India

RBI Issues Master Direction on Internal Ombudsman Mechanism

By Ajoy K Das | 02/01/2024

The master direction is aimed at strengthening internal grievance redressal systems at regulated entities.

AML / KYC

India Blocks Nine Crypto Exchanges for Failure to Register

By Ajoy K Das | 29/12/2023

Binance, Kucoin and Huobi are among the platforms that have been blocked in India for not registering as reporting entities.

Securities / Derivatives

SEBI Proposes Material Price Movement for Rumour Verification

By Nithya Subramanian | 29/12/2023

It has proposed that instead of material events, rumour verification of material price movement should be done within 24 hours.

Capital / Liquidity

RBI Moves SBI and HDFC to Higher Buckets on D-SIBs List

By Nithya Subramanian | 29/12/2023

SBI and HDFC will have to maintain higher CET1 requirements from 1 April 2025. ICICI remains in the same bucket.

AML / KYC

Four Arrested in HK for Diamond-based Money Laundering Scheme

By Manesh Samtani | 28/12/2023

Hong Kong companies traded synthetic diamonds with a company in India but declared them as natural diamonds as a way to launder money.

Securities / Derivatives

RBI Finalises Rules for G-Sec Borrowing and Lending

By Ajoy K Das | 28/12/2023

Securities issued by the central government excluding Treasury Bills are eligible for lending and borrowing in GSL transactions.

Market Infrastructure

RBI Proposes to Introduce New Category of Money Changers

By Ajoy K Das | 28/12/2023

The RBI proposes to allow businesses to deal in foreign exchange through an agency model by becoming forex correspondents of authorised dealer banks.

Enforcement

India Competition Commission Proposes New Penalty Computation Rules

By Ajoy K Das | 27/12/2023

The CCI says indirect taxes, trade discounts and intra-group sales will be excluded from turnover when calculating penalties for competition law violations.

Enforcement

India’s NFRA Detects Deficiencies in Big Four Audit Processes

By Ajoy K Das | 26/12/2023

The National Financial Reporting Authority published inspection reports of BSR & Co, Deloitte Haskins & Sells, SRBC & Co and Price Waterhouse Chartered Accountants.