The Enforcement Directorate (ED) conducted raids at multiple locations in Maharashtra and Gujarat as part of a money laundering investigation targeting a Malegaon-based trader suspected of misusing bank accounts to carry out transactions exceeding Rs 100 crore. The probe is linked to an FIR filed by Malegaon Police against Siraj Ahmed Harun Meman, who operates a tea and cold drinks agency, for allegedly misusing bank accounts for illegal transactions. The ED suspects the trader may have been using the funds to divert and route money for certain individuals by misusing the banking credentials of ordinary citizens. The possibility of electoral malpractice being involved is also under scrutiny.
The scale of illegal gambling and betting in India is staggering, with 1.6 billion visits recorded between October and December 2024 across four analysed platforms -- Parimatch, Stake, 1xBet, and Battery Bet.
The Securities and Exchange Board of India (Sebi) has deferred the diktat requiring foreign investors to disclose their mobile number, email addresses and income details to depositories, a move believed to be aimed at curbing practices such as round tripping and money laundering. "Based on the representations received from MIIs (market infrastructure institutions), Sebi has decided to extend the deadline for making 6-KYC attributes mandatory for new accounts opened by 1 month to July 1, 2021. "Participants are accordingly requested to take note of the above and ensure compliance," NSDL said in a note on Tuesday. The regulator is also meeting custodians this week to thrash out a solution and address investors' concerns.
Technology is rapidly reshaping industries that have long been rooted in tradition, driving a wave of innovation that is transforming everything from finance, banking, steel to manufacturing.
The mutual fund (MF) gross inflows through the systematic investment plan (SIP) route topped the Rs 20,000 crore mark for the first time in a calendar month as investors opened a record 6.4 million SIP accounts despite a spike in market volatility. The number of accounts opened last month was almost 50 per cent higher than the registrations seen in March. "India's MF industry has reached yet another milestone with the SIP book crossing above Rs 20,000 crore in April 2024.
Private sector bank board members have urged the Reserve Bank of India (RBI) top brass to consider workload management of the boards as they feel there are too many issues that go to the boards for approval and the situation becomes unmanageable at times. The views were conveyed to the regulator on Monday in a conference of directors of private sector bank boards on the theme "Transformative Governance Through Sound Boards". RBI governor Shaktikanta Das, deputy governors Swaminathan J and M Rajeshwar Rao, and other senior officials of the central bank participated in the conference.
The victim, who had a keen interest in stock market investments, was lured by fraudsters with promises of hefty returns on investments in stocks.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
Central KYC not in sync with Sebi's KRA system; regulator writes to finance ministry
The Securities and Exchange Board of India (Sebi) has permitted 100 per cent contribution from non-resident Indians (NRIs) and overseas citizens of India (OCIs) in the corpus of foreign portfolio investors (FPIs) based out of Gujarat International Finance Tec-City (GIFT City), the country's international financial services centre (IFSC). However, the Indian diaspora is yet to fully embrace this new route. The regulator allowed this route to enhance the fund ecosystem at GIFT City and attract genuine investments from overseas Indians.
The Reserve Bank of India (RBI) on Wednesday released draft guidelines for streamlining the onboarding and monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated through the ecosystem. Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines.
KYC done while opening a bank account can be used to open a mutual fund account.
There are 55 non-banking PPIs operational now, apart from 50 wallets promoted by banks.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
Physical KYC takes anywhere between two to five working days to get done, V-KYC, only a few minutes.
There is no escaping the paperwork while investing in financial products. Be it, opening a new bank account, demat account or buying insurance, filling the Know Your Client (KYC) documents is a mandatory procedure today.
Regularly monitor your account for any suspicious activity. Keep your devices updated with the latest security patches to prevent vulnerabilities. Ensure the physical wallet you use is stored securely to avoid loss or theft.
Finance ministry asks bank, insurance & market regulators to issue notifications
India is pushing for greater disclosures by credit card companies, fintech firms, and payment aggregators (PAs) at the Financial Action Task Force (FATF), so that the sender and recipient in a cross-border financial transaction can be easily identified and the information shared with law enforcement agencies. Separately, the inter-governmental group, which sets standards to curb money laundering, will release the fourth round of its mutual evaluation report on India on September 19. FATF in June had adopted the mutual evaluation report on India and placed the country in the "regular follow-up" category - the highest rating given by the global watchdog and a distinction shared by only four other G20 countries.
Experts contend that this setback, even if temporary, could put the company at a disadvantage to its competitors in acquiring new customers.
At present there are 1,756 FIIs registered in the country. It takes a maximum of three weeks for an FII to register with Securities and Exchange Board of India.
Aadhaar will be used for proof of address and identification.
Currently, the facility of sharing of KYC information is available only among Sebi-registered intermediaries.
E-KYCs and Aadhaar authentication are of crucial importance to the fin-tech companies as the recent RBI instructions require strict KYCs for these players to function in the market.
'The number of first-time investors into MFs can grow four times more than the current rate if we are able to accept the bank KYCs.'
The State Bank of India told the Supreme Court on Thursday it has provided all details of the electoral bonds in its possession to the Election Commission.
One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enforcement Directorate (ED) into the company, its associates, and its founder and chief executive officer (CEO), Vijay Shekhar Sharma. The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities.
'Save the entire chain of e-mail exchanges so that you have documented evidence to show you informed the bank about the issue.'
Be it poor, middle class, upper middle class or rich, every individual who is 70 years and above is eligible for getting Ayushman card and will receive free treatment up to Rs 5 lakh at any of the AB PMJAY empanelled hospitals once the expanded scheme gets launched.
Customers have other options available to them to do low-value transactions, if wallets start mandating full KYC and would switch to those.
The information containing relevant client details and photograph made available from UIDAI as a result of e-KYC process shall be treated as sufficient proof of Identity and address of the client.
The KYC parameters now include declaration of the gross annual income or net worth.
Among other proposals, she said NRI portfolio route would be merged with the FPI route for seamless investment in stock markets.
First things first: For those wondering if they need to reapply, the answer is no.
Markets regulator Securities and Exchange Board of India (Sebi) is stepping up efforts to ease the onboarding of foreign portfolio investors (FPIs) and has constituted a cell for consultations with offshore investors and custodians, said whole-time member Ananth Narayan. Sebi is also working to make regulations more "light-touch" for FPIs that invest exclusively in government securities or are sovereign funds. The regulator is trying to make the registration process easier for such FPIs, the Sebi official said at the CII Financing 3.0 Summit in Mumbai.
Long-term investors should never stop their SIPs during market corrections.
Banks in the medium future, may not need to engage in the "know-your-customer" (KYC) process, a check on customer antecedents, to open no-frills accounts. This could happen once a sizeable chunk of population gets a Unique Identification (UID) Number.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
Mauritius-based Hinduja group firm IndusInd International Holdings (IIHL) has informed the administrator of Reliance Capital that it is ready with its equity contribution of Rs 2,750 crore in cash to acquire the bankrupt firm, but it wants certain conditions to be met in accordance with the resolution plan before transferring the amount. IIHL has also filed an application with the Mumbai Bench of the National Company Law Tribunal (NCLT), seeking directions for the administrator and the committee of creditors (CoC) to complete all pending activities to close the transaction and not let the lenders invoke the bank guarantees provided by the firm earlier.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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