RBI has imposed a penalty of Rs.10 million on Union Bank of India, a nationalised bank, ostensibly for non compliance with RBI guidelines on fraud – classification and reporting and on sale of stressed assets by the bank.
In absence of detailed adjudication orders, unable to understand the exact nature and circumstances of the default by the said Bank.
Failure to classify an account as red flag account despite early warning signs and failure to disclose aging and provisioning of security receipts in its annual report. These are the bare minimum concise details of the nature of the defaults.
RBI has superseded the Board of Reliance Capital Limited and is in process to take the company to insolvency. This is the third such instance of NBFC being derailed and taken into bankruptcy after Dewan Housing Finance and SREI Infrastructure Finance. Gist of RBI press release is given below.
In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of M/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively. Shri Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) has been appointed as the Administrator of the company under Section 45-IE (2) of the RBI Act. The Reserve Bank will shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. Reserve Bank will also apply to the NCLT, Mumbai for appointing the Administrator as the Insolvency Resolution Professional.
Loosely translated as Small World Big Humans, this movie, directed by Chandrashekharan and starring Innocent, Mukesh, MamuKoya, Jagathy Sreekumar, Thilakan among others, is a superb timeless comedy.
Surprised that there has not been an Hindi adaptation of this lovely movie. Four thieves meet accidentally and decide to collaborate in stealing and sharing the spoils. One such move lands them at the house of Thilakan who has been a thief of sorts for more than 35 years but is now retired.
He turns these four thieves around and makes them like a modern day robinhood, rob the rich to feed the poor. Lovely episodes and instances which lend a laugh riot. Surprising that a comedy movie becomes a tragedy in no time.
People suffer, sermons given, plots made, the scamsters are themselves scammed with no scruples attached. Superb movie for the ages. Beauty is in the script, with tight direction and reasonably good acting by one and all. IMDB 7/10
Rip roaring political satire comedy Malayalam movie “Panchavadi Palam” (1984) directed by K.G. George and starring Bharath Gopi, Nedumadi Venu, Thilakan among others.
Such brilliant satire i have not seen in any other Indian movie to date, its pulsing and rippling with satire of the brutal kind never seen before. Every single dialogue is dipped with the satirical pen. Those were the times when such political satire movies could be made fearlessly without rankling the establishment.
A henpecked politician brilliantly played by Bharath Gopi is coerced by his fellow crooked right hand man Nedumadi Venu into making a demand for destruction of a good bridge and construction of a new one with the name of Bharath Gopi etched into it.
A rival politician Thilakan gets into the act and demands his share of the pie. Ultimately the politicians on both sides of the divide are seen to share the spoils in the form of rich juicy contract, pay offs, kickbacks, drowning the common handicapped man Sreenivasan, who is also a kind of narrator in the movie, the guy who sees all but is unable to do anything about it. He is the metaphor for the common man, crippled and dazzled, but scarcely able to mount any resistance.
The characters also have funny names from mythology like Dussashana, Shikandi, Tharakan, Mandodhari, Habel, Kathavarayan, Anarkali among others. The film has shades of Jaane Bhi Do Yaaron, the brilliant satirical movie by Kundan Shah starring Naziruddin Shah, Om Puri, Pankaj Kapur, among others. IMDB 10/10.
Image above taken from the internet for representational purposes only, not with an intention to violating copyright.
A poignant comedy cum tragedy Malayalam movie “Bhagyaavan” (1993), directed by Suresh Unithan and starring Sreenivasan, Sithara among others.
Again a malayalam movie starts and dwells with unemployed graduate. Sreenivasan is down in the dumps with no job offers and no industry also to go and get employment. Instead he wiles away his time enacting plays for his the village fest. The drama flops but his destiny turns in a nasty way.
The village priest sees his horoscope and sees him as a lucky charm, but only for others, not for himself. The entire village descends on his house seeking to improve their fortune. And there are charlatans, scamsters, politicians in the fray as well.
Movie turns completely from comedy to tragi comedy and becomes a satire on many fronts – people’s superstition, rivalry, jealousy, political culture etc. Good strong script with super direction and some very super super fine performances by one and all – Sreenivasan, Narendra Prasad, Mamukoya etc. IMDB 7/10.
Image above taken from the internet for representational purposes only and not with an intention to violation of copyright.
IFSCA has allowed vide its circular dated 25th November, 2021 global access to its broker dealers registered with itself. For more details read on.
