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Wilmington Trust's fund has settled allegations of violating Foreign Portfolio Investors (FPI) Regulations by paying Rs 64.35 lakh. The Securities and Exchange Board of India (SEBI) issued a settlement order on November 21, following a showcause notice on April 23, 2024, regarding delays in regulatory status notifications between April 28 and July 11, 2023.
The CFPB has finalized a rule to expand its oversight of digital payment services, including Apple Pay, Cash App, and PayPal, targeting nonbank firms processing over 50 million transactions annually. This move aims to ensure compliance with banking laws, enhance consumer protection, and address issues like fraud and privacy. The rule will take effect 30 days after publication in the Federal Register.
Prime Minister Narendra Modi faces intensified scrutiny over his ties to Gautam Adani, a billionaire recently charged by US prosecutors for involvement in a significant bribery scheme. Opposition leaders in India are questioning the relationship between Modi and Adani, whose business interests have flourished alongside Modi's decade-long tenure.
Starting in early 2025, the maximum interest rates for consumer loans will decrease, with cash loans capped at 11% (down from 12%) and overdraft credits and credit cards at 13% (down from 14%). This adjustment is a response to the declining interest rate environment, as determined by the three-month compounded Saron rate. The maximum rates are reviewed annually to protect consumers from excessive charges, ensuring that any loan agreements with excessive rates are deemed invalid under the Consumer Credit Act.
Indian mutual funds held shares worth Rs 43,455 crore in 10 Adani Group firms as of October 31, 2024, amid bribery allegations against chairman Gautam Adani. Following accusations from US prosecutors of a $250 million bribery scheme for solar contracts, the group's market capitalization plummeted by Rs 2.2 lakh crore on November 21. The decline in mutual fund holdings will be reported on November 22.
Benchmark indices Nifty and Sensex fell sharply on November 21, with the Sensex down 422.59 points and the Nifty down 168.60 points, amid concerns over bribery charges against Gautam Adani. The allegations, which involve bribing Indian officials for solar energy contracts, led to a significant sell-off in Adani Group stocks, causing a loss of Rs 2.2 lakh crore in market capitalization. The negative sentiment affected various sectors, particularly public sector banks, as 2,606 shares declined against 1,179 that advanced.
The US Consumer Financial Protection Bureau (CFPB) will now supervise major tech firms like Apple that offer digital wallets and payment apps, treating them similarly to banks. This change applies to companies handling over 50 million transactions annually in US dollars, up from the previous threshold of 5 million. The new rule enables regular oversight of these firms' practices, enhancing regulatory scrutiny.
Indian opposition parties have called for an investigation into allegations against the Adani Group following charges against its chairman, Gautam Adani, in the U.S. related to an alleged bribery scheme. They plan to raise the issue in parliament.
The UK’s competition watchdog is exploring ways to expedite deal approvals following Prime Minister Keir Starmer's push to reduce regulatory burdens for growth. The Competition and Markets Authority plans to assess the use of a broader range of behavioral remedies in merger reviews to prevent forced divestitures.
Gautam Adani faces US bribery charges linked to a $250 million scheme, causing significant declines in Adani Group stocks, which fell up to 25% on November 21. The group's market capitalization dropped by Rs 2.2 lakh crore, impacting related companies and major lenders like SBI and PNB, whose stocks fell by up to 7%.
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10:27 21.11.2024
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