Introduction

Edition 15th 22-23

Week – July 11th to July 15th

Quote for the week:

“Happiness does not come from doing easy work but from the afterglow of satisfaction that comes after the achievement of a difficult task that demanded our best.”

-Theodore Isaac Rubin.

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 Reserve Bank of India (“RBI”), International Financial Services Centers Authority (“IFSCA”) and critical judgements/orders passed by various authorities like High Court & SEBI.

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

1. RBI vide notification dated July 11, 2022 introduced a framework for International Trade Settlement in Indian Rupees (INR).
2. IFSCA vide circular dated July 13, 2022 added Module no. 17 in Conduct of Business (COB) directions of IFSCA banking handbook and issued “The IFSCA Banking Handbook Conduct of Business Directions- v 4.0 (COB)”.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of July 11th to July 15th, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

RBI

1. RBI vide notification dated July 11, 2022 introduced a framework for International Trade Settlement in Indian Rupees (INR)

IFSCA

1. IFSCA vide circular dated July 13, 2022 added Module no. 17 in Conduct of Business (COB) directions of IFSCA banking handbook and issued “The IFSCA Banking Handbook Conduct of Business Directions- v 4.0 (COB)”

JUDGEMENTS AND ORDERS

SEBI

1. In the matter of Cameo Corporate Services Ltd. SEBI disposed of the Adjudicating Proceedings initiated against the Noticee

HIGH COURT

1. Dispute between parties were settled by the Delhi High Court Mediation and Conciliation Centre wherein the parties remain bound in terms of the Settlement Agreement