India

Market Infrastructure

SEBI’s Final Rules for Resigning Auditors Take Effect

By Editors | 22/10/2019

Auditors proposing to resign must first report all of the issues that may be hindering the audit process to the audit committee of the listed company.

AML / KYC

SEBI Issues Measures to Protect Securities Market Client Records

By Editors | 18/10/2019

A new cybersecurity framework has been issued for KYC registration agencies. Stockbrokers, depository participants, registrars and transfer agents are asked to submit their quarterly reports by end-November.

Enforcement

RBI Deploys New Reporting System for Cooperative Banks

By Editors | 17/10/2019

Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.

Securities / Derivatives

SEBI Allows Indian Firms to Issue Depository Receipts

By Editors | 12/10/2019

Domestically listed companies will be allowed to issue depository receipts on certain international bourses as well as on GIFT City exchanges.

Securities / Derivatives

SEBI Prescribes New Limits for Debt Fund Exposures

By Editors | 10/10/2019

The regulatory has prescribed new limits for debt mutual funds’ investment in unlisted, unrated and credit enhanced securities, and tightened sector and group level exposure limits.

AML / KYC

India Establishes High Level Panel on AML/CFT

By Editors | 08/10/2019

The inter-ministerial committee comprises senior officials from government departments, ministries, law enforcement agencies and regulatory bodies, including the RBI, SEBI and IRDAI.

Enforcement

India: PMC Bank Managing Director Confesses to Wrongdoing

By Editors | 02/10/2019

PMC Bank’s now-suspended managing director has reportedly confessed that the bank’s loan exposures went unreported for over six years.

Securities / Derivatives

SEBI Issues Norms for Funds on Money Market, Debt Valuations

By Editors | 01/10/2019

Mutual funds should value money market and debt securities using the waterfall approach on the basis of traded yields, SEBI said in a circular.

Capital / Liquidity

RBI Caps Withdrawals at Failing PMC Bank, Prompting Panic

By Editors | 26/09/2019

The RBI has ordered the troubled cooperative bank to cap withdrawals at 1,000 rupees per account, prompting panic, protests and promises of legal action from customers.