India

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

    Fintech / Regtech

    RBI Issues Updated Framework for Regulatory Sandbox

    By Ajoy K Das | 01/03/2024

    The framework extends the timeline for completing sandbox testing from 7 to 9 months. Crypto-related services are not eligible.

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    Securities / Derivatives

    India Establishes Expert Committee to Develop GIFT City Markets

    By Ajoy K Das | 01/03/2024

    The committee will help to develop rules to enable direct listings of Indian companies at GIFT City stock exchanges.

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