged. Our primary aim is to ensure a collaborative and participatory approach, steering AI to enhance governance and transforming lives while building global partnerships and actively shaping the world’s technology landscape,” the Minister said.

Basic wage’ under EPF Act cannot be equated with the definition of ‘minimum wage’ under the Minimum Wages Act, 1948

Copy of judgement attached

Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce.

In a video message at the G20 Trade and Investment Minister’s meeting here, he also emphasised on the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms. ‘Digitising processes and use of e-commerce have the potential to enhance market access. I am glad that your group is working on the ‘High Level Principles for the Digitalisation of Trade Documents’. These principles can help countries in implementing cross-border electronic trade measures, and reduce compliance burdens.

‘As cross-border e-commerce continues to grow, there are challenges as well. We need to work collectively to ensure equitable competition between large and small sellers,’ he said.

Trade ministers of G20 grouping have gathered to discuss ways to promote international commerce and investments. Terming the government initiative Open Network for Digital Commerce (ONDC) as a game-changer, he said it will democratise the digital market. 

Highlighting the challenges of the growth in cross-border e-commerce, the Prime Minister suggested working collectively to ensure equitable competition between large and small sellers. He also emphasised the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms.