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Timothy Lopes, Manager finserv@vinodkothari.com Introduction Crowdfunding as a concept has been in the limelight for quite some time now. Globally there are several crowdfunding platforms that exist. These crowdfunding platforms essentially allow almost anybody to raise funds for any cause, ideas or business ventures. Interestingly, the first online crowdfunding platform was launched back in 2001[1]. […]
-Team Finserv | finserv@vinodkothari.com Background Financial sector entities have to follow PMLA and related rules, including by way of KYC Directions. The Finance Ministry came up with various amendments pertaining to the Prevention of Money-Laundering Act, 2002 (“PML Act”) and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (‘PML Rules’). The amendments pertain to […]
Anita Baid, Vice President | finserv@vinodkothari.com Backdrop The regulations for conducting customer identification and due diligence by financial sector entities have been laid down by RBI and SEBI, in accordance with the provisions of Prevention of Money Laundering Act and Rules. Under the current regime, the KYC process extends from physical KYC to digital and […]
Recent Events in the Crypto-world and a Need for Regulatory Oversight – Subhojit Shome (subhojit@vinodkothari.com) Introduction There are two recent events in the world of crypto that warranted this article – the first one, in order of chronology, fundamentally altered the way that a blockchain (the underlying ledger) for cryptocurrency validates transactions while the second […]
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Applicability, Features, Modules & Challenges – Subhojit Shome, Executive and Parth Ved, Executive | finserv@vinodkothari.com Background As a part of the overhaul for the NBFC Sector, the Reserve Bank of India (‘RBI’) had, on October 22, 2021, introduced the Scale Based Regulations (SBR): ‘A Revised Regulatory Framework for NBFCs’. Upon application of SBR, NBFCs will […]
-Subhojit Shome, Executive | finserv@vinodkothari.com Overview The structured finance space exhibited robust growth during 2021, as the world entered the COVID-19 endemic period. This growth was largely driven by supportive regulatory and policy initiatives aimed at overcoming the negative economic effects of the pandemic, the emergence of green finance initiatives and a general rise in […]
Beyond Social Media & Gaming – Subhojit Shome, Executive | finserv@vinodkothari.com Introduction The ‘Metaverse’ has become the latest favourite buzzword on Wall Street with players from Big Tech, Gaming, Entertainment and the FMCG Industries touting it as the best thing to happen since sliced bread. It is now the turn of the Banking and Financial […]
-Megha Mittal (mittal@vinodkothari.com) The Securities and Exchange Board of India (‘SEBI’) has issued a consultation paper dated 19th May, 2021, on proposed framework for Gold Exchange in India and draft SEBI (Vault Managers) Regulations, 2021 (‘Consultation Paper’), thereby seeking public comments on the framework for operationalising gold exchange and the regulation of intermediaries inter-alia Vault […]
– Siddarth Goel (finserv@vinodkothari.com) Introduction A payment denotes the performance or discharge of an obligation to pay, which may or may not involve money transfer. Payment is therefore a financial obligation in whatever parties have agreed constituting a payment. A payment and settlement system could be understood as a payments market infrastructure that facilitates the […]