India

Market Abuse

UPDATED – US SEC Intensifies Probe into India’s NYSE-Listed ICICI Bank

By Manesh Samtani | 28/07/2018

SEC officials have questioned two of the bank’s top executives on whistle blower allegations that loan provisioning was unfairly delayed to inflate profits by $1.3bn over eight years.

Trading & Investment

SGX, NSE Resume Talks on Possible GIFT City Collaboration

By Garima Chitkara | 26/07/2018

The arbitrator has deferred judgement on the data sharing dispute until talks on collaboration between the two exchanges on a trading and settlement platform at GIFT City conclude.

Conduct, Culture & Accountability

SEBI Warns Asset Managers on Dividend Distribution Practices

By Garima Chitkara | 26/07/2018

SEBI chairman asked fund managers to ensure they are safeguarding investor interests while highlighting lapses involving dividends that were distributed without the consent of board trustees.

Conduct, Culture & Accountability

SEBI Mulls Cap On Fund Distributor Commissions

By Garima Chitkara | 26/07/2018

India’s securities regulator will cap distributor commissions at 1.5-2% on debt funds and 4-5% on equity funds to prevent mis-selling of funds to consumers.

Credit Risk

Indian Banks Sign Agreement to Hasten NPA Resolution

By Mark Pufpaff | 26/07/2018

Inter Credit Agreement give more influence to a consortium’s lead lender and allows for resolution plans to be approved with 66% agreement among majority lenders; signatories include over 80 lenders.

Trading & Investment

SEBI to Force Large Corporates to Borrow through Bonds Market

By Manesh Samtani | 24/07/2018

New framework proposes that large corporates raise 25% of their borrowings through bonds, as regulators seek to decrease a reliance on bank financing and deepen India’s bond markets.

Capital Adequacy

Five Indian State-Run Banks to Receive Additional Capital Infusion

By Garima Chitkara | 19/07/2018

Indian government will infuse $1.6bn in additional capital into five state-run banks that have been struggling to meet capital adequacy ratios due to higher than expected losses from bad loans.

Conduct, Culture & Accountability

SEBI Proposes New Rules for Auditors, Other Fiduciaries

By Manesh Samtani | 19/07/2018

Under the new proposals, fiduciaries providing false information in audit or valuation reports will face stringent penalties, including bans from securities markets and forced repayment of any gains deemed unlawful.

Payments & Settlements

SEBI Blocks Cash Payments To Stock Brokers

By Garima Chitkara | 16/07/2018

Stock brokers are no longer allowed cash payments either directly or deposited into their bank accounts, as India aims to promote digital payments and a cashless economy.