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Welcome to Taxmann.com | Newsletter – Reporting the Facts with Taxmann's Analysis. Today's Edition Brings You Updates on Company & SEBI Laws | FEMA Banking & NBFCs | Insolvency & Bankruptcy Code (IBC) | Competition Laws.
RBI releases finalised framework for recognising Self-Regulatory Organisations in FinTech Sector
RBI has released a finalised framework for recognising Self-Regulating Organisations (SRO) in the FinTech (FT) Sector. An ‘SRO’ would be an industry-led entity responsible for establishing and enforcing regulatory standards, promoting ethical conduct, ensuring market integrity, resolving disputes, and fostering transparency and accountability among its members. The SRO-FT must be capable of motivating its members to align with regulatory priorities and facilitating communication with the RBI.
Further, the SRO-FT must submit its Annual Report and other information to the RBI. In addition, the SRO-FT must submit periodic returns as may be prescribed by the RBI. The SRO-FT must also consult the RBI to develop and update the taxonomy for FinTechs.
SEBI updates Investor Charter for stock exchanges and depositories to include new services and guidelines
In November 2021, SEBI formulated the Investor Charter for Depositories/Depository Participants (DPs) and Stock exchanges. It contains information on services provided to investors, such as grievance redressal mechanisms, investors' rights and obligations, etc. With the recent introduction of the Online Dispute Resolution (ODR) platform and SCORES 2.0 by SEBI, the Investor Charter has been updated to incorporate these new services.
SEBI eases inspection requirements of Accredited Storage Facilities with Nil Stock
Under extant norms, clearing corporations shall engage expert agencies to conduct 2 independent audits of goods and other facilities in the storage facilities. Now, SEBI has decided that facilities with 'Nil' stock for the past 6 months need only 1 inspection per year. Further, if a storage facility has 'Nil' stock for the entire year, there will no requirement of inspection. However, periodic in-house inspections would still be required. The circular shall be effective from calendar year 2024.
SEBI strengthens risk management framework for Clearing Corporations (CCs)
SEBI has reviewed the existing collaterals accepted by CCs and specified the prudential norms for the exposure of CCs. As per the amended norms, units of growth plan of overnight mutual fund schemes shall be accepted as Cash Equivalent by CCs with a haircut of 5%. Earlier, a limit of 10% was specified. The 10% haircut remains unchanged for other overnight mutual fund plans. Further, the Prudential Norms for Exposure of CCs have also been specified. The circular shall be effective from 01st Aug, 2024.
SEBI reduces time for granting approval to stock brokers for Internet-Based Trading (IBT) to 7 days
Under the extant norms, the stockbroker must apply to the respective stock exchange for formal permission to provide IBT Services. The stock exchange must communicate its decision to the member within 30 calendar days of submitting the application. Now, it has been reduced to 7 days. Further, the requirement of periodic confirmation of IBT statistics by the stock brokers has been done away with. Exchanges would publish the same information based on the details of IBT terminals provided by the stock brokers.
SEBI launches 'Settlement Calculator (BETA Version)' to provide transparency in calculating settlement amounts
SEBI has launched the 'Settlement Calculator (BETA Version)' in order to provide more transparency in the process of arriving at the indicative settlement amount, as per the parameters laid down in SEBI (Settlement Proceedings) Regulations, 2018.
This Settlement Calculator contains fields for the applicant to identify the violations and select the appropriate options regarding their past regulatory track record based on SEBI’s actions and the details of other ongoing proceedings, if any, on the date of filing the settlement application.
Further, the Settlement Calculator includes a user-friendly guide video to help users understand the process of arriving at the indicative settlement amount.
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