The Reserve Bank of India (RBI) has updated Know Your Customer (KYC) norms for politically exposed persons (PEPs) who transact with regulated entities (REs), seeking to comply with the recommendations of intergovernmental organisation Financial Action Task Force (FATF). PEPs are individuals entrusted with prominent public functions by a foreign country, including the heads of states/governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials, said the RBI. This change is expected to provide more clarity to undertake Customer Due Diligence (CDD), said the RBI in a communication to REs.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
The government has exempted units of investment trusts and ETFs issued by entities based in GIFT City or traded in exchanges there from capital gains tax. The Central Board of Direct Taxes (CBDT) notified the exemption from capital gains tax any unit of investment trust; a unit of a scheme; and a unit of an Exchange Traded Fund (ETF) launched under the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector.
A single market regulator clearly has its own advantages over multiple regulators. But it is more suitable for well-developed and mature markets which are smaller in size, like the UK.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
The Centre on Wednesday told the Delhi high court that AAP leaders, including Chief Minister Arvind Kejriwal, have not provided the information sought by them on the funding received by the party.
The Securities and Exchange Board of India (Sebi) has notified stricter timelines of just seven working days for foreign portfolio investors (FPIs) to disclose vital information. This could include informing their custodians about any false or misleading information about the fund or disclosing any change in structure or common ownership, or control of the investor group. The new changes have been brought into effect from March 14 through a notification amending the Sebi (FPIs) Regulations.
Ruling out any relaxation in regulations, market regulator SEBI on Saturday said it will soon allow real estate funds, short selling by big investors and a system of stock lending and borrowing.
The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained its guns on the Adani Group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently.
The top court noted many recipients of foreign contributions had not utilised the same for the purposes for which they were registered or granted prior permission under the Act.
It is regrettable that the IB has tried to devalue the expertise available both within the concerned ministry and in the scientific community by its allegations. Governments and NGOs in many western nations have not been accused of being 'anti-national' when they put their foot down on questionable practices by cash rich agri-business companies, says Rashme Sehgal.
Minister of State for Home Mullappally Ramachandran said that on the basis of complaints received in the past and enquiries made, 41 NGOs or associations were prohibited from receiving foreign contribution.
The Securities and Exchange Board of India (Sebi) is contemplating the implementation of a same-day settlement cycle, known as T+0, in two phases. This is seen as a preliminary step towards instantaneous settlement. The shorter T+0 settlement cycle is being considered for the equity cash segment as an optional mechanism, in addition to the current T+1 (Trade plus one day) cycle.
The Supreme Court on Tuesday said it will consider whether the pleas challenging the validity of the electoral bond scheme for political funding of parties can be referred to a Constitution bench for an "authoritative pronouncement".
The United States on Friday expressed concern over India's crackdown on Ford Foundation and Greenpeace, and said it is seeking "clarification" on the action.
Licence foreign banks only if they reveal investment details, says Institute of Chartered Accountants of India.
'More than investors, fund houses, and advisors have raised caution and limited flows on small-and mid-caps.'
After the success of the National Highways Authority of India's (NHAI's) first infrastructure investment trust (InvIT) with foreign institutional investors, the Centre is working on a proposal to launch a fresh InvIT for national highways, where domestic retail investors can hold units of the trust
The Financial Stability and Development Council members include heads of regulatory bodies like RBI, Sebi and Insurance Regulatory Development Authority.
The US state department in its annual report to the Congress on international religious freedom has alleged that in India in 2021, attacks on members of the minority communities, including killings, assaults, and intimidation, occurred throughout the year.
The Securities and Exchange Board of India (Sebi) might relax the disclosure norms around rumour verification to help smooth implementation and ease compliance amid pushback from India Inc, said people in the know. The rule has been notified following amendments to the Listing Obligations and Disclosure Requirements (LODR) by Sebi. However, its implementation has been deferred until February.
The Securities and Exchange Board of India is considering the formulation of norms for registration of hedge funds in the country to provide them an investment window and improve quality of their regulation.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Mutual funds (MFs) turned net sellers of equities in April amid a run up in stock prices on sustained inflows from foreign portfolio investors (FPI). The benchmark indices, Sensex and Nifty50, logged their biggest monthly advance since November last year, gaining 3.6 per cent and 4.1 per cent last month. Data from the Securities and Exchange Board of India (Sebi) shows that MFs sold equities worth over Rs 5,100 crore in April, the highest since February 2021.
Wants details of Vijay Mallya transactions over 4 years
At a recent meeting of the high level coordination committee of regulators on capital markets, the RBI clarified that no approvals for VCFs will be issued since the Finance Ministry is reviewing the policy for investment in the realty sector for both foreign direct investment (FDI) and portfolio investments by foreign institutional investors.
Market regulator Sebi has barred 197 foreign funds, including those managed by global financial conglomerates like HSBC, Deutsche Bank and Standard Chartered, and 342 sub-accounts from further trading in stock market.
The UK government has asked for specific numbers over a period to drill-down on the use of the Foreign Contribution Regulation Act by the Indian government around funding licences of non-governmental organisations, the House of Lords was informed during a debate.
The MHA said all the "glossy statements" about humanitarian work and speaking truth to power are nothing but a "ploy to divert attention" from their activities which were in clear contravention of laid down Indian laws.
India's mutual fund (MF) industry had barely any retail footprint when it completed 50 years in 2013. MFs had Rs 7 trillion in assets under management (AUM) in March 2013, of which around Rs 5 trillion was in institution-focused debt funds. By comparison, bank deposits in the country stood at Rs 67.5 trillion around the same time.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
Foreign portfolio investors (FPIs) are likely to get a reprieve from the Securities and Exchange Board of India (Sebi) in case of a passive or unintended breach of the thresholds that trigger additional disclosure norms. According to sources, FPIs whose single group exposure exceeds 50 per cent of their corpus will get 10 trading days to bring down their exposure below the prescribed level, without triggering the stricter disclosure norms. If total equity exposure of an overseas fund exceeds Rs 25,000 crore and it doesn't wish to provide additional disclosures, it will have three months to pare its exposure.
'MFs have a combined exposure of Rs 3.2 lakh crore to NBFCs, out of which Rs 1.1 lakh crore matures by September 2019.'
The 'angel tax' provision in the Finance Bill will not impact startups in India, a senior government official said on Tuesday. Startups which are registered with the Department for Promotion of Industry and Internal Trade do not come under the purview, Anurag Jain, the secretary in the department said while speaking at the IVCA Conclave. "Let me put one thing very clearly. It doesn't affect startups in the least," he said, addressing the audience at the event organized by the venture capital industry lobby grouping.
The Delhi High Court Tuesday restrained the Enforcement Directorate from taking any further action pursuant to the attachment of Amnesty International India's funds in connection with a money laundering case.
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
