Introduction

Edition 34th 21-22

Week – November 22th to November 26th

Quote for the week:

“You fill face many defeats in life, but never let yourself be defeated”  

  - Maya Angelou

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 International Financial Service Center Authority (“IFSCA”), and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), High Court and Supreme Court.

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

1. SEBI issues clarifications regarding amendments made to SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”).
2. IFSCA permits Broker Dealers to access exchanges in jurisdictions outside IFSC.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of November 22, 2021 to November 26, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI UPDATES

1. SEBI issues clarifications regarding amendments made to SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) vide Circular dated November 22,2021
2. SEBI Mandates certain disclosures to be made by Merchant Bankers (“MB”) vide Circulars dated November 23, 2021 and November 26, 2021
3. SEBI mandates certain disclosures to be made by Stock Exchanges, Depositories and Clearing Corporations vide Circular dated November 23, 2021
4. SEBI extends timeline for segregation and monitoring of collateral at client level vide Circular dated November 23, 2021
5. SEBI issues norms for Silver Exchange Traded Funds (“Silver ETFs”) and Gold Exchange Traded Funds (“Gold ETFs”) vide Circular dated November 24, 2021

IFSCA UPDATES

1. IFSCA permits Broker Dealers to access exchanges in jurisdictions outside IFSC vide Circular Dated November 25, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal initiates Corporate Insolvency Resolution Process (“CIRP”) against M/s. TV Products India Private Limited

HIGH COURT

1. Writ Petition seeking substantial reliefs filed by Las Ground Force Private Limited, was held to be devoid of merit

SUPREME COURT

1. Supreme Court held that bar under Section 34 of the SARFAESI Act, which is not permissible at all, cannot be approved