Introduction

Edition 31st 22-23

Week – November 07th to November 11th

Quote for the week:

“Whenever you see a successful business, someone once made a courageous decision.”

– Peter F. Drucker.

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 Securities and Exchange Board of India (“SEBI”), and Insolvency and Bankruptcy Board of India (“IBBI”).

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

1. SEBI vide circular dated November 07, 2022 issued master circular on redressal of investor grievances through SEBI Complaints Redress Systems (SCORES) platform.
2. SEBI vide circular dated November 10, 2022 imposed the applicability of GST on fees remitted to SEBI for issue   and   listing   of   Non-convertible Securities (NCS), Securitized Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of November 07 to November 11, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI

1. SEBI vide circular dated November 07, 2022 issued master circular on redressal of investor grievances through SEBI Complaints Redress Systems (SCORES) platform
2. SEBI vide circular dated November 10, 2022 imposed the applicability of GST on fees remitted to SEBI for issue   and   listing   of   Non-convertible Securities (NCS), Securitized Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper
3. SEBI vide notification dated November 07, 2022 issued Master Circular on issuance of No Objection Certificate (“NOC”) for release of 1% of Issue Amount

IBBI

1. IBBI vide circular dated November 09, 2022 have reviewed the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations [“IP Regulation”], 2016, other relevant regulations and rescinded circulars that are no longer required on account of being already provided in relevant regulation. 8

JUDGEMENT / ORDER

SEBI ORDER

1. SEBI imposed penalty on Noticees for Off market transfer of securities without actual payment of consideration

HIGH COURT

1. Complaint case instituted with respect to eleven cheques issued by M/s. Whitefields Overseas Limited and Delhi Court finds no reason to interfere with the impugned judgment and the present petition stands dismissed