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In exercise of the powers conferred by section 55 of the Special Economic Zones Act,
2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic
Zones Rules, 2006

Capital markets regulator Sebi has notified a framework for the social stock exchange (SSE) to provide social enterprises with an additional avenue to raise funds.

The framework for the SSE has been developed on the basis of the recommendations of a working group and technical group constituted by the regulator.

Under the new rules, SSE will be a separate segment of the existing stock exchanges, according to the three separate notifications issued by the Securities and Exchange Board of India (Sebi) on Monday.

Social enterprises (SEs) eligible to participate in the SSE will be entities — non-profit organisations (NPOs) and for-profit social enterprises — having social intent and impact as their primary goal. Also, such an intent should be demonstrated through its focus on eligible social objectives for the underserved or less privileged populations or regions.

The social enterprises will have to engage in a social activity out of 16 broad activities listed by the regulator. The eligible activities include eradicating hunger, poverty, malnutrition and inequality; promoting healthcare, supporting education, employability and livelihoods; gender equality empowerment of women and LGBTQIA+ communities; and supporting incubators of social enterprise.

Corporate foundations, political or religious organisations or activities, professional or trade associations, infrastructure and housing companies, except affordable housing, will not be eligible to be identified as a social enterprise.

Concerning fund raising, Sebi said eligible NPOs can raise funds through zero-coupon zero principal bonds and mutual funds, while for-profit social enterprises can mobilise capital through the issuance of equity shares on the main board, SME platform or equity shares issued to an alternative investment fund, including social impact fund.

NPOs desirous of raising funds on the SSE will be required to be registered with the exchange.

In respect of disclosures, a social enterprise, raising funds or registered on SSE, will be required to submit an “annual impact report” to such a bourse. The annual impact report will be audited by a social audit firm employing a social auditor.

Also, social venture funds under Sebi’s alternative investment funds norms have been rechristened as social impact funds in a bid to make such funds an attractive means for investment in NPOs. Further, the corpus requirements for such funds have been reduced from Rs 20 crore to Rs 5 crore and the minimum value of the investment by an individual investor in such funds will be Rs 2 lakh.

The amount of grant that may be accepted by the fund from any person has been reduced to Rs 10 lakh from Rs 25 lakh.
“A social impact fund or schemes of a social impact fund launched exclusively for an NPO registered or listed on an SSE shall be permitted to deploy or invest 100 per cent of the investable funds in the securities of NPOS registered or listed on an SSE,” Sebi said.

ECGC has introduced a new scheme to provide enhanced export credit risk insurance cover to the extent of 90% to support small exporters under the Export Credit Insurance for Banks Whole Turnover Packaging Credit and Post Shipment (ECIB- WTPC & PS). The scheme is expected to benefit a number of small-scale exporters availing of export credit with banks which hold the ECGC WT-ECIB covers. This will also enable the small exporters to explore new markets/new buyers and diversify their existing product portfolio competitively.

Addressing a press conference in Mumbai, ECGC Chairman M Senthilnathan said, “We expect the cover to play a game changing role. We expect this to bring up percentage of accounts with up to Rs. 20 crore, thereby lending further stability to ECGC portfolio”. He further said, “By giving 90% cover to banks, we expect more small companies to get export credit from banks, benefiting these industries greatly. We expect banks to provide more concessions. The net effect will be benefit to exporters, involving reduction in interest rate”.

Thanking the Commerce Ministry and the Minister Shri Piyush Goyal, ECGC Chairman said, “The Government supported us with adequate capital infusion in recent years. This, as well as the need to make our cover more helpful to exporters has led us to take the decision being announced today”.

Explaining the role played by the premier Export Credit Agency of the Government of India, Shri Senthilnathan said, “Countercyclical role played by organizations like ECGC is similar to that of a fireman, when credit is suffering, credit insurance agencies step in to stabilize the market”.

Shri Senthilnathan further remarked, all governments took various measures to stabilize the market in view of COVID-19, because of which, ECGC has not withdrawn cover given to exporters, against expectations, export credit insurance agencies all over the world have witnessed only average levels of claim ratios, not high ratios.

