Guidelines Financial News

Trinamool Congress (TMC) has filed a complaint with the Election Commission, objecting to the BJP-led Centre's advertisements boasting about funding allocation to the West Bengal government for different central schemes, which have been a focal point of the BJP's campaign efforts. In a letter to the Chief Electoral Officer (CEO) of West Bengal on Thursday, the TMC pointed out that the central government had inserted advertisements in some papers at the cost of public exchequer saying how much money had been given to the state and also cited certain points pertaining to central schemes like PMAY, MGNREGA and some others. The advertisement said the Centre had released Rs 5.36 lakh crore to West Bengal in the last five years and also committed to the development of the state, while also mentioning «non-adherence» of the state government to follow guidelines which are meant to reduce corruption and ensure benefits reach the right beneficiaries. The letter also pointed out to a campaign launched by the TMC which highlighted non-release of funds by the Centre under various central schemes and thus depriving West Bengal of its rightful dues only because it does not have a BJP-ruled government in the state.

investment of Rs 4,150 crore or around $500 million. and allowing investors three years to set up local manufacturing for EVs with domestic value addition (DVA) of 25% by the third year and 50% by the fifth year. “The policy is designed to attract investments in the e-vehicle space by reputed global EV manufacturers,” the commerce and industry ministry said in a statement. The customs duty of 15% (as applicable to CKD units) would be applicable on vehicle of minimum CIF value of $35,000 and above for five years subject to the manufacturer setting up manufacturing facilities in India within a 3-year period.

Reserve Bank of India (RBI) that they lost hundreds of crores of rupees in currency derivatives manipulatively sold by banks, the central bank slapped the lenders with penalties in the range of Rs 5-15 lakh. That was 2011. Come 2024, when the regulator found IIFL Finance Ltd in violation of its guidelines on gold loans, it ordered the company to shutter the business, landing a debilitating blow. The shift in the magnitude of the penalty between then and now not only captures how RBI has moved from kid gloves to boxing gloves in treating regulatory breaches, but also what is in store for potential violators.

extended deadline. The RBI on January 31 directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29, due to concerns around large-scale non-compliance of regulations and supervisory issues. Particularly, the fintech startup was found to be in breach of know-your-customer (KYC) requirements and other RBI-mandated processes.

The CFP Board is adopting a raft of revised guidelines and standards aimed at bolstering ethical conduct and accountability among financial planning professionals.

The Financial Services Authority (OJK), Indonesia’s financial services watchdog, released new rules on March 13 that will cover cryptocurrencies and will come into force in January 2025.

NEW DELHI : Liquor ad masquerading as soda? Tobacco ad in the guise of cardamom? Companies pushing surrogate advertisements of products they are not allowed to promote may face stiff penalties to be specified in upcoming consumer protection guidelines, two officials aware of the plans said. A committee formed by the Central Consumer Protection Authority (CCPA) on surrogate advertisements is meeting next week to discuss the matter, one of the two officials said. Promotional activities must be genuine, and companies should not misuse legal provisions for brand extension, the official said on condition of anonymity.

By Simon Jessop and Virginia Furness

A former Jacksonville Jaguars financial manager who pled guilty to stealing more than $22 million from the NFL franchise through its virtual credit card program was sentenced to 78 months in prison

Aditya Birla Capital (ABC) is set to merge with its wholly-owned subsidiary arm Aditya Birla Finance Ltd (ABFL) on which shares of the financial services company picked an uptrend rising almost four per cent to hit an intra day high of ₹190.65 earlier today. Domestic brokerage firm JM Financials has reiterated its ‘buy’ rating on the Aditya Birla Group stock and sees a potential upside of 33 per cent at a revised target price of ₹240 in the 12 months from current levels.

Stock market today: The Indian stock market witnessed sharp selling pressure on Monday as the majority of the indices ended red in the previous session. However, some bottom fishing is being witnessed in the key benchmark indices but the small-cap and the mid-cap indices are still under huge selling pressure.

₹52.7 trillion worth of assets under management (AUM) as of end January, and 150 million investor folios. On an average, over 1.2 million new folios have been added every month since April 2017. It is expected that the MF industry’s AUM will cross ₹100 trillion in the next nine or 10 years.

