{"id":225081,"date":"2020-02-03T14:00:32","date_gmt":"2020-02-03T08:30:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=225081"},"modified":"2020-02-03T11:45:33","modified_gmt":"2020-02-03T06:15:33","slug":"penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/","title":{"rendered":"Penalty on &#8212; Fortune Integrated Assets Finance Ltd. for non-compliance of&#8211; Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">The <span style=\"color: #ff0000;\">Reserve Bank of India (RBI) has imposed, by an order dated January 31, 2020, a monetary penalty of Rs 2 lakh on Fortune Integrated Assets Finance Ltd., Mumbai, for non-compliance with directions issued by RBI on \u2018Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016\u2019<\/span>.<\/p>\n<p style=\"text-align: justify;\">The penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of Section 58 G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934, taking into account the failure of the company to adhere to the aforesaid directions issued by RBI. This action is based on <strong>deficiencies in regulatory compliance<\/strong> and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.<\/p>\n<p class=\"head\" style=\"text-align: justify;\"><strong>Background<\/strong><\/p>\n<p style=\"text-align: justify;\">The statutory inspection of the company, conducted by RBI, with reference to its financial position as on March 31, 2018, had observed, inter alia, non-compliance with RBI directions on \u2018Non-Banking Financial Companies &#8211; Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016\u2019, \u2018Non-Banking Financial Companies \u2013 Corporate Governance (Reserve Bank) Directions, 2015\u2019 and \u2018Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016\u2019. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed for failure to comply with the directions issued by RBI. After considering the company\u2019s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions, RBI concluded that the aforesaid charges of non-compliance with RBI directions on \u2018Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016\u2019 warranted imposition of monetary penalty.<\/p>\n<hr \/>\n<p><strong>Reserve Bank of India<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 31-01-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India (RBI) has imposed, by an order dated January 31, 2020, a monetary penalty of Rs 2 lakh <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[39456,39455,34616,2611,39371],"class_list":["post-225081","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news","tag-deficiency-in-regulatory-compliance","tag-fortune-integrated-assets-finance-ltd","tag-monetary-penalty","tag-RBI","tag-statutory-inspection"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Penalty on -- Fortune Integrated Assets Finance Ltd. for non-compliance of-- Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penalty on -- Fortune Integrated Assets Finance Ltd. for non-compliance of-- Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of India (RBI) has imposed, by an order dated January 31, 2020, a monetary penalty of Rs 2 lakh\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-03T08:30:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/07\/reserve-bank-of-india-rbi-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2020\\\/02\\\/03\\\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2020\\\/02\\\/03\\\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\\\/\"},\"author\":{\"name\":\"Bhumika Indulia\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"headline\":\"Penalty on &#8212; Fortune Integrated Assets Finance Ltd. for non-compliance of&#8211; Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016\",\"datePublished\":\"2020-02-03T08:30:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2020\\\/02\\\/03\\\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\\\/\"},\"wordCount\":299,\"commentCount\":0,\"keywords\":[\"Deficiency in Regulatory Compliance\",\"Fortune Integrated Assets Finance Ltd.\",\"Monetary Penalty\",\"RBI\",\"Statutory Inspection\"],\"articleSection\":[\"Hot Off The Press\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2020\\\/02\\\/03\\\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2020\\\/02\\\/03\\\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2020\\\/02\\\/03\\\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\\\/\",\"name\":\"Penalty on -- Fortune Integrated Assets Finance Ltd. for non-compliance of-- Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016 | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"datePublished\":\"2020-02-03T08:30:32+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2020\\\/02\\\/03\\\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2020\\\/02\\\/03\\\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2020\\\/02\\\/03\\\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Penalty on &#8212; Fortune Integrated Assets Finance Ltd. for non-compliance of&#8211; Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\",\"name\":\"Bhumika Indulia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"caption\":\"Bhumika Indulia\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_1\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Penalty on -- Fortune Integrated Assets Finance Ltd. for non-compliance of-- Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016 | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/","og_locale":"en_US","og_type":"article","og_title":"Penalty on -- Fortune Integrated Assets Finance Ltd. for non-compliance of-- Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016","og_description":"The Reserve Bank of India (RBI) has imposed, by an order dated January 31, 2020, a monetary penalty of Rs 2 lakh","og_url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2020-02-03T08:30:32+00:00","og_image":[{"width":1330,"height":887,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/07\/reserve-bank-of-india-rbi-.jpg","type":"image\/jpeg"}],"author":"Bhumika Indulia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bhumika Indulia","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/"},"author":{"name":"Bhumika Indulia","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"headline":"Penalty on &#8212; Fortune Integrated Assets Finance Ltd. for non-compliance of&#8211; Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016","datePublished":"2020-02-03T08:30:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/"},"wordCount":299,"commentCount":0,"keywords":["Deficiency in Regulatory Compliance","Fortune Integrated Assets Finance Ltd.","Monetary Penalty","RBI","Statutory Inspection"],"articleSection":["Hot Off The Press","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/","url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/","name":"Penalty on -- Fortune Integrated Assets Finance Ltd. for non-compliance of-- Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016 | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"datePublished":"2020-02-03T08:30:32+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Penalty on &#8212; Fortune Integrated Assets Finance Ltd. for non-compliance of&#8211; Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a","name":"Bhumika Indulia","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","caption":"Bhumika Indulia"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/225081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=225081"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/225081\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=225081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=225081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=225081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}