Introduction

Edition 07th 23-24

Week – May 29th to June 02nd

Quote for the week:

“The ten zeros in my bank account, it’s the money I loaned with my youth as collateral.”

Agust D

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 Ministry of Corporate Affairs (“MCA”), the Securities and Exchange Board of India (“SEBI”) and International Financial Services Center Authority (“IFSCA”) and orders from SEBI.

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

1. SEBI vide Circular dated May 30, 2023, issued comprehensive guidelines for Investor Protection Fund and Investor Services Fund at Stock Exchanges and Depositories.
2. IFSCA vide Circular dated May 31, 2023 issued the reporting norms for the Fund Management Entities (FMEs) under the IFSCA (Fund Management) Regulations, 2022.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of May 29th to June 02nd, 2023.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI

1. SEBI vide Circular dated May 30, 2023, issued Comprehensive Guidelines for Investor Protection Fund and Investor Services Fund at Stock Exchanges and Depositories
2. SEBI issued Master Circular for Electronic Gold Receipts (EGRs) dated June 01,2023
3. SEBI issued Circular dated June 02, 2023 for Transactions in Corporate Bonds through Request for Quote (RFQ) platform by Stock Brokers (SBs)

MCA 

1. MCA vide Notification dated May 31, 2023 amended the Companies (Accounts) Rules, 2014

IFSCA

1. IFSCA vide Circular dated May 31, 2023 issued the reporting norms for the Fund Management Entities (FMEs) under the IFSCA (Fund Management) Regulations, 2022
2. IFCSA issued Consultation Paper dated May 29, 2023 on the proposed IFSCA (Banking) (Amendment) Regulations, 2023

JUDGEMENTS/ ORDERS

SEBI ORDER

1. Adjudication order in the matter of Summaya Industries Limited & Summaya Corporation Limited
2. Adjudicating Officer slaps penallty on a Company for for violation of various provisions of  Investment Advisers regulations