Page 3 - Regulations

PFRDA amends regulations for Trustee Bank, Central Recordkeeping Agency

Pension Fund Regulatory and Development Authority (PFRDA) has amended regulations for Trustee Bank, and Central Recordkeeping Agency. The amendments to Trustee Bank (TB) Regulations simplify and strengthen the provisions related to implementation of fraud prevention and mitigation policy, compensation to the subscriber, invitation of application for new registration and surrender of certificate of registration, an official statement said on Thursday. Amendments to Central Recordkeeping Agency (CRA) Regulations simplify and strengthen the provisions related to the governance of CRA in line with Companies Act, 2013 and enhanced disclosure of information by CRA, it said. Both amendments were carried out earlier this month and these are in line with the 2023-24 Union Budget announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business. The other notable amendments included implementation of fraud prevention and mitigation policy by CRA to ..

Market regulator Sebi urges industry to step up voluntary compliance

Enforcement cannot be the only solution, says Sebi WTM; Varshney assures Sebi's KYC infrastructure strong

EU lawmakers ratify political deal on artificial intelligence guardrails

EU countries gave their backing earlier this month after France secured concessions to lighten the administrative burden on high risk AI systems and offer better protection for business secrets

Parliamentary panel for introduction of composite licence for insurers

A parliamentary panel on Tuesday suggested the introduction of composite licence for an insurer to undertake life, general, or health insurance under one entity to increase penetration of insurance in the country. The panel headed by BJP leader Jayant Sinha suggested the government to introduce a provision of composite licensing for insurance companies and make the related amendment in legislation at the earliest. As per the Insurance Act, 1938, and the regulations of the Insurance Regulatory Development Authority of India, composite licensing for an insurer to undertake life, general, or health insurance under one entity is not allowed. The panel also suggested a reduction in the GST rate on insurance products, especially health and term insurance, which is 18 per cent at present. The high rate of Goods and Services Tax (GST) results in a high premium burden, which acts as a deterrent to getting insurance policies. The committee, with a view to making insurance more affordable, .

China regulator removes draft video game rules from website, stocks jump

The link to the draft rules on the National Press and Publication Administration's (NPPA) website was inaccessible as of Tuesday morning, after having worked on Monday

Yet to finalise mechanism for regulating cryptocurrencies: Centre to SC

The Centre has told the Supreme Court it is yet to take a decision on a mechanism to regulate cryptocurrencies and effectively investigate related offences. A bench of justices Surya Kant and KV Viswanathan was told by Additional Solicitor General Vikramjit Banerjee, appearing for the Centre, that the issues related to the digital currency are continuously evolving and the government is deliberating on the mechanism to regulate the cryptocurrencies. He sought time to file an affidavit by the next date of hearing in the case giving updated position on the mechanism. "So far as the stance of the Union of India with reference to the matters of cryptocurrency arising in different states is concerned, the Additional Solicitor General of India seeks and is granted four weeks' time to file an appropriate affidavit," the bench ordered on Friday. During the hearing, Justice Kant said the court only wants that there are appropriate safeguards to protect the common man from frauds and misuse

Budget 2024 wishlist: Gaming industry seeks clarity on regulation, taxation

Firms expect Budget to address concerns on consumer/player protection, without stifling innovation

Britain to make big tech give rivals access to data under new plans

The Competition and Markets Authority (CMA) has bolstered its oversight of Big Tech firms like Facebook owner Meta , Google parent Alphabet, Amazon and Apple

Regulations, industry collaborations needed to fix deepfake issue: Nasscom

Tackling the deepfake issue will require regulations and close industry collaboration as there is no silver bullet for it, Nasscom Chairperson Rajesh Nambiar has said, terming it a "real concern", especially in a year when several countries are going for polls. In an interview with PTI, the Nasscom chief also talked about continued concerns over macro headwinds while pointing out that "green shoots" and "clear pockets" of demand emerging in areas like generative AI. Highlighting that technology has moved from being an enabler to being at the centre of every business, Nambiar, who is also chairman and managing director of Cognizant India, said companies will have no choice but to invest in technology going forward. Nambiar, who took over as the chairperson of apex IT industry body Nasscom in September 2023, termed deepfakes "a real concern". "Deepfakes are a real concern, especially when you look at half of the world's population going into elections in 2024. That is a big number, i

