India

Fintech / Regtech

India’s NPCI Unveils DLT Based Platform to Further Streamline Payments

By Editors | 07/01/2020

The Vajra Platform will enhance data security and transparency, facilitate real-time transactions and reduce reconciliation challenges and processing errors, the NPCI said.

Market Infrastructure

SEBI Issues Revised Framework for Core Settlement Guarantee Fund

By Editors | 07/01/2020

If the core settlement guarantee fund is used up during a calendar month, non-defaulting members of clearing corporations shall immediately replenish the fund.

Securities / Derivatives

RBI Expands Scope of Currency Derivatives Reporting Regime

By Editors | 07/01/2020

To date, the reporting framework only required banks to report currency derivatives transactions worth over $1mn. All transactions below this threshold now have to be reported.

Market Infrastructure

RBI Names Six ‘Significant’ Financial Benchmarks

By Editors | 06/01/2020

Financial Benchmarks India Pvt Ltd has three months to make an application to the RBI for authorisation to continue administering the benchmarks.

SEBI Directs Investment Advisers to Improve Conduct

By Editors | 02/01/2020

SEBI has observed that some investment advisers have been providing advice on a ‘free trial basis’, without performing client risk profiling and product suitability assessments.

Enforcement

Indian Police Lay Charges Against Five in PMC Bank Fraud Case

By Editors | 01/01/2020

The 32,000-page charge sheet lays out charges against three executives from PMC Bank and two promoters of HDIL, which received about 67bn rupees in ‘hidden’ loans.

Capital / Liquidity

UPDATE – RBI Tightens Scrutiny of Urban Cooperative Banks

By Editors | 31/12/2019

The RBI is tightening exposure limits, mandating that a larger proportion of loans come from small borrowers, and requiring bigger UCBs to report large exposures on a quarterly basis.

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.