Introduction

Edition 7th 22-23

Week – May 16th to May 20th

Quote for the week:

“If you are not embarrassed by the first version of your product, you’ve launched too late.”

– Reid Hoffman

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 International Financial Service Centers Authority (“IFSCA”), Ministry of Corporate Affairs (“MCA”), 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 issues circular on operational guidelines for specifying formats and documents for the transmission of securities.
2. MCA notifies the Companies (Incorporation) Second Amendment Rules, 2022.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of May 16, 2022 to May 20, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA

1. MCA has notified the Companies (Incorporation) Second Amendment Rules, 2022

SEBI

1. SEBI issues Circular on operational guidelines for specifying formats and documents for the transmission of securities
2. SEBI vide Press Release dated May 19th, 2022 withdraws Permanent Recognition granted to Indian Commodity Exchange Ltd

RBI

1. RBI issues clarification on new definition of Micro, Small and Medium Enterprises

IFSCA

1. IFSCA issues fee structure under the IFSCA (Fund Management) Regulations, 2022

JUDGEMENTS AND ORDERS

SEBI Order

1. In the matter of M/s Link Intime India Pvt. Ltd (“Noticee”). The allegation made on Noticee for violation of Clauses 3 and 25 of the Code of Conduct read with Regulation 13 of the SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 and Clause D(1) of Schedule VI read with Regulation 39(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) was disposed of. 9

HIGH COURT

1. Dr. Reddys Laboratories Limited files review petition with Controller General of Patents Designs and Trademarks

SUPREME COURT

Mihan India Limited

Appellant

GMR Airports Limited

Respondent(S)