REGULATIONS


Moneylife Digital Team 26 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1 lakh each on five cooperative banks for non-compliance with the directions issued by the banking regulator.   The banks penalised by RBI are Madhya Pradesh (MP)-based Sadbhav Nagarik Sahakari Bank Maryadit, Chhattisgarh-based Bilaspur...

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Moneylife Digital Team 26 April 2024
Market regulator Securities and Exchange Board of India (SEBI) has imposed a fine of Rs15 lakh on Chennai-based stockbroker Maxpro Asia for misusing clients' funds and failing to settle accounts of 30 clients.   In an order, Barnali Mukherjee, adjudicating officer (AO) of SEBI, "The evidence...

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Moneylife Digital Team 25 April 2024
Invesco Asset Management (India) Pvt Ltd (IAMI), its chief executive officer (CEO) Saurabh Nanavati and four current and former key managerial personnel paid Rs4.98 crore to market regulator Securities and Exchange Board of India (SEBI) to settle charges of mixing business activities with its...

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Moneylife Digital Team 25 April 2024
The Securities and Exchange Board of India (SEBI) has cancelled the investment advisory (IA) registration of Money CapitalHeight Research Investment Adviser Pvt Ltd due to numerous breaches of rules and regulations.   Money CapitalHeight Research was found to have repeatedly failed to comply...

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Moneylife Digital Team 24 April 2024
The Bengaluru bench of national company law tribunal (NCLT) has imposed a fine of Rs20,000 on embattling ed-tech company Byju's for failing to file a response to one of the insolvency pleas filed by a creditor. Surfer Technologies Pvt Ltd, the fourth creditor, had filed the plea in February for...

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Bar  and   Bench 24 April 2024
The President of the National Company Law Tribunal (NCLT) on Tuesday temporarily reconstituted the Chandigarh Bench-II days after the Technical Member Umesh Kumar Shukla allegedly refused to attend the Court.   In an order passed on Tuesday, the NCLT Registrar Naveen Kumar Kashyap said the...

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Moneylife Digital Team 23 April 2024
The Securities and Exchange Board of India (SEBI) has levied penalties totaling Rs16 lakh on four entities following an investigation into Jump Network Ltd, currently known as WinPro Industries Ltd, for non-disclosure of shareholding breaches falling below the 5% threshold under the takeover...

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The Reserve Bank of India (RBI) has asked non-bank payment system operators (PSOs), to track high-value or suspicious transactions through electronic modes of payment during the ongoing Lok Sabha elections to prevent any misuse of funds to influence voters.   RBI’s letter, dated 15th April,...

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Moneylife Digital Team 23 April 2024
Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs3 lakh on Tipsons Consultancy Services Pvt Ltd for violations related to due diligence processes. SEBI conducted  inspection  of  Tipsons  Consultancy  Services to ascertain compliance  with  provisions  of  SEBI’s  NCS ...

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Moneylife Digital Team 23 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs14.50 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh has been imposed on Punjab-based Nakodar Hindu Urban Cooperative Bank Ltd.   Other banks...

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Moneylife Digital Team 22 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs10 lakh on NABFINS Limited, a non-banking financial company (NBFC) from Bengaluru in Karnataka for non-compliance with the directions issued by the banking regulator.   The NBFC is also a subsidiary of National Bank for Agriculture and...

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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...

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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...

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Moneylife Digital Team 19 April 2024
The Food Safety and Standards Authority of India (FSSAI) is examining the claim that Nestlé 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...

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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...

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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,...

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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...

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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...

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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...

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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...

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