As per the revised rates announced by Union Bank, the deposit rates have been revised downwards by 4-12 basis points on 1-5 year maturity in dollar-denominated accounts
Mumbai: Public sector lenders, Union Bank of India (UBI) and Oriental Bank of Commerce (OBC) have revised their deposit rates on FCNR accounts (foreign currency non-deposit accounts) with maturity of one-five years from today, reports PTI.
As per the revised rates announced by Union Bank, the deposit rates have been revised downwards by 4-12 basis points on 1-5 year maturity in dollar-denominated accounts.
Similarly, rates have also been revised for FCNR accounts in the euro, pound, Australian and Canadian dollars, among others.
This is the second revision of deposit rates by the bank on FCNR accounts after September.
Another public sector lender, OBC has also revised its deposit rates on FCNR accounts on one to five year maturities effective from today.
According to the bank, the rates have been revised by 1-12 basis points on the dollar denominated accounts.
Earlier, country’s largest lender—State Bank of Indi—and Central Bank of India had also revised rates effective from September.
SEBI had imposed the fine on India Infoline after finding that the brokerage firm had allowed one Sunil Mehta to trade on behalf of his mother Usha Mehta without authorisation
Mumbai: The Securities Appellate Tribunal (SAT) upheld a penalty of Rs5 lakh imposed by market regulator Securities and Exchange Board of India (SEBI) on brokerage firm India Infoline in a circular trading case, reports PTI.
SEBI had imposed the fine on India Infoline after finding that the brokerage firm had allowed one Sunil Mehta to trade on behalf of his mother Usha Mehta without authorisation.
The matter came to the light after SEBI’s investigation into a suspicious rise in the share price of Asia Star Company between 10 October 2008 and 20 November 2008.
SEBI’s probe revealed that certain entities of one Mehta group were indulging in circular or synchronised trades to create artificial volumes in the scrip and the “kingpin of the trades” was Sunil Mehta, whose mother Usha Mehta was a client of India Infoline.
During the period under probe India Infoline had allowed Sunil Mehta to operate the account of his mother and engage in the transactions which resulted in share price manipulation, SEBI had found—necessitating action against the broker.
Following the penalty, the brokerage firm approached the tribunal against SEBI order.
The tribunal, however, observed in its order, dated today, that “since the appellant (India Infoline) did not comply with one of the fundamental requirements of member client relationship we hold that the appellant has failed to exercise due diligence and failed to act with integrity, care and skill as laid down in the stock brokers regulations.”
“So the appellant has defaulted in complying with the stock brokers’ regulations and penalty is called for,” SAT said.
The tribunal observed that India Infoline failed to submit to SEBI any authority letter from Usha Mehta authorising her son Sunil Mehta to trade on her behalf.
In a separate order last week, SEBI had imposed a penalty of Rs30 lakh on Sunil Mehta and Rs10 lakh on Usha Mehta for synchronised trading in shares of Asia Star Company.
The guidelines on GAAR will be based on the suggestions of the committee headed by tax expert Parthasarthi Shome who submitted the final report to the finance minister earlier in the day