Under the draft circular, an administrative fine may be imposed based on the annual gross income of personal information controllers (PICs) or personal information processors (PIPs) within the range of 0.25% to 3% for grave violations and 0.25% to 2% for major violations.
The Securities and Exchange Commission (SEC) said it has revoked the license of Cashtrees Lending Corporation for launching and operating unregistered online lending platforms (OLPs) amid a moratorium imposed by the commission.
