Introduction

Edition 27/21-22

Week – October 04th to October 08th

Quote for the week:

“I suspect the truth is that we are waiting, all of us, against insurmountable odds, for something extraordinary to happen to us!”   

  - Khaled Hosseini

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”), the Department for Promotion of Industry and Internal Trade (“DPIIT”) and 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. SEBI discontinues usage of pool accounts for transactions in units of Mutual Funds on the Stock Exchange Platforms;
2. DPIIT reviews Foreign Direct Investment (“FDI”) in the Telecom Sector vide Press Note 04 (2021)
3. IFSCA amends OTC derivatives on Indian Government Bonds (“IGBs”) and State Development Loans (“SDLs”);

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 04, 2021 to October 08, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI UPDATES

1. SEBI discontinues usage of pool accounts for transactions in units of Mutual Funds on the Stock Exchange Platforms vide Circular dated October 04, 2021
2. SEBI introduces new disclosure mechanism for complaints against the Stock Exchanges and the Clearing Corporation vide Circular dated October 04, 2021
3. SEBI amends manner and mechanism of providing exit option to dissenting unit holders under SEBI (Real Estate Investment Trusts) Regulations, 2014 vide Circular dated October 05, 2021
4. SEBI amends manner and mechanism of providing exit option to dissenting unit holders under SEBI (Infrastructure Investment Trusts) Regulations, 2014 vide Circular dated October 05, 2021
5. SEBI issues revised formats for filing financial information for issuers of non-convertible securities vide Circular dated October 05, 2021
6. SEBI mandated minimum percentage of trades carried out by Mutual Fund through RFQ platform vide Circular dated October 06, 2021

DPIIT UPDATES

1. DPIIT reviews Foreign Direct Investment (“FDI”) in the Telecom Sector vide Press Note 04 (2021) dated October 06, 2021

IFSCA UPDATES

1. IFSCA amends OTC derivatives on Indian Government Bonds (“IGBs”) and State Development Loans (“SDLs”) vide Circular dated October 05, 2021

HIGH COURT

1. Montecarlo Limited files petition under 11(6) of the Arbitration and Conciliation Act, 1996 against Regal Emporia Infratech Private Limited
2. Delhi High Court held that Aqualite Industries Private Limited has prima facie copied the two designs of the Relaxo Footwears Limited and the said pleas prima facie cannot be accepted

SUPREME COURT

1. Order passed by the National Consumer Disputes Redressal Commission was set aside and the appeal filed by SGS India Limited was allowed