China fires top official to stem games fallout, contain damage: Report

Tencent and smaller rival NetEase Inc. gained about 1% in Hong Kong Wednesday, adding to a recovery since officials began signaling a willingness to consider industry views

Year ender 2023: 10 important regulatory changes that took place in India

2023 was a busy year for regulators like the Reserve Bank of India and the Securities and Exchange Board of India. Here are the 10 key changes on the regulatory front

European Union strikes deal to regulate ChatGPT, AI tech in landmark act

Thierry Breton, the bloc's internal market chief, said the deal strikes a balance between fostering innovation and protecting the rights of people and companies

European Union's world-leading AI regulations facing do-or-die moment

Hailed as a world first, European Union artificial intelligence rules are facing a make-or-break moment as negotiators try to hammer out the final details this week talks complicated by the sudden rise of generative AI that produces human-like work. First suggested in 2019, the EU's AI Act was expected to be the world's first comprehensive AI regulations, further cementing the 27-nation bloc's position as a global trendsetter when it comes to reining in the tech industry. But the process has been bogged down by a last-minute battle over how to govern systems that underpin general purpose AI services like OpenAI's ChatGPT and Google's Bard chatbot. Big tech companies are lobbying against what they see as overregulation that stifles innovation, while European lawmakers want added safeguards for the cutting-edge AI systems those companies are developing. Meanwhile, the U.S., U.K., China and global coalitions like the Group of 7 major democracies have joined the race to draw up ...

Self-regulation does not work well in preventing frauds, says Sebi WTM

Amarjeet Singh says 16 working groups looking to simplify regulations

FIU likely to launch global crypto exchange database by March next year

The exchange will also have information on the exchanges which are operating on the dark web

Beware of over-regulation

Regulation of unlisted firms must be rational, not reactive

Over regulation of internet may have discriminatory results: Cos to Trai

Founders and top leaders of many prominent startups, including Zerodha's Nithin Kamath and Paytm's Vijay Shekhar Sharma, have written a joint letter to regulator TRAI in support of net neutrality, and cautioned that any move towards "over regulation" of internet services categorised as OTT services could have "discriminatory consequences". The letter, signed by representatives of 129 startups, calls for the internet to be maintained as an open platform where network providers treat all content, application, and services equally, without discrimination. This includes not putting a service at a competitive disadvantage, either by imposing additional network fees or other regulatory obligations such as licensing under a telecommunications framework, according to the letter addressed to Telecom Regulatory Authority of India (TRAI) Chairman PD Vaghela. "As a key representative of the Indian economy and internet innovation ecosystem, we are writing to urge the authority to continue their

Robust mechanism in place for regulating media channels: Centre to SC

Asserting that there is no statutory vacuum, the central government has told the Supreme Court there exists a robust mechanism for regulation of content of private television channels. In an affidavit filed before the top court, the Ministry of Information and Broadcasting has said the Union of India has always protected journalistic freedom and encouraged the policy of promoting self-restraint and self-regulation in the field of journalism. The government said this was meant to ensure that media houses and journalists acknowledge their vital role and responsibilities towards the society and elevate their standards of practice though self-devised methods. This, it said, ensures there is minimum interference by government authorities in the functioning of media. It is only in cases involving national security that the government's statutory mechanism kicks in, the affidavit said. "There is no statutory vacuum, in so far as regulation of the broadcast of irresponsible reporting and

Govt rolls out mandatory quality norms for solder wires used in electronics

The government has issued mandatory quality norms for solder wires, used in electronics and engineering industry, to curb the import of sub-standard goods and boost domestic manufacturing of these goods. A notification in this regard was issued by the Department for Promotion of Industry and Internal Trade (DPIIT) on September 18. Items under Flux Cored Solder Wire (Quality Control) Order, 2023 cannot be produced, sold, traded, imported and stocked unless they bear the Bureau of Indian Standards (BIS) mark. These orders will come into force with effect from six months from the date of publication of this notification, the DPIIT said on Tuesday. Soldering is a critical process where quality of flux cored solder wire is of paramount importance as any failure will impact quality and safety of the products soldered particularly in electronic and automobile industry. "The implementation of the Quality Control Order (QCO) for this product is crucial not only for the safety of consumers,

UBS names South Korea, India, others as 'slow' on Credit Suisse approval

The uncertainties could lead to winding down businesses and asset sales, when UBS faces "difficult jurisdictions or regulators", the Swiss bank said in the document