India

Fraud, Scams & Cybercrime

UPDATED – Indian Banks Fall Victim to $342mn in Loan Frauds

By Editors | 23/03/2018

Jewellery chain falsified financial records to obtain 8.24 billion rupees in loans from 14 banks over 10 years; infrastructure firm defrauds 9-bank consortium of 13.94 billion rupees.

Clearing & Post-Trade

India Releases Risk Management Norms for Clearing Commodity Derivatives

By Garima Chitkara | 22/03/2018

Clearing corporations to maintain liquid assets after margins of INR5 million.

Anti-Money Laundering

HK, India Sign Tax Pact

By Editors | 22/03/2018

Hong Kong investors will pay half the normal withholding tax rate on the interest earned on their investments in India.

Trading & Investment

UPDATED – India Securities Regulator Mulls Changes to Algorithmic Trading Framework

By Garima Chitkara | 18/03/2018

SEBI is considering imposing a congestion charge for high volume trading to address concerns on unfair market access to India’s exchange trading systems.

Fraud, Scams & Cybercrime

India Bans Bank Issuance of Key Trade Finance Instrument

By Manesh Samtani | 16/03/2018

An estimated $10bn in LoUs will need to be wound down within three months, forcing banks to rebalance assets and liabilities.

Anti-Money Laundering

SEBI Issues Clarifications on New Foreign Investor Norms

By Garima Chitkara | 15/03/2018

Foreign Portfolio Investors should not be Indian residents, non-resident Indians or overseas citizens of India; must be from AML/CTF compliant jurisdictions.

Anti-Money Laundering

SEBI Concerned About Money Laundering via PE, VC

By Garima Chitkara | 11/03/2018

Indian regulator says looser investment rules could encourage ‘round-tripping’ of funds by domestic investors, concerned about source of funds.

KYC & CDD

SBI Fined for Noncompliance with Counterfeit Currency Rules

By Editors | 08/03/2018

Central bank investigators found that State Bank of India had not complied with rules on detection and impounding of counterfeit notes.

Credit Risk

RBI Fines Axis Bank $460,000 for Bad Loan Classification Failures

By Editors | 07/03/2018

Statutory inspection revealed gross NPAs higher than Axis Bank’s reported numbers; Indian Overseas Bank also fined for KYC failures.