India

Enforcement

SEBI Fines Credit Rating Agencies Over IL&FS Failures

By Editors | 30/12/2019

Three rating agencies were fined for failing to recognise and quickly respond to deteriorating financial conditions at IL&FS, whose defaults last September triggered a liquidity crisis.

Securities / Derivatives

SEBI Introduces Mandatory Stewardship Code for Fund Managers

By Editors | 28/12/2019

The new stewardship code will help institutional investors protect their clients’ wealth, improve corporate governance, and promote the development and regulation of the securities market.

Enforcement

SEBI Establishes Insider Trading Whistleblower Protection Office

By Editors | 28/12/2019

The ‘Office of Informant Protection’ is charged with receiving and processing information on insider trading disclosed by whistleblowers, and with protecting their identities.

Fintech / Regtech

RBI Caps Lenders’ Exposures to P2P Platform Borrowers

By Editors | 28/12/2019

The RBI has set a 5mn rupee cap on the aggregate exposure a lender can have to borrowers on P2P lending platforms, and a 1mn rupee cap for lenders with a net worth under 5mn rupees.

Market Infrastructure

RBI Allows IFSC Banks to Open Foreign Currency Current Accounts

By Editors | 26/12/2019

IFSC Banking Units will be allowed to open foreign currency current accounts for entities operating in Gift City, including non-resident institutional investors and corporate borrowers.

Securities / Derivatives

SEBI to End Usage of Pool Accounts for Mutual Fund Transactions

By Editors | 26/12/2019

SEBI found that trading and clearing members used by mutual funds were diverting client funds and securities to meet their own or third-party margin or settlement obligations.

AML / KYC

India Shows How Policy Can Solve Financial Inclusion: BIS Paper

By Editors | 19/12/2019

The paper highlights India’s Aadhaar programme, which promotes financial inclusion, offers more robust AML/CFT checks, and has led to the creation of several innovative and interoperable digital platforms.

Market Infrastructure

Google Recommends India UPI Model for New US ‘FedNow’ Service

By Editors | 19/12/2019

UPI adoption has grown from 100,000 to 1.15 billion monthly transactions in four years, with 140 member banks using its rails to enable payments for customers.

Securities / Derivatives

SEBI Restricts FPI Service Provisioning by Local Asset Managers

By Editors | 18/12/2019

Asset management companies can provide management and advisory services to “appropriately regulated entities” such as pension funds, insurance companies, banks and mutual funds.