INDIA

Market Infrastructure

India Cabinet Approves SEBI-FCA Updated AIFMD MoU

By Editors | 20/02/2020

The updated MoU substitutes references to EU legislation with the relevant UK law, pursuant to the UK’s exit from the EU on 31 January.

Securities / Derivatives

SEBI Forms Municipal Bonds Development Committee

By Editors | 18/02/2020

The committee will advise on regulation to develop the primary and secondary markets for municipal bonds.

Capital / Liquidity

SEBI Bars Portfolio Managers from Charging Upfront Fees

By Editors | 18/02/2020

SEBI has barred portfolio managers from charging upfront fees from clients and imposed caps on annual management fees and exit loads.

Fintech / Regtech

SEBI Approves Live Sandbox Testing for Regulated Entities

By Editors | 18/02/2020

SEBI-registered entities can test new products, services and business models on a limited set of customers, for a specified period of time, with certain regulatory relaxations.

Securities / Derivatives

SEBI Introduces New System to Detect Broker Misuse of Client Securities

By Editors | 17/02/2020

An online register will record brokers’ holdings of client securities, clubbing all such information collected by exchanges, depositories and clearing corporations for all types of trades.

Capital / Liquidity

India Doubles Pension Fund Manager Net Worth Requirement

By Editors | 13/02/2020

The increase brings the requirements for pension fund managers in line with those for managers of mutual funds regulated by SEBI.

Market Infrastructure

RBI Proposes Authorisation of New Retail Payment Systems

By Editors | 12/02/2020

The draft framework is said to be aimed at addressing concerns that the NPCI has become ‘too big to fail’ and presents increased concentration risk.

Market Infrastructure

Indian Banks Association Pushes for LIBOR Transition Readiness

By Editors | 12/02/2020

The IBA has written to companies asking them to assess the impacts that the LIBOR phase-out will have on their businesses, and to prepare accordingly.

Capital / Liquidity

India to Introduce Netting Legislation, Margin Rules for Derivatives

By Manesh Samtani | 11/02/2020

Prompted by a Budget proposal to introduce netting legislation “soon”, the RBI says it will likewise issue directions on the exchange of margin for non-centrally cleared derivatives.