Enhanced Cover to Banks

• The enhanced cover shall be available for manufacturer- exporters availing fund-based export credit working capital limit up to ₹ 20 crore (i.e., total Packaging Credit and Post Shipment limit per exporter/exporter-group) excluding the Gems, Jewellery & Diamond sector and merchant exporters/traders.
• This new scheme will enable the banks holding ECGC’s WT-ECIB cover to explore the possibility of reducing interest rates further so that all the stakeholders are benefitted. The enhanced cover percentage shall be made available to State Bank of India as per the previous year’s premium rate in view of its favourable claim premium ratio. However, for other Banks there may be a moderate increase in the prevailing premium rates.

ECGC had extended support to exports amounting to Rs.6.18 lakh crore in the last FY 2021-22. As on 31/03/2022, more than 6,700 distinct exporters were benefitted by the direct cover issued to exporters and more than 9,000 distinct exporters benefitted under the Export Credit Insurance for Banks (ECIB). Notably, around 96% of these are small exporters.

The Code on Wages, 2019, has been notified on 08 August 2019, and the provisions of the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976, have been rationalised and subsumed therein. The Code provides for universal minimum wage across employments in organized and unorganized sector. The Code mandates the Central Government to fix floor wage and that the minimum rates of wages fixed by the appropriate Governments shall not be less than the floor wage. The Code prohibits gender discrimination in matters related to wages and recruitment of employees for the same work or work of similar nature done by an employee. Every employee, drawing wages not exceeding a monthly amount as notified by the Central or State Government, and having put in at least 30 days of work in an accounting year, will be entitled to an annual bonus at the rate of 8.33% of wages earned or Rs. 100, whichever is higher.

“Labour” as a subject is in the Concurrent List of the Constitution of India and under the Codes, the power to make rules is vested with the Central Government as well as the State Governments as appropriate Government. As a step towards implementation of the four Labour Codes, the Central Government has pre-published the draft Rules, inviting comments of all stakeholders. As per available information, 31, 26, 25 and 25 States/Union Territories have pre-published the draft Rules under the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety Health and working Conditions Code, 2020 respectively.

The Labour Codes were drafted after wide consultations including nine tripartite meetings involving employers’ and workers’ representatives, regional Labour Conferences, inter-Ministerial consultations and based on reports of the Parliamentary Standing Committee on Labour. The endeavor has been to align the Labour Codes with the present economic scenario and technological advancements along with reduction in multiplicity of definitions & authorities. The Codes tend to ease compliance mechanism aiming to promote ease of doing business/setting up of enterprises, attract investment and catalyze creation of employment opportunities while ensuring safety, health and social security of every worker. Use of technology has been introduced in order to ensure transparency & accountability in enforcement. Decriminalization of minor offences has also been provided in the Labour Codes.

Government has launched a World Bank supported Central Sector Scheme called Raising and Accelerating MSME Performance (RAMP). The scheme aims at strengthening institutions and governance at the Centre and State, improving Centre-State linkages and partnerships and improving access of MSMEs to market and credit, technology upgradation and addressing issues of delayed payments and greening of MSMEs.

RAMP programme will be implemented over a period of five years. The total outlay for the scheme is ₹6,062.45 crore or USD 808 Million, out of which ₹3750 crore or USD 500 Million would be a loan from the World Bank and the remaining ₹2312.45 crore or USD 308 Million would be funded by the Government of India (GoI).

Interventions under RAMP programme, by way of increasing access of MSMEs to market, technology and credit, increasing outreach to more MSMEs, inclusion of service sector, gender and greening initiatives etc., are aimed at increasing the performance of the MSME sector, thus resulting in more employment opportunities.

1.SEBI issued circular No. SEBI/HO/MIRSD/DOP/CIR/P/2019/123 dated November 05, 2019 detailing the e-KYC Authentication facility under section 11A of the Prevention of Money Laundering Act, 2002, by entities in the securities market for Resident Investors.

2.Subsequently, SEBI vide its circular SEBI/HO/MIRSD/DOP/CIR/P/2020/80 dated May 12, 2020 listed the entities who shall undertake Aadhaar Authentication service of UIDAI as KYC user agency (KUA) in securities market. The KUA shall allow SEBI registered intermediaries to undertake Aadhaar Authentication of their clients as sub-KUA for the purpose of KYC.

3.In this regard, Department of Revenue-Ministry of Finance, Government of India, vide Gazette Notification No. S.O. 3187(E) dated July 13, 2022has notified 155 reporting entities as sub-KUA to use Aadhaar authentication services of UIDAI under section 11A of the Prevention of Money-laundering Act, 2002. A copy of the same is enclosed at Annex A.

