Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2024
The amendment provides that funds raised through External Commercial Borrowings (ECB) or through American Depository Receipts (ADRs) or Global Depository Receipts (GDRs) or through direct listing of equity shares of companies incorporated in India on International Exchanges, pending their utilization or repatriation to India, be held in foreign currency accounts with a bank outside India.
UGC has mandated implementation of Guidelines for Gender Champions in Higher Educational Institutions
It is requested to complete the online compliance details of Guidelines for Gender Champions in Educational Institutions by universities and affiliated colleges and submit the same at saksham.ugc.ac.in.
SEBI comprehensive framework for the administration and supervision of Research Analysts (RAs) and Investment Advisers (IAs)
SEBI has introduced a comprehensive framework for the administration and supervision of Research Analysts (RAs) and Investment Advisers (IAs). This move marks a significant step towards enhancing regulatory oversight and ensuring investor protection in the Indian securities market.
SEBI directions for facilitating collective oversight of distributors for Portfolio Management Services (PMS) through APMI
Portfolio Managers shall ensure that any person or entity engaged in the distribution of its services has obtained registration with APMI, in accordance with the criteria laid down by APMI. This circular shall come into effect from January 01, 2025.APMI shall issue the criteria for registration of distributors by July 01, 2024.
SEBI circular to Portfolio Managers for facilitating ease in digital on-boarding process for clients and enhancing transparency through disclosures
Effective from October 1, 2024, portfolio managers will also provide a fee calculation tool to clients, presenting various fee options with multi-year fee calculations. This tool, incorporating the high watermark principle where applicable, aims to enhance transparency regarding fee structures, empowering clients to make informed decisions.
RBI Working Paper titled “Assessing the Impact of Macroprudential Policies on Housing Credit Dynamics: Evidence from India”
This paper evaluates the efficacy of macroprudential (MaP) policy in modulating bank credit to the housing sector and its impact on the asset quality of banks in the Indian context.
RBI revised Master Direction on Risk Management and Inter-Bank Dealings
Standalone Primary Dealers may borrow in foreign currency from their parent or correspondent outside India or any other entity as permitted by Reserve Bank of India and avail overdraft in nostro accounts (not adjusted within five days), only for operational reasons. Such borrowings shall be within the limit for foreign currency borrowings prescribed in the Master Direction – Standalone Primary Dealers (Reserve Bank) Directions, 2016 dated August 2016.
RBI directions for issue of Irrevocable Payment Commitments
Only those custodian banks will be permitted to issue IPCs, who have a clause in the Agreement with clients giving the banks an inalienable right over the securities to be received as pay out in any settlement. However, this clause will not be insisted upon if the transactions are pre-funded i.e., either clear INR funds are available in the customer’s account or, in case of FX deals, the bank’s nostro account has been credited before the issuance of the IPC.
RBI releases draft guidelines on ‘Prudential Framework for Income Recognition, Asset Classification and Provisioning pertaining to Advances – Projects Under Implementation’
The Comments on the draft Direction are invited from public/stakeholders by June 15, 2024 by email.
Guidance Note on Operational Risk Management and Operational Resilience
The existing “Guidance Note on Management of Operational Risk” dated October 14, 2005, stands repealed with the issuance of this Guidance Note.
