The Gensol Engineering crisis highlights deep-rooted corporate governance failures, with former ICAI President Amarjit Chopra calling for urgent reforms to hold promoters accountable for fraud. He emphasizes greed as the root cause and questions, "Why isn’t there an oversight body for promoters?" Here is what he said.
The new contract and procurement manual is expected by July, ET has learnt. While the bigger contracts go through proper scrutiny, contracts below Rs 100 crore are assigned by departments, ministries and CPSEs in their independent capacity.
The Supreme Court has directed the CBI to respond to a petition seeking an investigation into alleged fund siphoning by former promoters of Indiabulls Housing Finance Limited (now Sammaan Capital). This action follows concerns raised by an NGO, prompting SEBI to acknowledge certain regulatory violations and issue warnings to IBHFL, also informing RBI and the corporate affairs ministry.
Securities and Exchange Board of India plans to ease Foreign Portfolio Investors norms. This is for those investing only in Indian government bonds. The move aims to attract long-term investors. New category IGB-FPIs will be created. They will have relaxed registration and compliance. NRIs and OCIs can freely invest and control IGB-FPIs.
IRDAI's common empanelment drive is underway, with insurers onboarding 4,000 - 5,000 hospitals for a cashless network. With the PMJAY pricing model expanding its reach in the health insurance space, ETBFSI spoke to insurers to understand how this shift could change hospital partnerships and claim settlements.
Earlier on April 15, the Securities and Exchange Board of India (Sebi) barred Gensol Engineering and promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities markets till further orders in a fund diversion and governance lapses case.
The Competition Commission of India has announced new cost determination regulations for 2025. These regulations replace the 2009 version. The update revises definitions of key cost concepts. It aims for clarity and better interpretation. The changes include how 'total cost' and 'long run average incremental cost' are calculated. The goal is to modernize competition laws and align with global practices.
IndusInd Bank faces scrutiny as auditors demand clarity on its derivative accounting discrepancy, potentially classifying it as fraud. The issue, involving losses near ₹2,000 crore, stems from differing accounting treatments in internal and external forex transactions. The bank's board must decide on the 'fraud' designation, impacting regulatory reporting and potentially setting an industry precedent.
A panel appointed by the regulator recommended easing limits on index and single-stock derivatives and doing away with the suggestion to impose a penalty in the event of a transgression in the trading limits. The plan to change the way Open Interest or outstanding positions of futures and options are calculated will stay, they said.
The finance ministry is pushing banks to tighten legal recovery processes by reviewing advocates, streamlining case allocation, and reconciling settled cases. This directive follows concerns raised by the Supreme Court regarding the Bhushan Power and Steel acquisition. Banks are urged to expedite resolutions, minimize delays in NCLT filings, and actively pursue the vacation of stay orders to resume stalled processes.
The Reserve Bank of India (RBI) has imposed a penalty of Rs 1,72,80,000 on State Bank of India for non-compliance with regulatory guidelines related to loans, customer protection, and current account openings. Additionally, Jana Small Finance Bank Ltd has been fined Rs 1 crore for violating provisions of the Banking Regulation Act, 1949.
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