4.The above mentioned entities shall enter into an agreement with a KUA and get themselves registered with UIDAI as sub-KUAs. The agreement in this regard shall be as prescribed by UIDAI. Further, the Sub-KUAs shall follow the process as
2detailed in SEBI circular dated Nov 05, 2019 and as may be prescribed by UIDAI from time to time.

5.The KUAs shall facilitate the onboarding of these entities as sub-KUAs to provide the services of Aadhaar authentication with respect to KYC.

6.This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.

The Bombay Chamber of Commerce and Industry and the Center of Information and Investment Consultant – Invest Global (a part of the Vietnam Association of Foreign Invested Enterprises) signed a Memorandum of Understanding (MoU) for mutual cooperation to support bilateral trade and investment.

The MoU was signed by Mr. Sandeep Khosla, Director General, Bombay Chamber and Mrs. Nguyen Thi Thu Ha, General Director of Invest Global (Vietnam Association of Foreign Invested Enterprises) in the presence of the Consulate General of the Socialist Republic of Vietnam in Mumbai.

The networking event was organised by the Bombay Chamber with Invest Global and the Consulate General of the Socialist Republic of Vietnam in Mumbai, on the occasion of the 50th Anniversary of India – ViệtNam Diplomatic Relations.

Invest Global and Bombay Chamber will be working together by engaging in Trade and Investment promotion activities, across industrial sectors to assist Vietnamese businesses with their expansion plans in India and vice versa.

Piyush Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Food & Public Distribution, said that it is time for India to adopt world standards in cotton productivity, adding that all stakeholders must share best practices to boost cotton productivity in India to further boost farmer incomes.

Speaking at an interactive meeting with stakeholders of Cotton Textile Value Chain on improving cotton productivity and branding of Indian Cotton, the Union Minister added that the Private sector must contribute to boosting research in productivity, farmers’ education as well as branding, for which the Government would provide matching support.

Emphasising an integrated approach, Minister Goyal said, “We need to brand our cotton which is of good quality by an equal contribution from Industry. Action on reducing contamination issues like coloured HDPE. Master plan to be worked out by industry within one week.”

According to Goyal, cotton acts as a bridge between textiles and agriculture and cotton-based products have a significant share of total textiles & apparel products, both at the domestic and international levels.

The Centre has been working on PM Narendra Modi’s ‘ 5F ’ vision: ‘Farm to Fibre; Fibre to Factory; Factory to Fashion; Fashion to Foreign.’ Agreements for duty-free access to Textiles with Australia & UAE have given a new impetus to the trade and similar agreements with the EU, UK & Canada are being negotiated.

Goyal said that it is vital to increase yield and profit margins for cotton farmers by creating awareness about the right seeds and encouraging farmers to adopt modern technology and progressive agricultural practices.

Union Agriculture and Farmers’ Welfare Minister, Narendra Singh Tomar, who was also present at the event, said that there is a need to work out short-term and long-term strategies for boosting productivity and that high-density farming and micro-irrigation are key to boosting cotton productivity in large parts of the nation.

By 2030, all major ports across the country will be made fully self-sustainable on electricity, and all energy requirements to be met through renewable energy sources, as per the Government of India’s commitment to reduce the emissions from the shipping sector and promote the development of net zero and low-emission solutions. Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal said in a written reply to the Lok Sabha.

The initiatives include Green Warehousing utilising green/ natural solutions such as natural light or energy efficiency lighting, automated and compact storage systems, rooftop solar, using HVLS fans and rainwater harvesting.

As part of its plan to develop global standard ports in India, Maritime India Vision (MIV) 2030 has identified initiatives such as developing world-class Mega Ports, transhipment hubs and infrastructure modernization of ports. MIV 2030 estimates the investments to the tune of Rs. 1,00,000–1,25,000 Crores for capacity augmentation and development of world-class infrastructure at Indian Ports.

The Sagarmala programme is the flagship programme of the Ministry of Ports, Shipping and Waterways to promote port-led development in the country through harnessing India’s 7,500 km long coastline, 14,500 km of potentially navigable waterways and strategic location on key international maritime trade routes. As a part of the Sagarmala Programme, more than 800 projects at an estimated cost of around Rs. 5.5 lakh crore have been identified for implementation from 2015 to 2035 across all coastal states on the Eastern and Western coasts of the country.