Top Stories Politics Business Economy Technology Health World Science Entertainment

News stories about "compliance" in India.

Posted on: 11 Jun, 06:50 PM

Can regulation technology address the compliance woes of banks?

Trained staff in a robust digitized compliance ecosystem, backed by the application of well-defined principles of accountability would fortify compliance. Reg-tech can help banks win customer and regulator trust. Key Points

The call for 'RegulateKaro' amid Paytm crisis in the fintech space

The Indian FinTech ecosystem, the third largest in the world, is expected to reach a market size of US$ 150 billion by 2025. Digital lending has become a US$ 270 billion market in 2022. However, recent years have seen an increase in financial fraud and irregularities, leading to a lack of trust in the sector. The RBI has implemented regulations and guidelines to address these concerns, including registration requirements for FinTech companies and enhanced data privacy measures. Key Points

Running a business should be no crime: Govt sits up and takes note

The government has set up a working group to decriminalise laws to further promote ease of doing business. The group will look at areas where more decriminalisation of provisions is required. Key Points

Running a retail company in India has high risk of getting imprisoned: Report

This division of law-making authority across various levels of government has created three levels of compliance - union, state and municipal. On average, a retail store faces a total of 490 compliances, of which 53% are at the union level, 44% are at the state level and the rest 3% are at the municipal level. Key Points

Paytm rivals fishing for top talent in its troubled waters

According to executives at recruitment services firms, Paytms competitors are keen on hiring employees in tech and sales teams and have started sending feelers. However, there are few takers for the legal and compliance professionals, especially at the senior and mid levels. Key Points

Discover Financial jumps 7% after agreeing with FDIC to improve consumer compliance

Shares of Discover Financial Services (DFS.N) climbed 7% on Monday after the bank agreed to improve its consumer compliance and related corporate governance as part of a consent order with the Federal Deposit Insurance Corp (FDIC). Key Points

Financial services co Eureka Group acquires four stock broking firms, in talks with 2-3 entities

Kolkata, Jul 1 (PTI) Financial services company Eureka Group has acquired four stock broking firms and is in talks with two-three such entities as the brokerage industry is experiencing “consolidation” with rising compliance costs and shrinking margins, an official said. Any broker with less than 5,000-7,000 active clients will find their business unviable, he said. […] Key Points

ITR portal shows inflated income to some taxpayers; Rs 450 showed as Rs 45000. Here's what to do if you fa

The Income-tax department said on X said that they have identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities. It appears that due to this the Income-tax department's 'Compliance Portal' showed highly inflated transaction values for some taxpayers in their annual information statement (AIS). Some taxpayers say that their sale consideration of Rs 4 lakh got inflated to Rs 17 crore. There are many taxpayers who complained on X about the 'Compliance Portal' showing inflated transaction values in their AIS. Key Points

Diamond cos tread on rule minefield; face compliance burden under new sanctions regime

Diamond houses in India are facing scrutiny under the new sanctions regime that began on March 1 to block Russian gems from affluent western markets. The Gem & Jewellery Export Promotion Council (GJEPC) has circulated guidelines and formats of self-declarations that diamond firms shipping to the US and EU must share with their buyers to avoid trouble. Key Points

Decoding Paytm’s compliance lapses; Temasek exits Policybazaar

The leadership of fintech firm Patym on Thursday acknowledged that it may have fallen short on compliance issues, triggering punitive action by the central bank. Neither the central bank nor Paytm founder Vijay Shekhar Sharma disclosed the exact reason for which the bank faced such stringent penal action. This and more in today's ETtech Morning Dispatch. Key Points

Suppliers' ranking on GST compliance likely next FY

The Indian government is developing a database of suppliers that will be ranked based on their compliance with the goods and services tax (GST). The ranking will consider factors such as GST compliance track record, credit history, transaction and supply history, and past defaults. Key Points

