TagFinancial Markets

A Sandbox for Indian Fintechs

[Manal Shah is a student at the National University of Advanced Legal Studies, Kochi and writes at thesecuritiesblawg.in] In his keynote address at the NITI Aayog FinTech Conclave 2019 held on 25 March 2019, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, addressed and acknowledged the growth and potential for fintech firms in India. While doing so, he acknowledged that India...

RBI’s Ombudsman Scheme for Digital Transactions

[Falaq Patel is a 4th Year BBA-LLB student at Symbiosis Law School, Hyderabad] The Payment and Settlement Systems Act, 2007 (the ‘Act’) is a legislation designed to provide the Reserve Bank of India (‘RBI’) with regulatory and supervisory powers over all payment systems in India and authorise it to set up a committee of its central board, known as the Board for Regulation of Payment and...

Securitization and Direct Assignment Transactions in the Indian Economy

[Vineet Ojha is Manager – IFRS & Valuation Services at Vinod Kothari Consultants Pvt Ltd] The current financial year has witnessed a sharp surge and a life time high in the volume of securitization and direct assignment transactions in the Indian economy. Consequent to the funding problems that non-banking finance companies (NBFC) and housing finance companies (HFCs) have been facing...

Arbitrating ISDA Disputes: A Bright Future for Derivative Markets

[Saurav Roy is a final-year law student [V B.A.LL.B] at ILS Law College, Pune] The International Swaps and Derivatives Association (“ISDA”) is the go-to trade organisation for participants in the over-the-counter (“OTC”) derivatives market. The ISDA Master Agreement (“Master Agreement”) is a standardised agreement which allows participants to enter into these derivative transactions. Although the...

FAQs on Borrowing by Large Corporates: Unveiling the Perplexity

[Pammy Jaiswal is a Partner at Vinod Kothari and Company and can be reached at [email protected]] Background The untiring efforts of the Securities and Exchange Board of India (SEBI) as well as the Government in uplifting the bond market is quite commendable. SEBI has started taking major steps towards the accomplishment of the budget announcement by the Government for the year 2018-19...

RBI’s Measures for NBFCs and HFCs

[Vineet Ojha is a Manager at Vinod Kothari Consultants Pvt Ltd] In most developed nations, the bond market is often several multiples larger than the equity market. The same cannot be said about the India’s corporate bond market, as it is still underdeveloped and therefore unable to meaningfully share the credit burden of the banking system. To ease the funding strains non-bank lenders face and...

The Rise and Fall of the Financial Resolution and Deposit Insurance Bill

[Apoorv Madan and Rushil Anand are fourth year B.B.A. LL.B. (Hons.) students at Jindal Global Law School in Sonipat] Background It may be considered common knowledge, at this time, that failure of some financial institutions can have far-reaching implications on economies, sometimes resulting in full-blown financial crises. Further, because of the increasingly interconnected and globalised world...

The Curious Case of Cryptocurrencies: Part II

[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached at [email protected]] The first post in this series is available here] The Indian Position While India has active cryptocurrency traders as well as cryptocurrency exchanges, there has been no serious development on the regulatory front, except, of course, the repeated warnings by Reserve Bank of India and the...

The Curious Case of Cryptocurrencies: Part I

[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached [email protected]] Cryptocurrencies have made waves in financial markets around the globe. According to leading cryptocurrency exchanges, the August 2018 global cryptocurrency market capitalisation is somewhere short of USD 400 billion – less than half of what it was in December 2017 (on the back of...

Prospects of Regulation of Initial Coin Offerings by SEBI

[Aishwarya Singh is a 5th year law student at Jindal Global Law School, Sonipat] The Reserve Bank of India (RBI) had, by way of a circular, ring-fenced banks from dealing with cryptocurrencies. However, the status of cryptocurrencies in India is far from decided. The RBI circular has been recently challenged in the Supreme Court. On the other hand, the Government had also constituted an Inter...

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