Gold steady as dollar falls vs yen; U.S. politics in focus
Gold prices held steady on Monday as the dollar fell against the yen, with markets shifting their focus towards U.S. politics ahead of a presidential debate.
MUMBAI Indian banks should split wealth management and investment advisory services to avoid conflict of interest as well as address mis-selling of financial products, by creating a subsidiary, a draft report by a Reserve Bank of India (RBI) panel said.
The banks will need to get the RBI's approval to create subsidiaries, which would be then registered with the Securities and Exchange Board of India (SEBI), the panel proposed on Friday.
"To address the issue of conflict of interest arising from the single entity conducting both the activities of advisory/fund management as well as marketing, it is proposed to segregate the two functions," the report said, adding the bank should have an 'arm's length' relationship with its subsidiary.
The report also proposed the RBI should continue to supervise the bank's activities done through the subsidiary.
Last month, the RBI said it would issue draft guidelines to address mis-selling of financial products and structure of transactions to aid tax evasion and fradulent transfer of funds.
(Reporting by Neha Dasgupta; editing by Ron Askew)
NEW DELHI India, the world's third-largest emitter of greenhouse gases, will formally join the Paris agreement on climate change on October 2, Prime Minister Narendra Modi said on Sunday.
SEOUL South Korean prosecutors have requested an arrest warrant for Lotte Group chairman Shin Dong-bin, the retail-to-chemicals group said on Monday, the latest twist in a broad criminal probe into the country's fifth-largest conglomerate.