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Enforcement
India’s PNB Fined for Non-Compliance with SWIFT Norms
By Editors | 27/03/2019
The fine is significant because it was at Punjab National Bank where the $1.8b fraud occurred that prompted the RBI’s order for banks to link their core systems with SWIFT.
Securities / Derivatives
SEBI Amends Norms on Mutual Fund Commissions, Disclosures
By Editors | 27/03/2019
SEBI has set a cap on up-fronting of trail commissions and amended disclosure rules to “protect the interests of investors.”
Fintech / Regtech
RBI to Issue Regulatory Sandbox Guidelines Within 2 Months
By Editors | 26/03/2019
The RBI will set up a regulatory sandbox and create an ecosystem which promotes collaboration in fintech, central bank governor Shaktikanta Das said on Monday.
Capital / Liquidity
RBI Again Defers Banks’ Implementation of New Accounting Standards
By Editors | 25/03/2019
The RBI has again deferred ‘until further notice’ the implementation of new accounting rules for banks, which could have forced banks to raise bad loan provisions by $16bn in H2, said Fitch.
Enforcement
SEBI Seeks Broader Powers to Pursue Securities Law Violations
By Editors | 25/03/2019
SEBI wants to be able to inspect the books of listed companies when it suspects any securities law violations, and to impose penalties for the manipulation of a company’s accounts.
Enforcement
Indian Billionaire Arrested in London over $2bn Bank Fraud
By Editors | 22/03/2019
India’s diamond billionaire, Nirav Modi, has been arrested in London for his alleged role in a $2bn fraud at Punjab National Bank reported last year.
Market Infrastructure
SEBI Consults on Adoption of Dual Class Share Structures
By Editors | 22/03/2019
SEBI’s consultation paper seeks feedback on the issuance of dual class shares by companies already listed in India and those that may be in future.
Capital / Liquidity
RBI Asks Banks to Boost Monitoring of End Use of Loan Funds
By Editors | 20/03/2019
Following a string of penalties against banks last month, the RBI has asked banks to improve their monitoring of the origin and end use of loan funds.
Market Infrastructure
UPDATED – Bank of England Grants Recognition to Indian Clearing Corporations
By Editors | 20/03/2019
The Metropolitan Clearing Corporation of India is the first Indian clearing corporation to receive recognition from under the UK’s temporary recognition regime.
Market Infrastructure
NSE-SGX Final Arbitration Decision Deferred to December 2020
By Editors | 20/03/2019
The deferment means Singapore Exchange will be able to continue offering SGX Nifty products until a long term solution is agreed.
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