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AML / KYC
RBI Grants Another Extension for e-Wallet KYC Compliance
By Editors | 03/09/2019
This is the fourth time the deadline has been extended. Wallet companies were first asked to complete KYC processes for each customer by December 2017.
Capital / Liquidity
India to Merge 10 State Owned Banks into Four
By Editors | 03/09/2019
“In place of fragmented lending capacity with 27 public sector banks in 2017, now there will be only 12 state-run banks post consolidation,” said India’s finance minister Nirmala Sitharaman.
Market Infrastructure
Indian Banks Taking Nearly Two Years to Detect Fraud: RBI
By Editors | 02/09/2019
The RBI said in its annual report that banks take an average of 22 months to detect fraud, and up to 55 months for frauds involving large amounts.
Securities / Derivatives
SEBI Extends Deadline for New Rules on Handling Client Securities
By Editors | 30/08/2019
Following feedback from stock exchanges and market participants, SEBI has decided to extend the effective dates in a June circular by one month.
Capital / Liquidity
RBI to Transfer $24bn to Govt on Committee Recommendation
By Editors | 28/08/2019
The transfer will comprise of a $17.2bn income surplus and $7.4bn in excess provisions resulting from a newly revised economic capital framework for the RBI.
AML / KYC
India Withdraws FPI Tax Surcharge Amid Foreign Pressure
By Editors | 26/08/2019
The surcharge, introduced last month, increased capital gains tax on foreign trusts investing in India to over 40%, prompting the stock market’s worst July in 17 years.
Securities / Derivatives
SEBI Eases Requirements for FPI Registration
By Editors | 23/08/2019
SEBI has consolidated 57 circulars and 183 FAQs issued over the years into a single circular for FPIs, easing several requirements in the process.
SEBI to Force Borrowers to Disclose Defaults to CRAs
By Editors | 23/08/2019
The move follows a spate of defaults in India where credit rating agencies were blamed for being unable to flag potential credit risks.
Enforcement
SEBI Targets Insider Trading with Informant Reward Mechanism
By Editors | 22/08/2019
Whistleblowers will be eligible for rewards up to $139,000 and, if culpable themselves, for amnesty or settlement with SEBI.
Crypto / Digital Assets
RBI Issues Enabling Framework for Regulatory Sandbox
By Editors | 14/08/2019
The RBI has set a minimum net worth criteria of $35,000 for sandbox participants, half the amount specified in April’s draft.
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