Introduction

Edition 48th 21-22

Week – March 07th to March 12th

Quote for the week:

"To improve is to change, to be perfect is to change often.”

Winston Churchil 

(former PM of UK)

We welcome you to our weekly newsletter!

The ‘Swift e-Bulletin’ - weekly newsletter, covers all regulatory updates and critical judgements passed during the week. We hope that you liked our previous editions and found it to be of great value in its content. We want this newsletter to be valuable for you so, please share your feedback and suggestions to help us improve.

Further, various regulatory authorities have been proactive in bringing significant regulatory changes in recent challenging times. This week’s newsletter covers various Circulars/notifications issued by certain regulatory authorities such as the Ministry of Corporate Affairs (“MCA”) and Securities and Exchange Board of India (“SEBI”) and orders passed by the SEBI, Securities Appellate Tribunal (“SAT”), High Court and Supreme Court.

The Regulatory authorities provided various updates/relaxations, some of which being:

1. MCA has introduced the Limited Liability Partnership (Second Amendment) Rules 2022 for the incorporation and compliance of Limited Liability Partnership (LLP).  
2. SEBI has amended the operational circular for issue and listing of Nonconvertible Securities, Securitized Debt Instruments, Security Receipts for ease of investment for investors.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of March 07, 2022 to March 12, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA

1. The Ministry has introduced the Limited Liability Partnership Second Amendment Rules 2022 for the facilitation of compliance and incorporation of LLPs

SEBI

1. SEBI amends the operational circular for issue and listing of Non-convertible securities, Securitized Debt Instruments, security receipts, Municipal Debt securities and commercial paper for ease of investment for investors
2. SEBI issues the circular Automating the disclosure requirements under SEBI (Substantial Acquisition of Shares and takeover) Regulations 2011

JUDGEMENT/ORDERS

SEBI Order

1. SEBI imposes penalty for dealings in illiquid stock options at BSE

SAT Order

1. The Securities Appellate Tribunal (SAT) has passed an order declining to stay the observations of SEBI for non-disclosure of outcome of Annual General Meeting of the Company to stock exchanges

HIGH COURT

1. Delhi Airport Metro Express files petition seeking execution/enforcement of the arbitral award against the Judgement Debtor

SUPREME COURT

1. Urban Infrastructure Real Estate Fund files petition to punish the respondents under the Contempt of Courts Act, 1971 for wilful disobedience of the order passed by Supreme Court in Special Leave Petition