Introduction

Swift e-Bulletin

Edition 26/21-22

Quote for the week:

“In attaining our ideals, our means should be as pure as the end!” 

  - Dr. Rajendra Prasad

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 Insolvency and Bankruptcy Board of India (“IBBI”), 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. SEBI frames new Risk Management Framework (“RMF”) for Mutual Funds (“MF”);
2. IBBI amends the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of September 27, 2021 to October 01, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI UPDATES

1. SEBI frames new Risk Management Framework (“RMF”) for Mutual Funds (“MF”) vide Circular dated September 27, 2021
2. SEBI proposes various amendments and regulations at its Board Meeting vide Press Release dated September 28, 2021
3. SEBI introduces Swing Pricing Framework for Mutual Funds vide its Circular dated September 29, 2021

IBBI UPDATES

1. IBBI amends the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 vide Gazette Notification dated September 30, 2021
2. IBBI amends the IBBI (Liquidation Process) Regulations, 2016 vide Gazette Notification dated September 30, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal allows the Restoration of M/s Sharad Propmart Private Limited

SEBI

1. SEBI imposes Interim Order in the matter of insider trading by employees of Infosys Limited and Wipro Limited in the shares of Infosys Limited

HIGH COURT

1. Petition filed under Article 227 of the Constitution of India by Smaash Entertainment Private Limited was dismissed for lack of merit

SUPREME COURT

1. Supreme Court was of the view that an exercise of judicial re-drafting of Rule 29(4) of the Copyright Rules 2013 was unwarranted, particularly at the interlocutory stage