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Sebi starts scrutiny of new bank licence applicants

By Religare
Sebi starts scrutiny of new bank licence applicants
Capital markets regulator Securities Exchanges Board of India (Sebi) has scrutiny of all applicants of new bank licences coming under its jurisdiction directly or through group entities, said the media report.

Sebi is looking into the capital market record of all the group entities of 26 banking aspirants, some of whom are either listed entities or have presence in Sebi-regulated businesses like mutual funds, brokerage and investment banks, said an official.

Sebi's scrutiny is following a detailed queries shot off by RBI to various regulators in India and abroad as a part of its due diligence of entities seeking to enter banking arena and the same is to be completed this month itself.

In addition to Sebi, RBI is also seeking details from other regulators such as Insurance Regulatory Authority of India and Pension Fund Regulatory and Development Authority about the businesses of the applicant entities under their respective jurisdictions.

RBI's board will take a final decision on new licences after taking into account the panel recommendations. The names of successful entities are expected by January 2014.

Dion Global Solutions Ltd.

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