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Sebi on Friday came out with guidelines to strengthen accountability and improve governance of stock exchanges and other market infrastructure institutions (MIIs) by asking them to resolve whistleblower complaints within 60 days of receipt. Additionally, Sebi asked MIIs, comprising stock exchanges, clearing corporations and depositories, to adopt RegTech (regulatory technologies) and SupTech (supervision technologies) for better regulatory and supervisory mechanisms. Also, the regulator outlined guidelines for back office vendors, public interest directors (PIDs) meetings, establishing a standard operating procedure for disciplinary actions against Key Management Personnel (KMPs), disclosure of board meeting agendas and minutes, quarterly reporting by the Compliance Officer and half-yearly reporting by the Chief Risk Officer. The new guidelines will become effective from April 1, the Securities and Exchange Board of India (Sebi) said in its circular. On whistleblower policy, Sebi asked MIIs to resolve whistleblower complaints within 60 days of receipt. The regulator has specified the role of the audit committee in overseeing whistleblower complaints. It is tasked with receiving and investigating such complaints and making appropriate decisions, including recommending further actions when necessary. The committee is required to submit a detailed quarterly report to the MII's Governing Board, outlining the complaints received, the actions taken, and any unresolved issues. If a decision cannot be reached on a particular matter, it must escalate the issue to the Governing Board for resolution. With regards to RegTech and SupTech, Sebi asked MIIs to implement systems enabling members or participants, such as stock brokers, clearing members, and depository participants, to make submissions online, reducing reliance on physical documentation. These systems should generate alerts and reports to support regulatory objectives. Also, MIIs are required to disclose key information about their members or participants on their websites, including details of investor grievances (resolved and pending) for the last three financial years, regulatory actions taken, net worth as of the previous financial year, and other relevant data. Additionally, any significant regulatory non-compliance by a member must be shared with other MIIs to ensure transparency and accountability. To ensure regulatory compliance by back-office vendors or outsourced agencies appointed by MIIs and their members or participants, MIIs must establish policies for their appointment and monitoring. These policies should clearly identify potential risks associated with such vendors or agencies and outline measures to mitigate them. Additionally, the policies must define minimum standards or thresholds, both qualitative and quantitative that vendors must meet to qualify for appointment, including standards for technology vendors. To enhance accountability within MIIs, Sebi asked public Interest Directors (PIDs) to meet at least once every six months, with mandatory attendance from all members. These meetings focus on reviewing compliance with Sebi regulations, assessing the functioning of critical areas, such as operations, regulatory compliance, risk management, and investor grievances, and evaluating the adequacy of financial and human resources for these functions. Additionally, PIDs are required to identify potential conflicts of interest and address issues with significant market impacts. Sebi asked MIIs to frame internal Standard Operating Procedures (SOPs) for undertaking disciplinary actions against KMPs or any non-compliance with regulatory provisions and internal guidelines. The policy should be approved by the Nomination and Remuneration Committee (NRC) and the Governing Board of the MII. The SOP include a list of actions that may be initiated against a KMP for breach of any provision, including advisory, warning, impact on annual increment or promotion, suspension and termination. Compliance Officers are required to report non-compliance and investor grievance redressal quarterly. These reports are required to be submitted to Sebi within 45 days of the quarter's end. Besides, Chief Risk Officers have been asked to submit reports on overall risk management on half yearly basis, and the report needs to be submitted to the regulator within 90 days of the half-year's end. Sebi has directed MIIs to disclose regulatory, compliance, risk management, and investor grievance-related agendas and minutes on their websites.

