India

PEPs & Sanctions

Top EU Official Concerned by Russian Oil Flowing into Europe

By Editors | 18/05/2023

India is buying heavily discounted crude oil from Russia and selling full-priced refined products into Europe. Josep Borrell said the EU must act.

Market Abuse

SEBI Proposes New Rules to Tackle Suspicious Trading Activities

By Mark Johnston | 18/05/2023

The new framework would address the challenges posed by new-age technologies such as encrypted or vanishing messages.

Anti-Money Laundering

Indian Authorities Investigating Three ‘Top Brokers’ – Reports

By Editors | 16/05/2023

Three top brokers, who were not named, were found to be engaged in “large-scale money laundering activities” with the involvement of PEPs.

Structural Regulation

Banks Must Ensure LIBOR Transition Work is Complete: RBI

By Editors | 14/05/2023

No new transactions should be undertaken using USD LIBOR or MIFOR, and appropriate fallbacks must be in place in legacy contracts.

Conduct, Culture & Accountability

NYDFS Proposes Guidance on ‘Character and Fitness’ Reviews

By Editors | 13/05/2023

Superintendent Adrienne Harris said character and fitness standards have become a “policy priority” in light of “recent events” in the industry.

Supervision & Enforcement

SEBI Penalises Four Former Officials of Karvy Stock Broking

By Mark Johnston | 12/05/2023

SEBI fined the four individuals a combined INR 19 million over Karvy Stock Broking’s misappropriation of client assets in 2019.

Trading & Investment

SEBI Allows FPIs Direct Access to Commodity Derivatives Market

By Editors | 12/05/2023

Direct access will enable FPIs to have direct control over orders and implement better hedging and arbitrage strategies, SEBI said.

Anti-Money Laundering

India Brings Company Formation Agents into Scope of AML Law

By Sanday Chongo Kabange | 11/05/2023

Persons who act as formation agents, directors, trustees and nominee shareholders for companies and LLPs are brought into scope.

Market Data & Technology

SEBI Issues IT System Testing Framework for MIIs

By Editors | 09/05/2023

SEBI says market infrastructure institutions, being systemically important, require their own IT systems testing framework.