New Credit Card Rules from September, 2024: Updates on FDs, Aadhaar etc.
Number of changes in rules are introduced for the month of September related to the RuPay Credit cards, HDFC Bank cards and IDFC First Bank cards. Along with them new dates and deadlines have been introduced in respect of updating Aadhaar documents, fixed deposit schemes and GST filing.
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71% Intraday Traders Lose Money And 76% Under 30 Face High Loss Rates: Check What Else This New Study By SEBI Says For FY23
A SEBI study revealed that 71% of intraday trades in FY23 resulted in losses. 76% of these loss-making traders were under 30. The number of young traders has increased, but the younger traders faced higher loss rates. This shows the risk of intraday trading.
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SEBI Warns Paytm Over Unapproved INR 360 Crore Transactions with Payments Bank
SEBI issued an administrative warning to Paytm for unapproved transactions with Paytm Payments Bank. These transactions are worth INR 324 crore and INR 36 crore. Paytm must improve compliance, take corrective action and respond to SEBI. The warning has no impact on Paytm's operations.
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NCLT Admits BCCI’s Insolvency Plea Against Byju’s Parent Company: Byju’s to Challenge Order and Seek Settlement
The NCLT has initiated insolvency proceedings against Byju's parent company, Think and Learn. This was followed by a plea from the BCCI. Byju's plans to challenge the order and seek an amicable settlement.
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Punjab National Bank and 4 more banks penalised by RBI for regulatory violations
Five banks, including Punjab National Bank in total have been penalised by RBI due to the failure to comply with RBI guidelines on Loans and Advances and Know Your Customer.
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Kotak Mahindra Bank Pulled in Adani-Hindenburg Controversy: Check the Saga of Accusations & Clarifications
On July 2, 2024, Kotak Mahindra Bank was embroiled in a controversy involving Hindenburg Research and the Adani Group. It was accused of aiding in shorting Adani stocks. Kotak Mahindra Bank learned of the connection only through SEBI's notice and denies any direct involvement.
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SEBI Probes Quant Mutual Fund For Alleged Front-Running: Should The Investors Be Concerned?
Quant Mutual Fund, which is the AMC in India, has received a probe from SEBI for alleged front running. QMF has committed for full cooperation and emphasized transparency. Despite concerns, Quant’s main aim is to reassure its 79 lakh investors amidst the ongoing probe.
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RBI’s Historic INR 2.1 Lakh Crore Dividend Transfer – What does it mean for India’s Economy?
Through the dividend from RBI, Government can increase spending without needing to borrow more, which can help stimulate economic growth and create jobs
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Satya Nadella, LinkedIn and other 8 fined by MCA for violating SBO norms
Owing to non-compliance of Significant Beneficial Ownership Rules, Sec 90 of the Indian Companies Act, 2013, MCA fines Satya Nadella, LinkedIn India, Linkedin CEO Ryan Roslansky and 8 others for INR 27,10,800.
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Amendment in RBI Directions for Margin Management in Derivatives Trade
As per the RBI Circular dated 8th May 2024, it outlines new rules that immediately apply to certain banks. These rules allow these banks to handle margin money for derivative contracts.
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Kotak Mahindra Bank Faces Steep Decline Following RBI Directive
The share price of the Kotak Mahindra Bank went down by 10.73% on Thursday closing following the directive. This sharp fall has led to a huge loss in market capitalisation, with the bank incurring a loss of INR 30,000 Cr
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RBI Proposes Tighter Regulations for Non-Bank PoS Providers
The proposed rules attempt to bridge the gap between the rules governing online and offline payment aggregators. While these rules focused on online transactions, the new draft aims to create a harmonised framework for both sets of service providers
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NCLAT Rejects Plea for Insolvency Against Parsvnath Landmark Developers
Rejection was made by the NCLT, followed by NCLAT, on grounds of not meeting the criteria given under section 7 of the IBC, IBC requires to have at least 100 allottees or 10% of total homebuyers whereas the petitioners were only 4
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SEBI May Grant Exemptions to PSBs and CPSEs for Meeting Public Shareholding Norms
At present, the government stake in five public sector banks, namely Indian Overseas Bank, UCO Bank, Central Bank of India, Punjab & Sind Bank and Bank of Maharashtra is more than 75%
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Hero MotoCorp Faces INR 605 Cr Demand from Income Tax Department
Hero MotoCorp revealed that it has received assessment orders and demand notices dated 30th March 2024 for six assessment years spanning from FY14 to FY18 and FY20
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CCI’s Notice to Muthoot Finance for Allegations of Data Misrepresentation
This is not the first time Muthoot Finance has faced regulatory scrutiny. A similar notice issued by the CCI was earlier stayed by the Kerala High Court in September 2023
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Zomato Faces GST Demand Notice of INR 11.27 Cr: Plans to Appeal
The given order seeks INR 23.26, totalling INR 11.27 GST, interest, and penalty. The company has declared that its legal posture is strong and stands behind its decision to challenge the order before the relevant review body.
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RBI to Investigate Google Play Billing System over reported Violations
Google Play’s billing system allows app developers to sell digital products and content within their Android apps, including one-time products or recurring subscriptions
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SEBI Greenlights Same-Day Settlement and Overhauls IPO, FPI, and AIF Rules
the SEBI’s approval for the T+0 settlement comes with certain limitations. It will apply to just 25 stocks and a restricted number of brokers. This move is expected to infuse agility and efficiency
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