Page 2 - Regulators

Need more clarity on what defines an Indian audit firm: GT Bharat CEO

Chandiok said firm's long-term strategy had been to become an Indian audit firm that could compete with global giants. But it would need acknowledgement from companies as well as regulators

Sebi slaps Rs 4.8 mn fine on 8 entities for flouting regulatory norms

Capital markets regulator Sebi on Thursday slapped a fine of Rs 48 lakh on eight entities, including promoters of United Polyfab Gujarat Ltd (UPGL), for manipulating the share prices of the company. These entities have to pay the penalty jointly and severally within 45 days, as per an order. The order came after Sebi conducted an investigation of UPGL and trading by certain entities in the scrip of the company, to ascertain whether there was any violation of the provisions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. Based on the findings of the probe in the matter of trading by certain entities in the scrip of UPGL, the regulator initiated adjudication proceedings against these entities. Thereafter, the regulator issued a common show cause notice to the noticees on July 18, 2023. "...UPGL and Gagan Nirmalkumar Mittal in collusion with other Noticees i.e. Shiv Marketing and Trading, Vishwakarma Trading House, Anilkumar Mangalchand Mittal, Amay Spincot

RBI asks REs to review internal compliance tracking, monitoring processes

An appropriate monitoring mechanism may also be put in place to review the progress of its implementation, the RBI said

Global watchdog to report in October on how social media fuels bank runs

A U.S. regulator last week called for new liquidity rules to cope with outflows over five days

Regulating fintech

RBI draft guidelines kick off the process

Consensus on framework for pricing transactions, deals important: Experts

Late in December, the market regulator sought comments on changes proposed in rumour verification norms through a discussion paper

2024's defining clash: AI vs regulators

The next year will see this extraordinary and impactful field alter the fabric of our lives - but it may not see any comprehensive regulatory approach taken by expert regulators

Sebi issues warning to Care Ratings and orders corrective measures

The market regulator has advised the rating agency to take corrective steps, rectify discrepancies and submit the action taken report (ATR) to Sebi within 30 days

Microsoft, Activision Blizzard extend deadline to close $69 bn deal

The deadline for Microsoft's USD 69 billion acquisition of video game company Activision Blizzard has been extended to as the companies seek to close a deal that has been challenged by regulators in the US, as well as by UK's Competition and Markets Authority. Microsoft believes that pushing back the deadline to Oct. 18 will provide enough time to work through the remaining regulatory issues, said Brad Smith, the company's president. We are confident about our prospects for getting this deal across the finish line, Smith said. The extension comes with a bigger termination fee, should the deal be called off, and a number of other new agreements. Tuesday marked an important deadline for the deal announced 18 months earlier. Both Microsoft and Activision had agreed that either party could walk away from the planned merger if it hadn't closed by then, triggering Microsoft to potentially have to pay a USD 3 billion breakup fee unless both sides decided to renegotiate. That termination

Centre moots unified portal for drug regulation to build trust in quality

Move seeks to harmonise regulatory requirements at central and state level

Byju's staff say morale waning amid turmoil amid layoffs at edtech firm

Byju's has already let go of several thousand employees this year due to slowing demand and it is locked in a legal battle with its lenders and faces regulatory scrutiny

Balancing regulatory approaches

The use of both principle- and rule-based approaches in regulatory frameworks has its challenges, but the latter may be problematic for tech-driven activities

Arihant Capital settle case with Sebi, pays Rs 17 lakh as settlement charge

Arihant Capital Markets has settled with Sebi a case pertaining to alleged violation of broker and intermediaries norms. Arihant Capital Markets paid over Rs 17 lakh as settlement charges to the regulator. The order came after Arihant Capital proposed to settle the instant proceedings initiated against it, "without admitting or denying the findings of facts and conclusions of law". "The instant proceedings initiated against noticee vide show cause notice dated October 06, 2022 is disposed of," Sebi's Executive Director Anand R Baiwar said in the settlement order passed on Wednesday. Sebi initiated enquiry proceedings against noticee (Arihant Capital) for alleged violation of the broker regulations and intermediaries norms for failing to file suspicious transaction reports to Financial Intelligence Unit- India, regarding certain discrepancies noted by the noticee in the Know Your Customer (KYC) documents of its clients. Thereafter, the regulator had conducted an investigation from

It's financial sector greed again

US and European regulators ignored basic risk management. But why do regulators allow financial sector firms to gamble with depositors' money?

Regulators now gear up to probe Google Maps in potential anti-trust case

After facing an intense scrutiny of its Search and advertising businesses, Google is reportedly facing another potential probe from the US Department of Justice (DoJ)

Extraterritorial reach of regulators weakens domestic stability: RBI

Discussions with foreign regulators positive

Regulators should be nimble-footed, should take decision fast: Gadkari

Taking a dig at undue delay in clearance of Surety Bond Insurance product at the regulators' end, Union road transport minister Nitin Gadkari on Monday said they should not take years to approve a small innovative scheme. Talking about his personal experience with regard to getting approval for a surety bond insurance for infrastructure sector, he said, the IRDAI took three years to clear the product even after a lot of persuasion from the ministry. The minister on Monday launched the country's first-ever surety bond insurance product for the infrastructure sector, which has been developed by Bajaj Allianz General Insurance. Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal (contract awarding authority) from any loss. "Insurance Regulatory and Development Authority of India (IRDAI) took three years to do (a) detail study of surety bond proposal. After three years, the regulator gave NOC ...

Foreign regulators must respect our credibility: RBI governor on ESMA row

On Oct 31, ESMA de-recognised CCIL apparently over RBI's refusal to grant audit and inspection rights; Move has potential to hamper bond and derivative trading operations of European banks in India

KFintech settles Sebi proceedings with payment of over Rs 91 lakh

The registrar and transfer agent was found to be violating rules during a Sebi inspection in 2019-2020

Inter-regulatory push for the sandbox initiative: Check details here

The Fintech department of the RBI will act as a nodal point for receiving applications under this initiative