Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
Aviation regulator Directorate General of Civil Aviation (DGCA) on Monday said it has issued a show cause notice to Air India regarding two incidents of passenger misbehaviour onboard a flight from Paris to New Delhi last month.
The Election Commission has decided to set up a panel to identify the experiences and shortcomings during the recently-held five assembly polls.
The exchange also asked traders to square off their trading positions in three contracts -- gold February 2015, kapas March 2015 and kapas April 2015.
The new rules are aimed at providing a strong impetus to the industry and positioning India as one of the most competitive IT jurisdictions in the world.
The Securities and Exchange Board of India (Sebi) has proposed measures mandating daily upstreaming of all investor funds from stockbrokers to clearing corporations (CCs). The step, aimed at reducing risk on client funds, will further deplete brokers' revenues as they will lose interest income with transfers being done daily. At present, stockbrokers convert the surplus funds into bank guarantees (BG) or fixed deposit (FD) receipts which earns them extra income.
The government in the Budget 2021-22 has made an allocation of Rs 20,000 crore for the capital infusion in the state-owned banks. The capital position of banks would be reviewed in the next quarter, and depending on the requirement, the infusion will be made to meet the regulatory needs. In the current fiscal so far, all 12 public sector banks have posted a profit, which is being ploughed back to bolster the balance sheet of the banks, sources said.
WGC expects demand to revive in H2 on surplus monsoon rains
Insurance companies can invest more in infrastructure, housing sectors. Irda's move has come at a time when the shares of most of the infrastructure and housing companies are trading at their year lows on the exchanges and the sector itself is facing a dearth of financing.
Once implemented, Rishad Premji will be one of the youngest business leaders to don the role of non-executive chairman at a large cap Indian company.
'Investors don't have to worry about underperformance in passive funds, which earn market-equivalent returns.'
The Insurance Regulatory Development Authority of India (Irdai), the regulator for insurance companies, is set to allow the insurers to offer wellness programmes along with life insurance policies that can earn reward points for the policyholders. These reward points can be redeemed for getting a discount during renewal. The insurance regulator has circulated draft guidelines to insurance companies for feedback before issuing the final guidelines, as is the norm.
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
General insurers violated IRDA norms on discounts. IRDA reveals plans for 2008
Sebi will join RBI and the government in their fight against bad loans.
Sebi on Tuesday decided to introduce a framework for accredited investors, a class of investors who may be considered as well-informed about investment products, in the Indian securities market. The board of Sebi after deliberation approved the proposal to introduce a framework for accredited investors. Under the proposed framework, individuals, HUFs, family trusts, sole proprietorships, partnership firms, trusts and corporate based on financial parameters would be eligible for accreditation of investors, Sebi said in a statement after the board meeting.
Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users while the latter may want the entire GST cut to be given to them.
According to Sebi's listing obligations and disclosure requirements, a company has to report any fraud, default by promoter or arrest of key managerial persons or promoters as it is a material event.
About 300 fintech firms are under investigation by the ED for allegedly partnering 38 non-banking financial companies for predatory lending practices to charge borrowers high interest rates.
Earlier, the Mumbai civic body had also issued a notice to Rane's 'Aadhish' bungalow over alleged unauthorised construction and rejected his proposal for its regularisation.
Sebi on Monday barred Franklin Templeton AMC from launching any new debt scheme for two years and fined it Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to the six debt schemes, Sebi said in its 100-page order. In a separate order, the regulator has barred Vivek Kudva, former head of Asia Pacific (APAC) for Franklin Templeton, and his wife Roopa from the securities market for one year for redeeming units of Franklin Templeton MF schemes while in possession of non-public information.
E-commerce major Amazon on Wednesday said it will acquire Prione Business Services - its joint venture firm with Catamaran, subject to requisite regulatory approvals. Prione Business Services was formed in 2014 and was coming up for renewal on May 19, 2022. In August this year, Amazon and NR Narayana Murthy's Catamaran announced that they will not continue their JV beyond May 2022. The two parties had not disclosed the reason behind the decision.
An investigation by government agencies is under progress into the alleged violation of rules in investments made by Singapore-based Biometrix Marketing, a Reliance Industries (RIL) group firm.
Banks have written off bad loans worth Rs 10,09,511 crore during the last five financial years, finance minister Nirmala Sitharaman informed Parliament on Tuesday. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off, she said in a reply to Rajya Sabha. "Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefit and optimise capital, in accordance with RBI guidelines and policy approved by their boards.
Telecom operators have started the process of scrubbing telemarketing messages but will allow their transmission to mobile subscribers till regulator Trai takes a final call, according to industry body COAI. The Telecom Regulatory Authority of India (Trai) on March 12 gave three days' time to entities like banks, e-commerce firms and others for complying with telemarketing rules, failing which they were to be barred from sending out commercial communication to customers. The business organisations, however, have sought more time from the telecom regulator to implement the process. In the meantime, Trai has allowed telecom operators to start the process of scrubbing and prepare a database of messages that do not comply with norms.
The 'Rating Level 4' means that the financial market regulators have all regulatory measures "fully in force"
The Central Electricity Regulatory Commission issued orders for inter-state transmission, prohibiting discrimination by state electricity boards. The commission divided open access customers into two categories-long term and short term.
Over 23.87 lakh Indian accounts were banned by WhatsApp in July.
Dividend distribution tax in FY20 would only be applicable after deducting Rs 70 received from the foreign subsidiary, meaning 20.56 per cent DDT would be paid only on Rs 30.
Apart from the 1.1 crore doses of Covishield being procured from the Serum Institute of India, 55 lakh doses of indigenously developed Covaxin were being obtained from Bharat Biotech, Union Health Secretary Rajesh Bhushan said at a press conference.
Election Commission is considering an overhaul of the accounting practices of parties.
The Securities Appellate Tribunal (SAT) will hear the case related to the PNB Housing Finance-Carlyle deal next Monday. The order in the matter was expected on July 5, however, it was adjourned for July 12. PNB Housing had filed an appeal before the SAT against the letter issued by the Securities and Exchange Board of India last month, requesting it not to go ahead with the proposal until due diligence was done.
All operators would have to shift to NGN networks in near future. NGN is a single network of services and infrastructure functioning over an Internet Protocol network. This digital mode is superior to the existing network.
The Karnataka high court has advised the government to come up with some regulatory measures to check the growth of pseudo-therapists and 'Instagram influencers'.
Punjab National Bank has the largest share.
Franklin Templeton Asset Management (India) on Tuesday said it strongly disagrees with the findings in Sebi's order in the case of winding of six debt schemes in 2020 and has decided to challenge the direction in Securities Appellate Tribunal (SAT).
Move aimed at boosting retail investor participation in disinvestment.
Gautam Adani's alleged proximity to Narendra Modi may dent the latter's self-styled image of incorruptibility, points out Kanika Datta.
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