Introduction

Edition 24/21-22

Week – September 13th to September 17h

Quote for the week:

“Wheresoever you go, go with all your heart”   

  - Confucius

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 International Financial Services Centres Authority (“IFSCA”) 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. IFSCA releases Code of Conduct and Code of Ethics for Directors and Key Management Personnel (“KMP”) of recognized Market Infrastructure Institutions (“MIIs”) in GIFT IFSC

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of September 13, 2021 to September 17, 2021.

Table of Contents

REGULATORY UPDATES. 4

IFSCA UPDATES. 4

1.    IFSCA releases Code of Conduct and Code of Ethics for Directors and Key Management Personnel (“KMP”) of recognized Market Infrastructure Institutions (“MIIs”) in GIFT IFSC vide Circular dated September 13, 2021. 4

2.    IFSC permits Non - Bank Custodians operating in GIFT City to acquire clearing membership vide Circular dated September 15, 2021. 4

JUDGEMENTS/ ORDERS. 6

NCLT. 6

1.    National Company Law Tribunal admits application for Pre-Packaged Insolvency Resolution Process of M/s. GCCL Infrastructure Projects Limited. 6

SEBI 8

1.    SEBI imposes penalty on the Noticee for failure to make relevant disclosure under PIT regulations. 8

HIGH COURT. 9

1.    Petition filed by M/s. Auto Movers under Article 227 of the Constitution of India was dismissed by the Delhi High Court. 9

SUPREME COURT. 10

1.    Appeal filed by ‘Ebix’ and ‘Seroco’ were dismissed and directions were issued by the Supreme Court to ‘Kundan Care’ in exercise of its Article 142 powers as a one-time relief. 10

Thank you,

Swift team

Table of Contents

 REGULATORY UPDATES

IFSCA UPDATES

1. IFSCA releases Code of Conduct and Code of Ethics for Directors and Key Management Personnel (“KMP”) of recognized Market Infrastructure Institutions (“MIIs”) in GIFT IFSC vide Circular dated September 13, 2021
2. IFSC permits Non - Bank Custodians operating in GIFT City to acquire clearing membership vide Circular dated September 15, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal admits application for Pre-Packaged Insolvency Resolution Process of M/s. GCCL Infrastructure Projects Limited

SEBI

1. SEBI imposes penalty on the Noticee for failure to make relevant disclosure under PIT regulations

HIGH COURT

1. Petition filed by M/s. Auto Movers under Article 227 of the Constitution of India was dismissed by the Delhi High Court

SUPREME COURT

1. Appeal filed by ‘Ebix’ and ‘Seroco’ were dismissed and directions were issued by the Supreme Court to ‘Kundan Care’ in exercise of its Article 142 powers as a one-time relief