India

Capital / Liquidity

India’s Cabinet Green Lights Yes Bank Rescue Plan

By Editors | 16/03/2020

State Bank of India and 7 other FIs are investing over 100bn rupees in Yes Bank’s equity. The bank’s moratorium will be lifted on Wednesday.

RBI to Provide Liquidity in Forex Market as Rupee Crashes

By Editors | 13/03/2020

The RBI will offer USD/INR sell/buy swaps to bolster FX  market liquidity, as foreign investors withdraw from India amid growing concerns over Covid-19’s economic impact.

Capital / Liquidity

RBI Finalises Yes Bank Rescue Plan, Including Funding Lines

By Editors | 12/03/2020

State Bank of India and other banks will invest about 500 billion rupees in Yes Bank shares and CDs. AT1 bondholders will recover about 20% of their investment.

AML / KYC

India: Yes Bank Co-founder Arrested Over Illicit Kickbacks

By Editors | 10/03/2020

The arrest comes just days after the RBI seized control of Yes Bank due to its inability to raise capital to restore liquidity and address loan losses and credit downgrades.

Securities / Derivatives

SEBI to Restrict Corporate Guarantees Extended by Listed Companies

By Editors | 09/03/2020

Under the proposal, listed companies will only be allowed to provide guarantees based on “economic interest”, and subject to prior approval from the majority of minority shareholders.

Securities / Derivatives

SEBI Proposes New Service to Simplify Shareholder E-Voting

By Editors | 06/03/2020

SEBI proposes to enable access to multiple e-voting service providers through a single login and authentication at the depository level.

Capital / Liquidity

UPDATED – RBI Seizes Control of Troubled Lender Yes Bank

By Editors | 06/03/2020

The RBI says it had “no alternative” to protect the interests of the public and depositors, given the absence of a credible revival plan. A draft plan for Yes Bank’s reconstruction is open for comment.

Crypto / Digital Assets

Supreme Court Overturns RBI Circular Barring Banks from Crypto Dealings

By Editors | 04/03/2020

The ruling is hailed as a big win for the crypto sector. But, the government  has yet to act on an interministerial committee’s recommendations to ban all private cryptocurrencies.

SEBI Lowers Net Worth Requirement for Gift City Investment Advisers

By Editors | 03/03/2020

The net worth requirement has been lowered to $700,000 from $1.5mn previously following feedback on SEBI’s January guidelines for Gift City investment advisers.