Introduction

Edition 25th 23-24

Week – October 30th to November 04th   

Quote for the week:

“Freedom of mind is the proof of one's existence”

–  B. R. Ambedkar (Former Minister of Law and Justice of India)

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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”), Securities and Exchange Board of India (“SEBI”), Reserve Bank of India (“RBI”) and International Financial Services Centres Authority (“IFSCA”), Insolvency and Bankruptcy Board of India (“IBBI”) and orders from NCLAT and SEBI.

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

1. Ministry of Corporate Affairs (“MCA”) vide notification dated October 27, 2023 issued Limited Liability Partnership (Third Amendment) Rules.
2. SEBI vide Circular dated October 31, 2023 issued the revision in the manner of achieving minimum public unitholding requirement for Infrastructure Investment Trusts (InvITs)

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 30th to November 04th.

Thank you,

Swift team

REGULATORY UPDATES

MCA  

1. Ministry of Corporate Affairs (“MCA”) vide notification dated October 27, 2023 issued Limited Liability Partnership (Third Amendment) Rules
2. Ministry of Corporate Affairs (“MCA”) vide notification dated October 27, 2023 issued Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023
3. MCA vide notification dated October 30, 2023 issued the effective date for Section 5 of Companies (Amendment) Act, 2020
4. Ministry of Corporate Affairs (“MCA”) vide notification dated October 27, 2023 issued amended Companies (Management and Administration) Rules, 2014

SEBI 

1. SEBI vide Circular dated October 31, 2023 issued the revision in the manner of achieving minimum public unitholding requirement for Infrastructure Investment Trusts (InvITs)
2. SEBI vide circular dated November 01, 2023 issued Scheme for Simplification and streamlining of Offer Documents of Mutual Fund

RBI 

1. RBI vide Circular dated October 30. 2023 amended the Banking Regulation Act
2. RBI vide Circular dated October 31, 2023 issued Regulation of PA-CBs

IFSCA  

1. IFSCA vide notification dated October 25, 2023 issued International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2023
2. IFSCA vide Circular dated November 02, 2023 amended the Conditions for opening a Global Administrative Office (GAO) and Representative Officer (RO)of the IFSCA Banking Handbook

IBBI

1. Insolvency and Bankruptcy Board of India (“IBBI”) vide notification dated October 20, 2023 notified Liquidation Process (Amendment) Regulations,2023 and issued Discussion paper related to “Liquidation Strengthening the liquidation process”
2. Insolvency and Bankruptcy Board of India (“IBBI”) vide notification dated November 1, 2023 notified (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2023 and issued Discussion paper related to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Process) Regulations, 2016

JUDGEMENTS/ ORDERS

National Company Law Appellate Tribunal

1. National Company Law Appellate Tribunal (NCLAT), New Delhi ordered the Respondent to vacate the property on account of delaying and derailing the Liquidation process under Insolvency and Bankruptcy Code, 2016 (IBC)

SEBI ORDER

1. Adjudication order in the matter of inspection of Onepaper Research Analysts Pvt Ltd
2. Adjudication order in the matter of D B Realty Ltd