Taxman sending mails in cases of advance tax, transactions mismatch

The income tax department is reaching out to assesses whose advance tax payments don't match their financial transactions, urging them to correctly calculate and pay their advance tax by March 15. This initiative aims to ensure tax compliance and enhance taxpayer services. The department uses data from the Annual Information Statement to identify discrepancies and inform taxpayers. Taxpayers can log in to their e-filing accounts to view details of significant transactions and comply with tax regulations. Key Points

Google, Symphony unveil AI JV to help banks manage voice calls compliance risk

Symphony, the markets infrastructure and tech firm, is teaming up with Google (GOOGL.O) to ramp up its voice analytics offering to banks and investment firms, executives told Reuters, as regulators get tough on communications compliance. Key Points

Param Desai’s 4 top picks in largecap and midcap pharma

“We believe that Ciplas Pithampur facility was inspected in February and post that, they got an OAI in August and post that, it has escalated to a warning letter. We believe that it is unlikely that this will escalate further to import alerts, though this may take some time to resolve.” Key Points

Paytm’s switch to compliance-first mode seen too little, too late

After the payments bank was put under an embargo back in March 2022, the Paytm leadership did make compliance a focus area, according to multiple people in the know. It wanted to show the sector regulator that Paytm was ready to support all innovation the RBI wanted to introduce in the payments space. While the company might claim its high compliance standards, it seemed to have fallen short of the RBI's expectations. Key Points

Right strategy is to keep cash in portfolio and buy on 10-15% dips: Dipan Mehta

Dipan Mehta advises keeping cash in the portfolio for strategic reasons, as investing during a correction ensures excellent returns in the next three years. compliance and responsible lending are priority for NBFCs like IIFL and JM Financials. At 25-30% correction, a whole host of midcap ideas also will come through. Right now investors need to really assess the risk return profile of their portfolios. Key Points

Paytm & its payments bank discontinue inter-company agreements to reduce dependencies

Paytm didn't say what agreements were being terminated. Payments bank agreed to simplify shareholders’ agreement to 'support Paytm Payments Bank‘s governance, independent of shareholders'. Key Points

MSMEs demand centralised, single window system for licences and registration

Certain sections of MSMEs are urging the Indian government to establish a single-window compliance and registration system, simplifying the process and alleviating the challenge of registering for shop and trade licenses in each state with varying rules. The request aims to streamline compliance and eliminate delays, enabling businesses with a presence in multiple states to operate more efficiently. Key Points

Ease TDS rules for buying house property from NRIs in Budget 2024

The government needs to facilitate ease of transacting and reduce compliance difficulties in buying property from NRIs. This is because a buyer needs to obtain TAN from income tax department to deduct and deposit taxes when buying property from NRI. This makes the selling of property by NRI very difficult. Key Points

UBS says 'not aware' of DOJ probe into sanctions-related compliance failures

UBS (UBSG.S) on Saturday said it is "not aware" of a probe by the U.S. Department of Justice into alleged sanctions-related compliance failures, following a media report earlier this week. Key Points

UBS, Credit Suisse face wider US probe over Russia sanctions -Bloomberg News

UBS (UBSG.S) shares plunged on Wednesday after a report the U.S. Department of Justice has stepped up its scrutiny into suspected compliance failures that helped Russian clients evade sanctions. Key Points

Significant valuation markdown coming for Byju’s, Peak XV tells LPs; Myntra rejig to lay off 50

Hello, happy hump day, but maybe not for Byjus. Peak XV Partners, formerly Sequoia India, has told its investors that it will have to significantly mark down the value of its holding in Byjus as it was in the dark about the companys finances. This and more in todays ETtech Morning Dispatch. Key Points

PDD's Temu seeks U.S.-based compliance help amid scrutiny of China goods

E-commerce marketplace Temu is looking to hire a compliance officer based in the U.S., job ads showed, after lawmakers scrutinized the Chinese company for allegedly lax practices and policies related to blocking goods from the Xinjiang region. Key Points