India

The guidelines, finalised in July, require investment advisors to only offer either advisory or distribution services to a client, but not both.

The backstop facility would have to be able to buy relatively illiquid investment-grade corporate bonds from mutual funds in times of stress.

In December, SEBI issued INR 2.5 million penalty orders against ICRA, India Ratings & Research and Care Ratings. This has been raised to INR 10 million.

Parliament passed a bill providing legal basis for bilateral netting of OTC derivatives contracts which are not centrally cleared.

Clearing corporations are directed to ensure their systems are ready to implement the alternate risk management framework by 21 November.

The Connect will bring trading of SGX Nifty products to GIFT City to create a larger pool of liquidity, comprising both foreign and domestic market participants.

The move is expected to create a more level playing field for all mutual fund investors and promote greater use of digital payment channels.

The bill is aimed at protecting depositors and allows the RBI to restructure a cooperative bank without a moratorium period.

The government will still encourage blockchain, and is exploring its use to manage land records, pharmaceutical supply chains and educational records.

The new products will be accessible to FPIs as well as non-residents transacting with Indian market makers through intermediaries.