HDFC Bank has been barred from onboarding new customers at its Dubai International Financial Centre branch by the local regulator. HDFC Bank, India's largest private sector lender, said it has initiated the necessary steps to comply with the notice of the Dubai Financial Services Authority and added that it does not see any material impact from it.
A key indicator of corporate efficiency may now be better than at any time since the turn of the millennium. The net working capital cycle - a crucial measure that tracks the time a company takes to convert current assets like inventory into sales and then collect the money from customers - has seen remarkable improvement. According to data from the Centre for Monitoring Indian Economy (CMIE), the average company needed nearly 90 days to complete this cycle in 1999-2000.
Indian companies are generating more cash than ever. The net cash flow from listed firms' operations hit a new high of Rs 11.1 trillion in financial year 2023-24 (FY24), crossing the Rs 10-trillion mark for the first time, according to the Centre for Monitoring Indian Economy (CMIE) data going back to 1990-91. The FY24 figure represents a 19.3 per cent jump over the previous year, even as quite a few companies are yet to release their numbers.
'India should start leveraging rather than banning crypto.'
UBS said on Wednesday it will pay $1.2 billion to the U.S. Department of Justice and the Commodity Futures Trading Commission, 160 million pounds ($260 million) to Britain's Financial Services Authority (FSA) and 59 million Swiss francs ($65 million) to Swiss regulator Finma.
According to a report in the Financial Times, two UBS bankers tried to create Pleuri, an offshore vehicle through which Ambani 'could illegally invest in securities at home'.
The British banking major would pay penalties of 290 million pounds as part of settlement agreement with the UK's Financial Services Authority and the US Department of Justice.
The six are Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, and Truptesh Patel. The six, who were arrested 2008, are due to be sentenced on Friday.
In interview with FSA in front of Sebi, mystery man denies owning UBS account used to execute $2.5-billion unauthorised trades.
"Following preliminary investigations, FSA has decided to commence a formal enforcement investigation into Goldman Sachs International in relation to recent SEC allegations. FSA will be liaising closely with SEC in this review," FSA said in a statement today. No further details were provided.
An Indian-origin man and his two partners in one of Britain's largest investment scams were today ordered to pay nearly 115 million pounds for illegally accepting deposits from customers without authorisation from the Financial Services Authority (FSA).
There are a number of factors that helped India remain relatively unscathed. Some of them are to do with RBI and some of them are to do with the Indian economy.
According to the report in the Financial Times, the bank tried immediately to repatriate the dealer, S Kapoor, to India against his wishes after it was confirmed that he had informed the UK Financial Services Authority about alleged irregularities.
The Enforcement Directorate, which is investigating possible violations of the Foreign Exchange Management Act by some former UBS employees, has written to the UK's Financial Services Authority, seeking details of the alleged misuse of accounts of Anil Dhirubhai Ambani Group-controlled Reliance Energy and Reliance Natural Resources.
Swiss bank UBS has been fined Pounds 8 million in the United Kingdom after four of its senior employees were found misusing funds of customers, including two companies of Indian industrialist Anil Ambani-led group.
TCS has bagged a Rs 784 crore outsourcing order from Sun Life Financial of Canada.
State Bank of India plans to open its office in Dubai International Finance Centre in a few weeks, a move which will boost India's largest bank's presence in the Gulf region.
With more and more players entering the fray, risk factor in commodity markets the world over has also gone up.
The RBI wants to include shares and options within the variable salary of the CEOs, proposed to be capped at 200 per cent of their fixed salary; the floor for it is 50 per cent.
The bulk of of trading on stock markets is done algorithmically, by computerised clerks working at the behest of human traders.
Royal Bank of Scotland and JP Morgan were also fined over attempts to rig currency benchmarks in a year-long probe that has put the largely unregulated $5 trillion-a-day market on a tighter leash, with dozens of dealers suspended or fired.
The financial crisis has challenged the intellectual assumptions on which previous regulatory approaches were largely built, and in particular the theory of rational and self-correcting markets.
The sluggish legal system in India makes it extremely difficult for law-enforcing agencies in the ministry of finance to punish violations of foreign exchange laws. Unfortunately, it is not just FEMA. The Prevention of Money Laundering Act too has significant infirmities, say Paranjoy Guha Thakurta and Pranati Mehra.
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