Reference is drawn to the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 (CMI Regulations) published in the Official Gazette on October 20, 2021.
This circular is applicable on the broker dealers incorporated in the International Financial Services Centre (IFSC) and does not apply to foreign broker dealers operating in the form of branch in the IFSC.
It has been decided that registered broker dealers incorporated in IFSC shall be permitted to access exchanges in jurisdictions outside IFSC, subject to compliance with Chapter V of the CMI Regulations and the conditions laid out in this circular.
The broker dealer shall be permitted to access exchanges outside IFSC through any of the following manners: a) Cross-border arrangement with an entity providing access to an exchange outside IFSC, provided that such entity is a regulated entity in the other jurisdiction; or b) Registering itself as a trading member of an exchange outside IFSC: Provided that the broker dealer is trading on its proprietary account and does not have any client dealing.
The broker dealer shall seek a no-objection from the recognised stock exchange(s) in IFSC before availing global access. The recognised stock exchange(s) in IFSC may refuse to grant NOC if there are any regulatory concerns particularly with respect to risk management arising out of the activities of the broker dealer in the recognised stock exchange(s) in the IFSC.
Further, the recognised stock exchange(s) may either facilitate or restrict global access to any broker dealer based on their risk assessment emerging out of such access.
The broker dealer shall have adequate resources commensurate with its operations (including global access) within the IFSC.
The broker dealer providing global access shall comply with Chapter V of the CMI Regulations, including the following: a) The broker dealer shall ring fence its IFSC related capital market activities with its cross-border operations. The broker dealer shall ensure that the funds and securities of the clients for trading on the IFSC exchanges shall be segregated from the global access. b) The broker dealer shall ensure that true, correct and adequate disclosures (including risks) are made to its clients regarding its cross-border business. In this regard, the broker dealer shall ensure that the roles and responsibilities of all the entities involved in the global access, risks associated with such trades, the applicable dispute resolution mechanisms and investor grievance redressal mechanisms relating to global access shall be adequately disclosed to the clients.
The broker dealer providing global access shall ensure to categorically disclose to its clients that the following resources of the recognised stock exchanges in the IFSC shall not be available to the clients for their global access: i. Rights of investors or investor protection; ii. Dispute resolution mechanism; and iii. Investor grievance redressal mechanism.
The broker dealer having global access shall submit the following additional report to the recognised stock exchange(s) in accordance with the prescribed format, on an annual basis, within 30 days from the end of financial year: a) Information regarding global access: Details of no-objection received from recognised stock exchanges; Details of commencement of operations of global access (date, names of entities through which arrangement has been done for providing global access and their regulatory status, list of exchanges, types of securities, role and responsibilities of broker dealer). b) Information on size of business: Number of clients and trading volumes for each exchange (with breakup for each type of securities); Number of clients and trading volumes on the recognised stock exchanges in the IFSC (with break-up for each type of securities). c) Other material information: Details of any incidence of default on any exchange; Assessment and declaration of conflicts of interest arising out of the global access; Declaration that the broker dealer is not aware of any material adverse information relating to the global access that would impact the broker dealer.
RBI has levied a penalty of Rs.10 million on India’s largest bank, State Bank of India for violation of section 19(2) of the Banking Regulation Act, 1949.
The said section states that no bank shall hold shares in any company whether as pledgee, mortgagee or absolute owner, of an amount exceeding 30% of the paid up share capital of that company or 30% of its own paid up share capital and reserves, whichever is less.
SBI has ostensibly held shares in excess of that limit, though it is not clear in which company. RBI would do better to post the entire adjudication process leading to the penalty on its website, just like other regulators like SEBI, IBBI, IRDAI, CCI do.
Rip roaring Malayalam comedy film “Mazhavil Kavadi” (1989) directed by Sathyan Anthikad and starring Jayaram, Sithara, Urvashi etc.
Its a typical story of Kerala youth failing to find a job (any job) and being averse to doing any business, vile away their time, chasing girls or trouble. Jayaram is in love with his cousin Sithara, but her father Innocent is a staunch patriarch not letting any leeway for romance.
Its a family squabble gone wrong since at least two generations, so the angst is carried down. Jayaram goes to Palani to find a job but ends up as a barber under the tutelage of his proposed to be father in law in Palani. His daughter Urvashi falls in love with him and to add to the tangle is MamuKoya a pick pocket but with wise ideas.
