REGULATIONS


Moneylife Digital Team 24 September 2024
Markets regulator Securities and Exchange Board of India (SEBI) has slapped a penalty of Rs8 lakh on Brightcom Group Ltd for failing to make timely disclosures to stock exchanges.   In an order, Barnali Mukherjee, adjudicating officer (AO) of SEBI, says, "It is observed that securities...

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Moneylife Digital Team 23 September 2024
While deciding on two complaints filed by different individuals based on a report by US-based short-seller Hindenburg Research, anti-corruption ombudsman Lokpal says the complaints alleging impropriety and conflict of interest against Madhabi Puri Buch, chairperson of the Securities & Exchange...

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Moneylife Digital Team 23 September 2024
Market regulator Securities and Exchange Board of India (SEBI) has barred Madhav Tiwari (noticee), proprietor of Divinecommodity.co, for two years for providing unregistered investment advisory services. While imposing a fine of Rs6 lakh, SEBI also asked Mr Tiwari to refund Rs1.70 crore...

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Moneylife Digital Team 23 September 2024
Marker Regulator Securities and Exchange Board of India (SEBI) has imposed a two-year ban on Priyank Dineshbhai Shah, compliance officer of Eqwires Research Analyst, for providing illegal investment advisory services. In addition to a fine of Rs6 lakh, SEBI has ordered Mr Shah and Kota Sunil...

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Moneylife Digital Team 23 September 2024
Market regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs2 lakh on Horizon Portfolio Ltd, a stockbroker, for failing to seek prior approval from the market regulator before effectuating changes in its control on two separate occasions.   In an order, Barnali...

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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 20 September 2024
Except for the dates of appointment, market regulator Securities & Exchange Board of India (SEBI) does not have any information readily available on its chairperson Madhabi Puri Buch's appointment, her application for the post, declaration of assets and cases where she had recused herself due...

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Moneylife Digital Team 20 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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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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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 (Insolvency and Bankruptcy Code) process.   Though any audit report is addressed only to the...

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Moneylife Digital Team 20 September 2024
Amidst the concerns about communication devices, after the waves of remotely triggered explosions that hit pagers and walkie-talkies of Hezbollah members in Lebanon, the Bombay Telephone Users Association (BTUA) has asked the telecom regulatory authority of India (TRAI) to adopt additional...

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Moneylife Digital Team 20 September 2024
The Reserve Bank of India (RBI) has imposed a penalty of Rs50,000  Penalty on Dr Babasaheb Ambedkar Sahakari Bank Ltd from Maharashtra for non-compliance with directions on loans and advances to directors, relatives and firms or concerns in which they are interested.   The statutory...

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Moneylife Digital Team 20 September 2024
As an interim measure pending investigation, market regulator Securities and Exchange Board of India (SEBI) has restrained Axis Capital Ltd (ACL) from taking up new assignments as a merchant banker, arranger or underwriter of any issue till further order.   The market regulator inspected ACL...

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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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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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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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