SEBI has issued a warning about fraudsters posing as employees or affiliates of SEBI-registered Foreign Portfolio Investors (FPIs) and offering false trading opportunities.
SEBI clarified that the FPI investment route is not available to resident Indians, with limited exceptions. The regulator highlighted fraudulent trading platforms falsely claiming affiliation with FPIs and misleading individuals through online trading courses, seminars, and mentorship programs.
GIFT City officials have approached the RBI to discuss the establishment of a dollar payment system, similar to RTGS, for more efficient transactions in US currency.
Currently, it takes several hours for a subsidiary in GIFT City to receive dollars from a bank’s nostro account abroad. One proposal is to create a single ‘settlement bank’ in GIFT City, streamlining debits and credits through this entity. The Clearing Corporation of India might facilitate the RTGS-type model.
Vijay Shekhar Sharma is stepping down as part-time non-executive chairman and board member of Paytm Payments Bank (PPBL), owned by One 97 Communications Ltd (OCL), as part of a board restructuring.
This restructuring follows regulatory actions by the Reserve Bank of India against PPBL, restricting it from accepting new deposits and providing banking services after March 15. Troubles at PPBL include the recent resignation of two independent directors.
The reconstituted board of PPBL includes experts from various sectors to enhance governance and compliance.
Yesterday, FM met fintech leaders to understand their issues and problems with the current regulation. She has now asked the regulators to meet startups every month to go over their issues.
Paytm’s withdrawal from the employee benefits market, prompted by regulatory actions against its payments bank and mobile wallet, is creating an opening for competitors like Pluxee, Zaggle, and banks to expand in this sector.
