Introduction

Edition 12th 22-23

Week – June 20th to June 24th  

Quote for the week:

“The secret of change is to focus all your energy not on fighting the old but on building the new”

– Socrates.

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 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 Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016.
2. SEBI issues Circular with guidelines for the tagging/naming of the DEMAT accounts maintained by the stock brokers.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of June 20th to June 24th, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA

1. MCA amends Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. 4

SEBI

1. SEBI vide Circular dated June 21th, 2022 modified the operational guidelines for Foreign Portfolio Investors and designated Depository Participants
2. SEBI issues Circular with guidelines for the tagging/naming of the DEMAT accounts maintained by the stock brokers
3. SEBI vide Circular dated June 24, 2022 issued extension of time line for Implementing a Circular “Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA)Regulations, 2011” dated April 06, 2022
4. SEBI issues Circular reducing the timelines for listing of units of privately placed Infrastructure Investment Trust (InvIT)
5. SEBI vide Circulars dated June 24, 2022 introduces Unified Payments Interface (UPI) mechanism for Infrastructure Investment Trusts(InvIT) and Real Estate Investment Trusts (REIT)
6. SEBI issues guidelines for Large Value Fund for Accredited Investors under SEBI (Alternative   Investment   Funds) Regulations, 2012 and Requirement   of Compliance Officer for Managers of all AIFs

JUDGEMENTS AND ORDERS

SEBI Order

1. In the matter of Mindtree Ltd. SEBI imposed a penalty of INR.1,00,000/- on the Noticee

HIGH COURT

1. Bombay High Court held that, the tax dues of petitioner because an inquiry/investigation was pending against petitioner and the amount of duty payable under GST Act was quantified