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Swift e-Bulletin

Introduction

Edition 14/20-21

Week – October 19th to October 23rd

 

Quote for the week:

"Don't judge each day by the harvest you reap but by the seeds that you plant."

- Robert Louis Stevenson

 

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.

In the wake of COVID-19, we all are witnessing many relaxations, exemptions and amendments to the various legislations by regulatory authorities to ease out the operations during this time of crisis.

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 the Ministry of Corporate Affairs (“MCA”), the Securities and Exchange Board of India (“SEBI”), the Reserve Bank of India (“RBI”), and Ministry of Commerce and Industry (“MCI”) and critical judgements and orders passed by the National Company Law Appellate Tribunal (“NCLAT”), SEBI and High Court.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 19, 2020 to October 23, 2020.

 

Thank you,

Swift Team

Table of Contents

 

REGULATORY UPDATES
 
MINISTRY OF CORPORATE AFFAIRS
  1. MCA extends the special measures under the Companies Act, 2013 and Limited Liability Partnership Act, 2008 in view of COVID-19 Outbreak vide General Circular No. 36/2020 dated October 20, 2020
 
SECURITIES AND EXCHANGE BOARD OF INDIA
  1. SEBI introduces additional guidelines on utilization of fund created out of the regulatory fee forgone by SEBI vide Circular dated October 19, 2020
  2. SEBI amends the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 vide Gazette Notification dated October 19, 2020
  3. SEBI amends the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 vide Gazette Notification dated October 19, 2020
  4. SEBI steps up efforts for ‘Data Culture’ through “Data Democratization” in the Indian securities market; constitutes “Market Data Advisory Committee vide Press release No 55/2020 dated October 19, 2020
  5. SEBI introduces guidelines on Contribution by Issuers of listed or proposed to be listed debt securities towards creation of “Recovery Expense Fund” vide Circular dated October 22, 2020
  6. SEBI issues clarification regarding Circular dated August 13, 2020 on Investor grievances redressal mechanism – Handling of SCORES complaints by stock exchanges and Standard Operating Procedure for non-redressal of grievances by listed companies vide Circular dated October 22, 2020
  7. SEBI introduces guidelines on processing of applications for registrations of Alternative Investment Funds (“AIFs”) and launch of schemes vide Circular dated October 22, 2020
  8. SEBI extends the timeline for continuation of regulatory measures introduced vide Press Release dated March 20, 2020, vide Press Release No. 56/2020 dated October 22, 2020
 
RESERVE BANK OF INDIA
  1. RBI revises regulatory framework for Housing Finance Companies (HFCs) vide Notification dated October 22, 2020
  2. RBI eases and enhances the Digital payment transactions by streamlining the QR Code infrastructure vide Notification dated October 22, 2020
  3. RBI finalizes a framework on Recognition of a Self-Regulatory Organization for Payment System Operators vide Notification dated October 22, 2020
 
MINISTRY OF COMMERCE AND INDUSTRY
  1. Central Government amends the Patents Rules, 2003 vide Gazette Notification dated October 19, 2020
 
JUDGEMENTS/ ORDERS
 
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
  1. National Company Law Appellate Tribunal directs the National Company Law Tribunal to review its decision on the petition filed by the directors of Seth Chemicals Works Private Limited
 
SECURITIES AND EXCHANGE BOARD OF INDIA
  1. Adjudication Order in respect of Ms. Kalavati Kanakia in the matter of KBS India Limited
 
HIGH COURT
  1. Petition filed under Order IX Rule 9 of the Civil Procedure Code, 1908 was withdrawn for other remedies, as available, in accordance with law
  2. Delhi High Court directed the Petitioner to deposit the amount with the Centre Consumer Welfare Fund till the State Consumer Welfare Funds become operational
  3. The Court observed and directed the Trial Court that, while framing of issues, it shall frame issues in respect of the objections raised by the Defendant
  4. Writ Petition stands disposed of on terms that, factual determination of relevant factors regarding immovability of the hoardings being brought to tax is necessary, as a condition precedent, for the purpose of levying building tax
  5. Application partly allowed with an interim order being passed in favor of Plaintiff and directed the Defendants to maintain accounts of the trademark, if they choose to use for their goods/services

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About Swift

Swift India Corporate Services LLP (“Swift”) (Formerly known as SwiftIndiaInc Corporate Services Private Limited) established in the year 2005, is an associate entity of Nishith Desai Associates — Legal & Tax Counseling Worldwide (legal and tax consulting firm).

We are a team of professionals with rich corporate, legal and secretarial backgrounds. We are a premier corporate compliance firm that caters to the needs and demands of our global clients. Swift aims to provide quick and pragmatic corporate solutions alongside high-quality compliances.

  

 

Swift India Corporate Services LLP

 

Regd. Office: 91-92 B, Mittal Court, Nariman Point, Mumbai 400 021, India

LLPIN: AAH-4705, registered under the Limited Liability Partnership Act, 2008

Tel +91 22 6669 5000, Fax +91 22 6669 5001

 


www.swiftindiallp.com