The services of the firm include banking documentation, conducting recovery proceedings, prosecuting and defending action initiated by the banks and financial institutions and advising on specific investment activities of its client. The firm regularly conducts litigation before the Debt Recovery Tribunal and Appellate Forums thereof. As a retained Solicitor of leading Financial Institutions, we also vet agreements, demand notices, replies to customer grievances and legal correspondence.
Vast Expanse of Banking, finance and Insurance Legal Services
Today, the field of banking, finance and insurance has undergone a drastic transformation whereby there are a lot of cross border transactions which take place on a daily basis. Moreover, there are also lot of international companies whether banking or financial or insurance providers which are setting up offices in India and vice versa. It is owing to all these factors that the field of financial, banking and insurance legal services becomes crucial.
In the wake of diverse businesses and industries setting up in the country as well as overseas, and giving a tremendous boost to the economy of a country at large, Governments as well as International financial organizations began to realize the need for having regulations and framework. Particularly, in the case of cross-border transactions, such need is felt even more. It is here that Banking, financial and insurance legal service providers’ role becomes crucial.
The Banking, finance and insurance legal services assumed immense significance in the recent years owing to the complex financial transactions taking place not just domestically but also internationally;
However, this area is extremely volatile and sensitive owing to the reliability on so many factors more particularly on how the positive or negative a country’s economy is faring.
Sub-branches of Banking, finance and Insurance Legal Services
Let us understand clearly what exactly gets covered within the purview of Banking, finance and insurance legal services. For the sake of convenience, let us take into account one field at a time.
This area includes all the Acts, statutes, rules and regulations that have been laid down by the relevant authorities for the purpose of regulating the banking sector. So the major clients of this field are banks, financial institutions or companies, as well as non-banking financial companies.
The areas dealt under this branch are securitization laws, derivatives, restructuring, banking and insolvency, project finance, asset finance, securities transfer and privacy and so on.
Financial helps in the overall compliance and assistance in relation to all the financial or fiscal rules, regulations, notifications, acts that lay down a framework for the purpose of regulating financial transactions whether domestic or cross-border.
This area of law primarily deals with lenders, borrowers, underwriters, mergers and acquisitions, tender offer financings, joint ventures, partnerships, collaborative projects and so on.
One of the very fast developing markets is the market of Insurance laws, this branch of deals with providing legal assistance and representation in any insurance-related disputes in relation to insurance and reinsurance coverage, related environmental claims, product liability claims, professional liability claims, claims in relation to destruction or damage on account of the storm, fire, water losses, etc.
Apart from this, this field also includes, dealing with bad faith claims, construction defect claims, employment related claims and construction bodily injuries related claims and so on.
So, from all this we can see and infer that the field of Banking, finance and insurance legal services is a challenging one and given the present atmosphere of liberalization and globalization, this field has become even more lucrative!
Get Your Legal Issues Solved by B Pramanik Legal Services & Company
Banking, Financial Services and Insurance (BFSI)
Our service offerings for the BFSI industry
Banking, Financial Services and Insurance (BFSI) is set to grow exponentially in India due to the rising per capita income, introduction of new products, innovation in technology, expanding distribution, networking and increasing customer awareness of financial products. BFSI Industry has seen bold reforms in the last 15 years and will continue to be a top priority focus industry for India’s economic development based on inclusive growth.
Opportunities and Challenges:
BFSI industry is set to grow significantly in the coming years due to India’s economic expansion and growing awareness among the population of these financial products / services
New and wider products will provide immense opportunities to develop niche areas
The industry has adopted IT as an integral part of business strategy, where RSM is well positioned to provide various services on such IT platforms
High supervision by regulators will require constant vigilance and need to adopt measures to mitigate risks based on various control measures including ‘Risk Based Audits’ (RBA) as provided by:
The Reserve Bank of India in its RBA guidelines to banks
The Insurance Regulatory authority of India (IRDA) to the insurance industry
Securities Exchange Board of India (SEBI) for the mutual fund industry
How we can help:
Concurrent audit of Central Processing Centre
Concurrent audit of Regional Processing Centre
Concurrent audit and Internal audit of Branch Operations
‘Know Your Customer’ (KYC) audit
Trade Finance audit
Operations Manual compilation job
Retail Liability audit
Manpower assessment services
ERM Framework designing services
Retail Assets audit
Depository Participant audit
Certification Report (A1 & A2 Forms for Forex)
Certification Report for Central Depository Services Limited
Certification Report for National Depository Services Limited
Stock audits on periodical basis
Audit of hypothecated securities on a periodical basis
SOX audits / reviews for selected branch operations areas
Concurrent audit is examinations which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person not involved in its documentation. Concurrent audit is essentially a management process integral to the establishment of sound internal accounting functions and effective controls and setting the tone for a vigilance internal audit to preclude the incidence of serious errors and fraudulent manipulations.
Concurrent audits conducted by us include:
Compliance review for ‘Know Your Customer’ (KYC) guidelines issued by the regulators
Review of all major ‘TAT’ (Turn Around Time) compliance set for major operational transactions
Identification of ‘Revenue Leakages’ due to incorrect income realization (incorrect interest recovery, short or non recovery of charges or penalties, etc.)
Continuous monitoring of systems and procedures including IT systems
Review for compliance to all major regulatory requirements as applicable to banking and financial industry
Review for compliance of the relevant Operational Manual applicable to various functions and reporting exceptions, if any and covers the following:
Corporate Banking and Trade Finance (Bill Discounting, Bank Guarantees, Packing Credit, Import and Export Remittances, etc.)
Retail Liability (Current Account, Savings Account, term deposits, etc.)
Retail Assets (Home Finance, Agricultural Finance, Personal Overdraft, etc.)
Cash Management services
Depository Participant Services
Small and Medium Enterprises (SME) Finance
Advantage B Pramanik & Associates:
B. Pramanik & Associates in India is consistently ranked amongst India’s top six accounting and consulting groups and globally RSM is the seventh largest audit, tax and consulting network
We have some of the major private, foreign and public sector banks as clientele
Large projects handled for Central Processing Centre (CPC) and Regional Processing Centre (RPC) at top private and foreign banks
Extensive experience in catering to the financial services sector in advisory, taxation and accounting matters across functions and geographies
Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Graduates, Engineers, Company Secretaries, CISA / DISA, Cost Accountants and Law graduates
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