Introduction

Edition 49th 21-22

Week – March 14th to March 18th

Quote for the week:

"If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.”                                 

– Mark Zuckerberg”

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 Reserve Bank of India (“RBI”), Securities and Exchange Board of India (“SEBI”) and orders passed by the NCLAT, SEBI, High Court and Supreme Court.

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

1. SEBI amends Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2022.
2. RBI issues Master Direction on Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of March 14, 2022 to March 18, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI

1. SEBI issues Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2022 vide Notification dated March 16, 2022
2. SEBI responds to YES Bank Limited (“YBL”) request for interpretation of provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015 of by issuing an informal guidance letter in form of informative letter under SEBI (Informal Guidance) Scheme, 2003 vide letter dated March 16, 2022

RBI

1. RBI issues Master Direction on Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022 vide Notification dated March 14, 2022

DPIIT

1. DPIIT  permits Foreign Investment in Life Insurance Corporation of India (“LIC”) and other modifications for further clarity in existing FDI policy vide Press Note dated March 14, 2022

JUDGEMENT/ORDERS

NCLAT

1. NCLAT Delhi directs the appellant to file an application under Section 12A of the Code for settlement with the Operational Creditor 8

SEBI Order

1. SEBI imposes penalty for contravention of ‘PIT Regulations’

HIGH COURT

1. Delhi High Court dismisses the Appeal filed by ‘India Bulls’ stating that, there was no illegality and perversity in the challenged order passed by the Learned Arbitrator

SUPREME COURT

1. Appeal filed by India Power Corporation Limited stands rejected, as the Delhi High Court had also not agree with the submission of the respondent-applicant and the award finally decided the dispute which was subject matter of the reference