Introduction

Edition 38th 22-23

Week – January 02nd to January 06th

Quote for the week:

“Go on your path, even if you live for a day”

– Park Jimin.

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”), Reserve Bank of India (“RBI”) and orders from Supreme Court.

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

1. RBI vide notification dated January 04, 2023 notified the Rationalization of reporting in Single Master Form (SMF) on FIRMS Portal.
2. SEBI vide circular dated January 05, 2023 issued relaxation to issuers of listed securities in terms of sending hard copies of their Annual Report with other documents to the select holders of such listed securities.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of January 02nd to January 06th, 2023.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

RBI

1. RBI vide notification dated January 04, 2023 notified the Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal

SEBI

1. SEBI vide circular dated January 05, 2023 issued relaxation to issuers of listed securities in terms of sending hard copies of their Annual Report with other documents to the select holders of such listed securities
2. SEBI vide circular dated January 05, 2023 issued relaxation to issuers of listed non-convertible securities to send hard copies of their Annual Report with other related documents to the select debenture holders
3. SEBI vide the circular dated January 05, 2023 notified Monitoring and Periodical reporting of the compliance with the requirements pertaining to ‘Security and Covenant Monitoring’ system hosted by Depositories
4. SEBI vide the circular January 05,2023 notified Extension of timelines for entering and verification  of  the  details  of  the  existing outstanding  non-convertible securities in  the ‘Security  and  Covenant  Monitoring’ system hosted by Depositories

JUDGEMENTS/ ORDERS

SUPREME COURT

1. Supreme Court opined that the Appellant is not justified in invoking the jurisdiction of the CLB under Section 111A of the Companies Act for violation of SEBI regulations