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Market Infrastructure
RBI Directs Banks to Enhance Internal Audit Function
By Editors | 12/01/2021
Banks are encouraged to adopt the international standards for internal audit, such as those issued by the BCBS or the Institute of Internal Auditors.
AML / KYC
RBI Mandates LEI Use for Large Payments via RTGS, NEFT
By Manesh Samtani | 06/01/2021
From 1 April 2021, all non-individual bank customers initiating or receiving transactions over 500m rupees via the RTGS or NEFT systems will need an LEI.
Securities / Derivatives
India: IFSCA Becomes IOSCO Associate Member
By Editors | 06/01/2021
The IFSCA was established in April 2020 as a unified authority to regulate all financial services in Gift City, India’s international financial services centre.
Enforcement
SEBI Fines Reliance Industries, Mukesh Ambani for Manipulative Trading
By Editors | 05/01/2021
Reliance Industries entered into an arrangement with 12 agents to corner Reliance Petroleum futures and earn undue profits, SEBI said.
AML / KYC
RBI Announces Extension of KYC Registry to Legal Entities
By Editors | 22/12/2020
The RBI said regulated entities should upload KYC data pertaining to accounts of legal entities to the Central KYC Registry from 1 April 2021.
Fintech / Regtech
RBI Invites Firms to Test Cross-border Payments Tech in Sandbox
By Editors | 21/12/2020
The RBI has reduced the net worth requirement of participating firms and said it will allow partnerships and LLPs to participate.
Market Infrastructure
SEBI Consults on New Rules for Index Providers
By Sanday Chongo Kabange | 15/12/2020
SEBI proposes rules for index providers that conform to IOSCO requirements, to align India’s practices with those observed in foreign jurisdictions.
Market Infrastructure
India’s RTGS System to Be Available 24×7 from Monday
By Editors | 09/12/2020
RTGS members banks are directed to inform their customers of the change and to put in place necessary infrastructure to provide RTGS around the clock.
Capital / Liquidity
RBI Allows Regional Rural Banks to Access Liquidity Facilities
By Editors | 08/12/2020
To date, regional rural banks have not been permitted to access the RBI’s liquidity windows or the Call/Notice market.
Securities / Derivatives
RBI to Enhance Guidelines for OTC Derivatives, CDS, Money Markets
By Editors | 08/12/2020
The RBI is looking to enhance governance of OTC derivatives market makers, establish consistency in money market and debt instruments, and update its CDS guidelines.
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