REGULATED ENTITY
Delhi High Court calls for regulation of trademark agents
Delhi High Court has directed the Controller General of Patents to create a code of conduct for trademark and patent agents due to misleading advertisements. The court emphasized the need to regulate agents and address complaints effectively.
Need to unbundle natural gas marketing and transportation, says Indian Gas Exchange CEO
Indian Gas Exchange (IGX) CEO Rajesh Kumar Mediratta advocated for an independent system operator to ensure fair access to natural gas pipelines' full capacity for all market players. He proposed the split of gas companies into separate marketing and transportation entities. He emphasised the need for a level playing field through equal access to information and charge mechanisms. Mediratta suggested measures for developing the domestic natural gas market, including bringing gas under GST and enforcing open access in city gas areas.
Adani saga heads for a messy closure
SEBI-Hindenburg clash escalates, questioning SEBI's actions and hindering the closure of the Adani controversy, showcasing the evolving dynamics in the financial market regulatory landscape.
Kotak Bank gets pulled into Hindenburg-Adani-SEBI wormhole; here what it said
Kotak Hindenburg Adani SEBI: US-based short-seller Hindenburg Research disclosed that SEBI accused them of violating Indian regulations, calling the charges "nonsense" and alleging they aim to silence critics of powerful figures. For the first time, Hindenburg implicated Kotak Mahindra Bank in the Adani controversy, causing the stock to dip sharply.
Kotak Bank created fund used to bet against Adani: Hindenburg
Kotak Mahindra Bank managed funds for Adani stock trades, leading to significant profits. Despite ET queries, the bank mentioned transactions were made on a principal basis. Kingdon transferred funds for short positions on Adani stocks, resulting in gains after positions were squared off.
NBDA brings digital news under its self-regulatory body's purview
The regulation defines digital news media as digitised news content that can be transmitted over the internet or computer networks and includes content received, stored, transmitted, edited, or processed by a digital publisher. Digital news platforms have been defined as platforms that facilitate the transmission of digitised news content over the internet or computer networks, including social networking sites or social media.
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Sebi penalises Kwality's former MD, others for misrepresenting company's financials
Fine totalling Rs 3.75 crore were slapped on former promoter and MD of dairy firm Kwality's Sanjay Dhingra and other entities for misrepresenting the financials of the company. Kwality went into insolvency process in December 2018 and was acquired by Sarda Mines through the liquidation process in 2022.
Centre puts guidelines for curbing pesky call menace in public domain; invites comments
According to estimates, India ranks among the largest markets for SMS phishing, amid a growing mobile user base and low phone tariffs. Some industry estimates say one of every 12 people is vulnerable every month to phishing. More than 120-150 million phishing messages are sent every month, with 60-75 million unique citizens vulnerable to attacks. Roughly 300,000 people get scammed, but only 35,000-45,000 report these incidents.
Tax parity for IFSC funds to help HNIs avoid US inheritance levy
Wealthy Indians can use GIFT City to avoid US inheritance tax on offshore investments. IFSCA is seeking tax parity for funds in GIFT City to attract HNI investors.
RBI to come out with norms for securitising stressed loans
RBI is set to release final guidelines for securitisation of stressed assets, potentially initiating a junk bond market in India.
PNGRB seeks to regulate LNG terminals
Companies intending to establish new liquefied natural gas (LNG) terminals or expand existing ones will need the approval of the downstream regulator, as per a draft regulation by the Petroleum and Natural Gas Regulatory Board (PNGRB). This regulation aims to manage the rapid expansion of terminals that remain significantly underutilized.
RBI sets up panel to track online payment frauds; AP Hota to head committee
Along with Hota, representatives of NPCI, State Bank of India, HDFC Bank and ICICI Bank have been made members of the committee. The platform will establish operational guidelines for the proposed processes, determining the extent of data to be provided by reporting entities such as banks and fintechs. The committee will be responsible for defining these guidelines.
IRDAI cracks down on fraudulent tele-callers; Check list of TRAI-assigned phone numbers insurers must use for customer calls
The IRDAI has instructed insurance companies and insurance intermediaries not to call customers from a standard 10-digit mobile number in an effort to take harsh measures against fraudulent telecallers.
Angel One to undertake corporate restructuring, create holding company
Angel One, the country’s third largest stock broker, is set to undertake a major corporate restructuring exercise, according to two people in the know. Angel One is setting up a holding company under which all its different business entities will be held as subsidiaries.