Sufficient laugh gags to keep the audience entertained, good script and very efficient direction by Sathyan Anthikkad – he is one of the more recognized directors in Malayalam cinema. Good time pass movie to watch any time. IMDB 6/10
Image above taken from the internet for representational purposes only and not with an intention to violating copyright.
2.97 kms evening run with the kiddo. Started late at around 6.15 p.m. by which time the sun had almost set in, still good traffic during the evening runs. Weather continues to be humid so taking a water bottle even for such small run proved to be useful, as the throat got parched soon. Before that had a major issue with the syncing of the smart watch GPS with the app – damn thing was not syncing at all for no known reason. This run got synced so that’s good for now.
Yesterday night Hari had a dream. It was more like a dead-end dream. Going from one place to another with no result. Hari was like in a bus depot which ferries passengers from one place to another, but he could not see any other passengers. He was looking for a particular bus, but he had no idea which bus and which place that bus goes to. There were stairs that he climbed in, he did not know that bus depot had stairs in them, but this one did. But everywhere he went,, there was a dead end, it was like a forbidden territory, like a huge chasm, which he could not possibly hope to jump and go across. What are these places, why do these dreams occur and what is the meaning of these dreams? Are these dreams part of our thought process reflected through the sub conscious. What is the meaning of the dead ends, does it mean that Hari has no future, or does it reflect his fears, his insecurities, his inner worries.
Malayalam comedy film “Mutharamkunnu P.O.” directed by Sibi Malayil and starring Mukesh, Lizy, Nadumedi Venu among others.
Mukesh (Dilip Kumar) is a postmaster posted to a small sleepy village called Mutharamkunnu in interior Kerala. There he falls in love with Aminikutty (Lizy) who is the daughter of local wrestler Kuttan Pillai (Nadumedi Venu).
He has to undergo several trials and tribulations which involves among other things jealousy from his rival postmaster Sreenivasan, some local Kerala politicians ever ready with slogans and marching, Chaplinesque wrestling match with Dara Singh in a special appearance and his own fears and insecurities in fighting which he has not done before.
Good script with super fine acting skills by almost everybody, a rich cast Jagathy Sreekumar, Jagadish, Kutharavattam Pappu among others embellish the movie with their fine acting skills. Much laughter, comedy, tragedy and relief. IMDB 6/10
Picture above taken from internet for representational purposes only and not with an intention to violation of copyright.
SEBI has vide its circular dated 23rd November, 2021 mandated that all stock exchanges (excluding commodity derivates exchanges) and depositories and clearing corporations should display on their respective website, data on the complaints received against them and their redressal thereof, by 7th of the succeeding month. There is a format given for that purpose. This requirement will come into effect from the 1st of January, 2022 onwards.
IBBI has vide its circular dated 24th November, 2021 decided to remove sensitive personal information such as aadhar no. from the details filed by the insolvency professionals of the list of stakeholders in a liquidation process.
Good to see at least one regulator taking pro-active measure to secure the privacy of individuals as aadhar no. being displayed in public domain is a serious breach of privacy and could lead to serious cyber crimes against the said individuals.
The salient features of the said circular is given below:
In pursuance of clause (d) of sub-regulation (5) of regulation 31 of the IBBI (Liquidation Process) Regulations, 2016 (‘Liquidation Process Regulations’) requiring the liquidator to file list of stakeholders on the electronic platform of the Board for dissemination on its website, the Board had issued the Circular No. IBBI/LIQ/40/2021 dated 04th March 2021 directing the liquidators to file the list of stakeholders and modification thereof, in the stipulated format, on the electronic platform, http://www.ibbi.gov.in.
In the said format, the particular / column “Identification No.” for seeking identification details of stakeholders is mentioned. It has come to notice that in few instances, the details such as Aadhaar, PAN card, etc., are being filled therein. Such information being sensitive personal information is prone to misuse and not to be revealed on public platforms. The ‘General Guidelines for securing Identity information and Sensitive personal data or information in compliance to Aadhaar Act, 2016 and Information Technology Act, 2000’ issued by Ministry of Electronics and Information Technology provides that any personal identifiable data including Aadhaar should not be published in public domain.
To address this problem, this Circular in partial modification of the Circular under reference, removes the column “Identification No.” from the particulars of the format stipulated therein. The insolvency professionals are directed to file the list of stakeholders of the respective corporate debtor under liquidation and modification thereof, in the revised format placed in Annexure, within three days of the preparation of the list or modification thereof, as the case may be. The rest of the contents of the above said Circular shall remain same.
vramonline 