Introduction

Edition 26th 22-23

Week – September 26th to September 30th

Quote for the week:

“To me, job titles don’t matter. Everyone is in sales. It’s the only way we stay in business”

– Harvey Mackay.

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”), Securities and Exchange Board of India (“SEBI”) Reserve Bank of India (“RBI”) and Insolvency and Bankruptcy Board of India (“IBBI”) and order passed by Supreme Court.

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

1. MCA vide Circular dated September 28, 2022 issued an extension for filing the Form DIR-3 KYC and DIR-3 KYC Web without levy of additional fees.
2. SEBI vide circular dated September 28, 2022 amended the guidelines for preferential issue and institutional placement of units listed by Infrastructure Investment Trust (InvIT) and Real Estate Investment Trust (REIT).

We have prepared a comprehensive summary for quick reference of the aforesaid updates and judgements / orders issued during the week of September 26 to September 30, 2022.

Thank you,

Swift team

Table of Contents

 REGULATORY UPDATES

 MCA

1. MCA vide Circular dated September 28, 2022 issued an extension for filing the Form DIR-3 KYC and DIR-3 KYC Web without levy of additional fees

RBI

1. RBI vide notification dated September 30, 2022 issued the late submission fees in reporting delays under Foreign Exchange Management Act, 1999

SEBI

1. SEBI vide circular dated September 28, 2022 amended the guidelines for preferential issue and institutional placement of units listed by Infrastructure Investment Trust (InvIT) and Real Estate Investment Trust (REIT)
2. SEBI vide circular dated September 26, 2022 issued modifications in the Operational Guidelines for FPIs, DDPs and EFIs pertaining to FPIs registered under Multiple Investment Managers (MIM) structure
3. SEBI vide circular dated September 29, 2022 details about Participation of SEBI registered Foreign  Portfolio  Investors (FPIs) in Exchange Traded Commodity Derivatives in India

IBBI

1. IBBI vide Press Release No. IBBI/PR/2022/39 dated September 30, 2022, amended Insolvency and Bankruptcy Board of India (Insolvency Professionals), Regulations 2016 and decided to institutionalise the profession of IP (Insolvency Professionals)

ORDERS

SUPREME COURT

1. In the matter of M/s Tech Sharp Engineers Pvt. Ltd. Vs. Sanghvi Movers Ltd., [Civil  Appeal No.296 of 2020]