Introduction

Edition 45th 22-23

Week – February 25th to March 3rd

Quote for the week:

“Don't be trapped in someone else's dream”

- Kim Taehyung.

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 International Financial Services Centres Authority (“IFSCA”), Insolvency and Bankruptcy Board of India (“IBBI”) and Orders/Judgements from Supreme Court.

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

1. IFSCA issued Clarifications in relation to Family Investment Funds (“FIF”).
2. IFSCA vide Press Release dated February 27, 2023 invited public comments on proposed IFSCA (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of February 25th to March 03rd 2023.

Thank you,

Swift team

REGULATORY UPDATES

IFSCA

1. IFSCA issued Clarifications in relation to Family Investment Funds (“FIF”)
2. IFSCA vide Press Release dated February 27, 2023 invited public comments on proposed IFSCA (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023
3. IFSCA vide circular dated March 01, 2023 issued clarification in relation to Fund Management Entities and Schemes set up in IFSCs by Sovereign Wealth Funds
4. IFSCA vide circular dated March 01, 2023 issued Net worth requirement for a Bullion Exchange and a Bullion Clearing Corporation

IBBI

1. IBBI vide notification dated March 01, 2023 notified the Board for the specified purposes IBBI, New Delhi

JUDGEMENTS & ORDERS

SUPREME COURT

1. Supreme Court referred to the facts of the case with a similar case of Rajkumar Nagpal and disposed of the appeal filed by Authum Investment and Infrastructure Limited