Introduction Considering the fast turnaround time in credit underwriting processes through Digital processes, the Reserve Bank of India has made certain changes in the reporting timelines of the Credit information held between the Credit institutions (CIs) and Credit Information companies (CICs). This reform is made with a view of providing updated/latest credit information to enable lenders […]

Introduction: Asset management companies (AMCs) play a crucial role in the financial markets, handling vast amounts of capital and making investment decisions that can significantly impact the market. With such responsibilities, AMCs will now have to put in place institutional mechanisms for identification and deterrence of potential market abuse, including front-running and fraudulent transactions in […]

Securities and Exchange Board of India (“SEBI”) has issued Master Circular for Portfolio Managers for effective regulation of Portfolio Managers vide Circular No. SEBI/HO/IMD/IMD-POD-1/P/CIR/2024/80 dated June 07, 2024 which supersedes the Master Circular for Portfolio Managers dated March 20, 2023. Applicability:- It is applicable to all Portfolio Managers and Association of Portfolio Managers in India […]

International Financial Services Centres Authority has issued a Circular F. No. IFSCA-DSI-4-2024-Capital Market- dated 5th Sept 2024 under Regulation 6 of International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 which states that Capital Market Intermediaries (CMIs) who fails to maintain Net Worth at any time shall not undertake any existing or new business […]

On July 15, 2024, Reserve Bank Of India issued Master Directions on Fraud Risk Management in Urban Cooperative Banks (UCBs) / State Cooperative Banks (StCBs) / Central Cooperative Banks (CCBs) superseding the earlier directions on the subject, namely, ‘Master Circular– ‘Classification and Reporting’ (DCBR.CO.BPD.MC.No.1/ 12.05.001/2015-16) dated July 1, 2015. These Directions are issued with a […]

On 29th May 2024, Insurance Regulatory and Development Authority of India (IRDAI) notified the Master Circular on IRDAI (Insurance Products) Regulations 2024- Health Insurance. This master circular was effective with immediate effect i.e., 29th May 2024. This circular is in addition to IRDAI (Insurance Products) Regulations 2024 and shall be read with IRDAI (Protection of […]

Introduction:- Department of Economic Affairs has issued a significant notification on February 28, 2024. This notification amends some sections of the Special Economic Zones Act 2005 and the Special Economic Zones Rules 2006 as specified in column number (2) of Table 1 and Table 2, shall apply with such modifications, as specified in column number […]

Reserve Bank of India on 28 May 2024 has launched three major initiatives, namely the PRAVAAH (Platform for Regulatory Application, Validation and AutHorisation) portal, the Retail Direct Mobile App and a FinTech.   1. ‘PRAVAAH’ (Platform for Regulatory Application, Validation and AutHorisation) portal The PRAVAAH is a secure and centralised web-based portal that aims to […]

Financial institutions, Banks, or intermediaries, are required to ensure that their non-profit organization (NPO) customers have been verified on NITI Aayog’s DARPAN portal. This directive is part of broader efforts to enhance transparency and compliance within the financial sector, particularly concerning organizations that could be vulnerable to misuse for money laundering activities.   The NGO-DARPAN […]

With a view of upholding transparency and fairness in the lending operation of Regulated entities, On 29th April 2024, RBI issued a circular regarding the Fair Practices Code for Lenders – Charging of Interest. The circular is effective with an immediate effect. Who is included in the definition of Regulated Entities (RE(s))? Non-Banking Financial Companies […]