'This issue is related to national security because they were compromising the entire capital markets's core infrastructure by leaking confidential information.' 'What would have happened if the servers had come down?' 'Or some confidential information leaked to terrorists who could have knocked out our capital market?'
If raters get away by moving from AAA to D overnight after companies default, as happened with DHFL, YES Bank, RCom, and IL&FS, it shows a complete breakdown in the rating system. It calls for exemplary punishment, not kid glove treatment, says Debashis Basu.
Thousands of unlisted companies registered with RoCs will soon go under watch on lines similar to the oversight by the Securities and Exchange Board of India of listed companies.
Mahindra will serve as a mentor and sounding board for the managing director on issues to be presented to the board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the managing director on key issues facing the enterprise.
BCCI official says while the board has tightened the system further, issues raised by players are swiftly answered by the finance department.
'Facilitating conversion of well-run NBFCs into banks is urgently needed.'
Moody's Investors Service on Thursday said loans to retail customers, especially those to low-income borrowers, will remain most affected due to the shock caused by the coronavirus pandemic. Despite the pandemic challenges, asset quality at Indian banks has performed better than expected at the start of the outbreak, Moody's said. "Corporate loans, in particular, have performed well because banks prior to the pandemic had largely provisioned for legacy problem loans and tightened underwriting standards," Moody's vice president and senior credit officer Srikanth Vadlamani said. Addressing an online conference organised by Moody's and its affiliate Icra, Vadlamani said an increase in non-performing loans in both public and private sector banks is subdued.
Companies are looking to combine risk management with strategy.
COVID-19 forced people to work from home turned into the fuel for new demat accounts, observes Debashis Basu.
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
As many as 104 listed companies have fewer independent directors than mandated by the regulations, according to the figures from Prime Database, reports Sachin P Mampatta.
Former Test umpire and Hampshire cricketer John Holder is among those who have called for an independent inquiry into the dearth of non-white match officials in English cricket.
The chief of the Central Intelligence Agency on Friday apologised for the United States' spy agency's surveillance of computers used by lawmakers and their staffers involved in investigating the organisation's harsh interrogation techniques.
The Supreme Court-appointed committee headed by former CJI RM Lodha, who has been assigned to make administrative reforms in BCCI, has sent out a questionnaire containing more than 80 queries under seven sub-heads to office-bearers of the cricket body.
Companies such as Tata Sons and Bharti Telecom, which are unlisted but have listed subsidiaries, may soon have to file periodic financial statements with the registrar of companies under the new provision of the Companies Act. The provision requires greater financial disclosures by a certain category of unlisted companies.
Ahead of two crucial audits, the Ministry of Civil Aviation (MoCA) has proposed to allow deputy director generals (DGs) and officers of Indian Air Force (IAF) to apply for the post of chief of India's aviation regulator. The current head of the Directorate General of Civil Aviation (DGCA), Arun Kumar, has been promoted as secretary and is expected to move out some time soon. DGCA has four Deputy DGs with experience in different fields of aviation.
The whistleblower, claiming to be an employee working in the finance department, said he was submitting a 'whistleblower complaint' unanimously as the matter stated was 'volatile' and that he feared retaliation on disclosing the identity.
Recently, a number of blogs have cropped up where members discuss stock market trends.
Harris recounted how she and her team got a call that Biden wanted to talk and then got another call where she was told Biden wanted to do a zoom call. She described how she went in "our little makeshift office" and then when the call started Biden immediately asked her to join the ticket. After referring to her mother, Harris also described how husband Doug Emhoff's ear was on the door outside the room listening in on the call. Eventually Jill Biden and Emhoff joined the call with Biden and Harris.
The Supreme Court on Wednesday said it would hear after two weeks the applications which have raised issues relating to the Board of Control for Cricket in India. The matter came up for hearing before a bench comprising Chief Justice S A Bobde and Justice L Nageswara Rao.
2010 was indeed an eventful year from the personal finance perspective. The year had its share of controversies, forward looking policies as well ones which will pinch your pocket more in days to come. Here is a look at top 10 news items (in no particular order).
Dr Anthony Fauci has been named as Chief Medical Adviser to the President on COVID-19, while Dr Rochelle Walensky has been named as Director of the Centers for Disease Control and Prevention; and Dr. Marcella Nunez-Smith as COVID-19 Equity Task Force Chair.
Freight corridor project slipping, needs supervision revamp, says Plan panel.
The finance ministry is seeking to speed up deals with outside investors.
Sebi has asked clearing houses to establish separate funds for all segments of the market including equity, debt and currency.
He rued that people who work hard and honestly are put through enormous difficulties and Indians excel in making an ordinary task into an extraordinary one.
Ramkrishna's exit comes at a time when NSE has been in focus over a new regulatory framework for high frequency trades and co-location facilities, which some believe give undue advantage to some brokers and traders
A day after she praised Rohan Murthy's performance at Infosys' board meeting, the firm's newly-appointed independent director and Biocon head Kiran Mazumdar Shaw on Wednesday apologised for the remarks.
'If the RBI board forces the management's hand on all the key issues, it should be prepared for resignations by the governor and the key deputy governor, Viral Acharya,' warns T N Ninan.
Financial conglomerates neither have group-wide oversight mechanisms nor do they follow enterprise-wide risk management practices, according to the findings of a monitoring exercise by the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority (Irda).
RBI's oversight cadre move creates HR trouble, officers threaten agitation.
Many Indian companies provide outsourcing services to various American entities, including large banks and financial institutions.
The framework also envisages amendments to the Prevention of Corruption Act to exempt commercial decisions by PSBs from scrutiny by investigating agencies. Both the amendments are likely in the monsoon session of Parliament.
The most common complaint of financial consumers is cumbersome processes, complicated products, usurious charges, and mis-selling of products, which finally don't deliver what is promised or as expect, notes Debashis Basu.
'The banks cannot pass on the hike in premiums to its customers, according to the norms. The premium won't go up substantially in any case and may be hiked to 12-13 paise (per deposit of Rs 100 a year),' Finance Secretary Rajiv Kumar said.
RBI has cited at least 10 areas where it has no control over PSBs.
Within a year of Gopal Vittal becoming the joint MD and CEO of Bharti Airtel's India operations, the company has elevated him as the MD and CEO for Bharti Airtel's operations in India and South Asia.
The government's step to curtail fiscal deficit is helping the central bank's monetary policy, Rajan said.
Stating that he has no intention to become CEO of the company, he said the future strategy of Infosys will be aligned with global developments and he sees tremendous opportunity in software data and machine learning.
Top officials said asking employees other than the fund management team to mandatorily invest a fifth of their salary goes against the principle of natural justice.
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