Introduction

Edition 28th 22-23

Week – October 10th to October 14th

Quote for the week:

“In business three things are necessary; knowledge, temper and time”

– Owen Feltham.

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 International Financial Services Centres Authority (“IFSCA”).

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

1. RBI vide Notification dated October 11, 2022 modified the Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021.
2. SEBI vide Circular dated October 10, 2022 reviewed the provisions pertaining to Electronic Book Provider (“EBP”) Platform.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 10 to October 14, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

1. RBI vide Circular dated October 11, 2022 notified the classification of NBFCs into Middle Layer
2. RBI vide Notification dated October 11, 2022 modified the Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021

SEBI

1. SEBI vide Circular dated October 10, 2022 reviewed the provisions pertaining to Electronic Book Provider (EBP) Platform

IFSCA

1. IFSCA vide Notification dated October 11, 2022 issued International Financial Services Centres Authority (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022
2. IFSCA vide Circular dated October 12, 2022 issues Standard Operating procedure (“SOP”) for Inter-operable Regulatory Sandbox (IoRS)

SEBI Order

1. In respect of Late Mr. Raj Kumar Rathi, the Adjudication proceedings by SEBI against the Noticee was disposed of