Introduction

Edition 13th 22-23

Week – June 27th to July 01st

Quote for the week:

“Either you step forward into growth or step back into safety”

– Abraham Maslow.

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”), International Financial Services Centers Authority (“IFSCA”) and critical judgements/orders passed by various authorities like NCLAT & SEBI.

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

1. MCA vide Circular dated June 29, 2022 extended the timeline for filing LLP Form 11 and relaxing additional fee on the same.
2. IFSCA vide Circular dated June 28th, 2022 states Broker Dealers to be refunded their deposits on surrender of membership.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of June 27th to July 01st, 2022.

Thank you,

Swift team

REGULATORY UPDATES

MCA

1. MCA vide Circular dated June 29, 2022 extended the timeline for filing LLP FORM 11 and relaxing additional fee on the same

SEBI

1. SEBI vide Circular dated June 30, 2022 modified the framework of Cyber Security and Cyber Resilience for Stock Brokers and Depository Participants
2. SEBI Issues Circular extending the timeline 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 Vide Circular dated June 28, 2022 amended the previous guidelines issued on Adjustment in derivative contracts for dividend announcements
4. SEBI vide Circular dated June 30, 2022 partially modified the forms for “Disclosure of holding of specified securities and Holding of specified securities in dematerialized form"

IFSCA

1. IFSCA vide Circular dated June 28th, 2022 states Broker Dealers to be refunded their deposits on surrender of membership
2. IFSCA Circular on committees on Market Infrastructure Institutions
3. IFSCA issues Circular on the Angel Investor under IFSCA (Fund Management) Regulations, 2022
4. IFSCA vide Press Release dated July 01, 2022 details out the Regulatory Framework on investments to be made in the startups by the Angel Funds

JUDGEMENTS AND ORDERS

SEBI

1. In the matter of Bharti Infratel Ltd (now known as Indus Towers Limited). SEBI imposed a penalty of INR.1,00,000/- on (“Noticee”) for violation of provisions of SEBI (Share Based Employee Benefits) Regulations, 2014 (“SBEB Regulations”)

NCLT

1. NCLAT retain the stay order passed by Adjudicating authority and disposed the appeal