The Dubai emigration department has introduced stricter requirements for obtaining a tourist visa, mandating travelers to provide hotel booking documents with a QR code and a copy of their return ticket. Travel agencies have been instructed to ensure these documents are submitted during the visa application process, failing which, applications may face delays.New Rules for Tourist Visa ApplicationsUnder the updated guidelines, hotel booking documents and return tickets are no longer optional and must be uploaded on the emigration department's website at the time of application. Only travel agencies are authorized to apply for tourist visas, whereas visit visas can be processed by trading companies, individuals, or families. However, the same rules apply to both visa types.Financial Proof RequirementAdditionally, applicants must show sufficient financial resources in their credit or debit cards. The requirement stands at 5,000 Dirhams for a two-month visa and 3,000 Dirhams for a three-month visa.Impact on TravelersMany applicants have reportedly faced delays in processing due to the inability to provide these documents. Previously, passengers were only required to present hotel bookings and return tickets if requested by emigration officers at the airport.These rules, already applicable to citizens of Pakistan and several African nations, aim to streamline the visa process and ensure compliance. However, clarity is still awaited regarding whether expatriates in the UAE need to submit similar documents when applying for visit visas for their families.The new measures emphasize the importance of thorough preparation to avoid travel disruptions for those planning to visit Dubai.Visa Options for Indian Travelers Visiting DubaiIndian passport holders planning a trip to Dubai have multiple visa options, catering to both short-term visits and extended stays. These include visa-on-arrival, non-extendable visas, and the newly introduced five-year multiple-entry visa.1. Visa-On-Arrival for Indian Passport Holders: Indian travelers can opt for a 14-day visa-on-arrival in Dubai, extendable by an additional 14 days. To qualify, they must meet the following prerequisites:A passport valid for at least six months from the arrival date.A valid USA visit visa, USA green card, UK residence visa, or EU residence visa.This option offers flexibility for short-term visits, provided travelers meet the eligibility criteria.2. Non-Extendable 60-Day Visa: For a longer stay, travelers can apply for a 60-day non-extendable visa. The application charges for this visa align with UAE regulations, making it a viable choice for tourists or those visiting family and friends.3. Five-Year Multiple-Entry Visa: Dubai has also introduced a five-year multiple-entry visa for Indian citizens, signaling a boost for tourism and commercial ties between the two countries. This visa allows frequent visits to Dubai, catering to business professionals, frequent tourists, and those with family connections in the region.108650231

Japanese retail investors have pulled back from Indian funds for the first time in six years, contributing to the largest outflows from Indian markets since March 2022, according to Elara Capital. This shift, compounded by record-breaking inflows into U.S. funds, signals a cooling of foreign investor sentiment towards India.Japanese retail investors, who have historically been a steady source of inflows into Indian markets, have shifted their stance, marking a turning point in investment trends. According to Elara Capital's report, last week saw $302 million in outflows from India-dedicated equity funds, with total outflows, including allocation funds, reaching $569 million. This is the most significant withdrawal of foreign capital from India since March 2022.This reversal comes after months of robust Japanese investments, which totaled $8.6 billion from retail investors and $2.1 billion from institutional investors since November 2022. However, a weakening yen and the rising appeal of U.S. assets have triggered the shift, highlighting a broader reallocation of global capital, the brokerage said.The brokerage’s report also underscores a surge in U.S. fund inflows following the country’s recent elections. Over the past three weeks, $110 billion flowed into U.S.-based funds, with $57.6 billion recorded last week alone—a record-breaking figure. Of these, 67% went into domestic U.S. funds, while 22% targeted Ireland-domiciled funds. Small-cap U.S. funds, in particular, have seen a resurgence, drawing $10.7 billion during this period.Also read | Goldman Sachs sees Nifty climbing to 27,000 in 2025, upgrades IT to overweightThe "Yen unwind trade" has been a critical factor driving this shift. As the yen continues to weaken, Japanese investors are reallocating funds to dollar-denominated assets, further exacerbating the slowdown in emerging markets such as India, China, Taiwan, and South Korea.While high-risk assets like junk bonds maintain strong inflows, emerging market equities have softened, with commodities and bonds also struggling to recover over the past year. This marks a critical juncture for India, which had previously benefited from steady foreign inflows.Elara Capital cautions that this trend could signify the end of a significant cycle of foreign fund allocations to India. With global investors gravitating toward the U.S. and emerging market sentiment cooling, India’s equity markets may face prolonged pressure in the months to come.Also read | Gautam Adani’s wealth drops over $10 billion in a day amid U.S. bribery scandal(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)