Introduction

Edition 19th 23-24

Week – September 04th to September 09th

Quote for the week:

"Happiness cannot be pursued; it must ensue”

                               –  Viktor E. Frankl (Austrian psychiatrist)

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 International Financial Services Centres Authority (“IFSCA”)

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

1. SEBI vide Circular dated September 06, 2023 issued clarification regarding investment of Mutual Fund schemes in units of Corporate Debt Market Development Fund (“CDMDF”).
2. SEBI vide Circular dated September 04, 2023 issued mechanism for sharing of information by Credit Rating Agencies (“CRAs”) to Debenture Trustees (“DTs”).

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of September 04th to September 09th.

Thank you,

Swift team

REGULATORY UPDATES

SEBI 

1. SEBI vide Circular dated September 06, 2023 issued clarification regarding investment of Mutual Fund schemes in units of Corporate Debt Market Development Fund (“CDMDF”)
2. SEBI through its Press Release no. 20/2023 mandates payment to SEBI Investor Protection and Education Fund (IPEF) only through online mode 
3. SEBI (Credit Rating Agencies) Regulations, 1999 (“CRA Regulations”) and Circulars issued thereunder require sharing of certain information from CRAs to Debenture Trustees (DTs)
4. SEBI vide Circular dated September 04, 2023 issued modified format of Abridged Prospectus for public issues of Non-Convertible Debt Securities and/or Non-Convertible Redeemable Preference Shares

IFSCA

1. IFSCA vide Circular issued Additional AML measures under the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022