Introduction

Edition 27th 22-23

Week – October 03rd to October 07th

Quote for the week:

“Some people dream of success, while other people get up every morning and make it happen”

– Wayne Huizenga.

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”) and orders by High Court.

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

1. RBI vide Notification dated October 06, 2022 issued the Reserve bank of India (Credit Information Companies- Internal Ombudsman) Directions, 2022.
2. SEBI vide Circular dated October 03, 2022 brought in the extension in timeline for entering the details of existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 03 to October 07, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

RBI

1. RBI vide Notification dated October 06, 2022 issued Reserve bank of India (Credit Information Companies- Internal Ombudsman) Directions, 2022

SEBI

1. SEBI vide Circular dated October 03, 2022 brought in the extension in timeline for entering the details of existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories
2. SEBI vide Circular dated October 06, 2022 issued modifications to the guidelines regarding execution of ‘Demat Debit and Pledge Instruction’ (DDPI) for transfer of securities towards deliveries / settlement obligations and pledging / re-pledging of securities

HIGH COURT

1. Delhi High Court held that TIMAB has prima facie demonstrated prior and continuous use of the impugned mark, and thus, is entitled to restrain the use of identical/ similar mark for identical product by any third-party, including SHAMROCK