REGULATORY FINANCIAL COMPLIANCE
Navigating ITR Penalties: What you need to know for FY 2023-24?
As the financial year concludes, taxpayers must prepare to file their income tax returns (ITR) for FY 2023-24 by July 31, 2024, to avoid penalties. Late filing can incur a fixed penalty of Rs 5,000, with additional interest on outstanding taxes if applicable. Tax deducted at source (TDS) violations, such as non-deposit or incorrect deductions on property transactions, attract penalties up to 1.5% per month. Timely filing is crucial to claim deductions and avoid penalties up to 300% for tax evasion, ensuring compliance and maximizing tax benefits.
Banking sector in good financial health to support growth: RBI dy guv
The banking sector in India has reached a decadal high in terms of financial parameters and is poised to support the country's economic growth, said Reserve Bank deputy governor Swaminathan J on Tuesday. He was speaking at a conference attended by statutory auditors, chief financial officers of commercial banks, and all Indian financial institutions.
RBI to send strict 'zero tolerance' message to banks' bosses
RBI met CFOs and auditors to enforce zero tolerance for compliance lapses. Deputy governors stressed accurate balance sheets, aggressive lending risks, and ever-greening of loans. Recent CEO talks included credit-deposit growth gaps. Governor Das emphasized risk awareness. Digital banking restrictions on Kotak Bank, IIFL Finance, and others were due to regulatory lapses.
Compliances cut, MCA gets tough on flouting companies law
Arms of the Ministry of Corporate Affairs (MCA) have intensified enforcement actions in recent quarters to ensure stricter adherence to rules, even as the government has lessened the compliance burden on India Inc. In the June quarter, various Registrars of Companies (RoCs) issued a total of 321 orders against firms for alleged lapses under the Companies Act. This figure represents about a fourth higher than the previous quarter, which also saw increased action, according to an analysis of public orders.
RBI penalizes PNB, four other banks for regulatory non-compliance in first week of July
The Reserve Bank of India (RBI) has penalized five banks, including Punjab National Bank (PNB), for non-compliance with RBI directions. PNB became the fifth bank to be penalized, with a penalty of Rs 1.31 crore. The penalty was imposed for non-compliance with RBI directions regarding 'Loans and Advances: Statutory and Other Restrictions' and the 'Reserve Bank of India (Know Your Customer (KYC) Direction, 2016'.
Jail term for delay in giving out ID cards: How compliance overkill mars chemical industry
It is time to do away with the complex and wide-ranging regulatory provisions in the chemical industry if the promising segment, which has a considerable number of MSME players, is to achieve its potential.
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Regulatory pressure, push from leadership lead to better compliance standards in India Inc: EY report
A new report from EY shows India Inc.'s improved adherence to compliance and integrity standards, driven by regulatory pressure and management focus. The survey highlights key factors like policy developments, leadership role, and customer demand for ethical standards.
BFSI captives hunt for leadership talent
Executive search firms ET spoke to said candidates from product organisations are tapped for technology hiring, and for non-technical roles, domain and functional expertise remain paramount. Compensation ranges at around Rs 1 crore for those with 18-25 years of experience. For CFO roles, packages could be in the range between Rs 2-4 crores.
Zomato launches platform to offer hiring, regulatory services to restaurants
Zomato's move comes a week after rival Swiggy launched a new feature on its partner app to connect restaurants with staffing experts as part of a new recruitment support initiative.
NBFCs need to focus on compliance, risk and liquidity, says RBI executive director R Lakshmi Kanth Rao
Non-banking finance companies (NBFCs) were advised by RBI executive director R Lakshmi Kanth Rao to prioritize compliance, risk management, liquidity management, and customer protection. Rao emphasized the regulatory differences between banks and NBFCs, noting the need for NBFCs to enhance compliance systems and balance business with prudence.
RBI to ease compliance burden while fine tuning regulations to address evolving risks
RBI Governor Shaktikanta Das emphasized the importance of strong governance and resilient financial systems at the global conference on financial resilience. Highlighting new guidelines set for release next month, Das noted the need for clear roles and responsibilities for boards and executive management, balancing business growth with robust risk management to ensure long-term success
RBI's special audit over, IIFL Finance appoints team to implement corrective actions
IIFL Finance, under scrutiny by the RBI for irregularities in its gold loan portfolio, has taken corrective actions to address concerns. RBI directed the company to halt new gold loans due to supervisory concerns and deviations in gold assessment. The company raised capital through rights issues and NCDs to mitigate risks and reported a net profit in Q4.
