Introduction

Edition 14/21-22

Week – July 05th to July 09th

Quote for the week:

“Don't count the days, make the days count.”   

  -Muhammad Ali

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 Securities and Exchange Board of India (“SEBI”) and the International Financial Services Centres Authority (“IFSCA”) and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”) National Company Law Appellate Tribunal (“NCLAT”), SEBI, High Court and Supreme Court.

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

• SEBI issues Circular on Standard Operating Procedures (“SOP”) for Market Infrastructure Institutions (“MIIs”) in order to handle technical glitches and payment of “Financial Disincentives”.
• International Financial Services Centres Authority (“IFSCA”) amends International Financial Services Centres Authority (Banking) Regulations, 2020

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of July 05, 2021 to July 09, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI UPDATES

1. SEBI issues Circular on Standard Operating Procedures (“SOP”) for Market Infrastructure Institutions (“MIIs”) in order to handle technical glitches and payment of “Financial Disincentives” vide Circular dated July 05, 2021
2. SEBI reduces time for filing application to obtain Non-Objection Certificate (“NOC”) for release of 1% of issue amount vide Circular dated July 05, 2021
3. SEBI issues Master Circular for Stock Exchange and Clearing Corporations vide Master Circular dated July 05, 2021
4. SEBI issues Circular on Standard Operating Procedures (“SOP”) for listed subsidiary companies desirous of getting delisted through a Scheme of Arrangement vide Circular dated July 06, 2021
5. SEBI reduces number of days for advance intimation for modification in contract specifications of commodity derivatives vide Circular dated July 08, 2021

IFSCA UPDATES

1. International Financial Services Centres Authority (“IFSCA”) amends International Financial Services Centres Authority (Banking) Regulations, 2020 vide Gazette Notification dated July 05, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal allows the Restoration of M/s Satya Narayan Properties Private Limited

NCLAT

1. NCLAT New Delhi set aside order of Adjudicating Authority and closed insolvency proceedings against OYO

SEBI

1. SEBI imposed penalty on Company and Managing Director for providing incorrect and misleading statements in offer documents in respect of IPO

HIGH COURT

1. Delhi Chemical and Pharmaceutical Works Private Limited filed an appeal challenging the orders of the Commercial Division of the Delhi High Court
2. Delhi High Court in case of petition filed by GAIL (India) Limited held that, the question of delay in making allegation has to be considered not from the date when the Final Bill gets submitted, but when the admitted payments were received
3. Appeal filed by M/s. Mangalwar Filling Station was dismissed by the Delhi High Court for want of merits

SUPREME COURT

1. Supreme Court directs Dr. A.P.J. Abdul Kalam Technical University to grant affiliation to the petitioner Colleges for the Academic Year 2020-2021