New Delhi, Sep 22 (PTI) The Congress on Tuesday took a swipe at SEBI settling adjudication proceedings against five Adani group companies with the firms collectively paying Rs 1.5 crore as settlement amount, saying what “amazing courage” the market regulator has demonstrated. Sebi settled adjudication proceedings against five Adani group companies over alleged violations related to the disclosure of related-party transactions and audit as well as limited review reports, with the firms collect... ... ...

Use of court-related affidavits in pending money-laundering proceedings must remain within the judicial process. The Bombay High Court cautioned Vijay Mallya against publishing on social media an Enforcement Directorate affidavit served on his legal team before its submission to the court, stating that parties should place their submissions before the court and that such publication undermines the efficacy of judicial proceedings.

The Central Government de-notifies 10.23 hectares from the IT/ITES Special Economic Zone at Kattigenahalli and Venkatala villages after statutory and related requirements were fulfilled. The removed land comprises specified survey numbers in Kattigenahalli village. The SEZ's notified area is consequently reduced from 12.14 hectares to 1.91 hectares, limiting its notified territorial extent accordingly.

Interim moratorium under the Insolvency and Bankruptcy Code no longer applies to personal guarantors of corporate debtors from 26 May 2026, including where insolvency applications were already pending before the Adjudicating Authority. The amendments inserting sub-sections (4) to sections 96 and 124 apply to pending applications: the phrase "is filed" includes applications filed before the effective date that remained under adjudication. Consequently, the moratorium previously protecting such guarantors ceased, and proceedings otherwise barred by section 96 may continue.

Recovery proceedings for fraudulently obtained duty-credit instruments under Section 28AAA must follow the nature of the alleged fraud. Where allegations concern misdeclaration in a shipping bill, Customs must investigate, adjudicate and, where warranted, amend the shipping bill before referring the matter for cancellation of the instrument. Policy interpretation, eligibility and entitlement issues must first be determined by the issuing trade authority, whose view governs Customs proceedings. Where cancellation is legally or technically unavailable, including because of a court order, adjudication must proceed on merits. In other cases where cancellation action has begun, adjudication must await cancellation of the instrument.

SEBI settled adjudication proceedings against five listed companies concerning alleged related-party transaction disclosure failures, corporate-governance compliance, and audit or limited-review reports signed without valid peer review certification. The companies sought settlement without admitting or denying the findings of fact or conclusions of law after a show-cause notice proposed inquiry and penalties. The settlement terms were recommended by the High Powered Advisory Committee, accepted by the Panel of Whole Time Members, and implemented upon receipt of the prescribed settlement amounts.

Article 8 of the India-UK DTAA confines protection to profits derived from treaty-defined international aircraft operations and qualifying participation in air-transport pools. Engineering and ground-handling services supplied to other airlines are independently organised commercial services where they lack a direct nexus to the enterprise's own international transportation. A qualifying pool requires substantive evidence of its legal and commercial structure, including reciprocal arrangements and settlement mechanisms; industry arrangements or aviation-sector relevance alone are insufficient.

The Reserve Bank of India's Payment and Settlement Systems Regulations, 2008 cease to apply in an International Financial Service Centre from commencement. Earlier actions, including guidelines, circulars and directions, are preserved and deemed taken under corresponding provisions. Applicable existing instructions are deemed issued under the current framework until superseded or modified by the Authority.

Regulation 13 confers implementation and clarification powers to prescribe norms, procedures, processes and additional requirements through circulars, guidelines or directions. Directions may also be issued through guidance notes or circulars to remove difficulties in interpreting or applying regulatory provisions. These mechanisms permit administrative specification of operational requirements and interpretive guidance.

Relaxation of strict enforcement of payment and settlement system requirements may be granted in the interest of financial market development, with written reasons. Applicants must identify the requested relaxation and grounds, pay the prescribed non-refundable fee, and provide a complete application, including clarification responses. The application must be processed within sixty days of receipt, with recorded reasons for acceptance or refusal.

System Providers must submit an audited annual balance sheet, profit and loss account, and Auditor's report within three months after annual accounts close. The filing period may be extended, on application, by up to a further three months. The same financial statements and Auditor's report submitted to the Authority must be published on the System Provider's website.

Every System Provider is subject to a continuing regulatory reporting obligation to furnish returns, documents and other information required by the Authority. The obligation applies whenever the Authority requires such material and extends to each category of returns, documents or information requested. Submissions must be made in the form specified by the Authority, ensuring compliance with its prescribed reporting and information requirements.

System participants must comply with regulations, guidelines, instructions and directions issued by the Authority concerning payment-instruction formats and other matters within specified statutory categories. The Authority's issued requirements govern applicable payment-system standards and obligations for every system participant.

System Providers must maintain ongoing compliance, to the extent applicable, with the Principles for Financial Market Infrastructures issued by CPMI and IOSCO, along with further norms specified from time to time under the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024. The requirement creates a continuing standards-based compliance framework for payment and settlement system providers.

Applications for exemption from authorisation must state the rationale supporting the request. After considering the application and other available information, the Authority may accept the request with or without conditions, or reject it. The decision must be communicated to the applicant within ninety days from the application date.

Authorisation certificates for commencing a Payment System may be issued after examination of the application and satisfaction of statutory authorisation conditions. Issue of the certificate requires payment of a non-refundable fee specified for each sub-category of payment system operator. The Authority may impose additional conditions, and continued force of the authorisation depends on compliance with them. Where necessary for proper conduct of the Payment System, an applicant may be required to furnish a security deposit of a specified amount.

In-principle approval for payment-system authorisation may be issued following consideration of an authorisation application. Such approval requires the applicant to satisfy the statutory conditions for authorisation prescribed by the governing Act and any further conditions stipulated by the Authority. It remains preliminary in character and does not, by itself, confer an entitlement to authorisation.

Every person seeking to commence or carry on a Payment System in an International Financial Services Centre must apply to the Authority for authorisation. The application must be submitted in the form and manner specified by the Authority and accompanied by a non-refundable application fee.

Definitions for payment and settlement systems identify the governing Act, Authorisation Certificate, regulatory Authority, supervisory Board, and International Financial Service Centre. Terms not expressly defined are assigned meanings under relevant payment systems, reserve banking, banking regulation and international financial services centre laws, including subordinate legislation and statutory modifications or re-enactments.

The regulatory objective is to lay down the process for the authorisation and operation of payment systems in International Financial Services Centres. The framework addresses payment-system authorisation and the operation of such systems within those centres.