RBI
Financial Action Task Force (FATF) High risk and other monitored jurisdictions – March 04, 2022 (MAR 16, 2022 )
The Financial Action Task Force (FATF), vide public document ‘High-Risk Jurisdictions subject to a Call for Action’ dated March 04, 2022, has called on its members and other jurisdictions to refer to the statement on these jurisdictions adopted in February 2020.
FATF had earlier identified the following jurisdictions as having strategic deficiencies which have developed an action plan with the FATF to deal with them. These jurisdictions are: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, Yemen and Zimbabwe. As per the public statement, United Arab Emirates has now been added to the list of Jurisdictions under Increased Monitoring and Zimbabwe has been removed from this list based on the decision made at the March 04, 2022 FATF plenary. FATF plenary releases documents titled “High-Risk jurisdictions subject to a Call for Action” and “Jurisdictions under Increased Monitoring” with respect to jurisdictions that have strategic AML/CFT deficiencies as part of the ongoing efforts to identify and work with jurisdictions with strategic Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) deficiencies. Such advice does not preclude the regulated entities from legitimate trade and business transactions with the countries and jurisdictions mentioned there.
RBI Bulletin – March 2022 ( MAR 17, 2022 )
The Reserve Bank of India today released the March 2022 issue of its monthly Bulletin. The Bulletin includes two speeches, five articles and current statistics.
The five articles are:
- State of the Economy;
- Union Budget 2022-23: Some Pleasant Fiscal Arithmetic;
- Green Transition Risks to Indian Banks;
- Decoding Fair Value Hierarchy in Ind AS Financial Statements of NBFCs; and
- Herding Behaviour - Does it exist in Indian Stock Market.
SEBI Circular
Revision in Orders Per Second limit for algorithmic trading in Commodity Derivatives Segment of the Stock Exchange ( MAR 17, 2022 )
SEBI had issued broad guidelines on algorithmic trading for Commodity Derivatives segment of Stock Exchanges vide SEBI circular no. SEBI/HO/CDMRD/DMP/CIR/P/2016/97dated September 27, 2016.The circular inter-alia required Stock Exchange to place a limit on the number of orders per second (OPS) from a particular CTCL ID/ATS User-ID to twenty (20) OPS.
Based on representations received from Stock Exchanges and discussions in the Technical Advisory Committee of SEBI, it has been decided to permit Stock Exchanges to further relax the aforesaid limit up to one hundred and twenty (120) OPS, as against the present hundred (100). Thus, clause‘3’ of SEBI Circular SEBI/HO/CDMRD/DRMP/CIR/P/2018/60dated April 03, 2018 stands revised.
This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
The circular shall be effective from April 01, 2022.
For Official Notification, Click Here
SEBI VS SAT
SEBI v SAT : Supreme Court Stays Order Of Securities Appellate Tribunal Imposing Rs 8 Lakhs Cost On SEBI ( MAR 17, 2022 )
The Supreme Court on Wednesday stayed the award of costs of 8 lakh imposed on Securities and Exchange Board of India (SEBI) by the Securities Appellate Tribunal (SAT). A Bench comprising Justice DY Chandrachud and Justice Surya Kant issued notice in SEBI's civil appeal filed challenging the order passed by SAT. The issue arose from an order passed by SEBI's Whole Time Member (WTM) directing certain entities to disgorge the unlawful gains earned through stock market fraud. The SAT held that SEBI's order to be in violation of the principles of natural justice and had further imposed on SEBI costs of Rs.8 lakh ( Rs 2 lakh per Respondent totalling to Rs.8 lakh payable within 8 weeks from the date of the impugned judgment.
Enforcement Directorate (ED)
ED issues fresh summons to TMC's Abhishek Banerjee, wife in coal scam case ( MAR 17, 2022 )
The Enforcement Directorate (ED) has issued fresh summons to TMC MP Abhishek Banerjee and his wife for questioning in a money laundering case linked to an alleged coal scam in West Bengal, officials said on Thursday.
Banerjee, nephew of West Bengal Chief Minister Mamata Banerjee and the national general secretary of the Trinamool Congress (TMC), and his wife Rujira Banerjee have been asked to depose before the investigation officer here next week, they said.
The Delhi High Court had on March 11 dismissed a plea by the couple challenging the summons that asked them to appear before the ED.
The earlier summons was issued to them on September 10 last year and the couple had sought direction from the court to the ED that they should not be summoned for appearance in Delhi since they are residents of West Bengal.
Banking and Finance
HDFC Bank’s total business in Karnataka tops Rs 2 lakh crore; bank to hire 1,500 more employees (MAR 17 , 2022 )
HDFC Bank’s total business crossed Rs 2 lakh crore in Karnataka in the first six months of the financial year 2022, making it the largest private sector bank in the state in terms of overall business volume. Total business includes the bank’s total advances as well as its total deposits. The lender also said earlier this week that it will hire 1,500 employees in the state in the coming year and plans to add another 130 branches in Karnataka, taking the total to 450 branches.
Word of the Day
Tontine : A tontine is an investment linked to a living person which provides an income for as long as that person is alive. Such schemes originated as plans for governments to raise capital in the 17th century and became relatively widespread in the 18th and 19th centuries.
Market Today ( as on 17.03.2022 )
S&P BSE Sensex Index 57,863.93 ▲ 1,047.28 (1.84%)
Nifty 50 index 17,287.05 ▲ 311.70 (1.84%)
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