INDIA

Crypto / Digital Assets

India Contemplates Law Banning Cryptocurrency Trading

By Sanday Chongo Kabange | 17/09/2020

The government will still encourage blockchain, and is exploring its use to manage land records, pharmaceutical supply chains and educational records.

Securities / Derivatives

India to Introduce New Interest Rate Derivatives Products

By Editors | 16/09/2020

The new products will be accessible to FPIs as well as non-residents transacting with Indian market makers through intermediaries.

Capital / Liquidity

RBI Orders Banks to Automate Asset Classification, Provisioning

By Editors | 16/09/2020

The RBI has given banks until 30 June 2021 to upgrade their systems to automate all asset classification, provisioning calculation and income recognition processes.

Securities / Derivatives

SEBI Directs Multi Cap Funds to Raise Exposure to Smaller Stocks

By Sanday Chongo Kabange | 14/09/2020

New guidelines will force multi cap funds to dump large cap stocks in favour of small- and mid-cap stocks by January 2021.

RBI Sets Out Guidelines on Bank Compliance Function

By Editors | 13/09/2020

The guidelines are aimed at ensuring a uniform approach with regard to compliance and risk management culture across the banking industry.

Capital / Liquidity

India Supreme Court Temporarily Extends Borrower Relief

By Editors | 11/09/2020

The extension gives the government two weeks to decide on whether to extend a loan moratorium for borrowers and whether an interest waiver is warranted.

Capital / Liquidity

RBI Issues Framework for Covid-related Loan Restructuring

By Editors | 09/09/2020

The framework sets out sector-specific floor and ceiling thresholds for five financial ratios that lenders mandatorily have to consider when restructuring loans.

Enforcement

India’s Enforcement Directorate Fines StanChart $13.6mn

By Editors | 08/09/2020

Standard Chartered escrow accounts were used in 2007 to transfer shares in Tamilnad Mercantile Bank to overseas investors without the RBI’s permission.

Securities / Derivatives

SEBI Revises Mutual Fund Side Pocketing Standards

By Sanday Chongo Kabange | 08/09/2020

Previously, only debt securities downgraded below investment grade can be side pocketed. Side pocketing will be allowed for even higher-rated debts that are restructured due to Covid-19.