India

Under the proposal, KYC Registration Agencies, stock exchanges and depositories would be responsible for client KYC processes.

Stress tests indicate 4 banks may fail to meet minimum capital requirements by September 2021 under the baseline scenario.

A new working group has been formed to study the risks of digital lending activities and recommend regulatory changes to enhance consumer protection and data security.

Domestic promoters will be allowed to own 100% of a newly set-up stock exchange or depository for up to 10 years. Foreign promoters will be allowed to own up to 49%.

Banks are encouraged to adopt the international standards for internal audit, such as those issued by the BCBS or the Institute of Internal Auditors.

From 1 April 2021, all non-individual bank customers initiating or receiving transactions over 500m rupees via the RTGS or NEFT systems will need an LEI.

The IFSCA was established in April 2020 as a unified authority to regulate all financial services in Gift City, India’s international financial services centre.

Reliance Industries entered into an arrangement with 12 agents to corner Reliance Petroleum futures and earn undue profits, SEBI said.

The RBI said regulated entities should upload KYC data pertaining to accounts of legal entities to the Central KYC Registry from 1 April 2021.

The RBI has reduced the net worth requirement of participating firms and said it will allow partnerships and LLPs to participate.