Fusion Finance fell 5.65%, while Utkarsh Small Finance Bank dropped 5.47%. Spandana Sphoorty Financial declined 1.28%, AU Small Finance Bank slipped 1.27%, Equitas Small Finance Bank fell 1.12% and Jana Small Finance Bank was down 0.4% in trade.
The Bill seeks to regulate microfinance institutions and small loan providers, prohibit coercive recovery practices and ensure transparency in lending operations, including fair and clearly disclosed interest rates.
Under the new framework, microfinance companies will be required to obtain prior permission from the state finance department before commencing loan disbursement operations in Bihar. Even entities that already hold a licence from the Reserve Bank of India must register with the state's Director of Institutional Finance before starting business in the state.
Registration will be mandatory within 90 days of the commencement of the Act. Without a valid certificate of registration, valid for three years, no entity will be permitted to grant or recover loans in Bihar. Commencing operations without registration will be treated as a criminal offence.
The legislation also provides for the establishment of special courts in every district, presided over by a first-class judicial magistrate, to hear disputes relating to interest rates and cases where borrowers are alleged to have been driven to suicide due to usurious or coercive lending practices.
Lenders will be required to prominently display the effective rate of interest at their offices, on their websites and in advertisements or brochures. They must also maintain an office in Bihar and execute written loan agreements in Hindi.
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Valued Customer,
BOB Capital Markets Limited (BOBCaps) is firmly committed to the safety of your wealth. We would like to bring to your notice certain precautions that you certainly must take against potential tele-fraudsters/ unscrupulous and unregistered portfolio managers:
ALWAYS AVOID
We would like to caution you against such fraudulent calls and SMSes and urge you to be alert. Follow the golden rule:
Do not share your Login Credentials or Passwords with anybody
BOBCaps employees / representatives never ask for your password.
Certain tele-fraudsters / unscrupulous and unregistered portfolio managers call customers or SMS them on the pretext of providing investment tips and lure them to invest through their bogus firms by promising huge profits.
Such deceitful callers ask the customer to share his/her login credentials with passwords to allow trading in their accounts, assuring huge returns.
Often trades done in the customer’s accounts are far from the best interest of the customers. Holdings of customers are often sold and with the funds, trades are then placed in illiquid securities at unrealistic prices.
At times, the holdings of customers are sold at prices detrimental to the customer. The so-called “portfolio manager” assures profits, which naturally does not materialize. Customers are deceived into providing access to their trading accounts, thereby allowing such fraudsters access to funds and securities available to execute trades, injurious to the customer’s interest.
In our continuous effort to keep you safeguard from the market related frauds and increase awareness while conducting trades, we request you to go through the Press Release issued by the NSE and would request you to ensure that you do not engage with the individuals and entities mentioned below: