India

Fintech / Regtech

RBI Creates $66mn Fund to Boost E-Payments Infrastructure

By Editors | 07/06/2020

The RBI will initially contribute half of the funding; the rest will come from card-issuing banks and card networks, who will also cover operational expenses.

Enforcement

SEBI Orders Special Audit of Shuttered Franklin Templeton Funds

By Editors | 03/06/2020

A forensic audit firm has reportedly been tasked with determining whether Franklin Templeton colluded with bond issuers and if conflicts of interest were present at the firm.

Securities / Derivatives

SEBI Panel Proposes Creation of ‘Social Stock Exchanges’

By Editors | 02/06/2020

Non-profit organisations should be allowed to directly list bonds on social stock exchanges housed within existing exchanges such as the BSE or NSE, the SEBI panel suggests.

Enforcement

RBI Fines Citibank, Six Others for Non-Compliance

By Editors | 01/06/2020

Citibank did not comply with obligations to obtain declarations from customers about the credit facilities they have with other banks before granting them non-fund based facilities.

AML / KYC

India to Tighten KYC Rules for Hong Kong, China FPIs

By Manesh Samtani | 26/05/2020

Alongside stricter KYC procedures during FPI registration, India may set a 10% beneficial ownership cap on foreign investment from China including Hong Kong.

Market Infrastructure

SEBI Allows Quicker Upgrades of ‘Cured’ Defaulters by Rating Agencies

By Editors | 25/05/2020

Companies may no longer need to wait months for their credit status to be upgraded after a default is ‘cured’ and payments are regularised.

Capital / Liquidity

RBI Cuts Interest Rate Again, Extends Debt Moratorium

By Editors | 24/05/2020

The RBI has also increased the large exposures cap for banks from 25% to 30% and granted FPIs three more months to comply with requirements under the voluntary retention route.

Securities / Derivatives

SEBI Allows Debt Funds to Increase Exposure to G-Secs

By Editors | 23/05/2020

The flexibility has been granted for three months to ensure adequate liquidity in corporate bond funds, banking & PSU debt funds, and credit risk funds.

Securities / Derivatives

SEBI Provides Exit Route for Franklin Templeton Investors

By Editors | 21/05/2020

Franklin Templeton will be allowed to list units of its six shuttered mutual funds on stock exchanges, providing an alternate exit route to investors whose money is trapped.