Introduction

Edition 09th 23-24

Week – June 12th to June 16th

Quote for the week:

“Success isn’t overnight. It’s when every day you get a little better than before, it adds up.”

- Dwayne Johnson

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”), Ministry of Corporate Affairs (“MCA”) and order from NCLAT.

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

1. SEBI issued Master Circular dated June 15, 2023 for Research Analysts.
2. MCA vide notification dated June 14, 2023 notified the exclusion of Corporate Debtor entering into certain transaction from the applicability of Section 14(1) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016).

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of June 12th to June 16th, 2023.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI

1. SEBI issued Master Circular dated June 15, 2023 for Research Analysts
2. SEBI vide Circular dated June 13, 2023 issued the Regulatory Framework for the Execution Only Platforms (“EOP”) for facilitating transactions in direct plans of schemes of Mutual Funds
3. SEBI vide Circular dated June 16, 2023 amends Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT)
4. SEBI vide Circular dated June 16, 2023 asks Online Bond Platform Providers to adhere provisions of regulation 51A of SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021
5. SEBI issued Master Circular dated June 15, 2023 for Investment Advisors
6. SEBI vide Circular dated June 13, 2023 issued Corrigendum to Circular on Participation of Mutual funds in repo transactions on Corporate Debt Securities dated June 8, 2023
7. SEBI vide Circular dated June 14, 2023 amended and issued SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023

MCA

1. MCA vide notification dated June 14, 2023 notified the exclusion of Corporate Debtor entering into certain transaction from the applicability of Section 14(1) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016)

ORDERS

NCLAT

1. National Company Law Appellate Tribunal (“NCLAT”) upheld the strike off order for non-filing of annual accounts by the Company. 10