Introduction

Edition 2nd 22-23

Week – April 11th to April 15th

Quote for the week:

“A business that makes nothing but money is a poor business”

– Henry Ford

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

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

1. RBI issues notification where in the role and function of Chief Compliance Officer (CCO) in NBFCs are explained.
2. SEBI Issues circular clarifying the risk parameters for classifying commodities for Risk O Meter.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of April 11, 2022 to April 15, 2022.

Thank you,

Swift team

 REGULATORY UPDATES

RBI

1. RBI issues notification where in the role and function of Chief Compliance Officer (CCO) in NBFCs are explained

SEBI

1. Securities and exchange board of India (issue and listing of nonconvertible securities) (amendment) regulations, 2022
2. SEBI Amends vide multiple notifications dated April 11, 2022 amends and issues SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2022, SEBI (Debenture Trustees) (Amendment) Regulations, 2022
3. SEBI Issues Comprehensive Risk Management Framework for Electronic Gold Receipts (EGR) segment
4. SEBI Issues circular clarifying the risk parameters for classifying commodities for Risk O Meter

IFSCA

1. Expert Committee on Longevity Finance recommends setting up of Longevity Hub at GIFT-IFSC

Ministry of Finance - Department of Economic Affairs

1. Ministry amends and issues new Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022

JUDGEMENTS AND ORDERS

SEBI Order

1. In the matter of Indian Infotech & Software Limited, SEBI revised the penalty imposed from INR. 3,00,00,000/- (INR Three Crore only) to INR.4,00,000/- (INR Four Lakh only) for violation of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as ‘Takeover Regulations, 1997/Takeover Regulations’)

HIGH COURT

1. Petition was filed seeking dismissal of revocation petition on the ground that it is barred by limitation

SUPREME COURT

1. Application was filed for release of Mutual funds worth the value of INR 350 Crores