REGULATIONS


In the Indian context, the record of the audit in situations where it ought to have shown its utility, if not the vitality, can be assessed by looking at the data and examples coming out of the IBC process.   Though any audit report is addressed only to the members of a company, bankers place...

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Moneylife Digital Team 19 September 2024
While imposing a fine of Rs5 lakh, the national financial reporting authority (NFRA) has barred chartered accountant (CA) Santosh Deshmukh, an engagement partner (EP) for the statutory audit of Sanwaria Consumer Ltd (SCL), for FY17-18 for professional misconduct.   In an order last week, the...

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Moneylife Digital Team 19 September 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs8 lakh on two cooperative banks for failing to comply with the directions issued by the banking regulator. The highest penalty of Rs5 lakh has been imposed on Urban Cooperative Bank Ltd from Jammu and Kashmir (J&K).   Lucknow University...

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On 13th September, media headlines said that the market regulator had completely exonerated the former management of the National Stock Exchange (NSE) in the co-location (Colo) scam of 2015.  Some speculated that this had cleared the path for a  listing of the National Stock Exchange (NSE)...

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Moneylife Digital Team 18 September 2024
While small and medium businesses face stringent punishments for not paying statutory dues within time, SpiceJet Ltd has not paid its dues worth Rs427 crore for tax deducted at source (TDS), provident fund (PF) or gratuity dues to employees and goods and services tax (GST) since 2020, reveals a...

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Moneylife Digital Team 18 September 2024
Securities and Exchange Board of India (SEBI) has streamlined the process for trading bonus shares, reducing availability from about two weeks to just two days after the record date (T+2). This change,  effective for all bonus issues from 1 October 2024, aims to enhance market efficiency and...

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Moneylife Digital Team 18 September 2024
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs5 lakh on the promoters of Alka India Ltd along with Cavalier Securities Ltd for breaching regulatory norms.   Alka India, which is listed on the Bombay Stock Exchange (BSE), faced scrutiny over...

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Accounting firms coming under the hammer of the regulators and being fined bigger and bigger sums for failing to do their principal duty of reporting to the shareholders the frauds and fissures in the financial statements is ceasing to cause any greater alarm than the routine reporting of road...

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Moneylife Digital Team 16 September 2024
Holding HDFC Bank Ltd responsible for deficiency in service by keeping a hold on funds of a customer's savings account that resulted in bouncing his instalment of car loan, the national consumer disputes redressal commission (NCDRC) directed the lender to pay Rs50,000 compensation for mental...

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Moneylife Digital Team 16 September 2024
Taking note of agitation by its employees, market regulator Securities and Exchange Board of India (SEBI) has withdrawn its release issued on 4 September 2024 in which SEBI had said the allegations of unprofessional work culture in its offices are 'misplaced'.    In a statement, the market...

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Moneylife Digital Team 16 September 2024
Reserve Bank of India (RBI) has imposed penalties of Rs73.20 lakh on BNP Paribas and three non-banking financial companies (NBFCs), including Hewlett Packard Financial Services (India) Pvt Ltd, SMFG India Credit Company Ltd and Muthoot Vehicle & Asset Finance Ltd for non-compliance with the...

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The raging controversy over Madhabi Puri Buch and turmoil at the market regulatory body, almost drowned out a stunning order by the Bombay High Court on 26 August 2024. A bench of justices GS Kulkarni and Firdosh P Pooniwalla had imposed a stiff penalty of Rs80 lakh on the Securities & Exchange...

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Moneylife Digital Team 13 September 2024
Market regulator Securities and Exchange Board of India (SEBI) has disposed proceedings in the National Stock Exchange (NSE) co-location (Colo) matter against Ravi Narain and Chitra Ramkrishna, both former managing directors and chief executive officers (MD&CEOs) of NSE, Anand Subramanian...

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Moneylife Digital Team 13 September 2024
As many as 13 non-banking finance companies (NBFCs) have surrendered their registration certificates to the Reserve Bank of India (RBI), while the regulator cancelled the registration of four NBFCs. This includes reasons such as exiting the business, being deemed unregistered core investment...

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Moneylife Digital Team 13 September 2024
While denying all allegations related to income earned from Agora Advisory Pvt Ltd, rental income from Carol Info Services Ltd, a company affiliated with Wockhardt Ltd and ICICI group-related matters, Madhabi Puri Buch, chairperson of the Securities & Exchange Board of India (SEBI) and her...

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Moneylife Digital Team 12 September 2024
Mahua Moitra, a member of Parliament (MP) from Trinamool Congress, has filed a Lokpal complaint against Madhabi Puri Buch, chairperson of the Securities & Exchange Board of India (SEBI), for improper conduct and entering into quid pro quo arrangements, which, according to the MP, 'threaten...

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Moneylife Digital Team 12 September 2024
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs20 lakh on Bharosa Technoserve Pvt Ltd (BTPL) and its key individuals, including Sanjay Bhargava, Sahil Bhargava and Anita Bhargava for failing to adhere to Investment Adviser (IA) Regulations.   In an...

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Moneylife Digital Team 12 September 2024
Continuing with its action against spammers, the department of telecommunications (DoT) and the telecom regulatory authority of India (TRAI), through the Sanchar Saathi portal, have disconnected 350,000 numbers and  blacklisted 50 entities. In addition, around 350,000 unused and unverified SMS...

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Moneylife Digital Team 11 September 2024
While asking the automobile industry to help the Union government in designing the programme of trustworthy pollution checks, Anurag Jain, secretary in the ministry of road transport & highways (MoRTH), says the government is working on a policy that seeks to link vehicle scrapping to their...

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Moneylife Digital Team 11 September 2024
The Reserve Bank of India (RBI) has imposed a penalty of Rs1.91 crore on Axis Bank Ltd for contravention of provisions of section 19 (1) (a) of the Banking Regulation Act (BR Act) and non-compliance with directions on the interest rate on deposits, know-your-customer (KYC) norms and credit flow...

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