REGULATIONS


Chandramouli Mohan 20 April 2024
Have you ever received an SMS or email from your bank informing you that your account is frozen, for want of know-your-customer (KYC) or re-KYC? You are not alone. This has happened to the Moneylife Foundation also.   Mind you, the Reserve Bank of India (RBI) has never directed or suggested...

Read More



Moneylife Digital Team 19 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs60.30 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs43.30 lakh has been imposed on Gujarat-based Rajkot Nagarik Sahakari Bank Ltd.   Other banks penalised...

Read More



Moneylife Digital Team 19 April 2024
The Food Safety and Standards Authority of India (FSSAI) is examining the claim that Nestle added sugar to infant milk sold in the country. This follows a direction from the National Commission for Protection of Child Rights (NCPCR) to FSSAI to a comprehensive review of the sugar content in...

Read More



Moneylife Digital Team 19 April 2024
Market regulator Securities and Exchange Board of India (SEBI) has barred Vivek Krishnamoorthy (noticee) of Trade Sharks for six months for providing illegal investment advisory services. While slapping a fine of Rs1 lakh, SEBI also asked Mr Krishnamoorthy to refund Rs99,800 collected as fees...

Read More



Moneylife Digital Team 18 April 2024
Coming down heavily on the managing director (MD), whole-time directors (WTDs), key management personnel (KMP) and members of the audit committee (AC) of LEEL Electricals Ltd (LEEL) for siphoning off significant funds and taking out proceeds from the sale of its consumer durable (CD) business,...

Read More



Moneylife Digital Team 18 April 2024
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs14 lakh on Hira Automobiles Ltd (HAL) for not submitting quarterly compliance reports in time and the outcome of the delisting process. In two interim orders in 2013, SEBI directed HAL to submit the...

Read More



Abhimanyu Hazarika (Bar  and   Bench) 17 April 2024
The Supreme Court (SC) has asked Subhash Chandra and Dr Sadhna Shanker, two members of the national consumer disputes redressal commission (NCDRC), to explain why they issued non-bailable warrants against the directors of Ireo Grace Realtech Pvt Ltd, despite an interim order by the top court to...

Read More



Moneylife Digital Team 17 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs3 lakh on Omkar Nagreeya Sahkari Bank Ltd from Kanpur in Uttar Pradesh (UP) for non-compliance with the directions issued by the banking regulator.   The Bank was penalised for non-compliance with the direction issued by RBI under the...

Read More



Moneylife Digital Team 17 April 2024
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs3 lakh on Intensive Fiscal Services Pvt Ltd (IFSPL) and its chairman and managing director (CMD) and former compliance officer (CO) DK Surana for not possessing certification from the National Institute of...

Read More



Moneylife Digital Team 16 April 2024
The Supreme Court on Tuesday personally interacted with Baba Ramdev and Acharya Balkrishna, the promoters of Patanjali Ayurved Ltd, to gauge the genuineness of their apology for running misleading advertisements that also disparaged modern medicine, says a report from Bar & Bench.   While...

Read More



Moneylife Digital Team 16 April 2024
The Reserve Bank of India (RBI) has asked all banks and housing finance companies (HFCs) to provide key fact statements (KFS) in simple terms to the prospective borrowers on the loans and interest that they are expected to pay to ensure transparency and help them make informed...

Read More



Moneylife Digital Team 16 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs16 lakh on three cooperative banks from Uttar Pradesh (UP) and one from Haryana for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh each has been imposed on UP-based Urban Cooperative Bank...

Read More



Moneylife Digital Team 15 April 2024
Holding an audit firm and two chartered accountants (CAs) guilty of professional misconduct, the national financial reporting authority (NFRA) imposed a penalty of Rs4.50 crore on them for showing negligence in the audit of Reliance Capital Ltd (RCL) for FY18-19, despite red-flags issued by the...

Read More



The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank on the payment of Rs1.24 crore by the lender.   SEBI had issued a show-cause notice (SCN) dated March 2023, to Utkarsh Small Finance Bank whereby the markets regulator had alleged...

Read More



Moneylife Digital Team 11 April 2024
The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs2 lakh on Williamson Magor and Company Ltd (WMCL) for tardiness in disclosing the default on interest payment and redemption of debentures, as well as for delays in revealing encumbrances on shares created and failing to...

Read More



Markets regulator SEBI has said in an order that the larger public purpose of investor protection would stand defeated if the violators are allowed to go scot-free just because of delay in initiating action against them.   The SEBI said this in an adjudication order where it imposed a penalty...

Read More



Moneylife Digital Team 10 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs17 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh each has been imposed on Dehradun-based Uttarakhand Grameen Bank and Jaipur-based Raj Laxmi Mahila...

Read More



Moneylife Digital Team 08 April 2024
Market regulator Securities and Exchange Board of India (SEBI) has ordered Ravindra Bharti Education Institute Pvt Ltd, an unregistered investment advisory business set up by financial influencer Ravindra Balu Bharti, to disgorge unlawful gains of Rs12.03 crore.    In an order, Kamlesh C...

Read More



Moneylife Digital Team 08 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1.49 crore on IDFC First Bank Ltd and LIC Housing Finance Ltd (LICHF) for violating various rules and regulations prescribed by the regulator. The highest penalty of Rs1 crore lakh has been imposed on IDFC First Bank for non-compliance with...

Read More



Moneylife Digital Team 08 April 2024
As many as five non-banking financial companies (NBFCs) have surrendered their certificates of registration (CoR) to Reserve Bank of India (RBI) due to their exit from the non-banking financial institution (NBFI) business. Separately, RBI cancelled the registration of four NBFCs, one each from...

Read More

Free Helpline
Legal Credit
Feedback