India

AML / KYC

RBI Revises KYC Guidelines to Reflect Recent AML Law Changes

By Sanday Chongo Kabange | 18/10/2023

The amendments cover beneficial owner identification, customer due diligence, information-sharing policies, and other areas.

Enforcement

RBI Imposes Record Penalty on ICICI Bank for Rule Violations

By Sanday Chongo Kabange | 18/10/2023

The penalty against ICICI Bank was more than all the combined penalties imposed by the RBI on private banks for fiscal year 2023.

Russia’s Sberbank Secures FPI Registration in India

By Editors | 18/10/2023

State-owned Sberbank is the first Russian bank to secure Category I FPI registration in India. VTB is also seeking the licence.

AML / KYC

SEBI Revises AML Guidelines for Securities Market Intermediaries

By Mark Johnston | 13/10/2023

The revisions lower the shareholding threshold for partners of a firm to be considered as beneficial owners from 15 to 10 percent, among other changes.

AML / KYC

Bank of Baroda Ordered to Halt Mobile App Onboarding

By Editors | 13/10/2023

The action comes after it was reported in July that some bank employees onboarded fake customers to meet sign-up targets.

Capital / Liquidity

RBI to Extend PCA Framework to Government NBFCs

By Editors | 12/10/2023

The RBI will extend the PCA framework to government NBFCs, except those in the “base layer”, from 1 October 2024.

SEBI Calls on AIFs to Develop and Adopt Code of Conduct

By Editors | 12/10/2023

The industry body for alternative investment funds would help to address their use by regulated entities to circumvent regulations.

Fintech / Regtech

SEBI Grants MCX Approval to Launch New Platform

By Mark Johnston | 11/10/2023

The new web-based commodity derivatives platform will launch on 16 October after being put on hold last month.

Capital / Liquidity

SEBI Imposes Capital Rule on Execution-only Mutual Fund Platforms

By Editors | 10/10/2023

Category-II EOPs will be required to maintain at least INR 1 million (USD 12,000)  in capital with the stock exchange.