REGULATORY CRACKDOWN
Sebi framework for finfluencers; Nazara's Freaks4U deal
The Security and Exchange Board of India (Sebi) has approved a regulatory framework for financial influencers. This and more today’s ETtech Top 5.
Govt blacklists 8 principal entities in fresh strike down on SMS scammers
The Department of Telecommunications (DoT), in collaboration with the Ministry of Home Affairs (MHA), has taken this decisive action to protect citizens from potential SMS fraud through the Sanchar Saathi initiative, the government said in a statement Monday.
Hong Kong mulls nod for Ether ETF staking in contrast to US
The talks are ongoing and there's no clear timeline for a decision, the people added, asking to not be identified discussing private information. A spokesperson for the SFC didn't immediately respond to a request for comment.
Paytm expects near-term impact on revenue, profitability due to regulatory action: Vijay Shekhar Sharma
Paytm’s parent, One 97 Communications Ltd, is taking steps to “strengthen the governance framework across our group entities (especially regulated entities)” by appointing subject matter experts as advisors of independent directors, says founder Sharma in letter to shareholders. Going forward in the ongoing fiscal, Paytm also anticipates reduction in employee costs.
China tech giant Alibaba posts modest yearly revenue growth
Chinese ecommerce giant Alibaba announced Tuesday a modest increase in annual revenue, at a time when the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed. Fellow internet giant Tencent posted weakened revenue growth in the first three months of this year, also on Tuesday.
Fraud concerns raise red flags for India's booming tiny IPOs
Earlier this year, regulators clamped down on equity markets financing to cool pre-IPO sale frenzy. Still, the nation’s market for first-time share sales remains vibrant, with 102 deals priced since the start of 2024.
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FIIs withdraw Rs 46,000 crore from financial stocks in 2024. Is RBI the deal-breaker?
After selling financials worth over Rs 30,000 crore in January and nearly Rs 10,000 crore in February, Foreign Institutional Investors (FIIs) turned into net buyers in the sector in March. However, they resumed selling in April, with last month's selling amounting to around Rs 9,300 crore.
US eyes curbs on China's access to AI software behind apps like ChatGPT
Biden admin plans to regulate AI models export to China. Commerce Dept may use computing power threshold. Concerns about AI's role in bioweapons, cyber attacks. Challenges in defining export criteria.
Don't be fooled: The threat of AI-washing to Indian consumers
India's consumer market battles AI-washing as stakeholders collaborate for a transparent ecosystem. Responsible AI development and informed consumerism are crucial for a thriving marketplace. Transparency and trust are essential for a successful future.
Kotak crackdown: The 'Regulatory Bank of India' is taking no chances
Kotak Mahindra Bank: The Reserve Bank of India (RBI) is cracking down on regulatory compliance in the banking industry, issuing strict penalties for non-compliance. Recent actions, including barring Kotak Mahindra Bank from new customer sign-ups, highlight the RBI's serious approach to enforcing regulations. The central bank's tougher stance aims to improve governance and transparency in the financial sector, despite potential impacts on growth and capital costs. The RBI's increased vigilance follows high-profile banking collapses and aims to prevent systemic risks while promoting a more robust and transparent financial system.
Kotak Mahindra Bank shares crash 12% after RBI crackdown. Should you buy, sell or hold?
Kotak Mahindra Bank's shares plunged 12% to Rs 1,620 after RBI halted new customer onboarding and credit card issuance. Brokerages slashed target prices due to concerns over online channel reliance and potential long-term growth impact.
View: Sebi & RBI's hyperactivity catches market by surprise; but it's for restoring credibility
Recent hyperactivity at India’s banking regulator and securities watchdog surprises the market. Commercial lenders are accused of concealing bad loans, while investment banks under scrutiny for pushing IPOs past the line using mule accounts. Fintech firms in Bengaluru and traditional finance industry in Mumbai are feeling the regulatory pressure.
From kid gloves to sucker punch: What recent RBI crackdowns on JM Financial, IIFL and Paytm Payments Bank show
The Reserve Bank of India (RBI) has been increasingly imposing penalties on banks and non-banking finance companies for violating its rules. The move from a consultative approach to monetary policy and forming regulations has led to a paradigm shift in its approach to addressing regulatory breaches. The RBI has ordered Paytm Payments Bank to shut down its business for not complying with rules regarding know your customer (KYC) and prevention of money laundering, eroding its market value by nearly half in a matter of days.
Elevation Capital says fintech companies building tailored products are finding takers
Despite regulatory challenges imposing higher governance costs, procedural delays and hurdles in establishing partnerships with banks for fintech firms, such actions serve as a runway for them to build a scalable platform in the long run, said senior partners at early-stage venture capital investor firm Elevation Capital.
