Introduction

Edition 18/21-22

Week – August 02nd to August 06th

Quote for the week:

“It's not what you say out of your mouth that determines your life, it's what you whisper to yourself that has the most power!”   

-Robert T. Kiyosaki

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”) and the Securities and Exchange Board of India (“SEBI”), and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), SEBI, High Court and Supreme Court.

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

1. MCA amends Companies (Specification of definitions details) Rules, 2014
2. SEBI allows non-scheduled Payments Banks to register as Bankers to an Issue

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of August 02, 2021 to August 06, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA amends Companies (Specification of definitions details) Rules, 2014 vide Gazette Notification dated August 05, 2021
2. MCA amends Companies (Registration of Foreign Companies) Rules, 2014 vide Gazette Notification dated August 05, 2021
3. MCA exempts Foreign companies from the provisions of Section 387 to Section 392 of the Companies Act, 2013 vide Gazette Notification dated August 05, 2021

SEBI UPDATES

1. SEBI allows non-scheduled Payments Banks to register as Bankers to an Issue vide Circular dated August 03, 2021
2. SEBI amends Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 vide Gazette Notification dated August 03, 2021
3. SEBI amends Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 vide Gazette Notification dated August 03, 2021
4. SEBI amends Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 vide Gazette Notification dated August 03, 2021
5. SEBI amends Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 vide Gazette Notification dated August 03, 2021
6. SEBI issues Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide Gazette Notification Dated August 03, 2021
7. SEBI amends Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 vide Gazette Notification Dated August 03, 2021
8. SEBI brings modifications in Operational Guidelines for Foreign Portfolio Investors (“FPIs”) and Designated Depository Participants (“DDPs”) pursuant to amendment in SEBI (Foreign Portfolio Investors) Regulations, 2019 vide Circular dated August 04, 2021
9. SEBI issues instructions on maintenance of Current Accounts in multiple banks by Mutual Funds vide Circular dated August 04, 2021
10. SEBI issues requirement of minimum number and holding of unit holders for unlisted Infrastructure Investment Trusts (“InvITs”) vide Circular dated August 04, 2021
11. SEBI amends the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 vide Gazette Notification dated August 05, 2021
12. SEBI amends the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 vide Gazette Notification dated August 05, 2021
13. SEBI has extended the effective date of amendments in SEBI (LODR) Regulations 2015 vide Gazette Notification dated August 06, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal allows the Restoration of M/s Saavee Aerosystems Private Limited

SEBI

1. SEBI imposes penalty on M/s. Nikki Global Finance Limited (“Company”) on account of violation under listing agreement and Securities Contracts (Regulation) Act, 1956

HIGH COURT

1. Sulphur Mills Limited filed a suit alleging infringement of Indian Patent granted to it relating to a ‘Novel Agricultural Composition
2. NTPC Vidyut Vyapar Nigam Limited challenged the arbitral award rendered by an Arbitral Tribunal

SUPREME COURT

1. Amazon.Com NV Investment Holdings LLC had initiated the proceedings to enforce the order of an Emergency Arbitrator