Introduction

Edition 14th 22-23

Week – July 04 to July 08

Quote for the week:

“If people like you, they’ll listen to you, but if they trust you, they’ll do business with you.”

– Zig Ziglar.

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”), 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. SEBI vide Circular dated July 04, 2022 modified the Investor Grievance Redressal Mechanism and thereby amended its Circular dated 23 February, 2017.
2. MCA vide Notification released on July 05, 2022 amended the Companies (Removal of Names of Companies from Registrar of Companies) Rules.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of July 04,2022 to July 08, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA

1. MCA vide Notification released on July 05, 2022 amended the Companies (Removal of Names of Companies from Registrar of Companies) Rules
2. MCA vide Notification released on July 05, 2022 amended the Companies (Incorporation) Rules

RBI

1. RBI issued Notification on requirement for obtaining prior approval in case of takeover / acquisition of control of non-bank Payment System Operators (“PSO”) and sale / transfer of payment system activity of non-bank PSO
2. RBI vide Notification dated July 07, 2022 notified the ‘Fully accessible Route’ for Investment by non-residents in Government Securities to Foreign Portfolio Investors (“FPIs”)
3. RBI vide Notification dated July 07, 2022 notified the regulatory relaxation for the authorised dealer category-1 medium term framework for Foreign Portfolio Investors (“FPIs”)

SEBI

1. SEBI vide Circular dated July 04, 2022 amended Circular no. SEBI/HO/DMS/CIR/P/2017/15 dated February 23, 2017 relating to investor grievance  redressal  mechanism
2. SEBI vide Circulars dated July 05, 2022 and July 06, 2022 modified the Cyber Security and Cyber resilience framework of KYC Registration Agencies (“KRAs”) and Qualified Registrars to an Issue and Share Transfer Agents (“QRTAs”), respectfully

JUDGEMENTS AND ORDERS

HIGH COURT

1. Petition filed by Ircon International Limited was dismissed as barred by limitation

SUPREME COURT

1. Neilan International Co. Limited transfer petition stands dismissed by the Supreme Court