China tightens grip on stocks with net sale ban at open, close
The China Securities Regulatory Commission, led by newly appointed Chairman Wu Qing, has also created a task force with the nation’s stock exchanges to monitor short selling and issue warnings to firms that profit from the wagers, sources said.
Paytm bank RBI crackdown may just be the start? Banks’ rush for clients set for reckoning
Paytm: Indian regulators are cracking down on potential fraud in the financial sector, starting with Paytm. The Reserve Bank of India is getting tougher on customer verification lapses and may take more severe action against Paytm bank, which had backing from Warren Buffett and SoftBank Group Corp.
Nepal's Home Minister orders crackdown following interference by Chinese envoy
Chinese Ambassador to Kathmandu Chen Song's recent lobbying efforts to protect his country's nationals guilty of violation of local laws has irked Nepal's Home Minister Narayan Kaji Shrestha who has directed local authorities to crack down against illegal activities by citizens from the neighbouring country.
Macquarie cuts Paytm price to Rs 275 after RBI crackdown
The downgrade comes in the wake of the recent regulatory action on Paytm Payments Bank by the Reserve Bank of India. In a January 31 order, the RBI barred Paytm Payments Bank from offering banking services after February.
For crypto players, interim budget falls short on regulatory, tax issues
During the Union budget, finance minister Nirmala Sitharaman did not provide any clarity for the crypto world regarding regulations. This was after the newly-formed advocacy body Bharat Web3 Association had sought regulatory tightening of offshore exchanges and highlighted the demand for rationalisation of taxes.
Sebi crackdown reinforces need for registration
On November 22, the market regulator penalised and barred P Krishnakumar and Jagadeeshan S for a year for giving illegal investment advisory services and ordered them to refund over ₹30 lakh collected as fees through astrology-based prediction packages sold on the website www.ymforecast.com. The two were found to be acting as investment advisors without being registered as such with Sebi.
Offshore crackdown may bring crypto party home
The move may lead to a resurgence in Indian exchanges, they said, as many investors who had shifted to trading on global exchanges to save on tax are expected to return to local ones now.
Smoking crackdown, regulator for football club, Netflix rules: Nine key points from King Charles' speech
The circumstances surrounding an impending national election provided a significant backdrop for this presentation, marking Sunak's first chance to outline substantial legislative goals since assuming the role of prime minister just over a year ago. The previous session of Parliament was initiated in May 2022 during the tenure of Boris Johnson, under the reign of Queen Elizabeth II.
Spam crackdown: Companies told to seek fresh nod for promotional messages
TRAI has asked banks and other entities sending out commercial messages to telecom subscribers via SMS or voice calls to take "urgent" steps to be onboard Digital Consent Acquisition (DCA) system as per stipulated timelines. The DCA has the facility to seek, maintain, and revoke the consent of customers for commercial and promotional messages and calls.
Federal budget, Senate crackdown may overshadow crypto lobby's push for industry-friendly laws
Dozens of executives from digital asset companies are meeting with lawmakers and their staff on Wednesday as part of a grassroots advocacy campaign organized by Coinbase, the biggest US crypto exchange, and Stand With Crypto, a non-profit it founded.
China addresses investor concerns in rare meeting with global funds as economic recovery loses steam
The rare meeting with global funds comes after Chinese President Xi Jinping’s administration voiced its strongest support in recent years for the country’s private tech enterprises just days earlier.
China's slow AI roll-out points to its tech sector's new regulatory reality
Once known for a cutthroat, "race to market" spirit particularly in the consumer internet sector, companies are slowing down to toe the line and take their cues from Beijing. The previously free-wheeling industry is now seen to be largely compliant, with firms from Alibaba to Tencent making over their businesses, slowing down expansion into new areas and laying off thousands of staff.
Premier Li Qiang urges Chinese tech giants to support economy as crackdown ends
After listening to suggestions from firms that also included PDD Holdings' Pinduoduo and JD.com, Li told them authorities would seek to make regulation of platform firms more transparent and predictable.
Beijing's regulatory crackdown wipes $1.1 trillion off Chinese Big Tech
The central bank said on Friday most of the main problems for platform companies' financial businesses had been rectified, and regulators would shift their focus to the industry as a whole rather than specific companies.
China's slow public AI roll-out points to its tech sector's new regulatory reality
Once known for a cutthroat, "race to market" spirit particularly in the consumer internet sector, companies are slowing down to toe the line and take their cues from Beijing.
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