India

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    Securities / Derivatives

    SEBI Bars JM Financial from Acting as Lead Manager

    By Ajoy K Das | 12/03/2024

    SEBI said JM Financial engaged in practices which have a “detrimental effect” on the orderly functioning of the market.

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    Fintech / Regtech

    RBI Tightens Rules for Debit and Credit Card Issuers

    By Ajoy K Das | 11/03/2024

    Card issuers are now required to put in place mechanisms to monitor the end use of funds for credit cards linked to business accounts.

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    Capital / Liquidity

    AMFI Directs AMCs to Disclose Monthly Stress Test Results

    By Ajoy K Das | 10/03/2024

    The disclosures are intended to enhance transparency and provide investors with more insight into the risk profiles of small and mid-cap mutual fund schemes.

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    India, Indonesia Agree to Use Local Currencies in Cross-border Transactions

    By Ajoy K Das | 08/03/2024

    The agreement will promote the use of INR and IDR in all current account and permissible capital account transactions.

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    Fintech / Regtech

    RBI to Require Card Issuers to Allow Customers to Choose Network

    By Ajoy K Das | 08/03/2024

    The RBI found from a review that some arrangements between card networks and card issuers are “not conducive to the availability of choice for customers”.

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    Securities / Derivatives

    India’s AMFI Relaxes Rule on Payments to Fund Distributors

    By Ajoy K Das | 07/03/2024

    AMCs can pay trail commissions to new distributors after assets have been transferred from an old distributor by an investor, after 6 month cooling-off period.

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    Enforcement

    RBI Imposes Business Restrictions on IIFL Finance Limited

    By Ajoy K Das | 07/03/2024

    IIFL Finance provided customers gold loans in excess of the statutory LTV limit, among several other supervisory concerns.

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    Enforcement

    RBI Imposes Restrictions on Systemically Important NBFC

    By Ajoy K Das | 06/03/2024

    The RBI said JM Financial Products “repeatedly” helped customers bid for IPO and NCD offerings using loaned funds, in violation of the regulations.

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    AML / KYC

    Singapore Shell Companies Linked to Illicit Activity in India

    By Nithya Subramanian | 06/03/2024

    India’s Enforcement Directorate has uncovered a web of money laundering activities involving the use of shell companies from Singapore.

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    Sanctions

    BRICS Nations to Create Blockchain-based Payment System

    By Editors | 05/03/2024

    The move aimed at increasing the role of the BRICS in the international monetary system and reducing reliance on US dollars.

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