The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
The Supreme Court on Wednesday directed the SEBI to complete its probe into two pending cases relating to allegations against the Adani group within three months. Holding that it cannot regulate Sebi's power of investigation, a bench headed by Chief Justice D Y Chandrachud noted that Sebi has completed its probe in 22 out of 24 cases relating to allegations against the Adani group.
Pharma giant AstraZeneca's Covid-19 vaccine is being withdrawn worldwide after the company acknowledged for the first time in court documents that it can cause a rare and dangerous side effect, according to a report in the British newspaper The Telegraph.
The Rs 200,000 plus perks hike for regulators proposed in the Sixth Pay Commission is likely to attract good talent. It would be sufficient incentive for both private sector executives and serving bureaucrats to join as watchdogs. The Commission has recommended that the remuneration of chairpersons of regulatory agencies like the Sebi, Irda, Trai, CERC as well as the Competition Commission of India be hiked to Rs 300,000 if they do not avail of perks like cars and housing.
Entrepreneurship, education and training will be provided in 2,200 colleges, 300 schools, 500 government ITIs and 50 vocational training centres through massive open online courses.
The Supreme Court on Thursday asked the Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. The top court while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process said it was appropriate to set up such a panel of experts in order to "protect Indian investors against volatility of the kind which has been witnessed in the recent past". The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the Sebi chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala.
'Clients deemed higher-risk are required to update their KYC more frequently.'
In 2009, Ranbaxy had to recall about 4,000 cartons of Sotret Isotretinoin through its US-based subsidiary.
In a significant win for the Adani group, the Supreme Court on Wednesday refused to transfer the probe into allegations of stock price manipulation by the Indian corporate giant to a special investigation team or the CBI, saying market regulator SEBI was conducting a "comprehensive investigation" and its conduct "inspires confidence".
The Indian Council of Medical Research's national task force for COVID-19 has decided against including antiviral drug Molnupiravir in the clinical management protocol for COVID-19 as of now, official sources said on Tuesday.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
The Electronic Privacy Information Centre, an advocacy group, last week filed a complaint against Facebook and asked the FTC to investigate recent changes made by the company that make more information public by default and automatically share information with other websites.
The UK's National Health Service was already lining up thousands of medics and volunteers to be ready to deliver jabs up and down the country.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
Viagra has landed 109 people in their graves, say reports. According to the Medicines and Healthcare Products Regulatory Agency, the anti-impotence drug had triggered 44 fatal heart attacks, along with perpetrating 29 other sudden deaths.Seven people allegedly lost their sight and two became deaf after taking the drug, reports The Sun.
The suspect medicines and the companies include Sudarshan tablets made by Zandu Pharmaceuticals, India, Shilajit capsules made by Dabur India Ltd, Safi liquid made by Hamdard Wakf-India
The Chernobyl nuclear power plant's personnel are continuing to service the facilities and monitor the radiation situation at the station as usual, a top Russian official claimed on Friday, a day after Russian forces took over the decommissioned facility after a fierce fight with Ukrainian soldiers guarding it.
The government today said the proposed Financial Stability and Development Council, an inter-regulatory agency headed by the finance minister, would not act as a super regulator.
Of late Speak Asia (www.speakasiaonline.com) has been in the news and is being investigated by various regulatory agencies of the government, including the ministry of corporate affairs.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
But no extra risk after second dose, shows study led and funded by drug maker, reports Sohini Das.
Banks are likely to see their net interest margins (NIM) - broadly the difference between interest earned on loans and paid on deposits - shrink by another 30 basis points (bps) over the next few quarters. After hitting a peak of 3.3 per cent in the third quarter (Q3) of the financial year ended March 31, 2023 (FY23), NIMs have been on a downward trajectory, touching 3.13 per cent in Q2FY24 on higher cost of funds, according to capital markets firm CARE Ratings. Banks are still grappling with the Reserve Bank of India's policy rate increases - that have made deposits costlier as the interest payable to customers has increased - and the regulatory actions on unsecured lending.
The government is finalising appointment of at least nine public sector bank chiefs and a dozen executive directors who would replace them or fill existing vacancies.
Demanding a probe by central regulatory agency into the financial irregularities committed by software company Satyam Computer Services, the Bharatiya Janata Party (BJP) on Friday alleged that a scam of such proportions was not possible without the support of SEBI, MCA, Planning Commission and the Andhra Pradesh government.
