Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
In the interview to Business Standard last week, Chary had stated that the government's proposal to merge was unwarranted and that FTIL shareholders did not benefit from higher dividends from NSEL.
The raids resulted in recovery of documents of some dummy firms linked to Mallya like Gold Reef Investments Ltd and McDowell Holdings Ltd.
Artificial Intelligence will create 2.3 million machine learning jobs by 2020.
ED team managed to get several bank statements from Barbados, Dubai, Hong Kong etc. which prove vital overseas link and money trail relating to Nirav Modi and his aides.
Scandal-hit Satyam Computer Services is likely to abandon its proposed IT park project in Gandhinagar in view of the multi-crore fraud in the Hyderabad-based software firm, Gujarat government officials said on Friday.
The judge fixed April 26 as the next date of hearing when he will appear via video link from jail.
Banks can collapse, markets can be rigged, investment instruments can become worthless overnight, auditors can fail to blow the whistle, board directors can be asleep, and regulators can be incompetent, notes T N Ninan.
One of the reasons why conviction rates in India are poor is that "adventurism and megalomania overtakes our investigators and professionalism takes a back seat," Jaitley said on Twitter.
The problem is with the broking model and what brokers are allowed to do, notes Debashis Basu.
However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 8,000 crore in 2018-19
At least 10 companies are currently being probed for possible violation of CIS regulations of Sebi, the official said, while adding that role of Sen and other top executives associated with these entities was also being investigated.
Probe has been completed against 83.
Google on Wednesday launched its global 'Be Internet Awesome' programme for children in India in partnership with Indian comic book publisher Amar Chitra Katha to interweave critical internet safety lessons across eight Indian languages. The tech giant has also launched an enhanced Google Safety Centre in eight Indic languages as part of its efforts to step up safety of users on the internet. Google has significantly increased its resources dedicated to India's Trust Safety teams, including product policy analysts, security specialists, and user trust experts that support over 10 vernacular Indian languages, enabling its central teams to benefit from the local nuance and inputs.
Amjed Ullah Khan, who carried out investigations of his own and helped rescue 15 women from Hyderabad, tells Syed Firdaus Ashraf/Rediff.com how the women get trapped in an underground slave market that 'sells' them to employers who force them to work for less or no pay and often under inhuman conditions.
Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
In a series of tweets reacting to banks led by State Bank of India taking over management control of troubled Jet Airways, Mallya said, "...Only wish the same was done for Kingfisher".
India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers, point out Manoj Kumar and Mayank Bhardwaj.
Adani, which had earlier bid only for the wholesale book, now want all of DHFL's assets and has pipped both Oaktree and Piramal by bidding higher than each of them.
The size of the Indian financial services market could touch around $340 billion in the next few years.
Reema Shah pleaded guilty to insider trading and cooperated with the US government for accepting insider info from a Yahoo! executive
Three reasons why this is the best time for financial planning.
Hansal Mehta's nine-hour drama series Scam 1992 needs to be viewed by everyone, young and old, recommends Moumita Bhattacharya.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
Japanese auto major Suzuki Motor Corporation (SMC) on Wednesday said its long-serving chairman Osamu Suzuki will retire and assume the role of senior advisor subject to shareholders' approval in the ordinary general meeting to be held in June this year.
New risks have been identified, which include risk of non-compliance, business investment risk and legal regulatory risk.
The high court imposed various bail conditions on him, including that he shall not tamper with the evidence or influence witnesses, directly or indirectly.
India-born former Goldman Sachs director Rajat Gupta has asked a US appeals court to overturn a court's ruling that he pay a hefty $13.9 million fine in the insider trading case and sought reversing a life ban on him from serving as director of a public company.
The Delhi high court on Tuesday stayed the proceedings before the trial court in the CBI's INX Media corruption case involving Congress leader P Chidambaram and his son Karti.
Barcelona agreed to pay a fine of 5.5 million euros ($6.21 million) to the Spanish authorities to settle a tax fraud case over the transfer of Brazil international Neymar in 2013.
"The downgrade of the bank's BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank's standalone profile, particularly its capital position," the rating agency said in a report.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
However, the Indian capital markets regulator rejected the claim saying it neither received any such request, nor provided any such information to the concerned department in Antigua.
A jury has convicted a former Enron Corp executive and four ex-Merrill Lynch & Co officials in the first criminal prosecution arising from the accounting fraud that led to the collapse of the energy trader.
The probe agency has found that the company's vast network of sales agents across the globe was not independent of Jet Airways and several of these entities were linked to its founder, Naresh Goyal.
Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
Do we not understand that risk and return go hand-in-hand, or do we, in our rush to get rich, simply choose to ignore risk, wonders Ramabhadran S Thirumalai.
The police have sought details of transactions undertaken by Citibank fraud mastermind Shivraj Puri from premier bourse National Stock Exchange.
