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Sebi, RBI plan to bring digital gold under regulatory ambit

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3 years ago

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Sebi, RBI plan to bring digital gold under regulatory ambit

The Ministry of Finance, the Securities and Exchange Commission of India (Sebi), and the Reserve Bank of India (RBI) are working to put digital gold and crypto assets under some regulation, as concerns about the unrestricted growth of such investments are not applicable to regulated Investor protection of securities. The government plans to address issues such as transparency, heinous statements, and lofty promises that some companies make to attract investors in unregulated assets.

Two officials who requested anonymity said that as part of the plan, the government may amend the Seby Act and the Securities Contract Supervision Act to classify digital gold as securities. On Saturday, Indian Prime Minister Narendra Modi (Narendra Modi) chaired a meeting with regulators to discuss and determine the long-term strategy for crypto assets. Previously, the Standing Committee on Finance held a meeting with stakeholders on Monday to determine their views on “opportunities and challenges related to crypto finance.”

Mint has reviewed a copy of the notice issued by the Standing Committee to engage in dialogue with the association and industry experts on cryptocurrency. Email inquiries about digital gold regulation sent to Sebi and the Ministry of Finance were not immediately answered. The proposal to regulate assets came after Sebi banned registered brokers and investment advisers from providing digital gold and other unregulated investment products in September and October. Regulators say that providing such products violates the Seby Act and may result in fines and, in some cases, cancellation of licenses.

Some financial technology companies that sell digital gold have to stop such sales, even if other companies spin off digital gold products to unregulated parent companies. Some companies offer digital gold as an investment product to attract customers who are unwilling to invest in stock-related products. The ban opens up opportunities for arbitrage, where regulated entities and unregulated companies of the Reserve Bank of India can provide digital gold without any penalties.

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“Obviously there is regulatory arbitrage. We have never sold digital gold because we think it is not a good product, not for any other reason,” said Nithin Kamath, CEO and founder of the financial services platform Zerodha.

News Source : Hindustan Times

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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