Introduction

Edition 08th 23-24

Week – June 05th to June 09th

Quote for the week:

“I go somewhere I haven’t been and just watch people and colours. That’s my inspiration”

- Kim Namjoon

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 Securities and exchange Board of India (“SEBI”) and Reserve Bank of India (“RBI”).

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

1. SEBI vide Circular dated June 08, 2023, modified the previously issued Circulars on repo transactions on Corporate Debt Securities.
2. RBI vide Notification dated June 06, 2023 notified the Risk Management and Inter-Bank Dealings - Non-deliverable derivative contracts (NDDCs).

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of June 05th to June 09th, 2023.

Thank you,

Swift team

REGULATORY UPDATES

SEBI

1. SEBI vide Circular dated June 08, 2023, modified the previously issued Circulars on repo transactions on Corporate Debt Securities
2. SEBI vide Circular dated June 08, 2023 issued the Online Processing of investor service requests and complaints by RTAs
3. SEBI vide Circular dated June 08, 2023 issued detailed framework for Upstreaming of clients’ funds by Stock Brokers (SBs)/ Clearing Members (CMs) to Clearing Corporations (CCs)

RBI

1. RBI vide notification dated June 08, 2023 issued a framework for Compromise Settlements and Technical Write-offs
2. RBI vide Notification dated June 08, 2023 notified the guidelines on Default Loss Guarantee (DGL) in Digital Lending
3. RBI vide Notification dated June 06, 2023 notified the Risk Management and Inter-Bank Dealings - Non-deliverable derivative contracts (NDDCs)
4. RBI vide Notification dated June 07, 2023 notified the Trade Receivable Discounting System (TreDS) Guidelines