India

AML / KYC

Indian Authorities Investigating Three ‘Top Brokers’ – Reports

By Editors | 16/05/2023

Three top brokers, who were not named, were found to be engaged in “large-scale money laundering activities” with the involvement of PEPs.

Market Infrastructure

Banks Must Ensure LIBOR Transition Work is Complete: RBI

By Editors | 14/05/2023

No new transactions should be undertaken using USD LIBOR or MIFOR, and appropriate fallbacks must be in place in legacy contracts.

NYDFS Proposes Guidance on ‘Character and Fitness’ Reviews

By Editors | 13/05/2023

Superintendent Adrienne Harris said character and fitness standards have become a “policy priority” in light of “recent events” in the industry.

Enforcement

SEBI Penalises Four Former Officials of Karvy Stock Broking

By Mark Johnston | 12/05/2023

SEBI fined the four individuals a combined INR 19 million over Karvy Stock Broking’s misappropriation of client assets in 2019.

Securities / Derivatives

SEBI Allows FPIs Direct Access to Commodity Derivatives Market

By Editors | 12/05/2023

Direct access will enable FPIs to have direct control over orders and implement better hedging and arbitrage strategies, SEBI said.

AML / KYC

India Brings Company Formation Agents into Scope of AML Law

By Sanday Chongo Kabange | 11/05/2023

Persons who act as formation agents, directors, trustees and nominee shareholders for companies and LLPs are brought into scope.

Market Infrastructure

SEBI Issues IT System Testing Framework for MIIs

By Editors | 09/05/2023

SEBI says market infrastructure institutions, being systemically important, require their own IT systems testing framework.

ESG / Sustainability

SEBI Enhances Disclosure Requirements for Transition Bonds

By Editors | 08/05/2023

Transition bonds were added to SEBI’s framework for green debt securities in February. The additional disclosures seek to ensure funds raised are not misallocated.

Crypto / Digital Assets

New Bill Unveiled to Strengthen Crypto Regulation in New York

By Manesh Samtani | 08/05/2023

The CRPTO Act would ban the use of the term “stablecoin”  except for digital assets backed 1:1 with the safest of reserve assets. Crypto platforms would have to reimburse fraud losses.