India

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    Cybersecurity

    RBI Imposes Business Restrictions on Kotak Mahindra Bank

    By Ajoy K Das | 25/04/2024

    The bank is prohibited from onboarding new customers and issuing fresh credit cards due to long-standing IT risk management deficiencies.

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    Fraud, Scams & Cybercrime

    Indian NBFC Detects Vehicle Loan Fraud Worth $18m

    By Ajoy K Das | 25/04/2024

    The fraud involved forgery of KYC documents related to retail vehicle loans, resulting in company funds being embezzled.

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    Cybersecurity

    GIFT City IBUs Directed to Offer Internet Banking Within Six Months

    By Ajoy K Das | 25/04/2024

    IFSC Banking Units in GIFT City are asked to benchmark their internet banking services against top global banks in Singapore and Hong Kong.

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    Structural Regulation

    SEBI Finds Violations by Offshore Funds Invested in Adani Group

    By Ajoy K Das | 24/04/2024

    12 offshore funds violated disclosure rules and breached investment limits. Eight of these funds are trying to settle with SEBI.

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    Payments & Settlements

    India Explores Measures to Address Duopoly in Mobile Payments Market

    By Ajoy K Das | 23/04/2024

    Google Pay and PhonePe together account for nearly 86% of UPI transactions by volume. Support and incentives are being considered for smaller players.

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    Trading & Investment

    SEBI Proposes Framework for Price Discovery of Investment Companies

    By Ajoy K Das | 22/04/2024

    A special call-auction may be enabled for listed investment companies and investment holding companies.

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    Cryptocurrency

    Binance, KuCoin to Return to India as Compliant Crypto Exchanges

    By Ajoy K Das | 19/04/2024

    Binance will pay a $2mn penalty and return to India as a registered firm. Kucoin announced its return last month.

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    Stablecoins

    Two US Senators Propose New Payment Stablecoin Bill

    By Mark Johnston | 19/04/2024

    The proposed legislation would impose registration and operational requirements on stablecoin issuers, and require them to publicly disclose their reserve assets.

    Resolution & Recovery

    India Working on New Corporate Insolvency Frameworks

    By Ajoy K Das | 18/04/2024

    Frameworks for cross-border and group insolvencies are expected to come into effect after India’s national elections are over in June.

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    Payments & Settlements

    RBI Proposes New Regulations for Payment Aggregators

    By Ajoy K Das | 18/04/2024

    The proposed regulations stipulate new net worth requirements for payment aggregators facilitating face-to-face transactions.

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