REITs, especially the reduction of the minimum ticket size to Rs 10 lakh, by the Indian market regulator SEBI, is touted to be a game changer for the new-age fractional investment platforms in the country. Here's a primer on how this much-needed transparency could benefit retail investors, as well as high net worth investors (HNIs), looking to add the highest-graded commercial real estate to their portfolios using the Real Estate Investment Trusts (REITs) route.

APPSC Group 1 Hall Ticket: The Andhra Pradesh Public Service Commission (APPSC) released the admit cards or hall tickets for the objective type screening test for group 1 services recruitment today, March 10. Candidates can download the admit card from Andhra Pradesh Public Service Commission's official website at psc.ap.gov.in. OTPR ID and password are needed to download APPSC Group 1 hall tickets 2024.

competition law provision to impose penalties based on a company's global turnover will act as a deterrent to more egregious violations, encourage entities to opt for commitments and settlements and help in faster corrective measures, according to experts. With the amendments coming into force, the Competition Commission of India (CCI) now has the power to impose a penalty of up to 10 per cent of a company's global turnover for competition law violations. The provision could have a larger impact on companies having multi-products or multi-services and also assumes significance as cases related to digital markets are being probed by the CCI. The watchdog will have the discretion on whether to impose penalties based on the global turnover or on the relevant turnover of a particular company that has violated competition norms.

Odisha government has decided to set up a Rs 562-crore aviation training centre to meet future demand for pilots and skilled personnel in the sector, a minister said. A proposal to set up Biju Patnaik Aviation Centre (BPAC) at Birasal airstrip in Dhenkanal district was approved at a cabinet meeting chaired by Chief Minister Naveen Patnaik on Saturday. The proposed centre will provide training for pilots, simulators and cabin crew, Revenue Minister Sudam Marndi told reporters after the cabinet meeting. The training centre will be established in accordance with the Civil Aviation Policy-2022 of the state government, he said.

Sebi) on Friday notified the regulations to govern small and medium real estate investment trusts (SM-REITs) of income generating and completed properties that may include commercial assets, rental housing, warehousing, and hotels among others. The introduction of regulations is set to enhance investor trust, broadening the embrace of the growing asset category. This effort is expected to offer vital backing to real estate developers, creating an extra opportunity to capitalize on assets and inject essential liquidity into the industry.

finance ministry ordered state-run banks to review gold loan processes amid fears about risky debt given a rally in prices of the metal, said people familiar with the matter. The worry is that the surge led to lenders giving top-up loans over existing debt, said people familiar with the matter. In a February 27 letter to all PSU bank chiefs, the department of financial services (DFS), part of the finance ministry, has asked banks to review every gold loan account since January 1, 2022, assess the collateral value, analyse collection charges and check if there has been any evergreening. The concern comes amid a 17% rise in gold loans on a year-on-year basis and a 16.6% rally in the yellow metal's prices. Loans against gold jewellery stood at ₹1,01,934 crore as of January 26 and gold prices have touched a high of ₹65,140 per 10 grams on March 5. The finance ministry stated that it had noticed instances of non-compliance regarding the gold loan portfolio and had hence issued the directive.

Celebrities endorsing products or services need to do their due diligence and educate themselves «to the best of their ability but can't be held solely accountable if, in rare cases, claims go wrong,» said actor Parineeti Chopra. The Golmaal Again and Mission Raniganj star was speaking to ET, after announcing expansion plans for personal care startup Clensta where she is an investor. «We associate with a product with that sense of responsibility. However, we are not creators of the product; we are here to put the word out, whether it is a food item or a shampoo,» she said.

Competition Commission of India (CCI) on Wednesday notified regulations prescribing monetary penalty on the global turnover of a company engaged in anti-competitive conduct. The move will boost the regulator's chances of curbing such antitrust activities involving multinational firms, including Big Tech, as experts said the penalty amount would be significantly higher because it would no longer be pegged only to the firm's turnover in a relevant market. The CCI regulations followed a notification issued by the ministry of corporate affairs stipulating March 6 as the date for implementing the relevant provisions of the Competition (Amendment) Act 2023 that deal with the new monetary penalty regime.

NEW DELHI : The Competition Commission of India (CCI) on Wednesday gave effect to two schemes under which it will offer negotiated settlements in antitrust cases and accept commitments from businesses for change in their behaviour in order to avoid an investigation. The sought after commitment and settlement schemes were added to the Competition Act last year itself by way of legislative amendments.