Introduction

Edition 33rd 22-23

Week – November 28th to December 2nd

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 Reserve Bank of India (“RBI”) and orders passed by the SEBI and NCLAT.

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

1. SEBI Vide Circular dated December 01, 2022 issued Operational Circular for listing obligations and disclosure requirements for Non-Convertible Securities, Securitized Debt Instruments and/or Commercial Paper.
2. RBI vide Circular dated December 1, 2022 notified Compliance with statutory/regulatory norms for operations of subsidiaries and branches of Indian banks and All India Financials Institutions (“AIFIs”) in foreign jurisdictions and in International Financial Services Centers (“IFSCs”).

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of November 28th to December 2nd.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI

1. SEBI vide Circular dated December 01,2022 notified Extension of timeline for implementation of Standardized industry classification by Credit Rating Agencies    (“CRAs”)
2. SEBI vide Circular dated November 29, 2022 Introduced credit risk based single issuer limit for investment by mutual fund schemes in debt and money market instruments
3. SEBI vide Circular dated December 01, 2022 issued Operational Circular for listing obligations and disclosure requirements for Non-Convertible Securities, Securitized Debt Instruments and/or Commercial Paper
4. SEBI vide Circular dated November 28, 2022 streamlines the procedure for seeking prior approval for change in control
5. SEBI vide Circular dated November 30, 2022 reviewed timelines and standardised for listing of securities issued on a private placement basis

RBI

1. RBI vide Circular dated December 1, 2022 notified Compliance with statutory/regulatory norms for operations of subsidiaries and branches of Indian banks and All India Financials Institutions (“AIFIs”) in foreign jurisdictions and in International Financial Services Centers (“IFSCs)

IFSCA

1. IFSCA vide Notification notifies International Financial Services Centres Authority (Maintenance of Website) Regulations, 2022

JUDGEMENTS/ ORDERS

SEBI

1. SEBI imposed penalty on Vitthal Corporation Limited (Noticee) for non-compliances of SEBI (Disclosure and Investor Protection) Guidlines, 2000
2. Adjudication Order in the matter of Titan Company Limited

NCLAT

1. NCLAT holds order passed by NCLT under Section 230 of the Companies Act