The Indian government has introduced the Coastal Shipping Bill to simplify regulations and foster the growth of the coastal shipping industry. This legislation aims to tackle the sector’s challenges and establish a more favorable environment for maritime trade.
The Coastal Shipping Bill includes the following key provisions and benefits:
- Repealing Part XIV of the Merchant Shipping Act, 1958: The bill seeks to replace the existing regulations governing Indian ships and those involved in coasting trade.
- Expanded Definition of Coasting Trade: The term will now cover offshore vessels providing services without transporting goods or passengers. Coasting trade is defined as the transport of goods or passengers by sea between ports or places within India or the performance of services within coastal waters, excluding all forms of fishing.
- Licensing Regime: A licensing system will be introduced for vessels engaged in coasting trade, including foreign-flagged non-propelled vessels such as mobile offshore drilling units and accommodation barges.
- Central Database: A centralized system will be established to monitor coasting trade, including vessel movements, cargo details, and licensing data.
- National Strategic Plan: The government will prepare a National Coastal and Inland Shipping Strategic Plan to enhance the sector’s growth.
Benefits:
- A streamlined regulatory framework will minimize bureaucratic obstacles and improve operational efficiency.
- Including foreign-flagged non-propelled vessels in the framework will boost competition, driving down costs.
- The bill encourages the use of Indian-flagged vessels, potentially generating more employment opportunities for Indian seafarers.
- A robust coastal shipping sector will help reduce transportation costs, enhance logistics efficiency, and contribute to overall economic development.
Coastal Aquaculture Authority (Amendment) Rules, 2024
On December 4, 2024, Ministry of Fisheries, Animal Husbandry and Dairying, amended following guideline for regulating: –
- Guidelines for regulating hatcheries
- for seed production and culture of crab.
- for seed production and culture of marine finfishes.
- for seed production and culture of indigenous shrimp species in marine and brackish water.
- for marine / brackish water ornamental organisms.
- Guidelines for regulating seaweed seedling production and farming in marine and brackish water.
- Guidelines for regulating cage and pen culture of marine / brackish water aquaculture species.
- Guidelines for regulating live feed culture units and management in coastal aquaculture.
- Guidelines for regulating Bio-floc, Recirculatory Aquaculture Systems (RAS), and Nursery-based Aqua Farming Systems.
- Guidelines for notifying the aqua zones and aqua mapping.
- Guidelines for regulating seed production and farming of bivalves in marine and brackish water.
- Guidelines for assessment of cost for the damage to environment and cost of demolition and utilization of environment monitoring fund.
SEBI (Prevention of Insider Trading) Regulations, 2024
On December 04, 2024, SEBI amended SEBI (Prevention of Insider Trading) Regulations, 2024. The amendment states that individuals associated with a company in the six months before a specific act, in roles or relationships that give them direct or indirect access to unpublished price-sensitive information. This includes directors, employees, or those with professional, business, or contractual ties, whether temporary or permanent, as well as individuals in frequent communication with company officers.
It is further clarified that the term “relative” shall mean the following:
- Spouse of the person;
- Parent of the person and parent of its spouse;
- Sibling of the person and sibling of its spouse;
- Child of the person and child of its spouse.
The relatives of a “connected person” are also considered connected persons under these regulations. There is a rebuttable presumption that a connected person had access to unpublished price-sensitive information.
Disclaimer: The information published in the above newsletter is collected from various sources in electronic medium and analyzed by the firm. The reader is advised to consult the attorney qualified in their jurisdiction, before acting on any information contained in this newsletter. India Juris excepts no liability what so ever in this regard.
