Compliance

Turning Compliance into Competitive Edge: The Future of Regtech Unleashed!

Industry bodies urge Finance Ministry to ease TDS rate structure

Proposal seeks to lessen compliance burden on taxpayers and avoid litigation

DGCA releases regulatory reforms to reduce compliance burden for operators

In a statement, DGCA informed that currently, there are two primary Civil Aviation Requirements (CARs) governing the continuing airworthiness of aircraft: CAR-M and CAR-145

Non-fintech online PAs: Firms may reconsider payment aggregator biz

This comes as Zomato Payments, the wholly owned subsidiary of food delivery platform Zomato, voluntarily surrendered the certificate of authorisation issued by the RBI

Sebi proposes direct reporting of AIFs' PPM changes to cut compliance cost

To facilitate ease of doing business, Sebi has proposed that certain changes in the private placement memorandum of alternative investment funds can be submitted directly to the regulator rather than through a merchant banker. Also, the proposed move would rationalise the cost of compliance for alternative investment funds (AIFs). In its draft circular, Sebi said that certain changes carried out in private placement memorandum (PPM) are not required to be filed through merchant bankers and can be filed directly to the regulator. These included changes in the size of the fund, information related to affiliates, commitment period, key investment team of the manager and key management personnel of AIF, and reduction in expense or fee or cost charged to fund/investors. Additionally, changes in contact details of AIF, sponsor, manager, trustee or custodian, risk factors and track records of investment manager, among others, are not required to be filed through a merchant banker. The ..

Fintech compliances have to be simplified, made user friendly: Sitharaman

She said that the emphasis of the government has been on system reforms to throw out unnecessary laws that may become an instrument in the hands of rent-seekers

RBI consolidates reporting norms for REs, eases compliance burden

Consolidates 21 existing instructions; Audited returns to be filed within five days of signing reports

Sebi takes steps to boost ease of doing biz, compliance reporting

With an aim to promote ease of doing business and compliance reporting, Sebi on Tuesday came out with measures for centralization of certifications under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) at KYC Registration Agencies. Under this, the regulator has directed intermediaries, who are reporting to financial institutions (RFI), to upload the certifications under FATCA and CRS obtained from the clients in the system of KYC Registration Agencies (KRAs) from July 1. The existing certifications obtained from clients prior to July 1, 2024 will be uploaded by the intermediaries onto the systems of KRAs within a period of 90 days of implementation of the new rule, Sebi said in its circular. The onus of obtaining and reporting the FATCA and CRS certification and related compliances will lie with the respective intermediaries. Going by Sebi's circulars issued in 2015, and guidance note on FATCA and CRS norms laid down by the Ministry of Finance, RF

Sebi forms Working Groups to recommend simplification, ease of compliance

Capital markets regulator Sebi on Wednesday said it has constituted Working Groups to recommend on simplification of various rules, ease of compliance, and reduction in the cost of compliance. Also, the regulator has sought suggestions from public and regulated entities till November 6 towards simplifying the rules. The move came following an announcement made in the Union Budget for FY 2023-24. In a statement, the regulator said it has formed Working Groups to recommend simplification of various Sebi rules. "The Working Groups will also look into the compliance requirements to enhance ease of compliance and reduction in the cost of compliance," the Securities and Exchange Board of India (Sebi) said. At present, 16 Working Groups, under the aegis of its standing advisory committees, are reviewing compliance requirements under various Sebi rules applicable for entities, including listed companies, mutual funds, stock brokers, alternative investment funds, REITs (real estate investm

Here is the reason WhatsApp banned over 7.4 million accounts in August

In its monthly compliance report, WhatsApp stated that it received 14,767 complaint reports in August in India

HAL failure to anticipate EASA norms led to longer compliance checks: CAG

The Hindustan Aeronautics Limited applied for European Aviation Safety Agency (EASA) certification of Helicopter 1 in 2009 to enhance its export potential to European countries, but failed to anticipate stringent requirements of EASA which took longer time for compliance and a consequential additional fee, a CAG report has found. The Comptroller and Auditor General of India (CAG)- Union Government (Public Sector Undertakings Ministry of Defence) for the year ended March 2020 Report No 18 of 2023 was presented in Parliament on Thursday, according to an official statement. "The Hindustan Aeronautics Limited (HAL) also failed to identify technical experts to avail consultancy services for timely compliance of the stringent requirements of EASA. The expenditure of Rs 108.24 crore incurred was impaired," it said. As on March 31, 2021, there were nine main defence PSUs, six subsidiaries and two joint venture companies under the Ministry of Defence, the CAG has said in the report. On ..

Reduce compliance burden to aid investments: NABFID Chairman K V Kamath

Economic growth of 7% will attract FDI flows in India

As govt tightens regulations, fintech firms search for legal experts

Industry experts said fintech firms are looking for senior professionals adept at handling legal and compliance-related issues to support their operations

Entirely dismantle licensing, inspection and compliance regime: Eco Survey

The Economic Survey 2022-23 on Tuesday recommended "entirely" dismantling the licensing, inspection and compliance regime, and a host of other reforms to accelerate economic growth to sustained higher levels. The Survey tabled in Parliament by Finance Minister Nirmala Sitharaman said the reforms undertaken before 2014 primarily catered to product and capital market space. "They were necessary and continued post-2014 as well," it said. The government, however, imparted a new dimension to these reforms in the last eight years. "With an underlying emphasis on enhancing the ease of living and doing business and improving economic efficiency, the reforms are well placed to lift the economy's potential growth," it said while listing out reforms undertaken by the Modi government since 2014. The Survey has been authored by a team lead by Chief Economic Adviser V Anantha Nageswaran. It said that while the new age reforms undertaken over the last eight years form the foundation of a resili

Aparajitha eyes new deals after 76% stake buy in Quess Corp arm Simpliance

The firm aims to become the top player in India' compliance segment; currently has 1,700 employees and over 1,750 clients across 25 states

How IBBI's tighter compliance rules for resolution professionals will help

Insolvency professional agencies will have to designate/appoint a compliance officer

Govt looks to ease compliance burden with new CSR disclosure rules

The new rules have also revised the amount to be spent on impact assessment of CSR projects to 2 per cent of total CSR obligation or Rs 5 million, whichever is higher

Twitter files petition for judicial review of Indian orders on takedown

On June 27, the Ministry of Electronics and Information Technology issued a notice to the Chief Compliance Officer of Twitter Inc, giving the company 'one last opportunity'

Compliance, risk management, audit weaknesses of banks, says RBI's MK Jain

RBI's MK Jain observed that the compliance setup was not resourced adequately with required number and quality of staff in many cases.

AMS Inform protects companies with compliance management and background services

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