RBI issues omnibus framework for recognising SROs for regulated entities
The omnibus framework prescribes the broad objectives, functions, eligibility criteria and governance standards, which will be common for all SROs, irrespective of the sector. The framework is the minimum requirement and the recognised SROs will be encouraged to develop their best practices, RBI said. Key Points
Economic TimesWriting the new rules for AI
At the Global Partnership for Artificial Intelligence summit in 2023 in New Delhi, Prime Minister Narendra Modi stressed on the importance of creating a global framework for ethical use of AI, including a protocol for testing and deploying high-risk and frontier AI tools. Earlier, at the first global AI Safety Summit 2023 at Bletchley Park, 28 countries gave a call for international cooperation to manage the challenges and risks of AI. Key Points
Economic TimesMCA floats framework for public inputs in key rule changes; seeks public comments on Companies Act, LLP Ac
The Ministry of Corporate Affairs (MCA) has firmed up a policy framework for “pre-legislative consultation” relating to the framing of rules and regulations under laws administered by it. It suggests the explanatory note and the proposed changes will have to be placed for stakeholder comments for at least 30 days. Key Points
Economic TimesPCA regime to cover PSU NBFCs from October 2024
The Reserve Bank of India (RBI) has announced that it will bring state-owned non-banking finance companies (NBFCs) under the prompt corrective action (PCA) framework from October 2023. The central bank will review the financials of these NBFCs as of March 2024. The PCA framework was initially introduced for NBFCs on December 14, 2021, to address their growing size and systemic importance. Key Points
Economic TimesNGT rebukes CPCB for neglecting hazardous waste framework
The order underscores the significance of correctly identifying and managing inadvertently produced materials to mitigate environmental harm. The NGT has instructed the Ministry of Environment, Forest and Climate Change to collaborate with the CPCB and state pollution control boards to ensure the effective application of the framework. Key Points
Business Today
Significant progress in SDGs, but challenges remain: MoSPI
The report highlights significant gains made in maternal and child health, education, poverty and climate change since 2015-16. The National Indicator framework tracked 284 indicators across 17 SDG goals. Key Points
Economic TimesClearer math soon for states' social scheme budgets
India's Development, Monitoring and Evaluation Office, an attached office of Niti Aayog, is creating a framework for states to implement target-based budgeting in social schemes. The move aims to increase the impact of public money spent on welfare measures. Key Points
Economic TimesRBI to harmonise Internal Ombudsman framework to strengthen customer grievance mechanism
The Reserve Bank of India (RBI) is implementing changes to strengthen its customer grievance redressal system. RBI Governor Shaktikanta Das announced the consolidation and harmonisation of the Internal Ombudsman guidelines into a single master direction. This move aims to enhance the customer complaint resolution process for regulated entities. The Internal Ombudsman mechanism was introduced in 2015 and has since been extended to various Non-Banking Financial Companies, Credit Information Companies, and Non-Bank System Participants. The RBI also plans to issue a framework for recognising Self-Regulatory Organisations to promote compliance culture and provide a consultative platform for policy-making. Stakeholder comments will be sought on the draft of the framework. Key Points
Economic TimesSebi, exchanges ease trading rule for stocks under enhanced surveillance framework
Under the existing ESM framework rule, stocks were allowed to trade only once a week. However, trading in them will now be allowed on all days, the exchanges said in a circular. Key Points
Economic TimesIndia to develop draft AI framework by June-July: Chandrasekhar
India Business News: India is taking the lead in developing a global AI regulatory framework. Rajeev Chandrasekhar announced this at the Nasscom India & Leadership Forum. Key Points
Times Of India
RBI to widen scope of stressed asset resolution framework, permit loss guarantee norm in digital lending
The Reserve Bank of India has proposed extending the Prudential framework for Resolution of Stressed Assets to all regulated entities, including co-operative banks, as well as to rationalise prudential norms for restructuring borrower accounts affected by natural calamities. The central bank has also revealed plans to establish a regulatory framework to permit default loss guarantee arrangements in digital lending. Key Points
Economic TimesBanks mull common framework on hearing borrowers before fraud tag
A committee will be set up soon to draw up the framework, said the people cited above. It will detail the process of approaching borrowers, the documents to be submitted and reports to be given to them, along with timelines and the course of action. Key Points
Economic TimesGovt likely to come out with logistics cost estimate by Sept: DPIIT Official
The government is working on a framework to assess the logistics cost in the country and is expected to get a realistic estimate by September, a senior DPIIT official said on Friday. At present, the government is going by certain estimates, which suggest that India's logistics cost stands at about 13-14 per cent of the country's GDP (gross domestic product). Key Points
Economic TimesRishi Sunak unveils new framework to make U.K. science and tech superpower
"Trailblazing science and innovation have been in our DNA for decades. But in an increasingly competitive world, we can only stay ahead with focus, dynamism and leadership," says Sunak. Key Points
The HinduCentral Asian countries commit to the One Health framework for Action: World Bank
New Delhi [India], November 28 (ANI): Central Asian countries have committed to the One Health framework for Action. The framework will help with three goals shared by the countries, including pandemic prevention and preparedness. According to the World Bank, this regional cooperation programme aims to elevate the quality and productivity of health, agriculture, and environment […] Key Points
