PwC's Managing upstream risk: Regulatory reform review - An asian perspective August 2013 | Page 15

India The government on 8 August 2013 withdrew a bill published on 11 March 2013 amending the SEBI Act ahead of an upcoming introduction of a new bill that would give more powers to the capital market regulator, SEBI. Under the new bill, SEBI will receive more powers to crack down on ponzi schemes, access phone call records to check insider trading and carry out search and seizure operations. South Korea The FSC announced new cyber security standards in a bid to reduce such attacks, requiring FIs to notify consumers of security breaches on their websites and impose greater sanctions on failure to comply. It is expected to be effective from 23 November 2013 although FIs will have more time to implement the new measures. South Korea’s internet penetration rate and connection speeds consistently rank among the best in the world. Banking | Regulatory Reform Review 15