BANKING LAW:
The advisory committee headed by former Reserve Bank of India (RBI) Governor, Sh. Bimal Jalan, which is screening the 25 bank licence applications, is expected to give its report by this weekend. RBI had constituted the Jalan committee to examine the fit-and-proper criteria, business plans, corporate governance practices, etc, of applicants. After securing RBI’s in-principle approval for a bank licence, an entity will a year and a half to set up banks, failing which their licences will be cancelled.
SEBI:
SAT in one of the recent cases reduced the penalty imposed upon appellant company for failure to redress investors grievance and stated that penalty was reduced in view of fact that appellant had become defunct and had tried its best to redress investors grievances.
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