Regulatory Financial News

Reserve Bank of India (RBI) has penalized five banks, including Punjab National Bank (PNB), in the first week of July for non-compliance with various RBI directions. PNB became the fifth bank to be penalized, with a penalty of Rs 1.31 crore. This penalty was imposed for non-compliance with RBI directions regarding 'Loans and Advances: Statutory and Other Restrictions' and the 'Reserve Bank of India (Know Your Customer (KYC) Direction, 2016'. Before PNB, the RBI penalized four cooperative banks with various penalty amounts. These banks include The Gujarat Rajya Karmachari Co-operative Bank, Gujarat; The Rohika Central Co-operative Bank, Madhubani, Bihar; The National Co-operative Bank, Mumbai, Maharashtra; and The Bank Employees' Co-operative Bank, West Bengal.

The UK’s Solicitors Regulation Authority (SRA) issued a warning on July 8 about a sophisticated email scam involving fraudsters impersonating solicitors to demand Bitcoin.

Bengaluru/Mumbai: In the run-up to the Union Budget 2024, Indian fintech firms are seeking regulatory clarity, hassle-free licensing procedures, tax considerations, and provisions for financial inclusion to facilitate easier access to credit for small and medium enterprises (SMEs), in their wishlist for the finance ministry. As the fintech industry looks to deepen their presence, they seek a clearer regulatory framework that establishes legal recognition, licensing procedures and supervision which will help level the field with traditional lenders.

Top crypto industry leaders reportedly met with a senior White House official in Washington on Wednesday where they discussed their concerns about the Biden administration’s stricter crypto regulations and explored ways to improve their relationship.

Blockchain-focused asset manager DigitalX has received regulatory approval to launch its spot Bitcoin exchange-traded fund (ETF).

4Thoughts Finance, a family office firm based in Bengaluru, has unveiled its ambitious plans to double its portfolio size of Rs 500 crore to Rs 1000 crore in the near future, marking a significant milestone in its growth trajectory. With an unwavering commitment to excellence and client satisfaction, 4 Thoughts Finance is poised to usher in a new era of prosperity for its clientele.

Valtrust (formerly Valturst capital), is a Delhi-based multi-family office, offering investment advisory to families and individuals to grow their wealth and ensure inter-generational wealth transfer. Rahul Bhutoria, Valtrust's director and co-founder, assists families in managing their onshore and offshore investment portfolios. He shared insights on a broad range of topics related to SME IPOs during his conversation with ET Online.

₹169.77 crore—including ₹44.3 crore for the April-December 2023 period and ₹73.47 crore for Q4—for the differential regulatory fee, pending Sebi’s final decision on its request. While BSE declined to comment on the matter, a query to Sebi went unanswered. Notional turnover refers to the total value of an options contract while premium turnover refers to the actual traded value.

A top U.S. banking regulator is preparing to hand Citigroup a failing grade on its living-will plan, the latest rebuke for the megabank that has struggled to stay in the government’s good graces. The Federal Deposit Insurance Corp.’s five-member board intends to vote Thursday to downgrade its rating on Citi’s data-management systems to a “deficiency" from a “shortcoming," people familiar with the matter said.

A consortium of 24 cryptocurrency companies has come together to form the Taiwan Virtual Asset Service Provider (VASP) Association, aimed at developing self-regulatory standards for the digital asset industry in Taiwan.

During a Senate Appropriations subcommittee hearing held on June 13, Senator Dick Durbin, D-Ill., questioned CFTC Chair Rostin Behnam and SEC Chair Gary Gensler on the CFTC’s ability to regulate the crypto sector effectively.

The government of Zimbabwe is looking for input on digital asset regulation as it begins to develop its own crypto framework while navigating a challenging inflation crisis, Bloomberg reported Wednesday.

₹72.03 a share for ₹261 crore, according to a Mint analysis. Less than seven weeks after Pabrai cut his Edelweiss holding by half, RBI on 29 May restricted businesses of its lending and asset reconstruction arms, citing concerns about its lending and accounting practices. Edelweiss shares plunged 11.8% to close at ₹68.35 on 30 May, a day after the regulatory action.

Sebi has been given 'Best Conduct of Business Regulator' award in Asia Pacific by The Asian Banker for its role in enhancing the regulatory framework for securities markets in India. The award was received by Sebi's Whole Time Member Kamlesh Chandra Varshney in a ceremony held in Hong Kong. «This authority (Sebi) has been actively working towards instantaneous settlement. In 2021, T+1 settlement was introduced in a phased manner, which was fully implemented from January 2023. This move has provided investors with faster access to their funds following trade execution and settlement, enhancing market efficiency and liquidity,» The Asian Banker said in a statement.

NEW DELHI : Satellite communications, or satcom-based internet connectivity, may come to you later than expected. Industry stakeholders and close watchers said while satcom service providers are ready to launch their own services in India, multiple regulatory roadblocks and subsequent testing are almost certain to delay the launch of satellite internet beyond the end of this year—and could even stall its rollout until the end of next year.

Apollo Hospitals, Fortis Healthcare, Max Healthcare, Narayana Hrudayalaya (NHL) and Aster DM Healthcare — have reported an increase in average revenue per operating bed (ARPOB), improved operational efficiency and capex plans to expand. Here are the key takeaways from their performance in the latest quarter through March:

Brussels, Belgium – 3 June 2024 – EthCC (Ethereum Community Conference), the largest annual European Ethereum conference created for the community, by the community, will return for EthCC[7] from 8-11 July 2024 in Brussels, Belgium, and bring together the top minds in Ethereum to share their vision for the future of the ecosystem.

Indian crypto market is brimming with potential, with several decentralised homegrown projects taking off and building impact. However, an ambiguity around regulations has got all private players in the Web3 space tiptoeing around real use cases. The adoption rate might be high as compared to many other countries but given the percentage of the cell phone ownership rate and internet penetration, it could be much higher with clear regulatory guidelines set by the government. Here's why bringing cryptocurrency under the purview of the Securities and Exchange Board of India (SEBI) could be a game-changer. SEBI's Proven Track Record

Indian crypto market is brimming with potential, with several decentralised homegrown projects taking off and building impact. However, an ambiguity around regulations has got all private players in the Web3 space tiptoeing around real use cases. The adoption rate might be high as compared to many other countries but given the percentage of the cell phone ownership rate and internet penetration, it could be much higher with clear regulatory guidelines set by the government. Here's why bringing cryptocurrency under the purview of the Securities and Exchange Board of India (SEBI) could be a game-changer. SEBI's Proven Track Record

payments major Stripe has moved to an ‘invite only’ mode in India, meaning merchants will not be able to join the payment aggregator by themselves. They will need to request for an invite from Stripe’s India team and wait for approval. In a post published on its website, Stripe said it will only be able to support more Indian merchants by the second half of 2025. The company did not provide any explanation for the same.

GenAI landscape, navigating complex compliances such as transfer pricing, SEZ (special economic zone), labour and data laws are among key priorities for the global capability centres (GCCs) operating in India, said a Nasscom-KPMG survey report. «81% of respondents mentioned transfer pricing as the top regulatory priority for GCCs in India. More than half of the respondents highlighted SEZ laws and STPI regulations (67%) and labour laws (60%) among key regulatory priorities,» stated the report titled 'GCCs in India: Building resilience for sustainable growth', to be released today.