INTERMEDIARY RULES UPDATE
Sebi clears NSE’s investment in proposed National Coal Exchange; move to formalise coal trading
Securities and Exchange Board of India approved National Stock Exchange of India investment in a coal exchange to enable transparent trading while revising intermediary norms removing automatic disqualification from complaints but tightening rules upon conviction and mandating timely disclosures
K C Venugopal asks 10 questions to Kerala CM, alleges secret deals with BJP
K.C. Venugopal released an open letter to Kerala Chief Minister Pinarayi Vijayan. The letter raised several allegations and questions regarding the LDF government's functioning. Venugopal sought answers on ten key issues. These included alleged secret deals with the BJP and the Centre. The letter also questioned meetings with Union ministers and the handling of various cases.
Israel Iran War News Day 26: Kuwait airport hit again, US to send more soldiers while Trump claims ‘gift’ from Iran amid peace proposal
Israel Iran Day 26 News Updates: The West Asia war is escalating on its 26th day. Strikes are intensifying across Iran, Israel, and Lebanon. The conflict's reach is widening, impacting critical infrastructure like Kuwait International Airport. Diplomatic tensions are also rising with Lebanon expelling Iran's ambassador-designate. The United States is deploying more troops while proposing a peace deal to Iran.
Sebi eases FPI settlement norms, simplifies IPO disclosure framework
Securities and Exchange Board of India relaxed foreign investor settlement norms, allowing net trade settlement to cut costs amid heavy outflows. It also introduced simplified IPO prospectus summaries, QR access, and approved stricter conflict-of-interest disclosure rules for officials to improve transparency and investor confidence.
DGCA introduces 48-hour free flight cancellation window from March 26
The regulator updated its civil aviation requirements on ticket refunds on February 24, introducing what it termed a "look-in option" — a 48-hour period after booking during which travellers can make changes without penalty. The revised rules will come into force on March 26. DGCA has however affixed certain conditions for passengers.
Meta flags ‘operational challenges’ in India’s 3-hour takedown rule, backs consultative AI regulations
Meta has raised concerns over the operational feasibility of India’s proposed three-hour ‘offensive content’ takedown requirement even as Facebook's owner reaffirmed its commitment to comply with the country’s evolving digital and AI regulations.
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What do RBI’s new rules mean for investors in exchange and brokerage stocks?
The RBI has tightened norms for bank loans to brokers and capital market intermediaries, mandating 100% collateral for credit facilities. These changes, effective April 1, aim to increase transparency and will impact proprietary trading desks significantly by reducing leverage and increasing borrowing costs for brokers.
Tighter takedown rules are for all social media content
The amendments to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules drastically shortening the time frames for intermediaries to remove content are applicable to all content, and not only those generated with artificial intelligence (AI), according to legal experts.
Govt amends IT rules, with focus on AI content
The amendments to the IT Act has the potential to cause convulsions in the social media industry, as the new laws slash the timeline to take down flagged unlawful content to three hours, from the existing deadline of 36 hours.
Sebi bars intermediaries from sharing client info with entities offering unauthorised advice
Sebi clarified that intermediaries cannot make or receive payments or share client information with unauthorized advisors or those who make unapproved return claims. This includes any financial transactions, referrals, or information sharing. However, regulated entities may engage in branding, marketing, and promotion with others, provided they comply with Sebi's rules.
Working with international agencies, Intelligence Bureau to ban hoax bomb perpetrators: Aviation Minister Naidu
Union Civil Aviation Minister K Rammohan Naidu announces that the Centre is considering steps to ban individuals who issue hoax bomb threats from flying, with amendments to civil aviation laws and support from international and domestic agencies. Investigations and collaboration with social media platforms are ongoing.
Notice issued to social media firms to remove child sex abuse material: IT MoS Rajeev Chandrasekhar
Minister of State for Electronics and IT Rajeev Chandrasekhar in a written reply to Rajya Sabha said that the social media platforms have been informed that existing rules cast obligations on the intermediaries, including social media firms, to observe due diligence and if they fail to observe such due diligence, they shall no longer be exempt from their liability under law for third-party information hosted by them.
