Market regulator mandates faster client account settlements, ET LegalWorld
The market regulator announced that the accounts of clients who have not done any transaction in the last 30 days are required to be settled by the Trading Member (TM) within the next three working days. “The new guidelines of SEBI relating to the settlement of accounts of the clients doing trading through the stock […]
SC upholds NCLT’s order that allowed interim distribution of funds from escrow account of BKEL, ET LegalWorld
The Supreme Court on Monday upheld the National Company Law Appellate Tribunal’s September 19 order that allowed interim distribution of funds from the escrow account of Baleshwar Kharagpur Expressway Ltd. (BKEL), an arm of IL&FS Transportation Networks Ltd. (ITNL). A Bench led by Chief Justice D.Y. Chandrachud rejected the Infrastructure Leasing & Financial Services’ (IL&FS) […]
PB Fintech secures account aggregator licence from RBI, Legal News, ET LegalWorld
PB Fintech, the parent entity of Policybazaar and Paisabazaar, has secured the non-banking finance company-account aggregator (NBFC-AA) licence from the Reserve Bank of India (RBI) for a wholly owned subsidiary entity. In a stock exchange filing on Monday, the Gurugram-headquartered company said that it received the certificate of registration on October 21. The business will […]
Court refuses to give directions to FSL for comparison of Signature alleged to be used in foreign bank account, ET LegalWorld
A Special Income Tax Court at Tis Hazari Delhi has refused to give a direction to Forensic Science Laboratory (FSL) Rohini to furnish a comparison report of hand writing regarding a signature allegedly used by an accused to open a bank account in Singapore. The court said that the application is moved to fill the […]
Court allows firm to take £386k in fees from frozen client account
Ward Hadaway: Contractual right of set-off A law firm can be paid from monies held in its client account despite them being subject to both a freezing order and a third-party debt order, the High Court has ruled. Master Bowles, sitting in retirement, said Newcastle-based Ward Hadaway had a contractual right of set-off to £386,400 […]
£36k fine for law firm which let millions pass through client account
Money: $4.1m passed through firm’s accounts A specialist sports law firm has been fined £36,000, and its COFA rebuked, for allowing its client account to be used as a banking facility. Onside Law self-reported to the Solicitors Regulation Authority (SRA) about $4.1m that was paid into and out of its client account in July 2021 […]