REGULATIONS


The Central Bureau of Investigation (CBI) has registered a case against British aerospace company, Rolls Royce India Pvt Ltd, along with its director Tim Jones, and private individuals Sudhir Choudhrie and Bhanu Choudhrie, along with unidentified public servants and private...

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Moneylife Digital Team 29 May 2023
Reserve Bank of India (RBI) imposed a penalty of Rs84.50 lakh on Central Bank of India for non-compliance with certain provisions of norms related to fraud classification and reporting.   The Reserve Bank had conducted a statutory inspection for supervisory evaluation of Central Bank...

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Moneylife Digital Team 29 May 2023
While calling directors to ensure the integrity of financial statements published by the bank, Shaktikanta Das, governor of the Reserve Bank of India (RBI), also warned lenders to refrain from adopting so-called smart accounting methods to artificially boost the bank's financial...

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At least 48 US states have sued a telecom company called Avid Telecom for allegedly routing 7.5 billion illegal and spoofed robocalls to millions of residents on the 'Do Not Call Registry'.   The lawsuit was filed in US District Court for the District of Arizona against Avid Telecom,...

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The Delhi High Court on Monday dismissed a plea challenging the Reserve Bank of India (RBI) and State Bank of India (SBI) notifications, that permits exchange of notes without any identity proof.   A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad...

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The year was 1993; I was working at CRISIL Ltd. That year, we saw quite a few interesting ‘structured’ obligations that had come to us for rating. One, that was my favourite, was this:   Lokhandwala Construction Industries Ltd (LCIL), a reputed builder, announced a large housing project...

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Moneylife Digital Team 29 May 2023
As many as 19 non-banking financial companies (NBFCs) have surrendered their certificate of registration to the Reserve Bank of India (RBI), of which 13 have decided to exit the NBFC business altogether. Separately, RBI cancelled the license of New Link Overseas Finance Ltd, a non-bank...

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Moneylife Digital Team 26 May 2023
PR Sundar and Mangayarkarasi Sundar, the proprietors of Mansun Consultancy Pvt Ltd, agreed to disgorge Rs6.07 crore, including 12% interest per annum (pa) and pay Rs46.80 lakh, to settle a case with the Securities and Exchange Board of India (SEBI) for running an investment advisory...

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The National Company Law Appellate Tribunal (NCLAT) on Friday set aside an order passed by the National Company Law Tribunal (NCLT) in Mumbai directing stock exchanges to reassess their initial approvals granted for the merger of Zee Entertainment Enterprises Ltd (Zee) with Culver Max...

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Tushar Kohli (The Leaflet) 26 May 2023
The Bill set to replace the Information Technology Act, 2000, whose first draft is expected to be published in the first week of June, could contain provisions governing digital government, open internet, online safety and trust including user harm, intermediaries, accountability, regulatory...

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The Directorate General of Civil Aviation (DGCA) has granted 30 days to cash-strapped airline Go First to submit a restructuring or revival plan, including on fleet, pilots, and maintenance plans.   The low-cost airline had stopped flying on May 3 and is undergoing voluntary...

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 The Supreme Court (SC) has ruled that electricity dues of the previous owner of a property can be recovered from an auction purchaser or the subsequent owner.   A bench headed by chief justice of India (CJI) DY Chandrachud and comprising justices Hima Kohli and PS Narasimha said: "A...

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US Judge Potter Stewart will be remembered for his famous definition of obscenity and pornography at a time when the US justice system was struggling to balance freedom of expression and the State’s job to maintain public decency. He quipped: “I shall not today attempt further to define the...

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The Centre on Tuesday said that the upcoming Digital India Act (DIA) will strictly deal with misinformation and 'high-risk AI' to prevent user harm, and the first draft of the Bill is expected by the first week of June.   In the second round of pre-drafting public consultations with...

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Moneylife Digital Team 24 May 2023
The National Stock Exchange (NSE) has warned investors to stay away from Vinay Agarwal of Economical Consultancy and Ashish Agarwal of Ganesh Traders, who are luring investors under the pretext of providing securities market tips for trading and assuring returns on investment in the stock...

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Moneylife Digital Team 24 May 2023
Securities and Exchange Board of India (SEBI) has imposed a fine of Rs41 lakh on Alps Motor Finance Ltd (AMFL) and Brij Bhushan Sabharwal, the company's former whole-time director and Himanshu Agarwal, former non-executive and non-independent director, for mis-utilising funds collected from...

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South Korea's antitrust regulator said on Wednesday it has decided to fine the country's three mobile carriers a combined 33.6 billion won ($25.4 million) for their misleading advertisements on the speed of the fifth-generation (5G) network services.   The move came after SK Telecom,...

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A Supreme Court (SC)-appointed expert committee could well become a preferred choice for corporate India, when faced with a major financial scandal requiring a ‘systemically important investigation’. On 6th May, an expert committee submitted a report on the Adani saga making a masterly,...

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Moneylife Digital Team 23 May 2023
Pharmaceutical company Workhardt Ltd and its founder-chairman Habil Khorakiwala, managing director (MD) Murtaza Khorakiwala and executive director (ED) Huzaifa Khorakiwala agreed to pay Rs76.68 lakh to settle a case with market regulator Securities and Exchange Board of India (SEBI). The case...

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Moneylife Digital Team 23 May 2023
The Reserve Bank of India (RBI) has imposed monetary penalty on three cooperative banks and two non-banking financial companies (NBFCs) for violating various rules and regulations prescribed by the banking regulator. Of the three banks penalised, two belong to Maharashtra, and one bank and...

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