Social media companies have seven days to tweak terms of use around deepfakes: Rajeev Chandrasekhar
Intermediaries will have to “explicitly” warn users that they cannot “host, display, upload, modify, publish, transmit, store, update or share” any content that belongs to someone else, is defamatory, obscene, pornographic, paedophilic or invasive of another user’s privacy.
NCPCR seeks inquiry against Discord and Fornite for alleged religious conversion
India's National Commission for Protection of Child Rights (NCPCR) has urged the Electronics and Information Technology Ministry (MeitY) to investigate Fortnite and Discord for their alleged involvement in a minor's religious conversion. MeitY has to file its report on online games within 10 days after they acknowledge the letter by NCPCR.
Online platforms to remove content flagged as fake by govt
In a late-night update to the draft of the Information Technology Rules on Wednesday, the Ministry of Electronics and Information Technology proposed these changes and has asked stakeholders to respond to the proposal by January 25.
Govt notifies changes to IT Rules 2021, grievance panel to hear complaints
The idea behind setting up of the committees is to give users of social media platforms, including Facebook and Twitter, recourse - other than approaching the courts - to settle complaints.
Social media grievance panels likely in 90 days: draft rules
The idea behind setting up the committees is to give users of social media platforms including Facebook and Twitter recourse - other than approaching the courts - to settle complaints.
Sebi lays rules for automated deactivation of trading, demat accounts in case of inadequate KYCs
Noting that addresses form a critical part of the KYC procedures, Sebi said that every address recorded for the purpose of compliance with the KYC procedures has to be accurate.An intermediary is required to update the address from time to time. However, the regulator observed that in some cases accurate or updated addresses of clients are not maintained.
IT rules don't contravene freedom of speech and expression: Rajeev Chandrasekhar
In June, the Ministry of Electronics and Information Technology put up proposed amended IT rules for public consultation. They said this was done to provide additional avenues for grievance redressal apart from courts and also ensure that the constitutional rights of Indian citizens are not contravened by any Big-tech Platform by ensuring new accountability standards for significant social media intermediaries.
Sebi eases operational procedure to make fee payments
The intermediaries can also generate an e-challan, which can be shared with the companies or entities for making the required payment.
WhatsApp tricking users to get consent on anti-user policies: Centre tells Delhi HC
"This is being done by pushing notifications to its users on the same and the messaging app should be restrained from the doing the same," the Centre told the High Court.
WhatsApp names Paresh B Lal as grievance officer for India on website
As per WhatsApp's website, users can contact Paresh B Lal - who is the 'Grievance Officer' - through a post box in Banjara Hills in Hyderabad, Telangana
Google, Facebook updating website to reflect new grievance officer appointed under IT rules
The new rules require significant social media intermediaries - those with other 50 lakh users - to appoint a grievance officer, nodal officer and a chief compliance officer
Facebook says will remove content to mitigate adverse legal or regulatory impact
The changes in Terms of Service come despite growing criticism of Facebook's content moderation policy that is allegedly influenced by employees' political leanings and the company's business considerations in globally and India.
Revised IT intermediary rules in 2 weeks after law ministry's nod
The Ministry of Electronics and IT (MeitY) will seek the law ministry's views on the validity of the provisions in the draft document before notifying the rules, govt officials said. MeitY wants to make sure that the provisions in the draft do not overshoot the due diligence requirement under the larger IT Act.
Need 3 months to notify guidelines for social media platforms, govt tells SC
The government stated the timeframe of 3 months in an affidavit filed to the Supreme Court in order to make inter-ministerial consultation for effective guidelines. MeitY said the complexity will have a significant impact on all stakeholders.
Process of notifying intermediary rules likely to be completed by January 15, 2020: MeitY to SC
In August, Facebook and WhatsApp sought the transfer of petitions on linking social media accounts with Aadhaar from various high courts to the Supreme Court.
No proposal to keep tabs on social media and internet, says government
The government today said there is no proposal to monitor social media on the Internet and it has not deputed any team to track the new-age platform.
India's IT Act is 'ill-suited' to deal with social media: Global Network Initiative
Information Technology Act of India, is "ill-suited" to deal with social media and user-generated content, a report by GNI said today.
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