Introduction

Edition 30/21-22

Week – October 25th to October 29th

Quote for the week:

“Outstanding leaders go out of their way to boost the self-esteem of their personnel”  

  - Sam Walton

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”), the Securities and Exchange Board of India (“SEBI”), and the International Financial Services Centre Authority (“IFSCA”), and critical judgements and orders passed by the SEBI and High Court.

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

1. MCA relaxes additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships (LLPs) up to December 30, 2021;
2. SEBI amends (Issue of Capital and Disclosure Requirements) Regulations, 2018;
3. IFSCA issues IFSCA (Operations of International Financial Services Centres Insurance Offices) Guidelines, 2021

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 25, 2021 to October 29, 2021.

Thank you,

Swift team

REGULATORY UPDATES

MCA UPDATES

1. MCA relaxes additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships (LLPs) up to December 30, 2021 vide General Circular 16/2021 dated October 26, 2021
2. MCA extends last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014 vide General Circular 15/2021 dated October 27, 2021
3. MCA provides Relaxation on levy of additional fees in filing of various e-forms under the Companies Act, 2013 vide General Circular 17/2021 dated October 29, 2021
4. MCA further extends last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014 vide General Circular 18/2021 dated October 29, 2021

SEBI UPDATES

1. SEBI amends (Issue of Capital and Disclosure Requirements) Regulations, 2018 vide Gazette Notification dated October 26, 2021
2. SEBI amends Foreign Portfolio Investors (FPI) Regulations, 2019 vide Gazette Notification dated October 26, 2021
3. SEBI issues Guiding Principles for bringing uniformity in Benchmarks of Mutual Fund Schemes vide Circular dated, October 27, 2021
4. SEBI modifies Investment/ trading in securities by employees and Board members of AMC(s) and Trustees of Mutual Funds vide Circular dated October 28, 2021

IFSCA UPDATES

1. IFSCA issues International Financial Services Centres Authority (Operations of International Financial Services Centres Insurance Offices) Guidelines, 2021. vide Circular dated October 27, 2021

JUDGEMENTS/ ORDERS

SEBI

1. SEBI imposes penalty on Noticee for not cooperating with Investigation Authorities under SEBI Act

HIGH COURT

1. Oyo Hotels petition was allowed for appoint of Sole Arbitrator to adjudicate the dispute