Introduction

Edition 15th  23-24

Week – August 07th  to August 12th

Quote for the week:

"Strive not to be a success, but rather to be of value."

             –  Albert Einstein  (Theoretical physicist)

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”), Reserve Bank of India (“RBI”) and International Financial Services Centres Authority (“IFSCA”)

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

1. SEBI issued Circular dated August 08, 2023 on Facility to remedy erroneous transfers in demat accounts.
2. RBI vide Notification dated August 10, 2023 has issued Requirement for maintaining additional Cash Reserve Ratio under Section 42(1A) Reserve Bank of India Act, 1934.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of August 07th to August 12th 2023.

Thank you,

Swift team

REGULATORY UPDATES 

SEBI

1. SEBI issued Circular dated August 08, 2023 on Facility to remedy erroneous transfers in demat accounts
2. SEBI issued Circular dated August 07, 2023  on Transactions in Corporate Bonds through Request for Quote (RFQ) platform by FPIs
3. SEBI issued Circular dated August 09, 2023 on Reduction of timeline for listing shares in Public Issue for existing T+6 days to T+3 days.
4. SEBI updated Master Circular on Online Resolution of Disputes in the Indian Securities Market as on August 11, 2023
5. SEBI vide Circular dated August 10, 2023 issued the procedure for the seeking of the approval for change in control.
6. SEBI issued Circular on Simplification of KYC process and rationalisation of Risk Management Framework at KYC (Know Your Client) Registration Agencies (KRAs) vide Circular dated August 11, 2023
7. SEBI vide Circular dated August 11, 2023 issued the Timeline for the Exit Option Window Period for Change in Control of Asset Management Companies (AMC)

RBI

1. RBI vide Notification dated August 10, 2023 has issued Requirement for maintaining additional Cash Reserve Ratio under Section 42(1A) Reserve Bank of India Act, 1934

IFSCA 

1. IFSCA issued Circular on Bullion Trading Members and Clearing Members in IFSC dated August 07, 2023 issued