ThePrint
G20 to set norms to define startups
G-20 member countries plan to establish a common framework to define startups next month. This framework, which seeks to create a global startup ecosystem that would work together, will be discussed on June 3-4 in Goa during a meeting of the Startup20 Engagement Group. Various task forces within the group are working on different issues concerning startups, including the establishment of a startup definition framework, unlocking financing of startups, promoting cooperation between key stakeholders, focusing on marginalised groups and determining which startups are willing to be measured by sustainable development goals. Key Points
Economic TimesImproving early childhood care & education: What experts said on Centre’s move
The Government of India is launching a National Curriculum for ECCE and a National framework for Early Childhood Stimulation. Check what experts think. Key Points
Hindustan TimesFor PSB employees, stock may be an option; decision on proposal likely after elections
The proposal to offer employee stock ownership plans or ESOPs, has been on the backburner for a while but it may advance after the Lok Sabha polls, said people familiar with the development. “There have been talks with government last month on issues pertaining to PSBs, including ESOPs,” abank executive said, adding that lenders will soon present a framework to the government. Key Points
Economic TimesRegulation, conducive environment among top factors to fuel crypto trading among Indian investors: Sumit G
Sumit Gupta, Co-Founder of CoinDCX, discusses the key drivers for crypto trading in India and the challenges of building in the evolving environment. He highlights the need for regulatory clarity and a conducive environment to incentivize more activity on Indian exchanges. Key Points
Economic TimesHigh-level panel soon for implementing National Credit Framework
A senior official told ET that the government foresees multiple challenges in implementing the NCrF, including standardisation across different qualification frameworks while addressing the unique needs of each stream. Besides issues of data security and privacy related to Aadhaar-enabled data of millions of students in the country is also a huge challenge. Key Points
Economic Times
Expert panel recommends legal framework for MNI platform
On 4th July 2023, Chairperson of the Expert Committee has submitted a report of the Expert Committee on MNI platform. Aforesaid committee has recommended the implementation framework of MNI-P platform, legal framework & inter-state reciprocity of license and movement, dispute resolution mechanism, roll-out strategy etc, an official statement said. Key Points
Economic TimesAdani Green seals its largest project financing of $1.36 billion
Adani Green Energy announced securing a $1.36 billion senior debt facility, its largest project financing yet under the Construction Financing Framework. This enhances the total funding to $3 billion since March 2021. The funding, backed by a consortium of international banks, supports AGEL's pivotal Renewable Energy Park development in Gujarat's Khavda, emphasizing its strategic significance. Key Points
Economic TimesCanada plans revamp of student visa programme with 'Trusted Institution' tag
Institutions meeting certain criteria will be designated as Trusted Institutions. While the full implications of this designation are not yet fully clarified, the IRCC has indicated that Trusted Institutions may benefit from streamlined and expedited processing for their applicants. Key Points
Economic TimesAnti-money laundering law ambit widened: A look at the changes
The Indian government has widened the ambit of its anti-money laundering law by bringing in new reporting entities, and changed the way financial transactions are recorded, giving more powers to authorities. The changes seek to make the framework more effective and compliant. The changes come as India prepares for a review by Financial Action Task Force (FATF) in November. Key Points
Economic TimesETMarkets PMS Talk: Manoj Bahety explains how he wants to capture “trillion dollar India opportunity” thro
Carnelian Capital Compounder Fund aims to invest in a concentrated portfolio of 25 long-only stocks within its QARP framework, focusing on capturing the trillion-dollar Indian market opportunity. In response to macro headwinds and geopolitical issues, all flagship schemes have reportedly delivered decent outperformance versus its benchmarks. The portfolio is reportedly evaluated within two broad baskets--Magic (50%-60%) and Compounder (30%-40%)--to identify companies with visible change and a blend of sustainable earnings growth. Key Points
Economic Times
Fate of peace process uncertain: NSCN (I-M)
The NSCN (I-M) claims the Centre had committed to letting the Nagas use their own flag and constitution to ensure lasting peace across the Naga-inhabited areas under the framework Agreement. The Centre denies having made such a commitment. Key Points
The HinduET Explains: All you need to know about the National Credit Framework
India has developed the National Credit framework (NCrF), a credit system that aims to align education and skilling. The framework, developed by a government committee, allows candidates to earn credits, accumulate, and transfer them for equivalence, enabling multiple entry and exits into the skilling and education ecosystem. Key Points
Economic TimesRBI gives green signal to first loss default guarantee (FLDG) framework; here's how will fintech, banks, NBFCs benefit
RBI has approved the First Loss Default Guarantee (FLDG) programme, which allows fintechs to partner with banks and NBFCs. This move is expected to strengthen the digital lending ecosystem and is seen as positive for data-tech NBFCs and fintechs. Key Points
mintCentre may junk special IBC framework plan for real estate
After extensive deliberations, the government now reckons that such sector-specific mechanisms within the IBC could dilute the very essence of the bankruptcy law and prove to be counter-productive, they told ET. It is expected to amend the IBC after the general election in April-May. Some flexibilities, however, could be built into regulations from time to time to facilitate easier resolution in real estate, one of the persons said. Key Points
