India

Fintech / Regtech

RBI Issues Draft Norms for Fintech SROs

By Ajoy K Das | 16/01/2024

Fintech SROs must strike a balance between facilitating innovation and implementing regulatory requirements that protect consumers and contain risks.

AML / KYC

SEBI Modifies Rules for Foreign Investments in AIFs

By Ajoy K Das | 15/01/2024

SEBI updates threshold for determining beneficial ownership, extends mandatory custodian and dematerialisation requirements to reduce money laundering risks.

Securities / Derivatives

SEBI Proposes to Ease Fundraising Rules for Listed Companies

By Ajoy K Das | 15/01/2024

SEBI proposes to allow certain public investors to contribute towards MPS without being classified as promoter

AML / KYC

NYDFS Announces $8m Settlement With Genesis Global Trading

By Editors | 15/01/2024

Genesis Global Trading is also required to give up its BitLicense and cease all operations in New York as part of the settlement.

Crypto / Digital Assets

MAS Grants In-principle Licence Approval to Crypto Custody Firm BitGo

By Editors | 12/01/2024

BitGo already obtained a New York trust charter in 2021 and a BaFin crypto custody licence in November 2023.

Market Infrastructure

GIFT City Regulator Directs IBUs to Improve Cross-border Payments

By Ajoy K Das | 09/01/2024

IFSC Banking Units are asked to use Swift GPI and to explore how they can further speed up their processing of cross border payments.

Securities / Derivatives

SEBI Tightens Rules for Disclosing Short Selling Trades

By Ajoy K Das | 07/01/2024

Institutional investors must disclose short selling transactions upfront. Individual investors must disclose the same at the end of each trading day.

AML / KYC

RBI Clarifies PEPs Definition in KYC Master Direction

By Ajoy K Das | 06/01/2024

The updated definition clarifies that PEPs include a person who “is entrusted by a foreign country with a public function”.

Securities / Derivatives

RBI Consolidates Norms for Currency Derivatives

By Ajoy K Das | 06/01/2024

Retail users can be classified as non-retail if an authorised dealer is satisfied that they have the requisite risk management capabilities.