Introduction

Edition 26th 23-24

Week – November 06th to November 11th   

Quote for the week:

“You pray for rain, you gotta deal with the mud too”

                          –  Denzel Washington (American actor and film producer)

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”), 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. MCA vide Notification dated November 09, 2023 issued Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023.
2. RBI vide Notification dated November 07, 2023 issued Reserve Bank of India (Information Technology Governance, Risk, Controls and Assurance Practices) Directions, 2023.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week November 06th to November 11th.

Thank you,

Swift team

REGULATORY UPDATES

MCA 

1. MCA vide Notification dated November 09, 2023 issued Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023

SEBI

1. SEBI vide Circular dated November 08, 2023 issued the Procedural framework for dealing with unclaimed amounts lying with entities having listed non-convertible securities and manner of claiming such amounts by investors
2. SEBI vide Circular dated November 08, 2023 issued Procedural framework for dealing with unclaimed amounts lying with Infrastructure Investment Trusts (InvITs) & Real Estate Investment Trusts (REITs) and manner of claiming such amounts by unitholders

RBI

1. RBI vide Notification dated November 07, 2023 issued Reserve Bank of India (Information Technology Governance, Risk, Controls and Assurance Practices) Directions, 2023
2. RBI vide Notification dated November 08, 2023 issued ‘Fully Accessible Route’ (“FAR”) for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds
3. RBI vide Notification dated October 31, 2023 issued Regulation of Payment Aggregator – Cross Broder (PA – Cross Broder)

IFSCA

1. IFSCA vide Circular dated November 03, 2023 amended the Reporting Norms for Fund Management Entities under IFSCA (Fund Management) Regulations, 2022

JUDGEMENTS/ ORDERS

SEBI ORDER

1. Adjudication order in the matter of inspection of Inventure Merchant Banker Services Private Limited