Introduction

Edition 19th 22-23

Week – August 8 to August 12

Quote for the week:

“Everybody is clever, just in their own ways”

– Matt Groening.

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”), IFSCA and orders passed by the IBBI and Supreme Court.

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

1. IFSCA vide Circular dated August 5, 2022 issued Standard Operating Procedure for Qualified Jewelers importing gold through India International Bullion Exchange.
2. IFSCA vide Press Release dated August 4, 2022 published that IFSCA has become a signatory to the International Organization of Securities Commissions (“IOSCO”) MMoU.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of August 08 to August 12, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

RBI

1. RBI vide Circular dated August 11, 2022 notified the Amendments to the Prudential Guidelines on Bilateral Netting of Qualified Financial Contracts

IFSCA

1. IFSCA vide Circular dated August 5, 2022 issued Standard Operating Procedure for Qualified Jewelers importing gold through India International Bullion Exchange
2. IFSCA vide Press Release dated August 4, 2022 published that IFSCA has become a signatory to the International Organization of Securities Commissions (“IOSCO”) MMoU

JUDGEMENTS AND ORDERS. 7

IBBI

1. In the case of Kotak Mahindra Bank Limited Vs. Kew Precision Parts Private Limited & Ors. [Civil Appeal No. 2176 of 2020]

SUPREME COURT

1. Appeal filed by Bank of Baroda was allowed by setting aside the interim order passed by the High Court of Judicature at Allahabad, Lucknow Bench