India

Fintech / Regtech

RBI to Require Card Issuers to Allow Customers to Choose Network

By Ajoy K Das | 08/03/2024

The RBI found from a review that some arrangements between card networks and card issuers are “not conducive to the availability of choice for customers”.

Securities / Derivatives

India’s AMFI Relaxes Rule on Payments to Fund Distributors

By Ajoy K Das | 07/03/2024

AMCs can pay trail commissions to new distributors after assets have been transferred from an old distributor by an investor, after 6 month cooling-off period.

Enforcement

RBI Imposes Business Restrictions on IIFL Finance Limited

By Ajoy K Das | 07/03/2024

IIFL Finance provided customers gold loans in excess of the statutory LTV limit, among several other supervisory concerns.

Enforcement

RBI Imposes Restrictions on Systemically Important NBFC

By Ajoy K Das | 06/03/2024

The RBI said JM Financial Products “repeatedly” helped customers bid for IPO and NCD offerings using loaned funds, in violation of the regulations.

AML / KYC

Singapore Shell Companies Linked to Illicit Activity in India

By Nithya Subramanian | 06/03/2024

India’s Enforcement Directorate has uncovered a web of money laundering activities involving the use of shell companies from Singapore.

Sanctions

BRICS Nations to Create Blockchain-based Payment System

By Editors | 05/03/2024

The move aimed at increasing the role of the BRICS in the international monetary system and reducing reliance on US dollars.

Fintech / Regtech

RBI Approves Establishment of New Online Payments Platform

By Ajoy K Das | 04/03/2024

Bharat BillPay Limited will set up a platform that will enable payment aggregators to accept transactions from any bank without having to onboard each one separately.

Fintech / Regtech

RBI Revises Rules for Bharat Bill Payment System

By Ajoy K Das | 04/03/2024

The Bharat Bill Pay Central Unit will play a bigger role in protecting consumers through rule- and standard-setting and by guaranteeing settlement of BBPS transactions.

Securities / Derivatives

SEBI Proposes Relaxed Disclosure Rules for Certain FPIs

By Ajoy K Das | 02/03/2024

Category I FPIs that are university funds or university-related endowments would be exempt from enhanced disclosure requirements.