Ex-judge moves HC over gratuity payment for serving as dy Lokayukta, ET LegalWorld
The Madhya Pradesh High Court has served a notice to the principal accountant general, Gwalior, on a petition filed by retired judge and former deputy Lokayukta Umesh Chandra Maheshwari seeking direction for his gratuity payment. A division bench of Chief Justice SK Kait and Justice Vivek Jain issued notices while hearing the former judge’s plea […]
Sebi comes out with procedure for seeking waiver of interest on penalty payment, ET LegalWorld
Markets regulator Sebi on Friday came out with a procedure for seeking a waiver or reduction of interest concerning recovery proceedings initiated by it for failure to pay penalty. Under this, Sebi said the applicant’s requests for waiver/reduction is required to be submitted to the relevant recovery officer, with documentation supporting the fulfilment of three […]
Bombay High Court rules against Mauj Mobile in $115,550 payment dispute, ET LegalWorld
Highlights The Bombay High Court has ruled against Mauj Mobile Private Limited, denying the company leave to defend in a commercial suit filed by Lebanon-based Mobile Arts Private Limited over unpaid service fees totaling more than $115,550. The court’s decision highlighted that Mauj Mobile’s email correspondence suggested an intimidation tactic, implying that legal action would […]
Sebi mulls process to seek waiver of interest on penalty payment, ET LegalWorld
Markets regulator Sebi on Monday proposed a procedure for seeking a waiver or reduction of interest concerning recovery proceedings initiated by it for failure to pay penalty. Under the proposal, the regulator suggested that the applicant’s requests for waiver/reduction should be submitted to the relevant Recovery Officer, with documentation supporting the fulfilment of three criteria […]
Jio Payment Solutions gets online payment aggregator licence from RBI, ET LegalWorld
Jio Financial Services Ltd on Tuesday said its subsidiary Jio Payment Solutions Limited (JPSL) has received an ‘Online Payment Aggregator’ licence from the RBI. The Reserve Bank of India has granted a certificate of authorisation to JPSL to operate as an ‘Online Payment Aggregator’ under Section 7 of the Payment and Settlement Systems Act, 2007, […]
RBI issues directive to enhance accessibility of payment systems for persons with disabilities, ET LegalWorld
In a move to promote inclusive banking services, the Reserve Bank of India (RBI) has issued a directive urging banks and authorized non-bank payment system providers (PSPs) to improve the accessibility of their digital payment systems for Persons with Disabilities (PwDs). This directive comes in reference to the RBI’s Master Circular on Customer Service in […]
SEBI court rejects Ketan Parekh’s plea for compounding of case for penalty payment default, ET LegalWorld
A special court here has rejected former stock market broker Ketan Parekh’s plea for the closure of a case initiated against by SEBI for not paying a penalty imposed by the markets regulator, noting the accused prima facie violated the norms “intentionally”. The special judge for cases under the Securities and Exchange Board of India […]
Sebi mulls allowing only electronic mode for payment of dividend, interest, ET LegalWorld
Markets regulator Sebi on Friday proposed that listed entities should make all payments, such as dividends, interests and redemptions, through electronic mode only. The proposal is aimed at streamlining payment processes and enhance security, convenience and efficiency for all investors. Current Sebi’s LODR (Listing Obligations and Disclosure Requirements) rules allows electronic payments but permits cheques […]
Sebi modifies reporting timelines for commercial paper payment obligations, ET LegalWorld
Sebi on Friday modified the timeline for entities with listed commercial papers to report the status of their payment obligations within one working day of the payment due date, bringing it in line with the reporting requirements for non-convertible securities. The move will enhance transparency for stakeholders and ensure timely disclosures by the entities. In […]
RBI asks fintechs to improve cross-border payment systems, Legal News, ET LegalWorld
RBI deputy governor T Rabi Sankar said that fintech self-regulatory organisations should work to remove inefficiencies in the system, particularly in cross-border payments, and bring about the same efficiencies as domestic payments. Charting the roadmap for SROs, the first of which was registered on Wednesday, Sankar said that they should prepare the sector to demonstrate […]