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Swift e-Bulletin

Introduction

Edition 04th/23-24

Week – April 24th to April 28th

Quote for the week:

“Business opportunities are like buses, there’s always another one coming.”

                                                                                                               - Richard Branson

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 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 issued Circular dated April 25, 2023 on Bank Guarantees (BGs) created out of client’s funds.
  2. RBI vide Circular dated April 26, 2023 updated the Remittances to International Financial Services Centers (IFSCs) under the Liberalized Remittance Scheme (LRS)

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of April 24th to April 28th, 2023.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI

  1. SEBI vide Circular dated April 25, 2023 issued circular on Bank Guarantees (BGs) created out of client’s funds
  2. SEBI vide Circular dated April 25, 2023 issued modifications in the requirement of filing of Offer Documents by Mutual Funds
  3. SEBI issued Master Circular for Custodians dated April 27, 2023

RBI

  1. RBI vide Circular dated April 26, 2023 updated the Remittances to International Financial Services Centers (“IFSC”) under the Liberalized Remittance Scheme (“LRS”)

MCA

  1. MCA amended the Companies (Indian Accounting Standards) Rules, 2015

IFSCA

  1. IFSCA vide Circular dated April 26, 2023 amends existing Circular titled ‘Framework for Aircraft Lease’ dated May 18, 2022
  2. IFSCA on April 24, 2023 issued International Financial Services Centres Authority (Fund Management) Regulations, 2022

SEBI ORDER

  1. Adjudication Order in the matter of NJ Asset Management Private Limited
  2. Adjudication Order in the matter of Role of Karvy Capital Limited in the matter of NCDs issued by Utkarsh Small Finance Bank Limited

 

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About Swift

Swift India Corporate Services LLP (“Swift”) (Formerly known as SwiftIndiaInc Corporate Services Private Limited) established in the year 2005, is an associate entity of Nishith Desai Associates — Legal & Tax Counseling Worldwide (legal and tax consulting firm).

We are a team of professionals with rich corporate, legal and secretarial backgrounds. We are a premier corporate compliance firm that caters to the needs and demands of our global clients. Swift aims to provide quick and pragmatic corporate solutions alongside high-quality compliances.

  

 

Swift India Corporate Services LLP

 

Regd. Office: 91-92 B, Mittal Court, Nariman Point, Mumbai 400 021, India

LLPIN: AAH-4705, registered under the Limited Liability Partnership Act, 2008

Tel +91 22 6669 5000, Fax +91 22 6669 5001

 


www.swiftindiallp.com