India

The proposals approved include higher net worth requirements for investment advisers, a cap on fees, and segregation of investment advice from product distribution.

The updated MoU substitutes references to EU legislation with the relevant UK law, pursuant to the UK's exit from the EU on 31 January.

The committee will advise on regulation to develop the primary and secondary markets for municipal bonds.

SEBI has barred portfolio managers from charging upfront fees from clients and imposed caps on annual management fees and exit loads.

SEBI-registered entities can test new products, services and business models on a limited set of customers, for a specified period of time, with certain regulatory relaxations.

An online register will record brokers’ holdings of client securities, clubbing all such information collected by exchanges, depositories and clearing corporations for all types of trades.

The increase brings the requirements for pension fund managers in line with those for managers of mutual funds regulated by SEBI.

The draft framework is said to be aimed at addressing concerns that the NPCI has become ‘too big to fail’ and presents increased concentration risk.

The IBA has written to companies asking them to assess the impacts that the LIBOR phase-out will have on their businesses, and to prepare accordingly.

Prompted by a Budget proposal to introduce netting legislation "soon", the RBI says it will likewise issue directions on the exchange of margin for non-centrally cleared derivatives.