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Showing posts from July 20, 2019

Insider trading: Sebi releases new norms for reporting violations of code

The regulator said it has been receiving various references from listed firms regarding violations related to code of conduct. Markets regulator Sebi Friday came out with standardized format for reporting violations of code of conduct, formulated under Prohibition of Insider Trading (PIT) norms. Under PIT norms, all listed firms, intermediaries and fiduciaries are required to formulate a code of conduct for designated persons as well as for their relatives and inform the regulator about any such violation. Under the code of conduct, the designated persons and their relatives are barred from trading while in the possession of unpublished price sensitive information (UPSI). Besides they are required to maintain the confidentiality of the UPSI, among others restrictions are placed. The regulator said it has been receiving various references from listed firms regarding violations related to code of conduct. However many of such references provide incomplete details about the nature of vio…

RBI Governor Shaktikanta Das takes public sector banks to task on rate cut

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday came down heavily on public sector banks (PSBs) for not reducing their lending rates despite liquidity remaining ample, bond yields being at a multi-year low, and policy rates being lowered by 75 basis points (bps) in the past six months. “Bond yields have come down, policy rates have fallen, the borrowing cost for banks is low, as is evident from softening rates on certificates of deposit (CD), and liquidity is in surplus. I am surprised banks are still not lowering lending rates,” Das told top PSB executives during a meeting, confirmed multiple sources. According to a statement uploaded on the RBI website, the governor discussed credit and deposit growth amid a slowing economy. Even as credit growth remains muted, the flow of credit to the needy sectors should not be hampered “while following prudent lending, robust risk assessment and monitoring standards”, he said. Sources said the governor had a word of caution for th…