India

Crypto / Digital Assets

India Collaborates with US FBI on Crypto Scam Case

By Ajoy K Das | 01/05/2024

The joint operation uncovered a $360mn scam involving drug trafficking, crypto payments and the dark web.

RBI Directs Lenders to Repay Customers for “Excess” Interest

By Ajoy K Das | 01/05/2024

Lenders are directed to refund excess interest, review existing practices, and make system level changes to prevent unfair interest charges.

Securities / Derivatives

SEBI Enables AIFs to Better Support Infrastructure Projects

By Ajoy K Das | 01/05/2024

AIFs are now allowed to pledge equity shares of investee companies in the infrastructure sector to enable them to obtain project finance.

Securities / Derivatives

SEBI Approves Stricter Rules to Target Front-running in AMCs

By Ajoy K Das | 01/05/2024

AMCs must establish a “structured” institutional mechanism to identify and monitor for front running, insider trading, and misuse of sensitive information.

Enforcement

India: ICAI Passes Order Against EY Affiliates and Former Boss

By Ajoy K Das | 01/05/2024

EY’s India affiliates have been using global network branding and paying referral fees to global network firms, which is prohibited.

AML / KYC

India: AMFI in Talks with SEBI to Resolve Mutual Fund KYC Logjam

By Ajoy K Das | 01/05/2024

New KYC validation process is preventing mutual fund investors from undertaking new mutual fund transactions, including redemptions.

Fintech / Regtech

Thailand to Launch Cross-border QR Payment Link with India

By Nithya Subramanian | 30/04/2024

The payment link with India is expected to roll out in Q3. BOT is aiming to become a multinational payment network.

Securities / Derivatives

SEBI to Allow Lower Face Value of Privately-placed Debt Securities

By Manesh Samtani | 30/04/2024

The lower face value will be optional for issuers of privately-placed non-convertible debentures and non-convertible redeemable preference shares.

Fintech / Regtech

ICICI Bank Expresses Regret for Exposing Credit Card Data

By Ajoy K Das | 30/04/2024

A glitch caused 17,000 credit cards to be erroneously mapped to the wrong users, who were able to see all the card details in the bank’s mobile app.