Reserve Bank of India Updates Basel III Capital Regulations

The Reserve Bank of India (RBI) has clarified the eligibility criteria for Credit Rating Agencies (CRA) under the Basel III Capital Regulations. Under the revised guidelines, banks can obtain fresh ratings from Brickwork Ratings India Private Limited for loans not exceeding Rs. 250 crore. Additionally, the CRA will continue to conduct rating surveillance for existing...

Reserve Bank of India Issues Revised Master Directions On Fraud Risk Management For Cooperative Banks

The Reserve Bank of India (RBI) has issued revised Master Directions on Fraud Risk Management for Urban Cooperative Banks (UCBs), State Cooperative Banks (StCBs), and Central Cooperative Banks (CCBs). The revised Directions, titled "Reserve Bank of India (Fraud Risk Management in UCBs / StCBs / CCBs) Directions, 2024," replace the earlier guidelines. They require Cooperative...

RBI Issues New Directions On Fraud Risk Management For NBFCs & HFCs

The Reserve Bank of India (RBI) issued updated guidelines titled "Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)”. The new Master Directions apply to all NBFCs and HFCs categorized in the Upper, Middle, and Base Layers with an asset size of ₹500 crore and above. Collectively termed as "Applicable...

Electrosteel Castings Promoters Settle Insider Trading Allegations With SEBI For Rs 1.36 Crore

The promoters of Electrosteel Castings Limited (ECL) have settled allegations of insider trading with the Securities and Exchange Board of India (SEBI) by paying a total of Rs 1.36 crore. The investigation by SEBI covered trading activities by promoter group entities of ECL between May 17, 2020, and January 6, 2021. During this period, SEBI noted the trades made by Amit Kumar...

Supreme Court Weekly Round-Up (08 July-13 July, 2024)

Live Law has got you covered with all the latest updates of this last week. This digest aims to inform you about the latest judgments, orders, and Public Interest Litigations (PILs) filed in the Supreme Court during the past week and the updates of the Constitution Bench hearing on the taxation matter of mineral-bearing lands, providing a succinct overview.Judgments/ Orders...

Is TDS Applicable To Allowances To Judicial Officers Under SNJPC? Supreme Court To Consider

The Supreme Court is set to examine the issue of the applicability of provisions of Tax Deduction at Source (TDS) on the allowances given to judicial officers under the Second National Judicial Pay Commission (SNJPC) . The Court is examining this issue in the All India Judges Association case in which it is overseeing the implementation of the recommendations of the Second National Judicial...

Arvind Kejriwal's Plea Against CBI Arrest : Live Updates From Delhi High Court

The Delhi High Court will hear today the petition filed by Delhi Chief Minister Arvind Kejriwal challenging his arrest by the Central Bureau of Investigation (CBI) under the Prevention of Corruption Act in relation to the liquor policy case.Justice Neena Bansal Krishna will hear the matter. Last week, the Supreme Court had granted interim bail to Kejriwal in the case registered by the...

Bengaluru Court Dismisses Plea Seeking Action Against PM Narendra Modi Over Alleged Hate Speech Against Muslim Community

A Court in Bengaluru while dismissing the private complaint filed against Prime Minister Narendra Modi, for his alleged hate speech in Rajasthan against the Muslim community, made during the Lok Sabha campaigning, observed “Muslims in India are also citizens of this secular country under the Indian Constitution. If so, they are not the 'Infiltrators' to this country.”Magistrate...

Supreme Court Imposes ₹3 Crore Cost On Bidder for Negligence, Says Greater Care Needed In Public Auctions To Prevent Waste Of Public Funds

The Supreme Court held that a government auction is a competitive bidding process, and bidders have to exercise a greater than ordinary degree of care to prevent situations that cost the public exchequer heavily in terms of time, effort and expense.“the bidders being experienced corporate entities are expected to have the assistance of technical experts, and exercise a greater than...

References To IPC, CrPC & Evidence Act In Existing Laws To Be Read As References To BNS, BNSS & BSA : Centre Issues Notification

The Central Government has issued a notification to the effect that any reference of the Indian Penal Code, 1860, Code of Criminal Procedure, 1973, and the Indian Evidence Act, 1872, in any existing statute, rule, regulation, order or notification will be read as a reference to their replacements the Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS) and the...

Reservation For Transgender Persons : Supreme Court Seeks Responses From 3 States, 5 UTs

The Supreme Court recently sought responses from various States and Union Territories regarding compliance with the directions given in the landmark case of NALSA v. Union Of India for devising mechanisms to give the benefit of affirmative action to the Transgender community in India. The response has been directed against the backdrop of a contempt petition filed earlier by members of...

SEBI Proposes Amendments To Handle Securities Law Violations By Intermediaries Through Summary Proceedings

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing amendments to the SEBI (Intermediaries) Regulations, 2008 which introduces provisions for summary proceedings to handle specific types of securities law violations by intermediaries. The introduction of summary proceedings addresses issues observed in the current regulatory framework....