Introduction

Edition 05th 23-24

Week – May 08th to May 12th

Quote for the week:

“To each his own, but my process of preparation is based on conditions, not opposition.”

Rohit Sharma                                                                                                              

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 times. This week’s newsletter covers various circulars/notifications issued by certain regulatory authorities such as the Securities and exchange Board of India (“SEBI”), Ministry of Corporate Affairs (“MCA”), Ministry of Finance (“MOF”) and International Financial Services Centres Authority (“IFSCA”).

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

1. SEBI vide Circular dated May 10, 2023 introduced provisions pertaining to Direct Market Access (“DMA”) to SEBI registered Foreign Portfolio Investors (“FPIs”) for participating in Exchange Traded Commodity Derivatives (“ETCDs”).
2. MOF vide Notification dated May 09, 2023 further amended the Prevention of Money-laundering Act, 2002 and bought under its purview certain professionals and excluded certain activities by such professionals.

We have prepared a comprehensive summary for quick reference of the aforesaid updates issued during the week of May 08th to May 12th, 2023.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MINISTRY OF FINANCE

1. MOF vide Notification dated May 09, 2023 further amended the Prevention of Money-laundering Act, 2002 and bought under its purview certain professionals and excluded certain activities by such professionals

SEBI

1. SEBI vide Circular dated May 10, 2023 introduced provisions pertaining to Direct Market Access (“DMA”) to SEBI registered Foreign Portfolio Investors (“FPIs”) for participating in Exchange Traded Commodity Derivatives (“ETCDs”)
2. SEBI vide Circular dated May 9, 2023, issued Registration with the FINNET 2.0 system of Financial Intelligence Unit- India (“FIU-India”)

MCA

1. MCA vide Notification dated May 10, 2023, introduced the Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2023

IFSCA

1. IFSCA vide Circular dated May 09, 2023 issued clarification relating to Status of operations at Disaster Recovery (“DR”) Site of the Broker Dealers and Clearing Members registered with IFSCA