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Two Bank Employees in Hyderabad Exchange Rs 6 Lakh without Identification Proof

After suspension, V. Mallesh a clerk, brought back Rs 5.6 lakh. He said he had spent the remaining amount

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Hyderabad, November 14, 2016: Police in Hyderabad questioned two employees of a bank for exchanging demonetised notes worth Rs 6 lakh without identification proof.

The employees of the Kamala Nagar branch of Syndicate Bank in Saroornagar were booked late on Sunday after the manager lodged a complaint with the police.

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V. Mallesh, a clerk, handed over the demonetized notes of Rs 1,000 and Rs 500 to cashier Radhika and collected an equal amount in new currency notes of Rs 2,000.

The incident happened on Saturday and was detected by the manager during verification.

Police registered a case against the two of cheating and criminal breach of trust.

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After he was suspended by the bank manager, Mallesh brought back Rs 5.6 lakh. He said he had spent the remaining amount.

The bank officials and police, however, do not believe the money belonged to him.

Police were questioning him to know the source of demonetized notes.

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“The investigations are on,” Inspector S. Lingaiah told IANS. He said the accused had not yet been arrested.

Under the Reserve Bank of India rules, a person can exchange a maximum of Rs 4,000 of demonetized notes by submitting Aadhar card or other identification proof. (IANS)

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To Review The Existing Framework of MIIs, SEBI Puts Forward Higher Regulatory Requirement

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.

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According to SEBI, the changes have been proposed by its committee under the Chairmanship of R. Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure Institutions).
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The Securities and Exchange Board of India (SEBI) on Friday proposed higher regulatory requirement in terms of ownership, governance and certain additional standards of essential accountability “Credit Rating Agencies, Registrar to an Issue and Share Transfer Agents and Debenture Trustees”.

According to SEBI, the changes have been proposed by its committee under the Chairmanship of R. Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure Institutions).

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.
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Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.

“The committee, based on the presentations made by the market intermediaries, felt that these intermediaries do not meet majority of the criteria of MIIs,” the committee’s report said.

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“However, certain characteristics such as size, concentration, high dependence of investors on their services, market share, etc. make them significantly important.”

Accordingly, the regulator has called for public comments till May 19 on the recommendations made by the committee. (IANS)