The concept of an LEI, or Legal Entity Identifier, has been implemented on a global scale. The Global Legal Entity Identifier System (or “GLEIS”) was proposed by international regulatory authorities as a means of dealing with the worldwide financial problems. The LEI was developed to lessen the burden of establishing contact with all parties involved in a financial transaction. Under LEI, a global reference data system is built, which provides a unique identifier for every […]

Reserve  Bank  of  India  (RBI)  in  its  ‘Statement  on  Developmental  and Regulatory Policies’ dated October 09, 2020 had announced that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days  of  the  year  from  December  2020.  The  National  Electronic  Funds Transfer (NEFT) system is also made available round the clock since December 2019 by RBI. SEBI   vide   Circular   no.    SEBI/HO/CDMRD/DRMP/CIR/P/2019/149   dated November 29, 2019 had mandated that the cut […]

The Securities and Exchange Board of India (SEBI) has come out with a framework for segregation and monitoring of collateral at client level. The regulator said the move is aimed at strengthening the mechanism of protection of client collateral from misuse and default of brokers. There has been several instances in the recent past of brokers defaulting and misusing clients securities and funds. SEBI said clearing corporations should specify a reporting mechanism that would provide […]

If the taxpayer cannot pay all the GST dues (tax/interest/penalty) in a lump sum or within the stipulated date, then he can file an application to the Commissioner requesting to pay in installments. The Commissioner can extend the due date for payment or allow the taxpayer to pay in installments. The reasons for accepting/rejection of such application have to be provided in writing. When paying in installments, the taxpayer has to remember that: Installments are payable every […]

The Securities and Exchange Board of India approved the creation of a Social Stock Exchange and its framework in a board meeting of the regulator held earlier today. The proposal for the creation of a Social Stock Exchange was put forth by Finance Minister Nirmala Sitharaman in her Budget speech in July 2019. The capital market regulator said that it will engage with NABARD, SIDBI and stock exchanges to create a capacity-building fund of Rs […]