Govt planning new way to save you from bank and other financial scams
Amidst the surge in phone call scams, the Department of Telecom (DoT) has unveiled a new solution to differentiate between authentic calls and those orchestrated by fraudsters. As per reports from ToI, the DoT has designated a distinct 10-digit numbering series commencing with 160 for service and transactional calls originating from governmental bodies, regulatory agencies, and financial institutions.
Govt bodies and banks to use 160 and 161 numbering series for service calls: DoT
The demarcation will largely benefit financial institutions such as bank to alert customers on use cases such as credit card payment reminders. Previously, subscribers had stopped receiving transactional calls assuming that a number originating from 140 would be spam.
Indian weapons falling into wrong hands? Defence Ministry tightens monitoring
The defence ministry is enhancing monitoring of defence equipment production and requiring companies to adhere to end-user certification rules for exports. The sector has seen a surge in arms and weapons production, particularly in response to the Ukraine-Russia crisis.
A market rumour will now no longer remain just a rumour under latest SEBI order
In my article on October 03, 2023, titled “Formation of Industry Standards Forum by SEBI - a pragmatic era in regulation implementation”, I had mentioned that SEBI has introduced a very pragmatic method of drafting standards for implementation of a regulation.
Reliance, Disney seek India antitrust nod with cricket rights assurance
Reliance Industries and Walt Disney have applied for antitrust clearance for their $8.5 billion media merger in India, arguing that their combined influence, particularly in cricket broadcasting, will not negatively impact advertisers. The deal, announced in February, is anticipated to face close scrutiny due to its potential to establish India's largest entertainment entity, with extensive TV channels, streaming services, and cricket rights. The companies have assured the Competition Commission of India (CCI) that the cricket rights were obtained through a competitive bidding process, and competitors can bid when these rights expire in 2027 and 2028.
Sebi issues framework for verification of market rumours by listed entities
The listed entities will now have to follow the industry standards to ensure compliance. Further, the exchanges are advised to bring the contents of this circular to the notice of companies and ensure its compliance. Further, in another circular Sebi has also revamped the method for calculating the market capitalisation of listed companies.
Sebi extends settlement scheme period till June 10 in illiquid stock option cases
"It has been observed that during the last few days, a large number of entities have shown interest in availing the scheme. Considering the interest of entities in availing the scheme, the competent authority has extended the period of the scheme till June 10, 2024," Sebi said in a statement.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
RBI directs lenders to review their lending practices in line with fair practice code
Some lenders are resorting to certain unfair practices in charging interest rates such as charged interest on loans from the date of sanctioning or execution of the loan agreement rather than from the date of disbursement.
Lending service providers may have to provide digital view of all offers: RBI
The Reserve Bank of India (RBI) is considering new rules for digital lending, aiming to enhance transparency. The proposed guidelines would require lending service providers (LSPs) to digitally share all available loan offers from willing lenders with borrowers. This move aims to empower borrowers by providing a clear view of their loan options, including details like lender names, loan amounts, interest rates, and key terms. The RBI also emphasizes the need for unbiased content, prohibiting LSPs from favoring any particular lender.
SEBI finds Adani offshore investors in disclosure rules violation, sources say
India's markets regulator found a dozen offshore funds invested in Adani group companies were in violation of disclosure rules and in breach of investment limits, two people with direct knowledge of the matter said on Monday. They declined to be named as they not authorised to speak to media.
RBI asks banks to look at setting up central fund to pay internal ombudsmen
RBI advises creating a central fund for internal ombudsman salaries to ensure independence and customer rights protection. The Annual Report highlighted a 68% increase in customer complaints. Challenges in implementation include differing compensation structures, as noted by a senior bank executive.
What's the total cost of a loan, what are the fees? Banks must explain to you in simple language from Oct 1
The banking regulator has directed regulated entities (RE) to issue KFS to retail borrowers and small businessmen, effective October 1, 2024. KFS is aimed to help borrowers take an informed view before executing a loan document.
CCI conducting enquiries against some fintech entities: Chairperson Kaur
CCI Chairperson Ravneet Kaur disclosed ongoing investigations into fintech entities to examine their technology leveraging impact on competition, emphasizing the regulator's commitment to ensuring a competitive digital market. With an eye on big tech and various sectors, including film distribution, CCI aims to address market distortions, fostering innovation and economic growth
RBI issues omnibus framework for recognising SROs for regulated entities
The omnibus framework prescribes the broad objectives, functions, eligibility criteria and governance standards, which will be common for all SROs, irrespective of the sector. "The framework is the minimum requirement and the recognised SROs will be encouraged to develop their best practices," RBI said.
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