REGULATIONS


Governor of the Reserve Bank of India (RBI) Shaktikanta Das on Monday said that the interoperable payment system for internet banking is expected to be launched this year to facilitate quicker settlement of funds for merchants.   He said that RBI has given its approval for...

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Moneylife Digital Team 04 March 2024
Reserve Bank of India (RBI) has directed IIFL Finance Ltd to immediately cease and desist from sanctioning or disbursing gold loans or assigning, securitising or selling any existing gold loans. However, the company can continue servicing its current gold loan portfolio through standard...

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The Financial Intelligence Unit-India (FIU-IND) has imposed a penalty of Rs 5.49 crore on Paytm Payments Bank Ltd for violations of money laundering prevention rules, the Union Finance Ministry said on Friday.   "FIU-IND initiated a review of the Paytm Payments Bank Ltd on receipt of...

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With general elections around the corner, the only hope to clean-up the bankruptcy process, which has been cynically gamed over the past few years, is through occasional judicial orders. These can come about only when aggrieved professionals or stakeholders seek action against questionable...

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Insolvency and Bankruptcy Code, 2016 (IBC) in India has been a game changer for resolution-driven credit recovery from insolvent companies in several ways. For the first time, we have a law which enshrines the maximisation of the valuation of assets in its preamble and seeks to back it up by...

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Moneylife Digital Team 01 March 2024
Confirming its interim directions against 20 entities in the Brightcom Group Ltd (BGL) matter, the Securities and Exchange Board of India (SEBI) suggested an examination and action if required by the directorate of enforcement (ED) in the settlement of loans advanced to M Suresh Kumar Reddy,...

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Moneylife Digital Team 01 March 2024
Market regulator Securities and Exchange Board of India (SEBI) has barred NIFM Equity and Commodity Research (noticee 1) and its partners Ritesh Singh Pundir (noticee 2), Nilesh Singh (noticee 3) and Arvind Kumar (noticee 4) for two years for providing illegal investment advisory services....

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Moneylife Digital Team 01 March 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs39.30 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs23.30 lakh has been imposed on Nagpur-based Shikshak Sahakari Bank Ltd.   Other banks penalised by RBI...

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The RBI has put in a revised regulatory framework - Bharat Bill Payment Systems Directions, 2024, which will be applicable to NPCI Bharat Bill Pay Limited (NBBL - a wholly owned subsidiary of National Payments Corporation of India); and all Bharat Bill Payment Operating Units...

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Moneylife Digital Team 01 March 2024
Market regulator Securities and Exchange Board of India (SEBI) has barred Heet Manish Bapna alias Heet Manish Bafna (noticee), proprietor of Standard Chartists, for three years for providing unregistered investment advisory services. While imposing a fine of Rs5 lakh, SEBI also asked Mr Bapna...

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Moneylife Digital Team 29 February 2024
Market regulator Securities and Exchange Board of India (SEBI) has barred 12 entities, including the promoter of V Marc India Ltd, from the securities market for engaging in a fraudulent scheme to manipulate the volumes and price of the company's shares since its listing. Additionally, SEBI...

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Moneylife Digital Team 29 February 2024
The Reserve Bank of India (RBI) has cancelled the certificate of registration of Rajasthan-based Sumerpur Mercantile Urban Cooperative Bank Ltd due to the lender's inadequate capital and poor earnings prospects. RBI has asked the Bank to stop banking business from 28 February 2024.   RBI says...

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Moneylife Digital Team 28 February 2024
Market regulator Securities and Exchange Board of India (SEBI) has ordered Sandhya Projects Ltd (SPL) and the company directors Rajib Kumar Saha, Dilip Saha and Subindu Pramanik (noticees) to jointly and severally refund money collected through the issuance of redeemable preference shares...

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Moneylife Digital Team 27 February 2024
Coming down heavily on Baba Ramdev's Patanjali Ayurved Ltd, the Supreme Court (SC) barred it from advertising or branding its medicines for treating specified diseases, including diabetes, obesity, and asthma, under the Drugs and Magic Remedies (Objectionable Advertisement) Act. The SC also...

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IANS 27 February 2024
The Reserve Bank of India (RBI) announced on Monday that it has imposed penalties on the State Bank of India (SBI) and Canara Bank for non-compliance with banking regulations and RBI directions.   RBI in an order dated 26th February slapped a penalty of Rs2 crore on State Bank of...

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Moneylife Digital Team 27 February 2024
Reserve Bank of India (RBI) has imposed a Rs82 lakh penalty on City Union Bank Ltd and Ocean Capital Market Ltd, a non-banking financial company (NBFC), for violating various rules and regulations.    City Union Bank has been penalised with Rs66 lakh for non-compliance with directions issued...

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Moneylife Digital Team 26 February 2024
Holding chartered accountant (CA) Ratan Laxminarayan Rathi, the engagement partner (EP), guilty of professional misconduct while performing the statutory audit of Bilcare Ltd for the financial year (FY)14-15 to FY16-17, the national financial reporting authority (NFRA) imposed a penalty of...

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Moneylife Digital Team 26 February 2024
Market regulator Securities and Exchange Board of India (SEBI) has urged investors to exercise caution and to steer clear of any social media messages, WhatsApp groups, Telegram channels, or apps claiming to facilitate stock market access through foreign portfolio investors (FPIs) or foreign...

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IANS 23 February 2024
The Insolvency and Bankruptcy Code (IBC) seems to be incentivising debtors to settle their defaults even before the cases are admitted under the code, credit rating agency CARE Ratings said.   In a research report, CARE Ratings said: "The IBC seems to be incentivising debtors to...

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Moneylife Digital Team 23 February 2024
The Reserve Bank of India (RBI) says it has advised National Payments Corporation of India (NPCI) to examine the request of One97 Communication Ltd (OCL/Paytm) to become a third-party application-provider (TPAP) for unified payment interface (UPI) channel for continued operation of the Paytm...

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