Reference: Reserve Bank of India
Update:
Cancellation of Certificate of Registration on Two NBFCs
RBI cancelled the Certificate of Registration of the following companies:
- Sahayog Enterprises Pvt. Ltd.
- Sneha Agencies Pvt. Ltd.
Implication:
The above mentioned companies shall not transact business of a Non-Banking Financial Institution.
Updtate:
Five NBFCs surrender their Certificate of Registration to RBI
RBI cancelled Certificate of Registration of the following companies:
- Hyundai Capital India Pvt. Ltd.
- Unique Intercontinental Limited
- Farsight Developers Private Limited (Formerly Urmil Finlease Private Limited)
- Inter State Oil Carrier Ltd.
- Sun Corporate Services Private Limited (now Mamata Group Corporate Services Private Limited)
Implication:
The above mentioned companies shall not transact the business of a Non-Banking Financial Institution.
Reference: Ministry of Corporate Affairs
Update:
Exemption from application of provisions of Section 5 and Section 6 of the Competition Act, 2002
MCA has exempted a Banking Company from the application of the provisions of Section 5 and Section 6 of the Competition Act, 2002 in public interest for a period of 5 years.
Implication:
This notification shall come into force from the date of publication of this notification in the Official Gazette.
Reference: Securities and Exchange Board of India
Update:
Amendment in ‘Rights and Obligations of Members, Authorized Persons and Clients’ of FMC
SEBI has specified provisions of FMC that will be applicable to all commodity derivatives exchanges including regional commodity derivatives exchanges for compliance by their members. As per Clause 42 of Annexure-3 and Clause 48 of Annexure-3 of ‘Rights and Obligations of Members, Authorized Persons and Clients\’ and Clause 37 of Annexure-4 of Rights and Obligations of Stock Brokers and Clients, clients in commodity derivatives segment are required to submit a physical form for providing email id, if they wish to receive contracts notes in electronic form. Whereas, clients in segments other than commodity derivatives segment are required to provide an appropriate email id to the stock broker.
Stock Exchanges are directed to;
- Make necessary amendments to the relevant Bye-laws, Rules and Regulations for the implementation of the above decision;
- Bring the provisions of this circular to the notice of their members and also disseminate the same on their websites; and
- Communicate to SEBI, the status of implementation of the provisions of this circular in their monthly report.
Implication:
SEBI issued this circular to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.
Update:
Monetary penalty on Delaware Polymers Pvt. Ltd and Natraj Capital & Credit Pvt. Ltd
The Investigating Authority of SEBI had issued summons to Delware Polymers Private Ltd., (Noticee 1) and Natraj Capital & Credit Pvt., Ltd., (Noticee 2) requiring them to furnish certain information such as details of off-market transactions entered into by them, which was relevant for the purpose of investigation. It was observed that the Noticees failed to produce the documents as sought by the Investigating Authority. Therefore, SEBI initiated Adjudication proceedings against the Noticee for violation of the provisions of Section 11 C(3) of SEBI Act for not complying with the summons.
Hence, SEBI imposed a monetary penalty of Rs. 10,00,000/- on Delaware Plymers Pvt. Ltd., and 10,00,000/- on Natraj Capital Credit Pvt. Ltd. for violating the said provisions.
Implication:
The Noticees shall remit / pay the said amount of penalty within 45 days of receipt of this order.
Update:
Addition of three entities to 1267/1989 ISIL (Da’esh) & Al-Qaida Sanctions List
MEA has forwarded a press release regarding addition of three entities to UNSC’s 1267/1989 ISIL (Da\’esh) & Al-Qaida Sanctions List, issued by the United Nations Security Council (UNSC) namely,
- JAMAAH ANSHARUT DAULAH,
- ISLAMIC STATE IN IRAQ AND THE LEVANT -LIBYA, and
- ISLAMIC STATE IN IRAQ AND THE LEVANT -YEMEN.
KNOWLEDGE ALERT
Insights to help you sharpen your Governance, Risk and Compliance Knowledge
Issued by: Knowledge Management Team of JHS & Associates LLP (JHS), Chartered Accountants
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