India

Fintech / Regtech

RBI Updates Expectations on Operational Risk Management

By Ajoy K Das | 03/05/2024

The updated guidance note better aligns with the BCBS principles and extends applicability to regulated entities beyond just banks.

Securities / Derivatives

RBI Issues Draft Framework for Electronic Trading Platforms

By Ajoy K Das | 02/05/2024

ETPs operated from outside India by an operator incorporated outside India may seek authorisation to provide platform access to Indian residents.

Fintech / Regtech

RBI Removes Ban on Lending Products by Bajaj Finance

By Ajoy K Das | 02/05/2024

The RBI had directed Bajaj Finance, one of India’s largest consumer lenders, to stop disbursing loans under two lending products in November.

Crypto / Digital Assets

India Collaborates with US FBI on Crypto Scam Case

By Ajoy K Das | 01/05/2024

The joint operation uncovered a $360mn scam involving drug trafficking, crypto payments and the dark web.

RBI Directs Lenders to Repay Customers for “Excess” Interest

By Ajoy K Das | 01/05/2024

Lenders are directed to refund excess interest, review existing practices, and make system level changes to prevent unfair interest charges.

Securities / Derivatives

SEBI Enables AIFs to Better Support Infrastructure Projects

By Ajoy K Das | 01/05/2024

AIFs are now allowed to pledge equity shares of investee companies in the infrastructure sector to enable them to obtain project finance.

Securities / Derivatives

SEBI Approves Stricter Rules to Target Front-running in AMCs

By Ajoy K Das | 01/05/2024

AMCs must establish a “structured” institutional mechanism to identify and monitor for front running, insider trading, and misuse of sensitive information.

Enforcement

India: ICAI Passes Order Against EY Affiliates and Former Boss

By Ajoy K Das | 01/05/2024

EY’s India affiliates have been using global network branding and paying referral fees to global network firms, which is prohibited.

AML / KYC

India: AMFI in Talks with SEBI to Resolve Mutual Fund KYC Logjam

By Ajoy K Das | 01/05/2024

New KYC validation process is preventing mutual fund investors from undertaking new mutual fund transactions, including redemptions.