India

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    AML / KYC

    SEBI Amends AML Guidelines for Securities Market Intermediaries

    By Editors | 20/06/2023

    The guidelines tighten the definition of beneficial ownership and require risk assessments before launching new products and services.

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    Securities / Derivatives

    SEBI to Require Top Listed Entities to Respond to Market Rumours

    By Ranamita Chakraborty | 19/06/2023

    The requirement will apply to the top 100 listed entities from 1 October 2023, and to the top 250 listed entities from 1 April 2024.

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    AML / KYC

    India to Bring Lawyers Under AML Regime – Report

    By Editors | 16/06/2023

    Lawyers have reportedly expressed concerns that the plan would have an adverse impact on client attorney privilege.

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    RBI Expands Scope of TReDS to Facilitate Access to Financing

    By Ranamita Chakraborty | 14/06/2023

    TReDs platforms, which enable MSMEs to obtain financing for trade receivables, will have a larger pool of financiers as well as an insurance facility.

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    RBI Asks CRAs for Information on Uncooperative Firms – Report

    By Sanday Chongo Kabange | 14/06/2023

    About half of the 40,000 companies rated in India do not share information with credit rating agencies.

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    Securities / Derivatives

    SEBI to Require Registration from Execution-only Mutual Fund Platforms

    By Mark Johnston | 14/06/2023

    SEBI to require online platforms for mutual fund direct plans to obtain registration from 1 September 2023.

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    India, Myanmar to Start Using Rupee for Trade Settlements “Soon”

    By Editors | 13/06/2023

    The RBI has so far authorised Punjab National Bank to open a special rupee vostro account for foreign trade settlements with Myanmar.

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    Fintech / Regtech

    India in Talks to Extend UPI’s Reach to Gulf Countries 

    By Editors | 13/06/2023

    India’s NPCI, with support from the RBI, is in talks to establish bank-to-bank transfer systems for cross-border remittances to Bahrain and Saudi Arabia.

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    Fintech / Regtech

    IFSCA Consults on Regulations for GIFT City Payment Firms

    By Mark Johnston | 13/06/2023

    The proposed regulations cover authorisation, supervision, governance arrangements, and risk management.

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    AML / KYC

    India Accuses Xiaomi and Global Banks of Breaking FX Rules

    By Karen Ng | 13/06/2023

    Xiaomi India, Deutsche Bank, HSBC and Citibank are accused of illegally remitting $673mn to foreign entities.

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