BUSINESS
ED arrests FBI-wanted man in Rs 3,000 crore digital currency scam
The agency has arrested an individual Parvinder Singh from Haldwani, Uttarakhand today following raids that were conducted on Friday. A special team of FBI is also in India regarding the case, sources said
BUSINESS
FATF India review to conclude by June, no major red flags so far
The global anti-money laundering and terrorism financing watchdog will present its evaluation report in in Singapore in June
BUSINESS
Govt eyeing vouchers, subsidies to make AI GPUs affordable for educational institutions, innovators
Both the proposals are being discussed with Nvidia. Government is also keen on talks with other global players, sources. The market has welcomed the move, saying the government's involvement will mean better access.
BUSINESS
UK NRIs seek asset separation, Dubai residency to avoid new tax measures
The UK government's plan to significantly alter its tax system for non-residents has sparked a surge in client inquiries, particularly from NRIs residing in the UK.
BUSINESS
EXPLAINED : How reclaiming of lost shares will become quicker under proposed changes
The proposed scheme seeks to reduce the time required to reclaim shares from up to a year now to just 60 days.
BUSINESS
Cost of overseas equity investments goes up for India’s wealthy
Sebi’s March 24 circular directed Indian asset managers to stop accepting fresh inflows into schemes that invest in foreign shares or ETFs since the industry-wide limit of $1 billion has almost been breached.
BUSINESS
Recovery of fraudulent GST input credit rises to12% in FY24: Sources
The improvement in recovery rate comes as the DGGI has started to adopt a proactive strategy to detect the Input Tax Credit cases in early stages. GST expert explains how even ordinary citizens are trapped by fraudsters.
BUSINESS
Foreign currency loan book of banks in GIFT City crosses $50 billion mark
The GIFT City loan market has grown rapidly as the total dollar loans given by international banking units have surged 180 percent in just two years.
BUSINESS
CCI sends show-cause notice to Muthoot Finance for 'regulatory shopping'
CCI introduced the requirement to disclose parallel proceedings to dissuade entities from lodging complaints on a matter already being investigated by other regulators, say legal experts
BUSINESS
Sebi annual inspections focus on PEPs and Mule accounts ahead of general elections
Given the impending general elections, Sebi has tightened its monitoring of brokers to check mail practices. The regulator has also dwelt in detail to see if the brokers followed all the rules applicable for flagging and monitoring of PEP accounts.
BUSINESS
P-note investment surges to 7-year high as FPIs bet heavily on Indian mid-caps
In terms of value, P-notes account for 2.1-2.4% of total FPI assets in India, which is highest since October 2020, shows data..
BUSINESS
Why is Sebi cracking down on mule accounts?
Some of the regulatory orders issued by the market regulator in the recent past indicate that certain bankers and wealth managers have been using mule accounts to inflate the subscription numbers of both initial public offerings and debt issuances
BUSINESS
Bridge funding for real estate insolvency turning a challenge due to lack of clarity on rules
The issue has come up in the ongoing insolvency of real estate firm Supertech and during the Umang Realtech case.
BUSINESS
Why has Vedanta moved SAT against Sebi?
On March 12, Sebi had issued an order against Vedanta and former directors of the company. Now, Vedanta has moved the Securities Appellant Tribunal(SAT) against this Sebi order. Moneycontrol explains the details of the case
BUSINESS
Proxy governance firm raises red flag over Religare's fund infusion into MIC Insurance
Religare has sought shareholder approval for infusing Rs 15 crore fresh capital by the way of subscription to shares. The postal ballot is currently in progress and the results would be announced on March 23
BUSINESS
Compensation claims could deter settlements in antitrust cases, legal experts warn
The Competition Commission of India (CCI) had last week notified new rules which allowed negotiated settlements in antitrust cases and accepted commitments from businesses for change in their behaviour in order to avoid an investigation
BUSINESS
Regulatory uncertainty halts ultra-rich family offices' expansion in Gift City
While rules initially indicated that outward remittances could be made through the overseas portfolio investment (OPI) route, people familiar with the matter said that the Reserve Bank of India (RBI) is viewing this as a violation of existing rules
BUSINESS
Pre-2017 investments of Mauritius-based funds may face enhanced tax scrutiny
According to depository data, Mauritius-based FPIs owned shares worth Rs 5.2 lakh crore in April 2017 contributing to 20% of the total FPI assets in India.
BUSINESS
JSW-Volkswagen partnership to be 50-50 Joint venture: Sources
The JV between JSW and Volkswagen is expected to focus on the electric vehicle segment.
BUSINESS
ED probing British Virgin Island entities floated by Hiranandani Group
The British Virgin Island entities were started between 2006 and 2008 and ED is probing the connection between the these companies and money brought into India through FDI route by the company, ED sources have said
BUSINESS
Sebi summons former directors of Zee for questioning over alleged funds diversion
The markets regulator is broadening its probe into funds diversion at Zee and is now scrutinising more entities that have conducted business with the company in recent years, sources said. Zee dismissed allegations of accounting irregularities as false
BUSINESS
JSW Group, Volkswagen begin talks to set up EV joint venture
JSW Group has recently signed an agreement with the Odisha government to establish an integrated electric vehicle and battery manufacturing project in Cuttack and Paradip
BUSINESS
Anonymity gone, India Inc may now embrace Electoral Trusts: Experts
While there are no restrictions on companies making donations to political parties directly, corporate houses keep such donations off the balance sheet to avoid unwanted scrutiny
BUSINESS
More fintechs may face regulatory action over KYC lapses
Apart from Paytm, four other payment companies are under scrutiny for lapses. The timing of the RBI action coincides with an ongoing FATF audit of India’s financial institutions.
