Introduction

Edition 32nd 22-23

Week – November 14th to November 18th

Quote for the week:

“Every moment is a fresh beginning”

– T.S. Eliot.

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”), International Financial Services Centres Authority (“IFSCA”) and Insolvency and Bankruptcy Board of India (“IBBI”) and order passed by National Company Law Appellate Tribunal and SEBI.

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

1. SEBI vide Notification dated November 14, 2022 notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2022.
2. IFSCA vide Press Release dated November 16, 2022 details about the MoU executed with Reserve Bank of India (“RBI”)

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of November 14 to November 18, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI

1. SEBI vide Notification dated November 14, 2022 notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2022
2. SEBI vide Notification dated November 15, 2022 amends the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulation, 2022
3. SEBI vide Notification dated November 15, 2022 notified the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2022
4. SEBI vide Notification dated November 15, 2022 notified the Securities and Exchange Board of India (Alternative Investment Funds) (Fourth Amendment) Regulations, 2022
5. SEBI vide Circular on November 17,2022 notified Guidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/manager 
6. SEBI Vide Circular dated November 17, 2022 issued an amendment for change in operational aspects with reference to scheme(s) of arrangement by entities who have listed their Non-Convertible Debt securities(“NCDs”)/Non-convertible Redeemable Preference shares (“NCRPS”)

IFSCA

1. IFSCA vide Press Release dated November 16, 2022 details about the MoU executed with Reserve Bank of India (“RBI”)
2. IFSCA vide Circular dated November 16, 2022 issued Guidelines for Business Continuity Plan (“BCP”) and Disaster Recovery (“DR”) for Market Infrastructure institutions (“MIIs”)

JUDGEMENTS

NCLAT

1. NCLAT dismissed the appeal seeking restoration of name of the Company in the Register of the Companies

SEBI

1. SEBI imposed penalty on TARC Ltd (Noticee) for non-compliances of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2. SEBI imposed penalty on Vipul Limited (Noticee) for non-compliances of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

IBBI

1. In the matter Vidarbha Industries Power Limited Vs. Axis Bank Limited [Civil appeal No. 4633 of 2021]