Introduction

Edition 3rd 22-23

Week – April 18th to April 22nd

Quote for the week:

“Quality is the best business plan”

– John Lasseter           

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 and Exchange Board of India (“SEBI”) and orders passed by the NCLAT, SEBI and High Court.

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

1. RBI issues notification asking non-individual borrowers enjoying aggregate exposure of ₹5 crores to obtain LEI.
2. SEBI issues Circular streamlining the process of public issues and redressal of investor grievances.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of April 18, 2022 to April 21, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA

1. MCA issues amendments relating to Nidhi Companies

RBI

1. RBI notifies revised regulatory framework’ for NBFCs, Disclosures in Financial Statements- Notes to Accounts of NBFCs
2. RBI notifies certain regulatory restrictions on lending in respect of NBFCs placed in different layers of NBFC ‘s [Middle Layer (ML) and Upper Layer (UL)]
3. RBI issues notification asking non-individual borrowers enjoying aggregate exposure of ₹5 crores to obtain LEI

SEBI

1. SEBI issues operational guidelines for “Security and Covenant Monitoring using Distributed Ledger Technology (DLT)
2. SEBI issues Circular streamlining the process of public issues and redressal of investor grievances 

JUDGEMENTS AND ORDERS

NCLAT

1. NCLAT dismissed the appeal stating advance towards license fee is an operational debt and adjudicating authority has rightly admitted application under Section 9 of IBC, 2016

HIGH COURT

1. Delhi High Court asks Plaintiff to file petition against each domain name that it finds to be infringing