REGULATIONS


Sucheta Dalal Sucheta Dalal 24 June 2022
When journalist Tamal Bandopadhyaya tweeted a notice about a loan given by three top banks—IDBI Bank, HDFC Bank and Bank of Baroda (BoB)—to Great Indian Nautanki Company with the loan being guaranteed by Great Indian Tamasha Company, I thought it was a joke.     It was; but...

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Moneylife Digital Team 24 June 2022
Ajay Shah, a former consultant with the ministry of finance (MoF) between 2004 and 2009 and a key accused in the National Stock Exchange (NSE) colocation (colo) scam, is under investigation for holding sensitive documents falling under the Official Secrets Act (OSA), says a report from...

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Moneylife Digital Team 24 June 2022
Market regulator Securities and Exchange Board of India (SEBI) has issued a demand notice to Future Enterprises asking the company to pay the penalty of Rs5 lakh imposed in March for alleged non-disclosure of arbitration proceedings initiated by Amazon before the Singapore International...

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Moneylife Digital Team 23 June 2022
The Securities and Exchange Board of India (SEBI) has imposed a combined fine of Rs1.62 crore on nine entities for manipulating shares of Sterling Green Woods Ltd.,(SHWL) during the period April-July 2009. The regulator levied a fine of Rs18 lakh each on  Radhe Krishna Broking, Harshad...

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Moneylife Digital Team 23 June 2022
Varun Beverages chairman Ravi Kant Jaipuria has settled a case related to alleged violations of insider trading rules after paying nearly Rs56 lakh towards settlement charges to the Securities and Exchange Board of India (SEBI).   Mr Jaipuria had allegedly communicated unpublished...

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Moneylife Digital Team 23 June 2022
The income-tax (I-T) department has said that the 1% TDS on transfer of virtual digital assets would be levied on net transaction value and the onus of deducting the tax would primarily be on the exchanges.   The central board of direct taxes (CBDT) issued an FAQ (frequently asked...

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Moneylife Digital Team 22 June 2022
The central bureau of investigation (CBI), on Wednesday, arrested Sanjay Gupta, owner and promoter of Delhi-based OPG Securities Pvt Ltd, in connection with the National Stock Exchange (NSE) co-location (Colo) scam in which brokers allegedly abused the facility to make gains by getting early...

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Moneylife Digital Team 22 June 2022
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs30 lakh on Reliance Industries Limited (RIL) and two of its compliance officers, Savithri Parekh and K Sethuraman, for not promptly disclosing the stake sales in its subsidiary company, Jio Platforms to...

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Moneylife Digital Team 22 June 2022
Market regulator Securities and Exchange Board of India (SEBI) has allowed mutual funds to resume investing in foreign stocks within USD 7 billion, which is the aggregate mandated limit for the industry.   SEBI’s decision comes in the backdrop of a correction in global markets that...

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As India prepares for long-delayed 5G spectrum next month, top industry stakeholders have locked horns over the issue of public and private 5G networks and whether the government should allow spectrum directly to the enterprises for operating private captive 5G networks.   The debate...

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Moneylife Digital Team 21 June 2022
Market regulator Securities and Exchange Board of India (SEBI) has rejected a proposal by asset management companies (AMCs) to introduce mutual funds (MF) schemes with insurance features for scheme investment like systematic investment plan (SIP) insure.   In a letter to the...

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Moneylife Digital Team 21 June 2022
The Reserve Bank of India (RBI) has clarified that non-bank institutions cannot load credit lines on prepaid payment instruments (PPIs) like e-wallets and prepaid cards. This clarification from RBI, which is not available on its website till writing this report, would impact credit products...

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GS Bajpai  and   Neha Kapur (The Leaflet) 20 June 2022
The Supreme Court’s decision to consider banks as promoters for the purpose of the RERA Act will lead to a conundrum in the execution of the three legislations namely, the RERA, the SARFAESI Act, and the IBC. —– On 14 February 2022, the division bench of the Supreme Court consisting...

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Moneylife Digital Team 20 June 2022
Market regulator Securities and Exchange Board of India (SEBI) has asked all stock brokers to name and tag bank and demat accounts to reflect the purpose for which those bank and demat accounts are being maintained by, 30 June 2022.    In a circular, SEBI says, "Credit of securities...

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Moneylife Digital Team 20 June 2022
The Reserve Bank of India (RBI) has cancelled the licence of Davangere-Karnataka-based Millath Co-operative Bank Ltd due to inadequate capital and lack of earning prospects.    RBI says, “Millath Co-operative Bank does not have adequate capital and earning prospects. As such, it does...

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Sucheta Dalal Sucheta Dalal 18 June 2022
A few months ago, an 80-year-old diabetic person suffered the trauma of being inadvertently locked up in a bank when he had gone to access his locker. When the issue was escalated to the top brass at the Reserve Bank of India (RBI), it was felt that he ought to be given a token compensation....

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We are all familiar with the impossible trinity posited by Robert Mundell and Marcus Fleming, which states that in its economic policy, a country can choose any two of the following, but not all three, a fixed exchange rate; an independent monetary policy and free flow of capital....

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Moneylife Digital Team 17 June 2022
The securities and appellate tribunal (SAT) has granted interim relief to ICICI Bank’s former managing director and chief executive officer (MD&CEO) Chanda Kochhar, saying that Securities and Exchange Board of India (SEBI) “acted in haste in fixing a date for hearing without supplying the...

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Moneylife Digital Team 17 June 2022
Market regulator Securities and Exchange Board of India (SEBI) has sent notices to stock exchanges BSE and NSE asking them to pay over Rs5 crore in a case related to Karvy Stock Broking Ltd (KSBL) and warned them of attachment of assets and bank accounts if they fail to make the payment...

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Moneylife Digital Team 17 June 2022
The securities appellate tribunal (SAT) has quashed an order passed by market regulator Securities and Exchange Board of India (SEBI) derecognising the Indian Commodity Exchange (ICEX). The Tribunal also pulled up SEBI for not giving an opportunity to the Exchange to revive itself. This is...

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