Delhi HC seeks response from Govt. on crypto regulations amidst Bitbns investor complaints, ET LegalWorld
Highlights The Delhi High Court has issued a notice to the Ministry of Finance, Reserve Bank of India, and Securities and Exchange Board of India, seeking their response regarding the regulation of cryptocurrencies in India following a Writ Petition from victims of the BitBNS exchange. Investors have reported significant losses due to the BitBNS exchange’s […]
Delhi HC issues notice on plea seeking enhanced regulations for cryptocurrency, ET LegalWorld
The Delhi High Court has agreed to examine a plea seeking enhanced regulations for cryptocurrency or virtual digital assets (VDA). The plea highlighted the plight of BitBNS users, who have been unable to withdraw their funds from their wallets since February 2022 due to a “cyberattack”. Issuing notice, a bench of Justice Sachin Datta sought […]
Rs 1 lakh cr of AIF investments structured to circumvent financial regulations: Sebi’s Narayan, ET LegalWorld
About a fifth of all investments by AIFs has been structured to circumvent existing financial regulations like the ones on non-performing assets classification, Sebi’s whole-time member Ananth Narayan G said on Tuesday. In a consultation paper floated in January, Sebi had pegged the circumvention by the industry at Rs 30,000 crore. The year also saw […]
Banks struggle to meet SEBI’s cybersecurity deadline amid new regulations, ET LegalWorld
Overwhelmed by a thicket of demanding rules, banks will miss the January 1 deadline set by the capital market regulator to put in place a cybersecurity framework. Last week, several banks, particularly the multinational lenders offering custody and investment banking services, asked the Securities & Exchange Board of India (SEBI) for more time to implement […]
Premier Polyfilm fined ₹ 3 Lakh by SEBI for non-compliance with regulations, ET LegalWorld
Premier Polyfilm has received an Adjudication order under section 15 I of the Securities and Exchange Board of India Act 1992 Read with Rule 5 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules,1995 has passed an order on December 9, 2024. The security market regulator has imposed a penalty of ₹ 3,00,000 (Rupees […]
IBBI proposes amendments to liquidation regulations, Legal News, ET LegalWorld
The Insolvency Bankruptcy Board of India has issued a discussion paper on amendments to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. Review of Auction Framework The existing provisions result in: Prospective bidders effectively get only 14 days to participate […]
SC rules on personal bank guarantee adjustment under IBBI regulations, ET LegalWorld
The Supreme Court has held that the adjustment of the Personal Bank Guarantee was impermissible under the terms of the Resolution Plan read with Regulation 36B(4A) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The consortium contended that the National Company Law Appellate Tribunal’s order rightly recognized that Regulation 36B(4A) of the […]
Telangana Realty Firm Fined ₹8.5 Lakhs for Non-Compliance with RERA Regulations, ET LegalWorld
The Telangana Real Estate Regulatory Authority (TGRERA) has imposed a penalty of 8.5 lakh on Greenspace Housing and Engineers Private Limited for failing to register its apartment project, Greenspace Grand, under the RERA Act, 2016. The case was taken up by TGRERA following a complaint against Greenspace Housing for not registering the project as required […]
New IBBI regulations to strengthen creditor rights, say Legal Experts, ET LegalWorld
On September 25, Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024 (Amendment Regulations) which amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations). The IBBI exercising powers conferred under […]
RBI penalises Axis Bank for non-compliance with regulations, Legal News, ET LegalWorld
Reserve Bank of India has imposed a monetary penalty amounting to Rs. 1.91 crore on the Axis Bank for the contravention of provisions of Section 19 (1) (a) of the Banking Regulation Act, 1949; and non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’, ‘Know Your Customer (KYC)’ and ‘Credit Flow to […]