It is the biggest issue we have ever faced in the securities market, where a sensitive and systemically important institution and first-line regulator was not only exploited by unscrupulous elements but functioned like a private fief, points out Debashis Basu.
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
The affidavit further said that the IT Rules impose a host of obligations on a company in relation to the security of the data collected by it in the course of its business.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
This episode highlights that the country's surveillance systems are not robust enough to ward off and prevent such attacks in the future.
The government has imposed a penalty on e-commerce major Amazon for not displaying mandatory information, including the country of origin, of products sold on its platform, according to an official order. Last month, the consumer affairs ministry had issued notices to e-commerce majors Flipkart and Amazon for not displaying such information. The ministry has imposed a fine of Rs 25,000 on Bengaluru-based Amazon Seller Services as well as each of its directors as per the provisions of the Legal Metrology Act, 2009 and the Legal Metrology (Package Commodities) Rules, 2011.
The regulator is also planning to widen the ambit of 'deemed fraudulent activities'.
After Twitter briefly blocked IT Minister Ravi Shankar Prasad from accessing his account for alleged copyrights violation, chairman of the parliamentary panel on information technology Shashi Tharoor on Friday said the same thing happened with him and the standing committee will be seeking an explanation from the social media firm over the temporary locking of their accounts and the rules it follows while operating in India.
The government must send out a clear signal that leadership positions at regulatory bodies are not a preserve of retired government officials, argues A K Bhattacharya.
The government has refused to exempt the digital news content of mainstream television channels and print media from the ambit of the the IT Rules, 2021 and asked them to take 'urgent steps' to comply with the provisions of the digital media rules immediately.
... and I learn more about economic trends than from books, says Ajit Balakrishnan.
The new wing will be known as the corporate finance investigation department, which will be headed by one of Sebi's executive directors. This department will have information technology solutions experts, particularly to detect the menace of frauds.
They have also been accused of extending loans for criminal intent of falsification of repayment by a number of borrowers, including some entities associated with large corporate groups.
Sebi decided to incorporate a provision in this regard in its new Corporate Governance Code
Intermediaries, TPAs will also benefit, but investments will be under 26% FDI cap
Legal experts say under existing Indian cyber laws, Sibal cannot do much harm to Google, Yahoo, Facebook or the like. They are not so clear on whether it can be done, or to what extent.
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.
The Reserve Bank of India (RBI) is likely to clamp down on gold coin sales by banks, amid rising bullion imports adding pressure to the current account deficit and weakening the rupee.
The government on Thursday decided to act tough on the casinos, credit cards and money changers by bringing them under the ambit of money laundering law.
Sebi's main contention against brokers is that the NSEL was offering paired contracts and they were forward contracts, which were "illegal".
Pawan Duggal, an expert on cyber law, speaks to Rediff.com's Vicky Nanjappa about the legal ramifications of renaming the PMO's verified Twitter handle.
The finance ministry on Monday said it will transfer Rs 6,000 crore as the second tranche of GST compensation shortfall to 16 states and 3 Union Territories -- including Maharashtra, Bihar, Assam, Puducherry and Delhi. The Centre had on October 23 transferred Rs 6,000 crore to 16 states and 2 UTs of Delhi and Jammu and Kashmir. In the second tranche of transfer, Union Territory of Puducherry has been included.
A US-based businessman has claimed that he has "crystal clear" evidence to back his claim that he acted as an intermediary between President Asif Ali Zardari and the US administration to avert a military coup in wake of the unilateral US raid that killed Osama bin Laden.
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The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
While reforms may translate into new opportunities for firms like ITC, Adani Wilmar and Reliance Retail, farmers are unlikely to use it for fear of upsetting commission agents.
The Prevention of Money Laundering Act, 2002, requires all financial institutions, banks and intermediaries like merchant bankers, FIIs and stock brokers to submit reports on suspicious transactions above Rs 1 million in Indian or foreign currency. According to FIU's annual report for 2007-8, while the agency received 2.2 million such cash transaction reports from banks, other financial intermediaries put together have submitted only 2,500 suspicious transaction reports.
A fresh political war of words erupted on Tuesday over the Rafale issue as the Bharatiya Janata Party accused the Congress leadership of corruption citing claims of a French media report on 'commissions' being paid during the United Progressive Alliance rule and said the Indian National Congress should be renamed 'I Need Commission' party.
A pass-through in taxation means that the business entity need not pay tax. Instead, all taxable income is passed through to its owners or members.
Banks cannot shirk their responsibility in cases of frauds.
'If you are ready to stomach the loss, you may invest 3-5 per cent of your portfolio in crypto assets.' 'Of this, 80-90 per cent should be in Bitcoin.'
The problem is with the broking model and what brokers are allowed to do, notes Debashis Basu.
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A non-compliance with FATCA entails 30 per cent withholding tax on certain US source payments.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
Interception of electronic communication should also be covered in the powers being sought, the report said.
Experts said the rules will help curb market manipulation and money laundering, which could take place during the transfer of shares between residents and NRIs.
Nadella's visit comes at a time when the Indian government is taking a strong position on issues like data localisation and tightening the rules for e-commerce companies as well as social media platforms.
From educating people about the internet, connecting far-flung areas with a high-speed net, promoting entrepreneurship, building start-up incubators, women empowerment, to even running a voter registration campaign, cybersecurity and counter-terrorism, Facebook and Google have done it all for the government.
The Supreme Court asked on Thursday market regulator Securities and Exchange Board of India and some stock brokers to file written submissions in a case relating to modification of penalty imposed on intermediaries.
