TRAI extends last date to receive comments/counter comments on Consultation Paper ‘Auction of Spectrum in 37-37.5 GHz, 37.5-40 GHz and 42.5-43.5 GHz bands Identified for IMT’

Keeping in view the request of Industry Associations for further extension of time for submission of comments and counter comments, it has been decided to extend the last date for furnishing written comments and counter comments to 24th May 2024 and 6th June 2024, respectively. No further requests for an extension of time will be considered.

Master Circular for Credit Rating Agencies

In case a CRA holds multiple registrations with SEBI, it shall make only one application to SEBI addressed to “Chief General Manager, DDHS, SEBI”. The prior approval granted by SEBI shall be valid for a period of 180 days from the date of communication.

RBI conducts conference of Non-Banking Financial Companies

The conference urged NBFCs to bolster governance and assurance functions and maintain constant vigil against potential risks and vulnerabilities. In the highly dynamic and challenging environment in which financial entities operate, they are exposed to a multitude of risks that can impact their financial and operational resilience. It inter-alia highlighted cybersecurity and operational risks; credit risks from rule-based credit models; and liquidity risks. The conference conveyed the Reserve Bank’s Supervisory expectations from the regulated entities to ensure independent and meaningful assurance functions as well as fair and transparent conduct towards customers.

RBI conducts conference of Urban Co-operative Banks (UCBs)

The conference outlined the Reserve Bank’s Supervisory expectations and asserted that effective assurance functions play a crucial role in safeguarding the financial soundness of banks, as well as upholding the trust of their customers and other stakeholders. The conference stressed upon the need to identify and manage the emerging risks as well as the changing dynamics of the traditional risks, for which the internal control systems should be continuously updated and strengthened. It emphasized that the Reserve Bank would continue to follow its zero-tolerance policy towards poor governance practices, if any, identified in the UCBs in line with its overall approach to the financial sector.

RBI conference with Asset Reconstruction Companies

The conference emphasized that setting the right tone from the top is crucial in fostering a culture of integrity and ethical conduct. It highlighted several supervisory concerns in the functioning of ARCs. Conference urged the ARCs to adopt a regulation plus approach where there is compliance with both the letter of the regulation and also its spirit. Boards should accord due importance to assurance functions, namely, risk management, compliance and internal audit. These functions play a critical role in identifying and mitigating risks, ensuring compliance with laws and regulations as well as safeguarding the organization’s reputation.