Stock exchanges and other market infrastructure institutions as well as their top officials are liable to face penalties for lapses in handling and recitfying technical glitches, with Sebi putting in a place a stricter compliance system driven by "financial disincentives". The markets watchdog has come out with a detailed Standard Operating Procedure (SOP) for Market Infrastructure Institutions (MIIs) less than five months after a technical glitch halted trading at the country's largest bourse NSE for nearly four hours. There will be a "financial disincentives" structure for MIIs -- stock exchanges, clearing corporation and depositories -- for any business disruption beyond pre-defined time, according to a circular issued on Monday.
Concerns are swirling that Japan's dream of hosting the Tokyo 2020 Olympics could be a fatality of the spread of the new coronavirus, jolting organisers, sponsors, and media firms who have spent billions of dollars in the run-up to the event. Global insurers face a hefty bill if the coronavirus forces the cancellation of the Games, with estimates of the cost of insuring the showpiece running into billions of dollars.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
Sebi splits CMD post and has directed listed companies to have at least six directors and at least one of them needs to be a woman.
FIFA approved major reforms at a congress on Friday, part of world football's effort to end the culture of corruption that has plagued its governing body for years. The measures were adopted by 179 members, while 22 voted against and six abstained at a congress in Zurich that will also elect a replacement to FIFA's disgraced president Sepp Blatter. The reforms were developed since June by a committee led by Francois Carrard, a Swiss lawyer tasked with a similar cleanup effort at the International Olympic Committee more than a decade ago. Among the most crucial measures are changes in the role of FIFA's president and its executive committee. The president's job has been altered to function like a corporate chairman of the board, providing strategic guidance but with less management authority. FIFA's executive committee, which had become an epicenter of graft, has been re-branded as a FIFA council, and will operate similar to a corporate board of directions. FIFA's secretary general, previously number two to the president, will serve as world football's CEO.
Indian-origin steel magnate Lakshmi Mittal has joined the board of the investment bank major Goldman Sachs as an independent director.
PAC Chairman K V Thomas, however, remained non-committal over these demands.
With the shadow of the Supreme Court-appointed Justice Lodha panel recommendations hanging over its head, the BCCI will be conducting its 87th Annual General Meeting in Mumbai on Wednesday, with election of its honorary secretary being one of the priorities on the agenda.
The RBI governor-designate may be economical with spoken words, but is known for his sharp and critical writings
Meanwhile, company secretaries' body ICSI is also writing to the company secretary of Satyam Computer today to submit a report on corporate governance in a week. ICSI president Keyoor Bakshi said the government had earlier asked the institute to look into the revelations made by Satyam Computer's founder President Ramalinga Raju.
'If you are doing something to our national democratic space which involves serious amounts of land, the public should have been consulted.'
'On the evening of the 17th, the RBI said the bank was put on moratorium.' 'Within an hour, the RBI said it would be merged with DBS.' 'How did DBS come to know within an hour that LVB was in trouble?' 'It means, what happened was match-fixing.'
The global heath body had earlier suspended the hydroxychloroquine arm of the clinical trials of experimental COVID-19 drugs over safety concerns.
Former Olympic figure skating champion Kim Yuna will play the role of honorary ambassador for the 2018 Winter Olympics in South Korea's Pyeongchang.
FIFA's executive committee has voted to allow publication of former ethics investigator Michael Garcia's investigation into the bidding process for the 2018/2022 World Cups, president Sepp Blatter said in a statement on Friday.
Banks feel happy shifting their toxic assets from loan books to investment books while the ARCs enjoy the management fees with a smile, observes Tamal Bandyopadhyay.
Finding is part of a survey conducted by Janaagraha Centre for citizenship and democracy
The Supreme Court on Wednesday issued a slew of guidelines on regulation of public advertisements.
'If you wish to expand your business in a competitive global environment, you have no option but to be ethical.'
Batting for greater transparency, a Sebi panel said sound corporate governance helped companies generate "significantly greater returns".
The regulator is also planning to widen the ambit of 'deemed fraudulent activities'.
'If the platform is public, then every Indian regardless of his ideology and commitment has got the right to convey his view'
Action against auditors, last of the 276 recommendations of a JPC probing Ketan Parekh scam, is still pending.
FIFA's executive committee approved a package of planned reforms on Thursday aimed at cleaning up soccer's scandal-plagued world governing body, proposing integrity checks and term limits for senior officials and a new separation of policy and management positions.
The Indian Cricket Board has incorporated strict guidelines in their 19-page 'Request For Proposals' (RFP) from interested companies.
The Reserve Bank of India has asked banks to refrain forthwith from the restrictive practice of linking locker facility provision to placement of fixed or other deposits.
Taking a cue from the Delhi government's decision of a 50 per cent cut in power tariff, All India Congress Committee secretary and Member of Parliament Sanjay Nirupam on Wednesday demanded that the Maharashtra government should reduce the tariff for power consumption of less than 500 units per month in the city.
Delhi BJP chief Tiwari said each poor family will be provided good quality, subsidised 'atta' (wheat flour) at a rate of Rs 2 per kilogram. The BJP will bring an ambitious 'Samridh Delhi Infrastructure Scheme', with a provision of Rs 10,000 crore, to ensure "focussed and priority" development of roads, flyovers, foot over-bridges and other key infrastructure projects, the manifesto stated. The manifesto promises to set up a 'Colonies Development Board' for undertaking development of various civic amenities.
The government has suffered a loss of Rs 12,488.93 crore (Rs 124.88 billion) due to under-invoicing of gross revenue by six telecom companies including Reliance Communications, Vodafone and Bharti Airtel, the CAG said in a damning report on Friday.
Alexandr Kogan, the Cambridge University researcher who developed the app used by Cambridge Analytica, claimed he has been made a scapegoat.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Outgoing US President Donald Trump has declined to concede the closely-fought November 3 presidential race to Democrat Biden and is mounting legal fights in several key battleground states, but there has been no evidence of voter irregularities or widespread fraud in the election -- billed as one of the most divisive and bitter in recent American history.
.jpg)
After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
The apex court-appointed Justice Rajendra Mal Lodha committee moved the Supreme Court seeking a direction to appoint former home secretary G K Pillai as an observer to guide' the Board of Control for Cricket in India in the administrative works including award of contracts, transparency norms and holding of future domestic, international and Indian Premier League matches.
There is a need for further focus and strengthening of guidelines.
The company said, due internal processes as applicable for sanctions of loans of such nature and value were followed
.jpg)
The new provisions strengthen the hands of minority shareholders and will improve corporate governance.
