INDIA

Securities / Derivatives

India to Ease Capital Markets Norms for Foreign Investors

By Garima Chitkara | 01/03/2018

Government to set up single-window clearance for foreign portfolio investors and allow foreign custodians to trade on behalf of their clients without registering with SEBI.

Market Infrastructure

RBI Mandates Integration of SWIFT in Core Banking Software

By Manesh Samtani | 26/02/2018

Punjab National Bank says $1.8bn fraud went undetected because staff failed to enter SWIFT instructions in core banking software.

AML / KYC

India to Tighten Rules for Alternative Investment Funds

By Garima Chitkara | 26/02/2018

SEBI to increase focus on source and use of funds going through the alternative investment fund framework.

Enforcement

Indian Court Urges End to Auditor ‘Self Regulation’

By Editors | 26/02/2018

Supreme Court says auditors lack adequate oversight, have breached central bank and foreign direct investment rules and Chartered Accountants Act.

Securities / Derivatives

India Allows Cash as Collateral for GIFT City Trading

By Editors | 23/02/2018

Foreign securities and gold also eligible, but cash and cash equivalents will need to form 50 percent of total liquid assets at all times.

Securities / Derivatives

Indian Exchanges to Launch Cross-Currency Derivatives

By Editors | 22/02/2018

BSE and NSE can launch cross-currency futures and options in the euro, pound and yen, against the dollar and rupee.

AML / KYC

New KYC Norms a Turn-off for India’s Mobile Wallet Users

By Garima Chitkara | 22/02/2018

Less than half of wallet consumers opted to be KYC-compliant before the 28 February deadline; new KYC norms will force telecom firms to verify customer data using third-parties, taking away their current advantage over other payment firms.

Enforcement

RBI Under Fire for Failure to Detect $1.8bn Loan Fraud

By Manesh Samtani | 21/02/2018

Central bank audits failed to detect loan fraud using Punjab National Bank guarantees for over seven years; overseas branches which granted loans also under scrutiny.

Market Infrastructure

SGX to Develop New India Derivative Products

By Manesh Samtani | 20/02/2018

New products will allow SGX participants to maintain exposure to India’s capital markets, following  the decision to stop issuing market data licenses to overseas exchanges.