Introduction

Edition 21th 22-23

Week – August 22nd to August 26th

Quote for the week:

“Fall seven times and stand up eight”

– Colleen Arneil.

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”), Securities and Exchange Board of India (“SEBI”), International Financial Services Centres Authority (“IFSCA”) and orders passed by the SEBI, High Court, Supreme Court and other relevant authorities.

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

1. SEBI vide Circular dated August 25, 2022 issued the disclosure requirements for the Asset Management Companies (“AMCs”).
2. SEBI vide Notification dated August 22, 2022 issued notification amending the Portfolio Managers Regulations.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of August 22 to August 26, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

RBI

1. RBI vide Notification dated August 22, 2022 details out the Overseas Investment Regulations and directions

SEBI

1. SEBI vide Circular dated August 25, 2022 issued the disclosure requirements for the Asset Management Companies (“AMCs”)
2. SEBI vide Notification dated August 22, 2022 issued notification amending the Portfolio Managers Regulations
3. SEBI vide Circular dated August 25, 2022 issued the advanced disclosures to be made by the Credit Rating Agencies (“CRAs”) and withdrawal of rating

IFSCA

1. IFSCA vide Circular dated August 25, 2022 issued Directions for Issuance of Debit Cards by IFSC Banking Units (”IBUs”)

JUDGEMENTS AND ORDERS

SEBI Order

1. In the matter of Esaar India Limited. SEBI imposed penalty of INR. 5,00,000/- on Noticee for violation of provisions of SEBI Act r/w SEBI (“PFUTP”) Regulations 2003

HIGH COURT

1. The petition filed by M/s. Greaves Cotton Limited praying under Article 227 of the Constitution of India was permitted. 9

IBBI

1. In the matter of Sundaresh Bhatt, Liquidator of ABG Shipyard Vs. Central Board of Indirect Taxes and Customs [Civil Appeal No. 7667 of 2021] Hon’ble Supreme Court held that customs authority only has a limited jurisdiction during Corporate Insolvency Resolution Process
2. In the matter of Yadubir Singh Sajwan & Ors. Vs. M/s. Som Resorts Private Limited [Company Petition No. (IB)-67(ND)/2022] Adjudicating Authority (“AA”) lifted the corporate veil to protect the interest of the Home Buyers