India

Fraud, Scams & Cybercrime

India Supreme Court Allows Prosecution of Deloitte, KPMG Units

By Editors | 07/05/2023

Supreme Court ruling allows criminal complaints against Deloitte Haskins & Sells and BSR & Associates over their handling of IL&FS audits to proceed.

Anti-Money Laundering

India Amends Laws Governing Accountants, Company Secretaries

By Editors | 05/05/2023

Chartered accountants, company secretaries, and cost and work accountants will have to maintain records of all financial transactions for clients.

KYC & CDD

RBI Updates Master Direction on KYC for Wire Transfers

By Sanday Chongo Kabange | 05/05/2023

The revised master directions highlight the need for all wire transfers to be accompanied by accurate and complete originator and beneficiary information.

Structural Regulation

India Asks State Lenders to Bring Overseas Business to GIFT City

By Editors | 05/05/2023

India’s government has asked public sector banks to explore consolidating the business they conduct through overseas branches to GIFT City.

Payments & Settlements

India, Russia Suspend Efforts to Enable Trade via Rupees – Report

By Editors | 05/05/2023

Russia is reportedly concerned that a rupee settlement mechanism could cause it to end up with a large rupee surplus which is “not desirable”.

Market Abuse

SEBI Seeks More Time to Complete Adani Group Probe

By Editors | 04/05/2023

The probe has made slow progress because of difficulties obtaining information from foreign regulators. Some foreign funds have also refused to identify their beneficial owners.

Structural Regulation

SEBI Mandates LEI Reporting Requirement for Debt Issuers

By Editors | 03/05/2023

Issuers of listed non-convertible securities, securitised debt instruments and security receipts must obtain and report their LEI by 1 September.

Clearing & Post-Trade

ESMA Follows Through with De-recognition of Indian CCPs

By Manesh Samtani | 03/05/2023

So far Indian markets have not faced disruptions. This is attributed to the concessions provided by French and German regulators.

Payments & Settlements

India, Russia to Explore Cross-border Payment Linkages

By Editors | 02/05/2023

India agreed to explore the acceptance of Russian Mir cards, a link with Russia’s Faster Payments System, and adoption of Russia’s financial messaging system.