-Ruling of Bhavesh Pabari overrules Roofit Industries By Smriti Wadehra (smriti@vinodkothari.com) A three member Bench of the SC recently overruled its earlier decision in Roofit Industries Ltd vs SEBI, and provided a controlled discretion to the Adjudicating Officer in fixing penalties for offences under the SEBI Act as well Securities Contract Regulation Act (SCRA) as […]
RBI’s 12th February circular: The Last Word Becomes the Lost World Abhirup Ghosh (abhirup@vinodkothari.com) The 12th February 2018 circular of the Reserve Bank of India (RBI)[1] (Circular), arguably one of the sternest of measures requiring banks to stop ever-greening bad loans, and resolve them once for all, with a hard timeline of 6 months, or […]
By CS Megha Saraf corplaw@vinodkothari.com Nidhi as the Hindi word denotes “sampatti” is a type of public company which may be incorporated with an exclusive object of cultivating the habit of thrift and savings amongst its members, deposits from, and lending to, its members only, for their mutual benefit. The same is a type […]
Financial Services Division (finserv@vinodkothari.com) The Ministry of Corporate Affairs (MCA) has put a small announcement on its website that the new lease accounting standard, IndAS 116 will get implemented from 1st April 2019. The new Standard, globally implemented in several countries from 1st Jan 2019, is called IFRS 16. The Standard eliminates the 6-decade old […]
Singapore: Monetary Authority of Singapore (MAS) Guidelines on Securitisation (The guidelines were finalized in 2000) Amendment in 2018 http://www.mas.gov.sg/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Finance%20Companies/Notices/MAS%20Notice%20832%20%20Amendment%20%202018.pdf Amendment in 2007 http://www.mas.gov.sg/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Commercial%20Banks/Regulations%20Guidance%20and%20Licensing/Notices/MAS%20Notice%20628%20(2007).pdf News on Securitisation http://vinodkothari.com/2013/11/sing/ Rules on Securitisation http://vinodkothari.com/seclawsg/ USA: 15 U.S. Code § 78o–11. Credit risk retention: https://www.law.cornell.edu/uscode/text/15/78o-11 Dodd-Frank Wall Street Reform and Consumer Protection Act [Public Law 111–203] [As Amended Through P.L. […]