Introduction

Edition 16/ 22-23

Week – July 18 to July 22

Quote for the week:

“Dreams do not come true just because you dream them. It’s hard work that makes things happen. It’s hard work that creates change.”

- Shonda Rhimes

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 Securities and Exchange Board of India (“SEBI”) and critical judgements/orders passed by various authorities like MCA, Supreme Court, High court & SEBI.

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

1. SEBI vide Circular dated July 18, 2022 imposed GST on the fees payable to SEBI.
2. SEBI vide Circular dated July 20, 2022 enumerates regarding the Sub-KYC Agency User (“Sub-KAU”) norms.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of July 18, 2022 to July 22, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI

1. SEBI vide Circular dated July 18, 2022 imposed GST on the fees payable to SEBI
2. SEBI vide Circular dated July 20, 2022 enumerates regarding the Sub- KYC Agency User (“Sub-KAU”) norms

SEBI

1. In the matter of Allied Computers International (Asia) Ltd. the SEBI imposed INR.15,00,000/- on the Noticee for violation of provisions of PIT and SAST regulations

SUPREME COURT (IBC)

1. In the matter Vidarbha Industries Power Limited Vs. Axis Bank Limited [Civil appeal No. 4633 of 2021] Supreme court held that section 7(5)(a) of Insolvency and Bankruptcy Code, 2016 (“The Code”), confers discretionary power on the Adjudicating Authority (“AA”) to admit an application of a Financial Creditor (“FC”) for initiation of Corporate Insolvency Resolution Process (“CIRP”)

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