Sebi bans SVS Securities from trading for a year
Sebi has barred SVS Securities from dealing in the capital market for a year for failing to exercise due care and diligence as a stockbroker with respect to transactions in shares of Harita Seating Systems. Sebi noted that SVS Securities had failed to exercise due skill, care and diligence regarding transactions executed by its sub-broker, Aquarian Share Broker Co, through it on behalf of certain related clients in Harita's shares.
Norms for prepaid payment instruments modified
The RBI on Friday made changes to guidelines to pre-paid payment instruments. Some of the changes include increasing the minimum paid-up capital to R500 lakh from R100 lakh and having a minimum positive net worth of R100 lakh at all the times. The RBI also said that the escrow balance for pre-paid instrument issuers must be necessarily maintained with only one scheduled commercial bank at any point of time. The migration from one bank to another, if case of need, should be completed in the minimum possible time and with the prior approval of RBI.