Sebi to expand scope of cyber security initiatives for MIIs
Regulator Sebi is planning to broaden the scope of cyber security initiatives for the market infrastructure institutions (MIIs) and look into the operational modalities of their implementation in order to deal with the cyber challenges. Enhancement of cyber security has been one of the priorities of the Securities and Exchange Board of India (Sebi) during the financial year 2017-18. “Taking cognizance of the threat posed by technological developments in the Indian capital markets and the rise of cyber threats in the financial domain across the globe, Sebi had laid down a detailed framework with regard to cyber security and cyber resilience that stock exchanges, clearing corporations and depositories are required to adopt,” the regulator said in its annual report for 2017-18.
BSE, NSE to suspend trading in up to 9 firms from September 10
Leading exchanges BSE and NSE will suspend trading in shares of as many as nine firms; including banking fraud accused Mehul Choksi’s Gitanjali Gems, from September 10 for not complying with listing norms pertaining to submission of financial results. However, if any company complies with the provisions of the LODR (Listing Obligations and Disclosure Requirements) Regulations on or before the date prescribed by the exchanges, the trading in its security will not be suspended, according to separate communications dated August 17 from the exchanges.
CBDT defers till March 2019 GAAR, GST reporting under the new tax audit form
The Central Board of Direct Taxes (CBDT) has put off till March 31, 2019, the proposed GST and GAAR reporting under the amended tax audit form. This dispensation would be available for tax audit reports to be furnished on or after August 20 but before April 1, 2019. In a circular issued on Friday, the CBDT said representations had been received by the Board that the implementation of the reporting requirement under the proposed Clause 30C (pertaining to General Anti-Avoidance Rules or GAAR) and the proposed Clause 44 (pertaining to Goods and Services Tax compliance) of the tax audit Form No 3CD may be deferred.
ARCs seek tweaks in inter-creditor agreement to protect their interests
Asset reconstruction companies (ARCs) are not keen on participating in the ambitious inter-creditor agreement (ICA) unless the Indian Banks’ Association (IBA) modifies the accord to protect their interests, two people aware of the development said. ARC representatives told IBA executives at a recent meeting that their participation will be contingent on such modification, the people mentioned above said on condition of anonymity. Under ICA, the lead bank is authorized to implement a resolution plan in a time-bound manner. The terms of the plan must be approved by 66% of the lenders, which will then be final and binding on all others.
No ATMs to be refilled with cash after 9 pm from 8 February 2019
No automated teller machines (ATMs) will be replenished with cash after 9pm in cities and 6pm in rural areas from 2019 even as two armed guards will accompany crisp notes in transit, according to a new directive issued by the union home ministry. The deadline for putting money in ATMs located in Naxal-hit areas is 4pm. Private cash handling agencies must collect money from the banks in the first half of the day and transport notes only in armored vehicles. In a notification, the home ministry said the new Standard Operating Procedures (SoPs) would come into effect from 8 February 2019 in view of the spurt in incidents of attacks on cash vans, cash vaults, ATM frauds and other internal frauds leading to increased sense of insecurity.
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