Accordingly, by failing to conduct inspection of the books of accounts, records, registers of FHHPL, the noticee has violated DT (Debenture Trustees) Regulations. She also noted that the noticee had not taken any reasonable and necessary steps to fulfil its obligations, and hence can be made liable for the neglect and failure of FHHPL.

Experts said the move is likely to bring much needed relief to the importers, whose refund claims worth over ₹1,000 crore are stuck. "The importers must get their due after the Supreme Court order. There is still no clarity in this regard and a formal communication will help the early release of funds," said Abhishek Rastogi, partner at Khaitan and Co, who represented importers in the Mohit Mineral case.

​“This move will particularly help both financial and non financial services Indian players to make overseas investment in Indian IFSC and develop new line of business” said Dipesh Shah, Executive Director at International Financial Services Centre Authority.

Mithani, who was serving as the interim Chief Financial Officer and Key Managerial Personnel of the company, has been relieved from the responsibilities with effect from August 23, 2022.

Banks would need to develop the skill set inhouse or bring in external experts. External subject matter experts can help them benchmark themselves with peer banks around risk management, controls and governance framework enhancements. This should help validate techniques of AI/ML models.

Derivatives and repo markets could well play a role in aiding the corporate bond market to gain momentum as those are billed as popular hedging tools for sophisticated investors betting on bonds sold by companies. "Beyond this, market development and improvements will remain a continuous exercise," he said.

It is in the interest of existing lenders to provide interim finance since they would benefit in getting an improved resolution amount being high of the waterfall priority, observed Ravi Mittal, chairman of IBBI, in a quarterly update released early this week.

It solicits public views on what could be the best way forward to evolve a framework that is convenient, safe and affordable for users, reasonably covers the costs of running reliable systems, and incentivises private operators to do business at a time digital transactions in the country are at a record high.

The Reserve Bank of India (RBI) on Thursday said the first quarter of FY23 saw listed private non-financial companies log 41 per cent sales growth.