Introduction

Edition 39th 21-22

Week – January 03rd to January 07th

Quote for the week:

“Play by the rules, but be ferocious.”

– Phil Knight

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 Reserve Bank of India (“RBI”), Securities and Exchange Board of India (“SEBI”), International Financial Services Centers 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 Clarification w.r.t. timing of submission of NOC from the lending scheduled commercial banks/ financial institutions/ debenture trustee vide Circular dated January 05, 2022.
2. IFSCA amends International Financial Services Centers Authority (Registration of Insurance Business) Regulations 2021.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of January 03, 2022 to January 07, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

RBI UPDATES

1. RBI Issues Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs) vide Notification dated January 05, 2022

SEBI UPDATES

1. SEBI issues Clarification w.r.t. timing of submission of NOC from the lending scheduled commercial banks/ financial institutions/ debenture trustee vide Circular dated January 03, 2022
2. SEBI issues guidance for Increasing Awareness regarding Online Mechanisms for Investor Grievance Redressal vide Circular dated January 05, 2022

IFSCA UPDATES

1. IFSCA amends International Financial Services Centers Authority (Insurance Intermediary) Regulations, 2021
2. IFSCA amends International Financial Services Centers Authority (Registration of Insurance Business) Regulations 2021
3. IFSCA issues Circular dated January 04, 2022 on SWIFT Operations in IBU

JUDGEMENTS/ ORDERS

SEBI

1. Adjudication proceeding cannot be taken up against a Company which has been strucked off from the records of Registrar  of Companies (“ROC”)

HIGH COURT

1. Delhi High Court directs the Mediation Centre to place their report of Mediation on record in the petition filed by Jaldhi Overseas Pte Ltd

SUPREME COURT

1. Supreme Court allows the challenged judgement by restoring the judgement of the Trial Court by rejecting the cross-appeal of Plaintiff