REGULATIONS


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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Opening another front against Twitter CEO Parag Agrawal, Tesla CEO Elon Musk on Tuesday asked the US Securities and Exchange Commission (SEC) to probe whether Twitter's claim on the number of its user base is true.   Replying to a follower who said that if it turns out that Twitter...

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Moneylife Digital Team 17 May 2022
The Reserve Bank of India (RBI) on Tuesday rejected all four applications it received for ‘on-tap’ licensing of universal banks (UBs). UAE Exchange and Financial Services Ltd and the Repatriates Cooperative Finance and Development Bank Ltd (REPCO Bank) are the two prominent names whose...

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Moneylife Digital Team 17 May 2022
For the first time, market regulator Securities and Exchange Board of India (SEBI) has asked Urja Global Ltd—which is found guilty of price manipulation and false statements—to get a 'certificate of authenticity' for its disclosures to the exchange. In the 'humiliating action', the company...

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Moneylife Digital Team 16 May 2022
The Supreme Court (SC) has finally put to rest the uncertainty around the applicability of state legislations on non-banking financial companies (NBFCs) by underscoring the importance of the Reserve Bank of India (RBI) as the regulator and supervisor of NBFCs in India, with oversight on the...

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The pandemic has been a flourishing time for the brokerage business. India’s investor population nearly doubled, as people from the age of 9 years to 90 years turned into traders after a quick online class. Brokers used this boom during the lock-down to lure and loot people with well-laid...

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Moneylife Digital Team 13 May 2022
Market regulator Securities and Exchange Board of India (SEBI), in its letter dated 22 November 2021, had written to Man Industries (India) Ltd, informing that a forensic auditor was appointed to investigate the accounts of the company for a period of seven years from the accounting year...

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Moneylife Digital Team 13 May 2022
Requesting adequate weightage and empathy for the major handicaps that stock market investors face, Moneylife Foundation has urged an ad-hoc committee headed by G Mahalingam, a former whole-time member (WTM) of the Securities and Exchange Board of India (SEBI), to hold exchanges accountable...

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SBI Research expects the central bank, Reserve Bank of India (RBI), to raise key policy rates both in its June and August policy meeting by a cumulative 75 basis points.   Beyond August, rate actions might be more balanced and judicious and the terminal repo rate is expected to be at...

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A special CBI (central bureau of investigation) court here on Thursday refused to grant bail to former NSE (National Stock Exchange) head Chitra Ramkrishna and former employee Anand Subramanian, who were arrested by the probe agency in connection with the NSE co-location (Colo)...

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The Insurance Regulatory and Development Authority of India (IRDAI) on Thursday allowed general insurers to design and launch fire, and allied perils, insurance policies covering dwellings, micro and small enterprises.   With this, IRDAI had scrapped its earlier circular that mandated...

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The Federation of Hotel and Restaurant Associations of India (FHRAI) on Wednesday urged the Securities and Exchange Board of India (SEBI) to call off online hospitality major Oyo's initial public offering (IPO), citing the massive losses suffered by the hotel rooms aggregator in recent...

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Moneylife Digital Team 11 May 2022
NASDAQ-listed Coinbase’s chief executive officer (CEO) Brian Armstrong has revealed that its services in India had to be halted because “after launching, we ended up disabling unified payments interface (UPI) because of some informal pressure from the Reserve Bank of India (RBI), which is...

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Moneylife Digital Team 11 May 2022
Market regulator Securities and Exchange Board of India (SEBI) has derecognised Indian Commodity Exchange Ltd saying the bourse does not have sufficient number of experienced staff and requisite financial capacity. Consequently, “ICEX shall cease to be a recognised stock exchange,” SEBI said...

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A special CBI (central bureau of investigation) court here on Monday deferred the verdict on the bail applications of former NSE  (National Stock Exchange) head Chitra Ramkrishna and former employee Anand Subramanian, who were arrested by the probe agency in connection with the NSE...

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On 30th April, the chief justice of India (CJI), NV Ramana, mentioned in a speech that India has 40mn (million) cases pending in lower courts and that the government was the biggest litigant accounting for 50% of these cases. At another event on 2nd May, the media reported him saying that...

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Moneylife Digital Team 07 May 2022
Update: 6 May 2022 15.50 hrs to include a response from Axis MF   Axis Mutual Fund (MF) has removed its head trader Viresh Joshi as fund manager from five schemes. Similarly, Deepak Agarwal, the assistant fund manager for equity at Axis MF, is no longer part of schemes like Axis...

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The Orlando Police Pension Fund has sued Elon Musk and his $44 billion buyout of Twitter, claiming that the deal cannot close till 2025 owing to Tesla CEO's stake in the micro-blogging platform.   The proposed class-action lawsuit, filed by the Orlando Police Pension Fund in the...

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Moneylife Digital Team 04 May 2022
In a surprise move, the monetary policy committee (MPC) of the Reserve Bank of India (RBI) has unanimously decided to increase the repo rate by 40 basis points (bps) to 4.40% with immediate effect. Consequently, the standing deposit facility (SDF) rate stands adjusted to 4.15% and the...

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Moneylife Digital Team 03 May 2022
Nine entities in the scrip of Ruchi Soya Industries Ltd, that were found indulging in fraudulent trade practices about 10 years ago, have been slapped with a total penalty of Rs25 lakh by market regulator Securities and Exchange Board of India (SEBI). Last year, SEBI's whole-time member (WTM)...

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