India

Trading & Investment

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.

Anti-Money Laundering

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 Data & Technology

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.

Sustainable Finance

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.

Cryptocurrency

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.

Cybersecurity

NYDFS Fines BitFlyer for Deficient Cybersecurity Programme

By Editors | 07/05/2023

BitFlyer USA did not perform risk assessments, implement a written cybersecurity policy, or conduct annual reviews. The firm said it has completed over 90% of its planned remediation work.

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.