Introduction

Edition 29/21-22

Week – October 18th to October 22ND

Quote for the week:

“When something is important enough, you do it even if the odds are not in your favor”   

  - Elon Musk

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 Centre 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 issues advisory to Registrar to an Issue and Share Transfer Agents (“RTA”) in relation to Transmission of Securities to joint Holder(s);
2. IFSCA issues new regulations to govern insurance intermediaries in IFSC know as International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 18, 2021 to October 22, 2021.

Thank you,

Swift team

REGULATORY UPDATES   

SEBI UPDATES

1. SEBI issues advisory to Registrar to an Issue and Share Transfer Agents (“RTA”) in relation to Transmission of Securities to joint Holder(s) vide circular dated October 18, 2021

IFSCA UPDATES

1. IFSCA issues new regulations to govern insurance intermediaries in IFSC know as International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021 vide Gazette Notification dated October 18, 2021
2. IFSCA issues new regulations to govern Capital Market Intermediaries in IFSC know as International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 vide Gazette Notification dated October 18, 2021
3. IFSCA issues new regulations to govern Registration of Insurance Businesses in IFSC known as the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021vide Gazette Notification dated October 18, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal rejects Corporate Insolvency Resolution Process (“CIRP”) against M/s. Stahl Tecniks Private Limited

SEBI

1. SEBI imposes penalty on employee of Mindtree Limited for violation under PIT Regulations

HIGH COURT

1. ISGEC Heavy Engineering Limited files petition contending that the Indian Oil Corporation Limited’s invocation was unsustainable and premature

SUPREME COURT

1. ONGC invites “Expressions of Interest” for demand assessment for natural gas produced from the two fields