Introduction

Edition 24th 23-24

Week – October 23rd to October 27th

Quote for the week:

“Creativity takes courage”

–  Henri Matisse (French visual artist)

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

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

1. MCA vide Notification dated October 20, 2023 issued Companies (Incorporation) Third Amendment Rules, 2023.
2. RBI vide Notification dated October 25, 2023 notified the presentation of Unclaimed Liabilities transferred to Depositor Education and Awareness (DEA) Fund.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 23rd to October 27th.

Thank you,

Swift team

REGULATORY UPDATES

MCA

1. MCA vide Notification dated October 20, 2023 issued Companies (Incorporation) Third Amendment Rules, 2023

RBI

1. RBI vide Notification dated October 25, 2023 notified the presentation of Unclaimed Liabilities transferred to Depositor Education and Awareness (DEA) Fund
2. RBI vide Notification dated October 26, 2023 reviewed the Instructions on Bulk Deposits for Regional Rural Banks (RRBs)
3. RBI vide Notification dated October 26, 2023 notified on the joining of the Account Aggregator Ecosystem as Financial Information User by certain entities
4. RBI vide Notification dated October 26, 2023 issues framework for compensation to customers for delayed updation/ rectification of credit information
5. RBI vide Circular dated October 26, 2023 issues Master Direction on Interest Rate on Non-Callable Deposits
6. RBI vide Notification dated October 26, 2023 issues Master Direction on Review of Financial Information Provider (FIP) under Account Aggregator Framework
7. RBI vide Notification dated October 25, 2023 issued instructing all private sector banks and wholly owned subsidiaries of foreign banks with respect to appointment of whole-time director(s)
8. RBI vide Notification dated October 26, 2023 issued directions on Strengthening of customer service rendered by Credit Information Companies and Credit Institutions

IFSCA

1. IFSCA vide Circular dated October 20, 2023 made applicable the procedure for implementation of Section 12A of "The Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005" to the regulator and regulated entities
2. IFSCA vide Circular October 23, 2023 issued Modifications under the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022