Reserve Bank of India Updates Basel III Capital Regulations

The Reserve Bank of India (RBI) has clarified the eligibility criteria for Credit Rating Agencies (CRA) under the Basel III Capital Regulations. Under the revised guidelines, banks can obtain fresh ratings from Brickwork Ratings India Private Limited for loans not exceeding Rs. 250 crore. Additionally, the CRA will continue to conduct rating surveillance for existing...

Reserve Bank of India Issues Revised Master Directions On Fraud Risk Management For Cooperative Banks

The Reserve Bank of India (RBI) has issued revised Master Directions on Fraud Risk Management for Urban Cooperative Banks (UCBs), State Cooperative Banks (StCBs), and Central Cooperative Banks (CCBs). The revised Directions, titled "Reserve Bank of India (Fraud Risk Management in UCBs / StCBs / CCBs) Directions, 2024," replace the earlier guidelines. They require Cooperative...

RBI Issues New Directions On Fraud Risk Management For NBFCs & HFCs

The Reserve Bank of India (RBI) issued updated guidelines titled "Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)”. The new Master Directions apply to all NBFCs and HFCs categorized in the Upper, Middle, and Base Layers with an asset size of ₹500 crore and above. Collectively termed as "Applicable...

Electrosteel Castings Promoters Settle Insider Trading Allegations With SEBI For Rs 1.36 Crore

The promoters of Electrosteel Castings Limited (ECL) have settled allegations of insider trading with the Securities and Exchange Board of India (SEBI) by paying a total of Rs 1.36 crore. The investigation by SEBI covered trading activities by promoter group entities of ECL between May 17, 2020, and January 6, 2021. During this period, SEBI noted the trades made by Amit Kumar...

Bengaluru Court Dismisses Plea Seeking Action Against PM Narendra Modi Over Alleged Hate Speech Against Muslim Community

A Court in Bengaluru while dismissing the private complaint filed against Prime Minister Narendra Modi, for his alleged hate speech in Rajasthan against the Muslim community, made during the Lok Sabha campaigning, observed “Muslims in India are also citizens of this secular country under the Indian Constitution. If so, they are not the 'Infiltrators' to this country.”Magistrate...

SEBI Proposes Amendments To Handle Securities Law Violations By Intermediaries Through Summary Proceedings

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing amendments to the SEBI (Intermediaries) Regulations, 2008 which introduces provisions for summary proceedings to handle specific types of securities law violations by intermediaries. The introduction of summary proceedings addresses issues observed in the current regulatory framework....

SEBI Proposes New Asset Class To Bridge Investment Gaps

The Securities and Exchange Board of India (SEBI) has introduced a proposal for a new asset class designed to bridge the gap between Mutual Funds (MFs) and Portfolio Management Services (PMS). Current investment options range from retail-oriented Mutual Fund schemes with low ticket sizes to Portfolio Management Services and Alternative Investment Funds (AIFs), which require...

Justice Tashi Rabstan Appointed As Acting Chief Justice Of J&K And Ladakh High Court

The President of India has appointed Justice Tashi Rabstan, senior-most Judge of High Court of Jammu and Kashmir and Ladakh as Acting Chief Justice of Jammu and Kashmir and Ladakh High Court.This appointment was made consequent to the elevation of Justice N Kotiswar Singh as Judge of Supreme Court of India.A notification to this effect reads, “In exercise of the powers conferred by Article...

Rajasthan Court Acquits Dargah Cleric, 5 Others Accused Of Raising 'Sar Tan Se Juda' Slogan Against Nupur Sharma

A court in Rajasthan's Ajmer District today ACQUITTED a dargah cleric (Syed Gohar Husain Chisti) and five others accused of inciting people and chanting the "Sar Tan Se Juda" slogan during a rally organised against Ex-BJP spokesperson Nupur Sharma in June 2022. The slogan was allegedly raised during a public protest (at the main gate of the Ajmer Dargah) following Sharma's alleged...

Prima Facie Defamatory: Delhi Court Injuncts Sale/ Circulation Of Book On Yes Bank Co-Founder Rana Kapoor

A Delhi Court has passed an injunction order restraining the author and publishers of the book “Yes Man: The Untold Story of Rana Kapoor”, from making it available for sale or circulation otherwise. Rana Kapoor, the co-founder of Yes Bank Ltd. (plaintiff) filed an application under Order 39 Rule 1 & 2 CPC seeking a stay against the publisher (defendant no.1) and the...

SEBI Fines Monetary Solutions Rs 25 Lakh For Regulatory Breaches

The Securities and Exchange Board of India (SEBI) levied a fine of Rs 25 lakh on Monetary Solutions for various regulatory violations. Employees of Monetary Solutions During the inspection, it was observed that seven employees associated with the Monetary Solutions, who dealt with clients, did not possess the requisite qualifications and certification as mandated by SEBI....

Paytm Receives SEBI Warning Over Unapproved Transactions With Paytm Payments Bank

One 97 Communications, the parent company of Paytm, has received an administrative warning from the Securities and Exchange Board of India (SEBI) regarding certain transactions conducted during the financial year 2021-22. SEBI's letter stated that Paytm engaged in related party transactions (RPTs) with Paytm Payments Bank Limited (PPBL) without obtaining the necessary approvals from...