Introduction

Edition 1st - 22-23

Week – April 04th to April 09th

Quote for the week:

‘Education is the most powerful weapon which you can use to change the world’                       

–Nelson Mandela”

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 Ministry of Corporate Affairs (“MCA”) Securities and Exchange Board of India (“SEBI”) and orders passed by the, SEBI and High Court.

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

1. MCA amends the Companies (Management and Administration) Rules 2014 consisting of provisions for inspection of Registers and documents.
2. SEBI revises the UPI limits for the public issue of Equity Shares and convertibles for individual investors.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of April 04, 2022 to April 09, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA

1. MCA issues Companies (Management and Administration) Amendment Rules 2022 wherein sub rule (3) of Rule 14 has been inserted

SEBI

1. SEBI revises the UPI limits for public issue of Equity Shares and convertibles for individual investors under Application Supported by Blocked Amount (ASBA)
2. SEBI issues the circular for execution of Demat Debit and Pledge Instruction (“DDPI”) for transfer of securities towards deliveries / settlement obligations and pledging / re-pledging of securities
3. SEBI issues the Circular pursuant to amendment in SEBI KYC Registration Agency (KRA) regulations 2011
4. SEBI issues the Circular clarifying the applicability of Regulations of the SEBI (LODR) Regulations, 2015 in relation to Related Party Transactions

JUDGEMENT / ORDERS

SEBI Order

1. SEBI imposes penalty of Rs.5,00,000/- for dealings in illiquid stock options at BSE

HIGH COURT

1. Delhi High Court appoints Former Chief Justice of High Court of Judicature at Mumbai, as the Arbitral Tribunal to adjudicate the claims and counter claims