REGULATIONS


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 Adiraj Parthasarathy and Rajat Parthasarathy, and the following...

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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 with scores of broker defaults and even more trading members...

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On 6 May 2022, Elcid Investments Ltd, listed on the Bombay Stock Exchange (BSE), a name unknown to many until then, with an issued share capital of 2,00,000 equity shares of Rs10 each, with the promoters holding 1,49,950 shares, announcing that the postal ballot to initiate the delisting...

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Moneylife Digital Team 21 May 2022
The inspection report of Bank of Baroda (BoB) for 2019, inadvertently shared by Reserve Bank of India (RBI), reveals financial divergence in as many as 779 accounts. As per the report, there was a shortfall or additional provision worth Rs4,512 crore was required in these...

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The Haryana Real Estate Regulatory Authority (HRERA), Gurugram, has issued a notice directing the freezing of all accounts associated with a real estate firm.   The company M/s Mahira Infratech ltd, previously known as M/s Sai Aaina Farms Pvt. Ltd, was developing a real estate project...

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Moneylife Digital Team 21 May 2022
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 1 crore on IIFL Securities Ltd for violating regulations  in 2014.  SEBI had conducted multiple audits of IIFL's books of accounts and discovered that the company had violated the SEBI 1993 Circular,...

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The Central Consumer Protection Authority (CCPA) on Friday issued notices to Ola and Uber for unfair trade practices and violation of consumer rights, slamming the ride-hailing platforms over lack of proper consumer grievance redressal mechanism, deficiency in service, unreasonable levy of...

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Moneylife Digital Team 20 May 2022
Markets regulator Securities and Exchange Board of India (SEBI) has imposed penalties totalling Rs38.75 crore on 32 entities, including Fortis Healthcare Holdings, in a case related to diversion of funds of Fortis Healthcare Ltd (FHL) and misrepresentations to conceal the fraud.   The...

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Moneylife Digital Team 20 May 2022
The insurance regulator  Insurance Regulatory and Development Authority of India (IRDAI) has asked motor insurance providers to discontinue advertisements showing services, like free pick-up and drop of vehicle, which are not part of the insurance cover.   General insurance companies...

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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,...

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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 customer for interoperable card-less cash withdrawal (ICCW) at...

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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 or NL 40 statement to the public.   Similarly, the...

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Opening another front against Twitter CEO (chief executive officer) Parag Agrawal, Tesla CEO Elon Musk on Tuesday asked the US Securities and Exchange Commission (SEC) to probe whether Twitter's claim on the number of its user base is true.   Replying to a follower who said that if it...

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Moneylife Digital Team 17 May 2022
The Reserve Bank of India (RBI) on Tuesday rejected all four applications it received for ‘on-tap’ licensing of universal banks (UBs). UAE Exchange and Financial Services Ltd and the Repatriates Cooperative Finance and Development Bank Ltd (REPCO Bank) are the two prominent names whose...

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Moneylife Digital Team 17 May 2022
For the first time, market regulator Securities and Exchange Board of India (SEBI) has asked Urja Global Ltd—which is found guilty of price manipulation and false statements—to get a 'certificate of authenticity' for its disclosures to the exchange. In the 'humiliating action', the company...

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Moneylife Digital Team 16 May 2022
The Supreme Court (SC) has finally put to rest the uncertainty around the applicability of state legislations on non-banking financial companies (NBFCs) by underscoring the importance of the Reserve Bank of India (RBI) as the regulator and supervisor of NBFCs in India, with oversight on the...

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The pandemic has been a flourishing time for the brokerage business. India’s investor population nearly doubled, as people from the age of 9 years to 90 years turned into traders after a quick online class. Brokers used this boom during the lock-down to lure and loot people with well-laid...

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Moneylife Digital Team 13 May 2022
Market regulator Securities and Exchange Board of India (SEBI), in its letter dated 22 November 2021, had written to Man Industries (India) Ltd, informing that a forensic auditor was appointed to investigate the accounts of the company for a period of seven years from the accounting year...

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Moneylife Digital Team 13 May 2022
Requesting adequate weightage and empathy for the major handicaps that stock market investors face, Moneylife Foundation has urged an ad-hoc committee headed by G Mahalingam, a former whole-time member (WTM) of the Securities and Exchange Board of India (SEBI), to hold exchanges accountable...

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SBI Research expects the central bank, Reserve Bank of India (RBI), to raise key policy rates both in its June and August policy meeting by a cumulative 75 basis points.   Beyond August, rate actions might be more balanced and judicious and the terminal repo rate is expected to be at...

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