SEBI Withdraws Permanent Recognition of Indian Commodity Exchange
Moneylife Digital Team 19 May 2022
Market regulator Securities & Exchange Board of India (SEBI) has permanently withdrawn its recognition granted to Indian Commodity Exchange Ltd (ICEX). 
In a statement, the market regulator says, "The withdrawal of recognition was pursuant to an order passed by VS Sundaresan, executive director of SEBI, on 10 May 2022 for non-compliance with the net-worth requirement, SEBI circulars, SEBI inspection observations and infrastructural requirements as prescribed under securities contracts (regulation) (stock exchanges and clearing corporations) regulations, 2018."
SEBI has asked ICEX to transfer the money available in the Investor Protection Fund (IPF) and Investor Services Fund (ISF) of ICEX to the SEBI Investor Protection and Education Fund. Further, ICEX is asked to set aside sufficient funds to settle any claims, pay the dues outstanding to SEBI, and pay SEBI registration fees as per SEBI (stockbrokers) regulations, 1992 by its trading members. 
The order further directed ICEX to refrain from using the expression 'stock exchange' or any variant in its name or in its subsidiary company's name.
Enforcement Directorate Digs up Assets of Karvy Stock Broking that SEBI Failed To Discover since 2019
Sucheta Dalal, 21 May 2022
On 8 March 2022, the enforcement directorate (ED) at Hyderabad issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) against C Parthasarathy, founder of the Karvy group of entities, his sons...
98 BSE Brokers and 82 NSE Brokers Surrender Membership in Past 2 Years as Smaller Brokers Struggle with Increased Compliance Rules
Yogesh Sapkale, 21 May 2022
The past two years after global lock-downs were triggered by the COVID-19 pandemic, India's investor population has almost doubled due to the rush of new investors. Strangely, however, the brokerage business is seeing a huge churn...
RBI Asks Banks, ATM Networks To Provide Card-less Cash Withdrawal through ATMs
Moneylife Digital Team 19 May 2022
As mentioned in its statement on the development and regulatory policies, the Reserve Bank of India (RBI) says, all banks, automated teller machine (ATM) networks and white label ATM operators (WLAOs) may provide an option to a...
Is transparency turning into premium item in Indian insurance sector?
IANS 19 May 2022
Mixed views were expressed by insurance industry experts on the sectoral regulators recent decisions of permitting non-life insurers, foreign reinsurer branches (FRB) and Lloyd's India not to disclose their underwriting performance...
Free Helpline
Legal Credit