The Securities and Exchange Board of India (Sebi) has issued two warning letters to the National Securities Depository Limited (NSDL) for alleged lapses in compliance.
The IPO-bound depository firm disclosed details of the two warning letters issued on 3 June. The first letter concerns the non-visibility of securities in investors’ demat accounts on the day of IPO allotment and going live with standardisation of file formats without conducting adequate testing.
The other warning letter relates to failure in properly tracking all cyber alerts, ensuring their resolution within stipulated timelines, maintaining correct and comprehensive details of all its assets, conducting comprehensive reviews of its critical assets and ensuring active monitoring of all its assets, among other issues.
The market regulator has asked the depository to exercise greater care in future, strengthen internal control systems and improve compliance standards to avoid recurrence of such instances. Failure to comply with Sebi guidelines may lead to stricter actions.
NSDL has clarified that there is no financial or operational impact resulting from the warning letters.
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Indian and US are holding high-level talks this week, aiming to finalise tariff cuts in sectors such as farm and automobiles as part of an interim deal, two government sources said, with an announcement likely later this month.
A US delegation led by senior officials from the Office of the United States Trade Representative (USTR) began closed-door, two-day discussions in New Delhi on Thursday with Indian trade officials headed by chief negotiator Rajesh Agrawal, the sources said.
"During the current round of talks, negotiators are discussing tariff cuts on specific sectors including agriculture and autos, and proposed benefits for Indian companies," one Indian government source, said.
The deal may be formally announced by month end, before the self-imposed deadline of July 9 by President Trump, but a statement is expected once meetings wrap up, possibly by Sunday, a second official said.
Trade Minister Piyush Goyal, currently in Italy, may return to meet the delegation, the official added.
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The officials said spoke on the condition of anonymity due to the sensitivity of the discussions.
Indian trade ministry didn't immediately respond to requests for comments.
US Commerce Secretary Howard Lutnick said in Washington on Monday that trade negotiations were progressing and a deal could be finalised soon.
India and the US agreed in February to work on a phased deal, aiming to lift bilateral trade to $500 billion by 2030.
Officials said, India, buoyed by recent trade pact with the UK, and EU talks, is resisting US demands to open its farm and dairy markets, citing potential rural backlash.
"We are ready to offer a better deal than the UK pact, with average tariffs down to 10 per cent, matching the US base rate, and near-zero duties with quotas in exchange for market access and supply chain linkages," a third official said.
Washington has flagged India's average farm tariff of 39 per cent, with some duties reaching 45-50 per cent. It is also pushing India to allow corn imports for ethanol production.
Bilateral trade with the US, India's largest trading partner, rose to $129 billion in 2024, with India posting a $45.7 billion surplus.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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