Introduction

Edition 51st 21-22

Week – March 28th to April 01st

Quote for the week:

“If your ship doesn’t come in, swim out to meet it!”

– Jonathan Winters

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”), 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 issues operational guidelines for ‘Security and Covenant Monitoring’ using

Distributed Ledger Technology (“DLT”).

1. SEBI vide Press Release informed the public at large about the outcomes of board meeting held at Mumbai on March 29, 2022.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of March 28, 2022 to April 01, 2022.

Thank you,

Swift team

REGULATORY UPDATES

MCA

1.MCA extends the applicability of proviso to Rule 3(1) & proviso to Rule 12(1B) of the Companies (Accounts) Rules, 2014

SEBI

1. SEBI issues operational guidelines for ‘Security and Covenant Monitoring’ using

Distributed Ledger Technology (“DLT”)

1. SEBI issues Circular clarifying the applicability of Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to Related Party Transactions
2. SEBI issues Circular with timelines for rebalancing of portfolios of Mutual Fund schemes to bring uniformity across Mutual Funds with respect to timelines for rebalancing of portfolio.
3. SEBI issues Circular on calculation of investment concentration norm for Category III AIFs.
4. SEBI issues Circular on product specifications pertaining to the Electronic Gold Receipts (“EGR”) segment in India
5. SEBI vide Press Release informed the public at large about the outcomes of board meeting held at Mumbai on March 29, 2022

JUDGEMENTS AND ORDERS

SEBI Order

1. In the matter of Mindtree Ltd

NCLAT

1. NCLAT dismissed the appeal stating that there cannot be equality between class of Operational Creditors and class of Financial Creditors

HIGH COURT

1. Petition filed by BSNL challenging the Arbitral Award was dismissed by the Delhi High Court