THE UNIFORM CODE FOR PHARMACEUTICAL MARKETING PRACTICES, 2024 — IMPACT ON INDIA’S PHARMA INDUSTRY
The Department of Pharmaceuticals (the “DoP”) recently notified the Uniform Code for Pharmaceutical Marketing Practices 2024 (“UCPMP 2024”), in supersession of the UCPMP issued in 2014 (“UCPMP 2014”).
RBI proposes a revamp on the framework applicable to wilful defaulters
Last month, the Reserve Bank of India (the “RBI”) released a draft Master Direction (the “Draft Direction”) proposing revisions to the Master Circular released in 2015 relating to wilful defaulters.
Annexure
The TRAI Recommendations propose a comprehensive framework for the regulation of AI in India. Its salient features are listed below.
Artificial Intelligence and Big Data regulation: Analyzing India’s emerging regulatory framework
The Telecom Regulatory Authority of India (the “TRAI”) has recently released recommendations on “Leveraging Artificial Intelligence and Big Data in the Telecommunication Sector” and has suggested that the Indian government must adopt a regulatory framework for AI that applies across sectors.
SEBI allows LPs to choose the AIF investments they want to participate in
In a circular issued last month (the “Circular”), the Securities and Exchange Board of India (the “SEBI”) has allowed specific investors to excuse or exclude themselves from any particular investment being made by an alternative investment funds (“AIF”) in which they have invested.
INDIA’S SPACE POLICY – THE GOVERNMENT CONTINUES TO PUSH FOR MORE PRIVATE SECTOR PARTICIPATION
Indian Space Research Organization (“ISRO”) issued the Indian Space Policy – 2023 (the “Space Policy”) on April 20, 2023, after it received the approval of the Union Cabinet.
M&A IMPACT DUE TO CHANGES IN INDIA’S COMPETITION LAW
The Indian parliament approved the Competition Amendment Act, 2023, (the “Amendment Act”) on April 11, 2023. The Amendment Act has also been published in the Official Gazette, although it is yet to come in force.
NEW RBI DIRECTIONS ON BANK ACQUISITIONS IN INDIA
Last month, the Reserve Bank of India (the “RBI”) introduced master directions (the “Directions”) and guidelines (the “Guidelines”) for the acquisition and ownership of shares and voting rights in banking companies. The main aim of the Directions and Guidelines is to ensure that the ultimate ownership and control of banking companies remains well diversified.
India’s UGC seeks to allow foreign universities to set up Indian campuses
Recently, the University Grants Commission (the “UGC”) has published the Draft University Grants Commission (Setting up and Operation of Campuses of Foreign Higher Educational Institutions in India) Regulations, 2023 (the “Draft Regulations”) proposing the establishment and operation of international branch campuses (“IBCs”) of foreign higher educational institutions (“FHEIs“) offering undergraduate and higher level programmes in …
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LEGALITY OF VOLUNTARY RESIGNATIONS IN INDIA
In November 2022, Amazon initiated a voluntary separation program (“VSP”) which allowed eligible employees to resign voluntarily from employment in exchange for specific severance benefits, including twenty-two (22) weeks’ base pay, one (1) week’s base salary for every six (6) months of services, up to a maximum of twenty (20) weeks, medical insurance for six …
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