REGULATIONS


The Australian Securities and Investments Commission (ASIC) on Monday moved to sue ANZ, the country's second largest bank, for allegedly misleading and overcharging customers.   In a statement, the financial regulator said that in the span of two years of investigation, 165,750 ANZ...

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The Australian Competition and Consumer Commission (ACCC) on Monday started legal proceedings in the Federal Court against Mastercard for allegedly stifling competition in the supply of debit card acceptance services.   The consumer watchdog said in a statement that it has instituted...

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As a member of the consumer complaints committee (CCC) of the Advertising Standards Council of India (ASCI) for a few years, one noticed that two powerful personal-care companies had a nice trick to their fairness cream advertisements. These advertisements inevitably portrayed those with a...

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Moneylife Digital Team 27 May 2022
Market regulator Securities and Exchange Board of India(SEBI) has simplified the procedure and documentation requirements for issuance of duplicate securities certificates in order to make the process more efficient and investor friendly. Operational guidelines for processing investors'...

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Moneylife Digital Team 26 May 2022
The Reserve Bank of India (RBI) has cancelled certificate of registration (CoR) of five Non-banking financial companies (NBFCs)  for violation of norms related to outsourcing and fair practices code in their digital lending operations. The banking regulator cited irregular lending practices...

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Moneylife Digital Team 26 May 2022
The Reserve Bank of India (RBI) constituted a six-member committee to examine and review customer services in banks, non-banking financial companies (NBFCs) and payment operators to protect interests of customers. RBI said in a release that the committee will also look into the adequacy of...

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Moneylife Digital Team 25 May 2022
According to a report in ‘The Economic Times (ET)’, market regulator Securities and Exchange Board of India (SEBI) and the National Stock Exchange (NSE) have moved the Supreme Court against a Securities Appellate Tribunal (SAT) order which had ruled in favour of HDFC Bank in a prolonged legal...

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Moneylife Digital Team 25 May 2022
Capital markets regulator Securities and Exchange Board of India (SEBI) on Tuesday imposed a penalty of Rs5 lakh on an entity for indulging in manipulative trade practices in the shares of Allied Computers International (Asia) Ltd more than a decade ago.   The order came after SEBI...

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Moneylife Digital Team 25 May 2022
Market regulator Securities and Exchange Board of India (SEBI) on Tuesday issued a notice to NSE's (National Stock Exchange's) former chief Chitra Ramkrishna asking her to pay Rs3.12 crore in a case related to governance lapses at the stock exchange, and warned of arrest and attachment of...

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Moneylife Digital Team 24 May 2022
Market regulator Securities and Exchange Board of India (SEBI) on Monday announced changes to guidelines  for passive mutual fund (MF) schemes, aiming to boost exchange-traded funds (ETFs).   Further, the market regulator notified that the index shall not have over 25% weight in a...

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Moneylife Digital Team 24 May 2022
The tracking error for equity exchange traded funds (ETFs)/index funds cannot exceed 2% and the tracking difference for debt funds—averaged over one year—must be within 1.25%, as per the recent circular of the Securities and Exchange Board of India (SEBI) on passive mutual fund (MF)...

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After a week-long mayhem in the global crypto exchanges that wiped out hundreds of billions of dollars, a senior official at the International Monetary Fund (IMF) has said that the regulators must put up guardrails to protect innocent investors.   The shocking implosion of the...

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On 8 March 2022, the enforcement directorate (ED) at Hyderabad issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) against C Parthasarathy, founder of the Karvy group of entities, his sons Adiraj Parthasarathy and Rajat Parthasarathy, and the following...

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The past two years after global lock-downs were triggered by the COVID-19 pandemic, India's investor population has almost doubled due to the rush of new investors. Strangely, however, the brokerage business is seeing a huge churn with scores of broker defaults and even more trading members...

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On 6 May 2022, Elcid Investments Ltd, listed on the Bombay Stock Exchange (BSE), a name unknown to many until then, with an issued share capital of 2,00,000 equity shares of Rs10 each, with the promoters holding 1,49,950 shares, announcing that the postal ballot to initiate the delisting...

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Moneylife Digital Team 21 May 2022
The inspection report of Bank of Baroda (BoB) for 2019, inadvertently shared by Reserve Bank of India (RBI), reveals financial divergence in as many as 779 accounts. As per the report, there was a shortfall or additional provision worth Rs4,512 crore that was required in these...

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The Haryana Real Estate Regulatory Authority (HRERA), Gurugram, has issued a notice directing the freezing of all accounts associated with a real estate firm.   The company M/s Mahira Infratech ltd, previously known as M/s Sai Aaina Farms Pvt. Ltd, was developing a real estate project...

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Moneylife Digital Team 21 May 2022
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs1 crore on IIFL Securities (IIFL) Ltd for violating regulations  in 2014. SEBI had conducted multiple audits of IIFL's books of accounts and discovered that the company had violated the SEBI circular of...

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The Central Consumer Protection Authority (CCPA) on Friday issued notices to Ola and Uber for unfair trade practices and violation of consumer rights, slamming the ride-hailing platforms over lack of proper consumer grievance redressal mechanism, deficiency in service, unreasonable levy of...

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Moneylife Digital Team 20 May 2022
Markets regulator Securities and Exchange Board of India (SEBI) has imposed penalties totalling Rs38.75 crore on 32 entities, including Fortis Healthcare Holdings, in a case related to diversion of funds of Fortis Healthcare Ltd (FHL) and misrepresentations to conceal the fraud.   The...

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