As Mumbai's real estate and electric vehicle penetration grows, two of the city's private power distribution companies, Adani Electricity and Tata Power, are eyeing a bigger business pie, particularly betting on high-value customers. Adani Electricity Mumbai (AEML), the subsidiary which houses Adani Energy Solutions' Mumbai distribution business, recorded a six per cent growth in total units sold in the financial year 2023-24 (FY24), the company's presentation shows. This gain came at over 13 per cent growth in the year-ago period.
Tamil Nadu, Kerala, West Bengal, Assam and the Union Territory of neighbouring Puducherry are likely to go to polls in April or May.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
Biju Janata Dal member of Parliament Baijayant 'Jay' Panda on Monday supported the Bill to amend Telecom Regulatory Authority of India Act, which seeks to remove a legal hurdle in the appointment of former chairman of telecom regulatory body Nripendra Misra RPT Misra as principal secretary to Prime Minister Narendra Modi.
Air India's passenger service system provider SITA faced a sophisticated cyberattack in February this year leading to leak of personal data of 4.5 million passengers -- which included passengers of the national carrier -- from across the world, an official statement said on Friday. Personal data -- including name, date of birth, contact information, passport information, ticket information and credit card data -- which was registered between August 11, 2011, and February 3, 2021, has been leaked of a certain number of Air India's passengers, the statement issued by the airline said. "While we and our data processor continue to take remedial actions...We would also encourage passengers to change passwords wherever applicable to ensure safety of their personal data," it said.
'In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that.'
The drug regulatory agencies of India and Canada are planning to collaborate on improving the quality of drugs traded between the two countries, besides helping the industry in both the countries to tap the opportunities in the field of generic medicines and drug development.
The Rs 1,027-crore (Rs 10.27 billion) company has filed 13 abbreviated new drug applications and 22 drug master files with the US Food and Drug Administration and regulatory agencies in Europe for supply of formulations and active pharmaceutical ingredients. Some of the ANDAs challenge innovator patents and the company's strategy will be to partner with established companies in the US and Europe for marketing formulations, said Pranav Amin, director, Alembic.
Calling for 'equal recognition of vaccines', COVAX on Thursday urged all governments to recognise as 'fully vaccinated' those people who have received COVID-19 vaccines deemed safe by World Health Organisation, saying any move that restricts travel of people based on the vaccines they have received is 'counter-effective, both in spirit and outcome'.
Fitch Ratings on Wednesday said the recent search by the enforcement directorate at gold-backed lender Manappuram Finance highlights corporate governance challenges that can arise in emerging markets like India. "Such searches need not lead to further regulatory action, but investigations raise reputational risk that could tarnish a lender's business prospects and constrict funding access due to reduced market confidence - potentially affecting an issuer's credit profile - even if no wrongdoing is identified," Fitch added. The rating agency said Manappuram Finance Ltd has disclosed that the Enforcement Directorate's search at its premises pertained to legacy non-compliant activities at its branches up until 2012.
The government is planning to collaborate with industry stakeholders, including influencer marketing companies, to prepare and promote guidelines to help them understand the rules better and improve compliance. During a discussion with influencers, content creators, and their agencies on the recently released guidelines for celebrities, influencers, and virtual influencers on social media platforms, Rohit Kumar Singh, consumer affairs secretary, suggested forming a self-regulatory organisation for influencer marketing companies and the development of a creator or influencer recognition programme in collaboration with the industry.
The Supreme Court on Friday refused to entertain former ICICI bank managing director and CEO Chanda Kochhar's plea seeking retirement benefits from the bank. A bench of Justices Sanjiv Khanna and SVN Bhatti said, "Not a case for interference. We are not inclined to interfere with the high court order. "The special leave petition is dismissed." At the outset, senior advocate Harish Salve, appearing for Kochhar said the high court had dismissed the petition without any discussion or finding.
Nikkei 225 index hit the 40,000 mark for the first time ever on Monday, continuing its bull-run that saw the index reclaim its 1989 peak of 34,000 levels in February. as global investors latched on to Japan's biggest companies on improving shareholder returns, the weaker yen and booming corporate profits. Analysts remain bullish on Japan, mostly aided by gains in technology shares. Adoption of artificial intelligence (AI), according to a note by Morgan Stanley, is likely to benefit Japanese companies, which is almost at par with the US-based companies.
During 2023, the Indian real estate sector - both housing and commercial - witnessed buoyancy fuelled by demand, supply, and absorption, and the sector is banking on the upcoming Budget to keep the momentum going. Mumbai-based Sattva Group wants the government to focus on the critical pillars for long-term growth. The company emphasised on the infrastructure boom with increased allocation, lower goods and services tax (GST) rates, incentives for affordable housing and single-window clearance to fast-track projects and support liquidity.
