Santosh Mahabdi’s Post

NSE's latest circular on - “Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account”. Key actionable points - The SOP guidelines on ‘Pay-out of securities directly to client DP a/c’ are attached as Annexures I & II Opening of TM CSMFA: In the case of MTF - TM maintains Client Securities under Margin Funding Account (CSMFA) in a depository where their client has a demat account. Reporting of Unpaid securities and funded stocks: TM to report requests to release payout with a pledge in favor of CUSPA (Unpaid) / Pledge in favor of CSMFA accounts (MTF). The SOP is available at point 8 - Annexure I and Annexure II. Auction for internal shortages: For clearing members it is mandatory to have an internal auction mechanism to handle internal shortages Reporting of Demat account of Custodial participant client: The detailed guideline in this regard is in point 4 of Annexure I. The circular will be implemented in 2 phases: Phase 1 - October 14, 2024, to January 13, 2025, and Phase 2 - January 14, 2025, onwards. Phase – 1 1. Verified demat account with UCC of Exchanges. 2. Pay-outs are rejected by depositories for various reasons. 3. Where clients have disabled Standing Instruction. 4. Excess pay-in over gross pay-in obligation. 5. Payout of proprietary obligations. Phase – 2    In phase 2 such payout shall be credited to the client demat/ source account as given in Annexures – I & II Delivery Report for Direct Pay-Out: A separate delivery report for direct pay-out information shall be provided. The NSE circular is included here for you to take a look at. YES SECURITIES #NSE #BSE #MCX #CDSL #NSDL #ICCL #NSEL #BBF #ANMI #BFSI #Trading #Depository #Trading #Settlement #Support

🔍What do the new RBI KFS rules say about vernacular language? Clause 4 states - “The KFS shall be written in a language understood by such borrowers.” So - is providing a local language KFS document enough? 👉 My answer is NO. Simply translating the Key Fact Statement (KFS) isn't enough. In a digital journey, the document is surrounded by a host of instructions and consent that are needed to sign the document. These eSign instructions and consent should ALSO be in a language that your borrower understands. 📜 There are 7 critical requirements under the new KFS guidelines. Here’s a snippet from our recent KFS showcase which covers the Local Language requirement. (🔗 full showcase in comments). 🏦 Are you a Bank, NBFC, or an MFI, that needs help complying? Drop a comment or DM me. #KFS #RBI

Today BCLP submitted its response to the FCA's controversial proposals in CP24/2 to announce that it has opened enforcement investigations into firms where it considers this to be in the public interest. Read our related blog post on our Emerging Themes in Financial Regulation & Disputes site, which includes the link to our full response detailing our serious concerns about the FCA's proposals. We know that BCLP are not alone in submitting strongly worded responses to this FCA consultation and just hope that the FCA will seriously reconsider its position. #FCA #enforcement #consultation #financialregulation #BCLPEmergingThemes

Facts The whole DC order deals with actions taekn by RP in processing of withdrawal application ,inititited by a creditor doing OTS during CIRP and submitting withdrawal request. The Creditor who did private settlement was not the original applicant. Fee of the RP/CIRP expenses was not tackled during the OTS. Interesting case which sheds light on the way FCs function at times. RP was blamed for-It is also seen that the matter of reimbursement of the fees of the RP was pending before the AA in IA 4790/2022 filed by Canara Bank and therefore her agreement with ex-directors with such covenant was unlawful.  When Sec12 A and Reg 30 A are so clear, still this problem had taken place.

Are the values for your SMSF assets accurate? AccountantsDaily reports that more than 16,500 SMSFs are being scrutinised by the ATO as they allegedly reported certain classes of assets at the same value for at least three income years. Read more: https://lnkd.in/gdGajqnq #Leadenhall #NowYouKnow #AssetValuation #SMSF

Our latest blog breaks down the newly introduced locking feature for auto-populated liabilities in GSTR-3B. Learn about its benefits, challenges, and how it impacts compliance. Read the full blog here: https://lnkd.in/dYufXAUy #GSTUpdates #GSTR3B #TaxCompliance #BusinessInsights #GST #RMPS #RMPSCo #RMPSAcademy

AFB has responded today to the FCA’s consultation paper on its new approach to enforcement (CP24/2). The FCA is proposing to publicise the names of firms subject to an enforcement investigation at the start of the process, meaning that investigations will be made public, even if they result in no further action (67% of the FCA’s investigations closed in 2023/24 with no action being taken). In our response, we explained the negative impact these proposals will have on the attractiveness and competitiveness of the UK – which is inconsistent with the FCA’s new secondary objective. AFB has recommended that instead the FCA: improves the efficiency of its investigations so that they are concluded within 12 months; utilises its existing available tools (such as thematic reviews, supervisory intervention and Dear CEO letters); and only publicises details of enforcement investigations at an early stage on an anonymised basis in an ‘Enforcement Watch’ document. The FCA should reconsider its proposals and take account of industry feedback. AFB members can read our full response on the member portal of the AFB website. #FCAEnforcement #CP242 #FCA #Banking #Regulator #FinancialServices

UK, PRA, CP11/24 – International firms: Updates to SS5/21 and branch reporting Proposed Changes Supervisory statements SS5/21 – International banks: The PRA’s approach to branch and subsidiary supervision (Appendix 1); and SS34/15 – Guidelines for completing regulatory reports (Appendix 4). SS1/17 – Supervising international banks: the PRA’s approach to branch supervision – liquidity reporting (Appendix 5). https://lnkd.in/eHujbsgm #UK #PRA #Branchreporting #Banks #Internationalfirms #compliance #regchange

#FRC is committed to providing you with the information and resources you need to understand what to expect before, during and after any procedure. Click here to learn more: https://bit.ly/42tKP7f #FRC #WeSeeYouBetter

RBI: REVIEWS REGULATORY FRAMEWORK FOR HFCS RBI reviews the regulatory framework for HFCs and harmonises the regulations applicable to HFCs and NBFCs; Apprises that since the transfer of regulation of HFCs from National Housing Bank (NHB) to Reserve Bank, various regulations have been issued treating HFCs as a category of NBFCs; Therefore, to harmonise the extant regulations applicable to HFCs, moves HFCs towards the regulatory regime on deposit acceptance as applicable to deposit-taking NBFCs; Further, aligns the regulations on safe custody of liquid assets for HFCs, with those of NBFCs, and also states that the public deposits accepted or renewed by HFCs shall be repayable after 12 months or more, but not later than 60 months; Also states that henceforth, deposit taking HFCs shall fix Board-approved internal limits separately within the limit of direct investment, for investments in unquoted shares of another company which is not a subsidiary company or a company in the same group of the HFC; RBI also reviews and revises the NBFC regulations in line with these changes, w.e.f. Jan 1, 2025.