Introduction

Edition 19/20-21

Week – November 23rd to November 27th

Quote for the week:

"When everything seems to be going against you, remember that the airplane takes off against the wind, not with it."

                         - Henry Ford

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 such as, the Securities and Exchange Board of India (“SEBI”) and the Reserve Bank of India (“RBI”) and critical judgements and orders passed by the the National Company Law Appellate Tribunal (“NCLAT”), SEBI, Supreme Court and High Court.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of November 23, 2020 to November 27, 2020.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES.

Securities and Exchange Board of India.

1. SEBI introduces Unified Payments Interface (UPI) mechanism and application through Online interface and Streamlining the process of Public issues of securities under various regulations vide Circular dated November 23, 2020
2. SEBI issues Consultative Paper on Re-Classification of promoter(s) / promoter group entities and disclosure of the promoter group entities in the shareholding pattern, on November 23, 2020
3. SEBI revises the requirements for testing of software used in or related to Trading and Risk Management vide Circular dated November 24, 2020
4. SEBI Chairman launches Securities Market Trainers (SMARTs) Program – a new SEBI initiative for enhancing Investor Education activities vide Press Release No 58/2020 dated November 25, 2020
5. SEBI reviews regulatory measures introduced vide SEBI Press Release dated March 20, 2020 vide Press Release No 59/2020 dated November 25, 2020

Reserve Bank of India.

1. RBI prohibits establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign law firms vide Circular dated November 23, 2020: 12  

JUDGEMENTS/ ORDERS.

National Company Law Appellate Tribunal

1. NCALT dispose the appeal with liberty to the Appellants to raise the issue that there is mistake in Order impugned in the Appeal, before Appellate Court.
2. NCLAT allowed the appeal and appointment of Directors of the Company and removal of Appellant as the Director of the Company is stayed till the decision of Company Petition by the Tribunal

Securities and Exchange Board of India.

1. Confirmatory order in the matter of Karvy Stock Broking Limited.

High Court

1. Petition applications were dismissed with directions justified in view of the obligations cast upon respondents in the Facility Agreement.
2. Writ petition filed praying for the review application before the Assistant Provident Funds Commissioner (‘APFC’) under Section 7B of the Employees Provident Fund & Miscellaneous Provisions Act, 1952 (‘EPF Act’), stands disposed.
3. Contempt petition stands disposed of as withdrawn with the liberty as prayed.

Supreme Court

1. Appeal filed against the judgement of the High Court of Gujarat stands dismissed, subject to the modifications indicated
2. Supreme Court sets aside the impugned judgement and order passed by the Bombay High Court and allowed the appeal on such terms and costs quantified