REGULATIONS


Moneylife Digital Team 14 February 2024
Four independent directors of Binny Ltd agreed to pay Rs42.57 lakh to settle the adjudication proceedings initiated by the Securities and Exchange Board of India (SEBI) for violating SEBI regulations and failing to act independently. Those who agreed to settle the matter include justice...

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Moneylife Digital Team 14 February 2024
Insurance Regulatory and Development Authority of India (IRDAI) has released a draft regulation for an insurance electronic marketplace (IEM) Bima Sugam, the one-stop solution for all stakeholders, including customers, insurers, intermediaries or insurance intermediaries and insurance...

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Moneylife Digital Team 13 February 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs4.75 lakh on four cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2.50 lakh has been imposed on Pusad Urban Cooperative Bank Ltd from Maharashtra.   Other banks fined by...

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Moneylife Digital Team 09 February 2024
Market regulator Securities and Exchange Board of India (SEBI) has ordered the impounding of Rs7.41 crore unlawful gain earned from fraudulent and unfair activities by guest experts appearing on Zee business channels and their connected entities. The case is related to trading based on the...

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Moneylife Digital Team 09 February 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1.13 crore on four cooperative banks, including Bombay Mercantile Cooperative Bank Ltd, for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs63.30 lakh has been imposed on Bombay Mercantile...

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IANS 09 February 2024
The US Federal Communications Commission (FCC) has barred robocalls with voices generated by artificial intelligence (AI) to protect consumers from voice-cloning scams.   The unanimous judgment on Thursday recognises the calls made with AI-generated voices as "artificial" under the...

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IANS 08 February 2024
Senior RBI officials on Thursday said that barring Paytm Payments Banks from accepting deposits was part of “a supervisory action and the restrictions are proportionate to the gravity of the situation.”   RBI deputy governor Swaminathan J clarified that such actions are preceded by...

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IANS 08 February 2024
The Reserve Bank of India (RBI) on Thursday said that it has decided to come out with a new framework for authentication of digital payment transactions and introduce additional norms to enhance the security of the aadhaar enabled payment system (AePS).   Over the years, RBI has...

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Moneylife Digital Team/ IANS 08 February 2024
Reserve Bank of India (RBI) on Thursday announced that it is mandatory for regulated entities such as non-banking finance companies (NBFCs) to provide key fact statements (KFS) in a simple format to borrowers for all retail and MSME loans.   This would provide critical information...

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IANS 08 February 2024
A 60-year-old Singaporean-Indian was sentenced to four weeks' jail on Wednesday for failing to exercise diligence in his duties as the director of a company.   Thilagaratnam Rajaratnam of Strategic Corporate Investments, who was convicted in October last year, was also disqualified...

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Moneylife Digital Team 07 February 2024
Criticising market regulator Securities and Exchange Board of India (SEBI) for its sluggish approach in handling a case, the Supreme Court rapped SEBI for taking 10 years to conclude an investigation into a case involving alleged violation of listing norms and unfair trade practice. Last year...

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IANS 07 February 2024
The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 8.80 lakh on Power Finance Corporation Ltd for breach of norms related to 'Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies'.   The statutory inspection of the...

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Moneylife Digital Team 07 February 2024
Market regulator Securities and Exchange Board of India (SEBI) has asked Anirudh Sethi, director and designated person of Alexander Stamps and Coin Ltd (erstwhile Rudraksh Cap Tech Ltd) (ASCL), to disgorge Rs1.18 crore earned by him as profit from contra trades. SEBI asked him to remit the...

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Moneylife Digital Team 07 February 2024
The Reserve Bank of India (RBI) has cancelled the registration certificate of Maharashtra-based Jai Prakash Narayan Nagari Sahakari Bank Ltd, due to the lender's inadequate capital and poor earnings prospects. RBI has asked the Bank to stop banking business from 6 February 2024.   RBI says...

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IANS 06 February 2024
The Oversight Board on Monday urged Meta to begin labeling manipulated content, such as videos altered by artificial intelligence (AI) or other means, when such content may cause harm.   This comes after the Board, the external advisory group that Meta created, reviewed a misleading...

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IANS 06 February 2024
In a move that would facilitate ease of doing business through the concept of 'One Nation, One Commodity, One Regulator', the Food Safety and Standards Authority of India (FSSAI) has approved various amendments to streamline food safety and standards regulations.   Various amendments...

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Moneylife Digital Team 02 February 2024
Coming down heavily on Paytm Payment Bank over persistent non-compliance and continued material supervisory concerns, Reserve Bank of India (RBI) has asked it to stop deposits, credit transactions and top-ups after 29 February 2024, among other restrictions. RBI also asked Paytm Payment Bank...

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Moneylife Digital Team 02 February 2024
The Reserve Bank of India (RBI) has imposed an Rs5 lakh penalty on Bajaj Housing Finance Ltd for non-compliance with certain provisions of the non-banking financial company (NBFC) - housing finance company (HFC) directions issued by the RBI.    In a release, the banking regulator says...

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Moneylife Digital Team 02 February 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs4.50 lakh on three cooperative banks from Maharashtra and one from Madhya Pradesh for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on Shirpur Peoples Cooperative Bank...

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IANS 01 February 2024
E-commerce platform eBay has agreed to pay $59 million to settle a lawsuit alleging that it assisted in the sale of pill press machines that can be used to manufacture illegal drugs, the US Department of Justice (DOJ) has announced.   According to the DOJ, pill presses and...

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