Introduction

Edition 03rd 23-24

Week – April 17th to April 22nd

Quote for the week:

“Make every detail perfect and limit the number of details to perfect”

- Jack Dorsey

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”) and Reserve Bank Bank of India (“RBI”) and Securities and Exchange Board of India (“SEBI”) and Ministry of Corporate Affairs (“MCA”) and orders/judgements from Supreme Court and SEBI.

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

1. SEBI vide circular dated April 17, 2023 issued circular on Dispute Resolution Mechanism for Limited Purpose Clearing Corporation (“LPCC”)
2. Reserve Bank of India (“RBI”) vide press release dated April 10, 2023 simplified the application process for registration of Core Investments Companies (“CIC”).

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of April 17th to April 22nd, 2023.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI

1. SEBI vide Circular dated April 17, 2023, issued Circular on Dispute Resolution Mechanism for Limited Purpose Clearing Corporation (“LPCC”)
2. SEBI vide circular dated April 20, 2023 issued instructions for the issue of master circular by stock Exchanges, clearing corporations and Depositories.
3. SEBI vide Notification dated April 21, 2023 issued Procedure for seeking prior approval for change in control of Vault Managers

RBI

1. Reserve Bank of India (“RBI”) vide press release dated April 10, 2023, simplified the application process for registration of Core Investments Companies (“CIC”)

MCA 

1. MCA vide notification dated April 17, 2023 amended and bought in the new “The Companies (Removal of Name of Companies from the Register of Companies) Amendment Rules, 2023”

IFSCA

1. IFSCA vide Circular dated April 20, 2023 issued clarification on Guidance framework on Sustainable and Sustainability linked lending by financial institutions.

JUDGEMENTS/ ORDERS

Supreme Court

1. Supreme Court in the present case, gave opinion that, the concurrent view taken by the CERC & APTEL cannot be said to be a view taken in ignorance of the mandatory statutory provisions nor can it be said that it is based on extraneous consideration

SEBI ORDER

1. Adjudication order in the matter of CG Power and Industrial Solutions Limited