CAMS brings you a weekly glimpse into the key news in the BFSI sector, both in India and abroad. Regulatory updates or important news, here are some which might have had an impact on the sector…
The government plans to implement the new bankruptcy law by the end of 2016-17 as the Parliament passed the Insolvency and Bankruptcy Code recently. New framework may include the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) to deal with companies
The Government is in pursuit of a heavy financial sector reform agenda. The road map as of now include Jan Dhan Yojana; Banks Board Bureau (BBB); Bankruptcy Code and is now attempting consolidation within the banking sector.
RBI warned that Jan Dhan accounts are very vulnerable to frauds and can be misused by ‘money mules’. The central bank has urged that banks should have a proper mechanism to monitor transactions in these accounts.
The Securities and Exchange Board of India (SEBI) has tightened the norms for issuance of participatory notes (P-Notes). This move came as the concerns about the misuse of P-Notes for money laundering has got elevated recently.
Association of Mutual Funds in India (AMFI) will soon meet markets regulator SEBI to discuss the commission disclosure rule for distributors. There has been protest from various distributors and independent financial advisors (IFAs) to withdraw the rule that mandates fund houses to disclose the commissions paid to distributors in their consolidated account statement (CAS) sent to investors
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