Economic TimesG20: India pushes for a definition, governance framework for digital public infra
India is urging the G20 to establish a governance framework and a definition for digital public infrastructure (DPI) to make sure it is accessible equally to all countries. Amitabh Kant, India's G20 Sherpa, said that defining DPI and creating a governance framework for it was essential. He added there was a need to ensure that the best practices built globally are taken to other parts of the world, so that you are able to ensure that money is put into the bank accounts of the beneficiaries and there are no leakages. Key Points
Economic Times
PM Modi: Global framework must to ensure ethical use of AI, counter crypto threat
PM: Global framework must to ensure ethical use of AI, counter crypto... Key Points
The Tribune IndiaBig GIFT: Norms unveiled for direct global listing
India has allowed domestic companies to list their shares directly on global exchanges at Gujarat's GIFT City. The new regulatory framework provides easier access to foreign capital for entities in the sunrise and technology sectors. Key Points
Economic TimesHamas attack is a big learning lesson for anti-terror agencies, warns NSG Chief
Director General of the National Security Guard (NSG), MA Ganapathy, emphasized the need to carefully examine these attacks and the importance of a framework for crisis management at the national level. He also highlighted the significance of combining human expertise with weaponry and the need for constant training and upgrading of personnel. Key Points
Economic TimesGovernment mulls new framework to put IBC cases on fast track
The details will be finalised after broader stakeholder consultations. The government has studied the best practices of several jurisdictions and a similar, if not the same, insolvency mechanism is followed in the UK, said an official aware of details. Various aspects and structures of the planned framework are being examined and a final decision would be taken in due course. Key Points
Economic TimesRBI tweaks norms related to Regulatory Sandbox scheme
Reserve Bank of India revised the guidelines for the Regulatory Sandbox (RS) scheme, requiring participating entities to adhere to digital personal data protection standards. The Regulatory Sandbox typically involves the live testing of novel products or services within a controlled regulatory environment, wherein regulators may grant specific relaxations for the sole purpose of testing, subject to certain conditions. Key Points
Economic Times
Be an ally in ensuring better compliance, protecting stakeholder interests, RBI tells SROs
The Reserve Bank of India (RBI) has called on all self-regulatory organizations (SROs) from various sectors to focus on ensuring better compliance, safeguarding stakeholders' interests, and identifying early warning signals. The central bank outlined common objectives, functions, eligibility criteria, and governance standards for all SROs, emphasizing their role as allies in regulatory compliance, sector development, stakeholder protection, innovation, and early warning detection. Key Points
Economic TimesSebi nod for small, medium REITs to boost investments and liquidity
The Securities and Exchange Board of India (SEBI) decision to establish regulatory guidelines for small and medium real estate investment trusts (SM REITs) is anticipated to enhance retail and institutional investor participation, institutionalize the segment, and attract increased capital from domestic and international investors. This regulatory framework is expected to instill confidence, fostering wider acceptance of the growing asset class and providing vital support to real estate developers seeking to monetize assets and inject liquidity into the sector. Key Points
Economic TimesTrai seeks views on policy framework for economic development driven by 5G ecosystem
The regulator said that in the case of the metaverse, these problems are likely to get significantly worse because the technology will not just track where users click, but where they go, who they are with, what they do, what they look at, even how long their gaze lingers. In the consultation paper, Trai has sought views on the need to develop a regulatory framework for the responsible development and use of Metaverse. Key Points
Economic TimesGames that involve betting, have factor of addiction will be banned in country, says Union Minister Rajeev Chandrasekhar
'For the first time we have prepared a framework regarding online gaming... Games that involve betting or can be harmful to the user and that involve a factor of addiction will be banned in the country,' said Union Minister Rajeev Chandrasekhar Key Points
FirstpostG20 second framework Working Group meeting to discuss global macro-economic issues: CEA V Anantha Nageswar
The framework Working Group of the G20 Finance Track will discuss global macro economic issues of relevance today. It will deliberate on how international policy cooperation can be enhanced to achieve strong sustainable balance and inclusive growth across G20 nations, Nageswaran told reporters. Key Points
Economic Times
New ways to verify digital payments other than OTP; RBI proposes principle-based authentication
RBI Governor Shaktikanta Das said while announcing the decisions of the Monetary Policy Committee (MPC) on February 8, 2024, ... to facilitate alternative authentication mechanisms for enhancing the security of digital payments, it is proposed to put in place a principle-based framework for authentication of such transactions. Key Points
Economic TimesNew curriculum, books for grades 3-6 from 2024-25, no change in syllabus for other classes: CBSE
NCERT to introduce new syllabus and textbooks for Classes 3-6 in 2024-25. Schools advised to follow. Preparation for new curriculum framework and NEP-2020 alignment underway with additional resources and programs for seamless transition. Key Points
Economic TimesSome Companies Shun Long-Awaited Trans-Atlantic Data Agreement
After years of waiting for a new data-transfer deal between the U.S. and the EU, some privacy officers are taking a cautious approach Key Points
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