RBI withdraws exemptions granted to Housing Finance Institutions
12 November 2019
The Reserve Bank of India (RBI) has decided to withdraw few exemptions granted to the Housing Finance Institutions and the provisions of Chapter IIIB except section 45-IA of the Reserve Bank of India Act, 1934, applicable to them.
SEBI introduces cross margining facility for offsetting positions in related equity indices
11 November 2019
The Market Regulator, SEBI has introduced cross margining facility for offsetting positions in related equity indices. It will increase liquidity and trading volumes in stock markets. Moreover, the Cross margining has allowed the market participants to reduce the total margin payment required, if they are taking two mutually offsetting positions. The move helps market participants transfer excess margin from one account to another.
RBI increases household income limits for borrowers of NBFC-MFIs
11 November 2019
The Reserve Bank of India has increased the household income limits for borrowers of Non-Banking Financial Companies (NBFCs) and microfinance institutions (MFIs) from 1 lakh to 1.25 lakh rupees. The move is aimed at strengthening credit to those at the bottom of the economic pyramid in rural areas. Similarly, the limit has been increased from 1.6 lakh for urban or semi-urban areas to 2 lakh rupees.
SEBI extends timeline for implementation of phase-II of unified payments interface with ASBA
08 November 2019
In order to ensure that the transition of UPI n ASBA is smooth for all the stakeholders, the SEBI has decided after consultation with intermediaries and NPCI, to extend the timeline for implementation of Phase II of UPI with ASBA.
IT Dep. conducts search action in Pune; unaccounted cash of Rs. 9.55 crore seized from a businessman
08 November 2019
The Income-Tax Department had conducted searches on a prominent business group on 06/11/2019 and on a businessman on 04/11/2019 in Pune. During the search, unaccounted cash amounting to Rs. 9.55 crore was found and seized from the businessman.
Now Aadhaar Number can be used instead of PAN; CBDT amends various Income-tax Forms
07 November 2019
Section 139A was amended by the Finance (No. 2) Act, 2019 to provide for interchangeability of PAN and Aadhaar number. A person, not having PAN, may furnish his Aadhaar number in lieu of PAN, in all those transaction where furnishing of PAN is mandatory. In order to give effect to this amendment, the Central Board of Direct Taxes (CBDT) has amended various income-tax forms to include furnishing of Aadhaar number instead of PAN
Govt. approves protocol amending India-Brazil DTAA
07 November 2019
The Union Cabinet Chaired by the PM Shri Narendra Modi has approved the signing of the Protocol amending the Convention between the Government of the Republic of India and the Government of the Federative Republic of Brazil for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
Consequences of compulsory delisting would be applicable resultant co. in case of demerger
06 November 2019
The market regulator, SEBI has issued a formal guidance by way of interpretive letter under (Informal Guidance) Scheme, 2003 in relation to SEBI (Delisting Shares) Regulations, 2009. In this informal letter, it has explicated that consequences of compulsory delisting by market regulator shall applicable to the resultant company in case of demerger scheme.
SEBI issues operational guidelines for FPIs, DPs and foreign investors
06 November 2019
The market regular, SEBI has issued the consolidated operational guidelines for foreign portfolio investors and Designated Depository Participants (DDPs). The existing Circulars, FAQs, operating guidelines, other guidance issued by SEBI shall stand withdrawn with the issue of these Operating Guidelines. With respect to the directions or other guidance issued by SEBI, as specifically applicable to FPIs, shall continue to remain in force.
Cos. having majority of foreign shareholders are required to furnish an undertaking: IRDAI
05 November 2019
The Insurance Regulatory and Development Authority of India (IRDAI) has amended various regulations wherein new clause has been inserted related to the undertaking. Now, the companies having majority of foreign shareholders are required to furnish an undertaking.
SEBI provides e-KYC authentication facility under money laundering Act by entities in securities market
05 November 2019
The market regulator has issued norms for e-KYC under section 11 of the Prevention of Money Laundering Act, 2002 by entities in the securities market for resident investor. In this circular, various modes of KYC has been discussed such as Online portal based investor (resident) e-process, assisted investor (resident_ e-KYC process and so on.
Listed cos. need to provide data of their members holding shares in physical mode by Dec 31, 2019: SEBI
05 November 2019
To augment the integrity of the system in processing of dematerialization request in respect of physical shares, the depositories and listed companies are directed to provide data of their members holding shares in physical mode such as name of the shareholders, folio numbers, certificate numbers distinctive numbers and PAN as on March 31, 2019 to the Depositories latest by Dec. 31, 2019.
Managing director could not be member of Credit Rating committees: SEBI
05 November 2019
The Market Regulator, SEBI has enhanced the governance norms for Credit Rating Agencies wherein it has been decided that Managing Director and CEO could not be a member of rating committees of the Credit Rating Agencies. Moreover, the rating committees of a CRA would report to a chief ratings office.
RBI allows Regional Rural Banks to issues Perpetual Debt Instrument
05 November 2019
With a view to provide RRBs additional options for augmenting regulatory capital funds, the Reserve Bank of India has allowed to Regional Rural Banks to issue Perpetual Debt Instrument provided that they need to fulfill the terms and condition specified in this instant notification.
FAQs on SEBI (PIT) Regulations, 2015
05 November 2019
In order to provide clear picture to stakeholder, the SEBI has issued FAQs on PIT Regulation wherein requirement of pre-clearance, ADRs, GDRS, maintenance of information and so on have been discussed.
RBI issues compensation norms for private bank CEOs, whole time directors and control function staff
05 November 2019
Reserve Bank of India (RBI) has revised guidelines for compensation given to chief executives and whole-time directors at private banks to mitigate risks arising out of huge incentives that threaten the financial structure of an organisation and to keep governance in check.
RBI issues guidelines on Liquidity Risk Management Framework
05 November 2019
In order to strengthen and raise the standard of the Asset Liability Management (ALM) framework applicable to NBFCs, RBI has been decided to revise the extant guidelines on liquidity risk management for NBFCs. All non-deposit taking NBFCs with asset size of Rs.100 crore and above, systemically important Core Investment Companies and all deposit taking NBFCs irrespective of their asset size, shall adhere to the set of liquidity risk management guidelines.
Govt. defines territories of Leh District
02 November 2019
The territory of Leh district specified in section 3 of the J & K Reorganisation Act, 2019 shall constitute the following districts of the existing State of Jammu and Kashmir, namely. Gilgit, Gilgit Wazarat, Chilas, Tribal territory and ‘Leh and Ladakh’ except present territory of Kargil.
SEBI tightens norms for listed banks on loan divergences disclosures
01 November 2019
In consultation with RBI, SEBI has been decided that the listed banks shall make disclosures of divergences and provisioning beyond specified threshold, as mentioned in RBI notifications, as soon as reasonably possible and not later than 24 hours upon receipt of the Reserve Bank’s Final Risk Assessment Report (‘RAR’), rather than waiting to publish them as part of annual financial statements
Due date to file Tax Audit Reports & ITRs for J&K and Ladakh assessee’s extended to November 30, 2019
01 November 2019
The CBDT has extended the due date for filing of tax audit reports & income-tax returns (ITRs) to November 30, 2019 for all categories of the income-tax assessee’s in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh.