REGULATIONS


A massive sum of over Rs2 lakh crore of people's unclaimed money lies trapped with the government, poorly accounted for and frustratingly difficult to reclaim, either by the original owners or, more often, by their heirs. These unclaimed funds represent the hard-earned savings of ordinary...

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Moneylife Digital Team 30 August 2024
Asset transmission challenges will only increase as the country becomes prosperous and, hence, there is an urgency to address the issues, said KV  Kamath, renowned banker and non-executive chairman of Jio Financial Services. Mr Kamath released Moneylife Foundation's report on "Challenges in...

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Moneylife Digital Team 30 August 2024
The ongoing initial public offering (IPO) of Premier Energies Ltd (PEL) has raised questions about Securities and Exchange Board of India (SEBI)’s rules and regulations governing IPOs. PEL’s IPO opened on 27 August 2024, offering 62.8mn (million) shares in a price band of Rs427 to Rs450 a...

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Moneylife Digital Team 30 August 2024
After directing food business operators (FBOs) to remove claims of 'A1' and 'A2' types of milk and milk products from packaging, the Food Safety and Standards Authority of India (FSSAI) took a U-turn within five days.                                       In an order, FSSAI says, "This is to...

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Moneylife Digital Team 30 August 2024
Reserve Bank of India (RBI) has cautioned about scammers misusing RBI's name to deceive the unsuspecting public. RBI says these fraudsters employ various deceptive methods to exploit unsuspecting individuals.   Some unauthorised digital lending apps and financial service-providers falsely...

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Moneylife Digital Team 30 August 2024
Securities and Exchange Board of India (SEBI) has levied a penalty of Rs6 lakh on Jainam Broking Ltd for Regulatory Violations.   In his 39-page order, N Hariharan, chief general manager (CGM), of SEBI noted that the stockbroker or trading member is responsible for all acts of omission and...

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Moneylife Digital Team 30 August 2024
Taking stern action for failing to meet regulatory requirements, Securities and Exchange Board of India (SEBI) has cancelled the registration of 39 stockbrokers and seven commodity brokers. Further, SEBI cancelled the registration of 22 depository participants (DPs) who are no longer affiliated...

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Moneylife Digital Team 30 August 2024
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs55 lakh on promoter, directors and chief financial officer (CFO) of SKIL Infrastructure Ltd. Those slapped with penalty include: Nikhil Gandhi, promoter, chairman and whole-time director; Bhavesh Gandhi,...

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Moneylife Digital Team 29 August 2024
Amid certain small and medium enterprises (SME) companies and their promoters resorting to share price manipulation by projecting an unrealistic picture of their operations, market regulator Securities and Exchange Board of India (SEBI) has cautioned investors against putting their money in the...

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Moneylife Digital Team 29 August 2024
Market regulator Securities and Exchange Board of India (SEBI) has debarred 14 entities, including promoter-directors of Rana Sugars Ltd and other related entities, from the markets for two years and slapped a Rs63 crore fine on them on charges of diversion of funds.   SEBI also restrained...

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Moneylife Digital Team 29 August 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs13 lakh two cooperative banks from Uttar Pradesh (UP) and one from Uttarakhand for non-compliance with the directions issued by the banking regulator. A maximum penalty of Rs8 lakh has been imposed on UP-based Mahoba Urban Cooperative Bank...

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Moneylife Digital Team 29 August 2024
Market regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs4 lakh on Sharekhan Ltd, a stockbroker, for violations related to the misuse of trading terminals by its authorised persons (APs).    In an adjudication order, Barnali Mukherjee, adjudicating officer (AO) of...

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Sahyaja MS (Bar  and   Bench) 28 August 2024
The National Stock Exchange of India (NSE) has sought fresh approval from the Securities and Exchange Board of India (SEBI) to move forward with its initial public offering (IPO) plans.   This update, detailed in NSE's latest annual report, follows a series of regulatory challenges that have...

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Moneylife Digital Team 28 August 2024
Reserve Bank of India (RBI) is set to introduce a groundbreaking initiative with the launch of the 'Unified Lending Interface' (ULI). Announced by RBI governor Shaktikanta Das, this platform is expected to transform the lending sector in India, much like the unified payments interface (UPI) did...

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Moneylife Digital Team 28 August 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs3.50 lakh on two cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on Manipur State Cooperative Bank Ltd.   The other bank penalised by RBI is...

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Moneylife Digital Team 28 August 2024
Market regulator Securities and Exchange Board of India (SEBI) has ordered Green India Infra Projects Ltd (GIIPL) and the company's Chief executive officer (CEO) Sunil Kumar Panda (noticee), to refund Rs5 crore collected through the issuance of secured optionally convertible debentures (SOCDs)....

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Anadi Tewari (Bar  and   Bench) 27 August 2024
The Supreme Court on Tuesday stayed the Central government's decision to omit Rule 170 of the Drugs and Cosmetics Rules, 1945, which was aimed to tackle misleading advertisements of Ayurvedic, Siddha and Unani drugs (Indian Medical Association & Anr v. Union of India and Ors).   A letter by...

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Moneylife Digital Team 27 August 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1.25 lakh on Gujarat-based Valsad Mahila Nagarik Sahakari Bank Ltd for non-compliance with the directions issued by the banking regulator.    These directions relate to income recognition, asset classification, provisioning and other...

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Moneylife Digital Team 27 August 2024
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs1 lakh on Catalyst Trusteeship Ltd (CTL) for failing to comply with regulations in handling breaches of financial covenants by Spandana Sphoorty Financial Ltd (SSFL).    In his adjudication order,...

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Moneylife Digital Team 26 August 2024
In a shocking revelation that has sent ripples through India's financial sector, the Securities and Exchange Board of India (SEBI) has uncovered a calculated and extensive fraud allegedly perpetrated by the promoters of Debock Industries. The company, which initially listed on the Innovators...

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