REGULATIONS


RBI Issues Consumer Charter and then comes up with a new rule for ATM use that goes against consumer interests   The Reserve Bank of India (RBI) did two things in the last fortnight. It released a well-appreciated 5-point consumer charter (CC), and then, on 14th August, it issued a...

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Moneylife Digital Team 28 August 2014
According to SAT, if trades are executed due to negligence or breach of duty they cannot be considered material mistake and therefore not qualify for annulment   Holding on to the sanctity of trades on the exchanges, the Securities Appellate Tribunal (SAT) on Thursday upheld National...

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Moneylife Digital Team 28 August 2014
Giving more teeth to SEBI for clamping down on illicit money-pooling schemes and other frauds, the Government has notified a new law empowering the regulator   The union government has notied the Securities Laws Amendment Act that would empower market regulator Securities and Exchange...

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Moneylife Digital Team 27 August 2014
Gurgaon-based owner's association had alleged that DLF imposed highly arbitrary, unfair and unreasonable conditions on allottees of apartments, which had serious adverse effects and ramifications on the rights of the buyers   The Supreme Court on Wednesday, while upholding order from...

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Moneylife Digital Team 27 August 2014
SEBI said, Amrit Projects mobilised Rs10.38 crore while Magnox Infraprojects and Pinnacle Ventures collected Rs2.31 crore and Rs3.85 crore from investors   Market regulator Securities and Exchange Board of India (SEBI) restricted three companies -- Amrit Projects (NE) Ltd, Magnox...

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Moneylife Digital Team 26 August 2014
The CCI penalised 14 carmakers, including Tata Motors, Maruti Suzuki, Honda and General Motors for abusing their dominant position by making available spare parts only through their authorised dealers, who in turn sell them at higher rates   The Competition Commission of India (CCI)...

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Nicole Collins Bronzan (ProPublica) 26 August 2014
The wrongly convicted Jabbar Collins from Brooklyn will get his millions, but he won’t get his life back, and neither will his children or his family   It may seem to some a happy ending: A Brooklyn man wrongly convicted in a 1994 murder is at last cleared -- after serving 16 years in...

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Moneylife Digital Team 25 August 2014
In the wake of unearthing of multiple unauthorised deposit raising schemes and scams such as Saradha and PACL, the RBI feels there is a need to define deposits for entities other than banks   Reserve Bank of India (RBI) Deputy Governor R Gandhi on Monday said the Reserve Bank is...

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Moneylife Digital Team 25 August 2014
In 2011 The Economic Times had a front page report saying PACL had raised a whopping Rs20,000 crore. Who allowed it to continue raising additional funds and double the collection? It clearly requires a separate investigation   The Securities & Exchange Board of India (SEBI) last week,...

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Moneylife Digital Team 25 August 2014
The Supreme Court declared that all coal mining rights between 1992 and 2008 were assigned illegally by the government in a process that lacked transparency in the absence of a competitive bidding system or auction   The Supreme Court on Monday has said all coal block allocations...

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Moneylife Digital Team 21 August 2014
RBI's new guidelines would  help reduce volatility in the capital markets, arising from NBFCs offloading shares pledged by borrowers who have defaulted on loans   The Reserve Bank of India (RBI) on Thursday introduced a minimum set of guidelines on lending against shares, especially...

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Moneylife Digital Team 20 August 2014
The Oil Ministry is considering directing RIL to stop sale to its Jamnagar refinery and instead sell crude oil from its KG-D6 block to Chennai Petroleum Corp   India's Ministry of Petroleum & Natural Gas (OilMin) is considering ordering Reliance Industries Ltd (RIL) to stop selling...

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Moneylife Digital Team 20 August 2014
The New York DFS said StanChart's internal compliance systems had failed to detect or act on a large number of 'potentially high-risk transactions' mostly originating from Hong Kong and the UAE   The New York Department of Financial Services (DFS) has levied a fine of $300 million on...

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Moneylife Digital Team 20 August 2014
SEBI said it might issue observations on Future Retail's document within 30 days after receiving satisfactory reply from the company's lead merchant bankers   Market regulator Securities and Exchange Board of India (SEBI) has sought clarification from Kishore Biyani-promoted Future...

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Who will ensure that SEBI does not misuse its powers?   The capital market watchdog is, finally, set to get a sharper set of teeth when the president signs the Securities Laws (Amendment) Bill 2014, already cleared by both houses of parliament, as we go to print.  The good news is the...

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RBI takes steps to create consumer protection code   At a recent public lecture, RBI governor, Dr Raghuram Rajan, said that workable financial inclusion requires products that “should be easy to access at low transactions cost” with a minimal regulatory burden. “Simplicity and...

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The government-owned banks are plundered routinely and bailed out periodically. But RBI, SEBI and ministry of finance remain unaccountable and unconcerned   The arrest of SK Jain, chairman and managing director of Syndicate Bank, has sent shockwaves through the banking and corporate...

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Moneylife Digital Team 12 August 2014
According to Rajeev Chandrasekhar, market regulator SEBI should be bound by law to publicly disclose details of its consent agreements and cases, with a view to enhance the transparency, accountability and efficiency of its functioning   Rajeev Chandrasekhar, an independent member of...

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Moneylife Digital Team 12 August 2014
SEBI has sought certain clarifications from Lavasa Corp and Adlabs Entertainment on their IPOs   Market regulator Securities and Exchange Board of India (SEBI) has sought clarifications from Lavas Corp, a unit of Hindustan Construction Co (HCC) and Adlabs Entertainment on their...

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Moneylife Digital Team 12 August 2014
The government is keeping close watch on social welfare spending by corporates to check whether they are complying with the CSR norms, minister of state for corporate affairs told the Rajya Sabha   The Indian government will keep close watch on social welfare spending by corporates to...

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