2025 (11) TMI 535

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....>Securities / SEBI<br>Justice P. S. Dinesh Kumar, Presiding Officer, Ms. Meera Swarup, Technical Member And Dr. Dheeraj Bhatnagar, Technical Member For the Appellant: Mr. Pesi Modi, Senior Advocate with Mr. Kyrus Modi, Mr. Vishesh Malviya, Ms. Anuja Bhansali, Mr. Jai Sanyal, Ms. Aanchal Maheshwari, Advocates i/b Rashmikant & Partners For the Respondent: Mr. Chetan Kapadia, Senior Advocate wi....

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.... RBI Reserve Bank of India issued a Master Circular dated September 12, 2023 with regard to Classification, Valuation and Operation of the Investment Portfolio of Commercial Banks Directions, 2023 with derivatives in Chapter XII thereof. • It is alleged that pursuant to the said circular, MD & CEO of the bank wrote to the noticee No. 1 and CFO of the bank stating that derivative accou....

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....ves transactions. Bank was required to submit a proforma to the RBI detailing the impact between IGAAP and IndAS accounting standard, which is to be made mandatory to all banks by the RBI at a future date. Therefore, bank engaged services of PWC and held meeting of treasury officers of the bank and an internal review of the bank was held on March 3, 2025. The conclusion of the internal review comm....

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....made available before us in order to examine the impact of the RBI master circular. The accounting firm PWC was engaged to review the same and, thereafter, the meetings of internal review committee have been conducted. Therefore, the issue as to whether the UPSI had commenced on March 4, 2025 or on December 4, 2023, the date on which the MD & CEO sent an email to the other officers of the Bank, is....