REGULATIONS


Moneylife Digital Team 30 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs4.75 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on The Central Cooperative Bank Ltd from Rajasthan.   Other banks penalised by...

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Moneylife Digital Team 29 April 2024
Holding an audit firm and two chartered accountants (CAs) guilty of professional misconduct, the national financial reporting authority (NFRA) imposed a penalty of Rs1.60 crore on them for showing negligence in the audit of Reliance Home Finance Ltd (RHFL) for FY18-19, despite red-flags issued...

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Moneylife Digital Team 29 April 2024
After coming across instances of lenders resorting to certain unfair practices in charging interest, Reserve Bank of India (RBI) has directed all regulated entities (REs) to review their practices regarding the mode of disbursal of loans, application of interest and other charges and take...

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Moneylife Digital Team 29 April 2024
The Reserve Bank of India (RBI) has cancelled the license of Acemoney (India) Ltd, a Delhi-based non-banking financial company (NBFC), citing irregular lending practices by the NBFC. Acemoney (India) was under the radar of law enforcement agencies probing the Chinese links of fintech companies....

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Moneylife Digital Team 29 April 2024
Market regulator Securities and Exchange Board of India (SEBI), while barring eight entities from the markets, has impounded unlawful gains worth Rs1.30 crore earned by them from front-running activities.   The eight entities are: Ashok Maheshwari (noticee 1), Darshan Bakul Shah (noticee 2),...

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Once again, an anonymous source at the Indian capital market regulator has leaked information to a leading news agency about a price-sensitive investigation. Indeed, this is a case where the Supreme Court had felt the need to constitute an ‘expert’ committee to examine whether there was...

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Moneylife Digital Team 26 April 2024
The Reserve Bank of India (RBI) has ordered Kotak Mahindra Bank Ltd to cease and desist, with immediate effect, from on-boarding of new customers through its online and mobile banking channels and issuing fresh credit cards due to serious deficiencies related to information technology (IT)...

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Moneylife Digital Team 26 April 2024
Reserve Bank of India (RBI) has released draft guidelines for a regulatory framework for the aggregation of loan products by lending service providers to enhance transparency and enable borrowers to have prior information about potential lenders.    RBI says it observed that many of the...

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Moneylife Digital Team 26 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1 lakh each on five cooperative banks for non-compliance with the directions issued by the banking regulator.   The banks penalised by RBI are Madhya Pradesh (MP)-based Sadbhav Nagarik Sahakari Bank Maryadit, Chhattisgarh-based Bilaspur...

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Moneylife Digital Team 26 April 2024
Market regulator Securities and Exchange Board of India (SEBI) has imposed a fine of Rs15 lakh on Chennai-based stockbroker Maxpro Asia for misusing clients' funds and failing to settle accounts of 30 clients.   In an order, Barnali Mukherjee, adjudicating officer (AO) of SEBI, "The evidence...

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Moneylife Digital Team 25 April 2024
Invesco Asset Management (India) Pvt Ltd (IAMI), its chief executive officer (CEO) Saurabh Nanavati and four current and former key managerial personnel paid Rs4.98 crore to market regulator Securities and Exchange Board of India (SEBI) to settle charges of mixing business activities with its...

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Moneylife Digital Team 25 April 2024
The Securities and Exchange Board of India (SEBI) has cancelled the investment advisory (IA) registration of Money CapitalHeight Research Investment Adviser Pvt Ltd due to numerous breaches of rules and regulations.   Money CapitalHeight Research was found to have repeatedly failed to comply...

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Moneylife Digital Team 24 April 2024
The Bengaluru bench of national company law tribunal (NCLT) has imposed a fine of Rs20,000 on embattling ed-tech company Byju's for failing to file a response to one of the insolvency pleas filed by a creditor. Surfer Technologies Pvt Ltd, the fourth creditor, had filed the plea in February for...

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Bar  and   Bench 24 April 2024
The President of the National Company Law Tribunal (NCLT) on Tuesday temporarily reconstituted the Chandigarh Bench-II days after the Technical Member Umesh Kumar Shukla allegedly refused to attend the Court.   In an order passed on Tuesday, the NCLT Registrar Naveen Kumar Kashyap said the...

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Moneylife Digital Team 23 April 2024
The Securities and Exchange Board of India (SEBI) has levied penalties totaling Rs16 lakh on four entities following an investigation into Jump Network Ltd, currently known as WinPro Industries Ltd, for non-disclosure of shareholding breaches falling below the 5% threshold under the takeover...

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The Reserve Bank of India (RBI) has asked non-bank payment system operators (PSOs), to track high-value or suspicious transactions through electronic modes of payment during the ongoing Lok Sabha elections to prevent any misuse of funds to influence voters.   RBI’s letter, dated 15th April,...

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Moneylife Digital Team 23 April 2024
Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs3 lakh on Tipsons Consultancy Services Pvt Ltd for violations related to due diligence processes. SEBI conducted  inspection  of  Tipsons  Consultancy  Services to ascertain compliance  with  provisions  of  SEBI’s  NCS ...

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Moneylife Digital Team 23 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs14.50 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh has been imposed on Punjab-based Nakodar Hindu Urban Cooperative Bank Ltd.   Other banks...

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Moneylife Digital Team 22 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs10 lakh on NABFINS Limited, a non-banking financial company (NBFC) from Bengaluru in Karnataka for non-compliance with the directions issued by the banking regulator.   The NBFC is also a subsidiary of National Bank for Agriculture and...

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Chandramouli Mohan 20 April 2024
Have you ever received an SMS or email from your bank informing you that your account is frozen, for want of know-your-customer (KYC) or re-KYC? You are not alone. This has happened to the Moneylife Foundation also.   Mind you, the Reserve Bank of India (RBI) has never directed or suggested...

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