NSE notifies on Display of Details of Client Bank Accounts on Websites
The notification advises members to display details of all their active client bank accounts on their website which are reported to Exchange, on Enhanced Supervision of Stock Brokers. This intends to bring greater transparency in the dealings between the clients and the stock brokers and foster investor awareness.
RBI issues Premature Redemption Price for Premature Redemption under SGB Scheme
The Reserve Bank of India (RBI) has issued the Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on 4th February, 2023. The redemption price of SGB shall be based on a simple average of the closing price of gold of 999 purity, of the week (Monday-Friday), preceding the redemption date.
RBI publishes Discussion Paper on Securitisation of Stressed Assets Framework (SSAF)
The RBI has published a Discussion Paper on Securitisation of Stressed Assets Framework (SSAF). The discussion paper delineates the broad features of the proposed framework on securitisation of stressed assets (SSAF). Additionally, it solicits views/comments on critical issues of SSAF since securitisation of non-performing assets (NPAs) has features that distinguish it from the securitisation of standard assets. The paper also details 13 specific questions on which comments are solicited from the public. The last date to furnish these 28th February, 2023.
RBI notifies ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds
The Reserve Bank of India (RBI) has issued a notification regarding the ‘Fully Accessible Route’ (FAR) for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds. It has now been decided to also designate all Sovereign Green Bonds (SGrbS) issued by the Government in the fiscal year 2022-23 as ‘specified securities’ under the FAR. The notification was issued on 23rd January, 2023 and come into immediate effect.
RBI amends prior notification for Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs)
The Reserve Bank of India (RBI) has issued a notification on Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs). RBI now specifies that the Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs) shall be minimum Rupees 300 Crore on an ongoing basis with effect from 23rd January, 2023. The present notification was issued on 23rd January, 2023 and comes into immediate effect.
RBI extends time for renewal of agreements for existing Safe Deposit Locker/Safe Custody Article Facility Provided by Banks
It has been decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023.
RBI issues Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies
RBI has issued Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies. These Guidelines were issued on 16th January, 2023. The Guidelines state that Every person intending to acquire shares or voting rights and to become a major shareholder of a banking company must obtain prior approval of the RBI. Such person shall make an application to the RBI along with the declaration in Form A.
Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023
The Reserve Bank of India (RBI) notified Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023. The Directions were issued on 16th January, 2023 and come into immediate effect.
NSE notifies on API for daily submissions of Holding Statements and Bank Balances
The National Stock Exchange (NSE) has issued a notification regarding the Application Programming Interface (API) for daily submissions of Holding Statements and Bank Balances. The notification, inter alia, extends the date of implementation of the functionality for API for daily submission of Holding Statement and Bank Balances. The new date of implementation is 30th January, 2023.
International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022
The International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022. The regulations aim to create a regulatory framework and formulate processes related to investment of assets by an International Financial Service Centre Insurance Office (IIO).