HDB Financial awaits parent’s approval to begin IPO journey
HDB Financial Services, the non-banking financing arm of HDFC Bank, is preparing for an IPO to list by September 2025 with a valuation range of $9 billion to $12 billion. The lender plans to open 200 branches this fiscal year to expand its loan book.
No financial irregularity, or compliance violation within the company: Suzlon
Suzlon Energy assured no financial wrongdoing after independent director Marc Desaedeleer's resignation. Desaedeleer raised compliance and transparency concerns, prompting discussions with the chairman and board members. The company affirmed its commitment to regulatory norms and proactive disclosure. The stock traded at Rs 47.54, down 4.61% on the BSE.
No financial irregularity, compliance violation within Co, says Suzlon as independent director quits
Suzlon Energy on Monday clarified that there are no financial irregularities or compliance violations within the organization, following the resignation of its independent director Marc Desaedeleer. Desaedeleer resigned on Saturday and raised corporate governance issues within the company in his resignation on June 8, 2024, as per a BSE filing.
Suzlon's independent director Marc Desaedeleer resigns citing governance, transparency issues
Marc Desaedeleer, an independent director at Suzlon Energy, resigned from the board citing concerns about compliance and transparency. He praised the company's performance but expressed disappointment in governance standards and communication. Desaedeleer had raised these issues with the chairman and board members before deciding to step down from his position.
RBI penalties up 88% in 3 yrs; KYC, AML top list
The number of penalties imposed by the Reserve Bank of India on financial institutions grew 88% in the past three years with Know Your Customer (KYC) and Anti Money Laundering (AML) topping the list of non-compliances. The central bank collected ₹78.6 crore over the three years after imposing penalties on 261 occasions in 2023 alone, according to RBI reports compiled by Signzy, a fintech firm that manages regulatory compliance for institutions.
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
B2B fintech startup Vegapay raises $5.5 million from Elevation Capital
Vegapay had raised $1.1 million in its first institutional funding round in 2023 led by Eximius. According to the company, the newly raised fund will be used to enhance Vegapay’s product suite, focusing on product development and regulatory compliance.
Lesson for entrepreneurs: What are the common mistakes startup founders make and how to avoid them?
India has the third largest startup ecosystem in the world, with 1.17 lakh entities (DPIIT), nearly 1,710 venture capital funds, 794 accelerators and incubators (Tracxn), and several government initiatives like Startup India. Despite this fervour and support, financial and otherwise, the startup journey is extremely difficult.ET Wealth lists the typical mistakes most founders make and tell you how to tackle these
NFRA to engage with some big listed companies on audit compliance
The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.
RBI imposes Rs 3.1 lakh penalty on Hero FinCorp
The RBI carried out a statutory inspection of the company, assessing its financial status as of March 31, 2023. Following this inspection, the RBI found instances of non-compliance with its directives and corresponding communication. Consequently, the company received a notice prompting it to explain why penalties shouldn't be applied due to its failure to adhere to the directives.
Betting on disruptors in India’s BFSI sector: Insights from Beams Fintech Fund, Sagar Agarvwal
The Fintech and Financial Services sector has grown exponentially in the last few years, and yet much more is to be achieved. In India, the sector contributes nearly one-third of the GDP and $1.3 trn in market cap. Additionally, disruptive products by fintech companies, aided by innovation-friendly policies have made India one of the fastest-growing financial services market in the world. As a result, there are ample opportunities for investments in this space.
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.
Traditional financial services catch the super app bug
Financial services companies such as Aditya Birla Capital, Angel One and Muthoot Fincorp are building superapps -- a one-stop applications for all their customers' needs. This development comes as large groups such as Reliance Industries and Tata Group have already rolled out such superapps for everything from shopping to payments and credit under one roof.
Compliance plays a big part in helping Indian MSMEs grow exports
While challenges persist, the compliance levels of Indian MSMEs in terms of export have been gradually improving, say experts.
Fintech regulations to help those who follow rules: QED’s Nigel Morris
Nigel Morris, cofounder and managing partner at QED Investors, spoke to ET about the recent clampdown by India's central bank across various segments of new-age financial services, the funding environment, valuation of fintechs and more in an exclusive chat.
Bank of Baroda shares rise over 3% after RBI lifts ban on adding customers on its mobile application
Bank of Baroda Share Price: Government-owned BoB told stock exchanges that the RBI, in a letter dated May 8, conveyed the decision to lift the restrictions on 'BoB World' with immediate effect.
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.
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