Compliance

News, The Morning Context

Slow and steady Digio is winning the paperless race

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Digio, founded by Nithin Kamath and Abhimanyu Pandian, has “slowly and silently become the back-end infrastructure provider to several industries”. The software-as-a-service (SaaS) company offers a suite of tools built around reducing paperwork, including Know Your Customer (KYC) checks, document management, compliance monitoring, and financial information aggregation. It was an early player in the space and quickly onboarded most of the stockbrokers and e-signing players. What sets Digio apart is its all-round product, focusing on the “forefront of India’s paperless digital transformation”.

News, The Morning Context

Is the worst over for Paytm?

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The year after the Reserve Bank of India’s (RBI) action against Paytm Payments Bank started hard for the company, threatening its operational existence. However, Paytm is showing signs of recovery. In the December quarter, its revenue came in at ₹1,901 crore. The company bagged the National Payments Corporation of India’s approval for a Third-Party Application Provider (TPAP) license, marking a key regulatory milestone. CEO Vijay Shekhar Sharma has emphasized compliance.

News, The Morning Context

NBFCs’ supply-chain finance offerings face possible RBI restrictions

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An industry letter to the central bank has sought clarification on the regulator’s advice to some NBFCs to cease or modify their supply-chain finance products. The Reserve Bank of India is likely rethinking its stance on supply-chain finance products sold by non-banking financial companies. According to a letter addressed to the RBI by the Finance Industry Development Council, the central bank has advised some NBFCs to stop offering certain supply-chain finance products or modify them.

News, The Morning Context

RBI’s crackdown on P2P lending casts a cloud over MobiKwik’s IPO plans

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As investors in MobiKwik’s P2P lending scheme cry foul over the handling of an RBI rule change, uncertainty looms over the fintech company’s lending business—its strongest growth driver. Many users of a lending scheme offered by MobiKwik are rattled. The Gurugram-headquartered digital payments company, which earlier allowed “anytime withdrawals”, seems to have locked in their investments after the central bank changed a key rule.

News, The Morning Context

Why do so many OfBusiness employees run other companies?

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The article asks why so many OfBusiness employees run other companies. It focuses on three companies, Zarielle Projects and Services LLP, Lendcierge Estate Pvt. Ltd, and Strike Infracon LLP, with links to employees. The existence of these related entities raises questions about whether they are used to overcount revenue or as a way to avoid or save on Goods and Services Tax (GST). This corporate structure is also linked to the company’s credit business.

News, The Morning Context

Madhabi Puri-Buch’s Blackstone connection deserves a closer look

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The SEBI chairperson seems to have been economical with the truth in her responses to the Hindenburg allegations on conflicts of interest, especially to do with her Blackstone ties. What could prove far more problematic for Puri-Buch than her name appearing alongside an entity she is overseeing the investigation of is her close connection with American private equity major Blackstone. The Blackstone connection has ensured that Hindenburg’s allegations aren’t another blip in the news cycle.

News, The Morning Context

India goes after companies with a big tax stick

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A wave of demands for payment of GST on intra-company transactions has opened up a new front between corporates and the government. A dent to the ease-of-doing-business rankings the likely first casualty. Early in August, it emerged that India’s Goods and Services Tax authorities had slapped IT services company Infosys with a whopping Rs 32,000 crore demand for unpaid taxes. The demands were centred around taxes payable on intra-group transactions—between subsidiaries and parent companies, between branch offices and head offices.

News, The Morning Context

M.D. Overseas and Augmont Enterprises linked to Dubai silver suppliers, GIFT City halts clearance

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Links have emerged between the two companies and Dubai-based exporters in connection with the alleged violation of India-UAE free trade agreement norms on silver imports. Delhi-based M.D. Overseas and Mumbai-based Augmont Enterprises are among the private firms whose names have emerged in connection with the alleged violation. Also, customs authorities at GIFT City have stopped clearing all consignments of silver from the UAE.

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