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Recent rulings in the banking, telecom and capital market which can affect you

Recent rulings in the banking, telecom and capital market which can affect you

A look at recent rulings in the banking, telecom and capital market which can affect you.

A look at recent rulings which can affect you -

BANKING
  • The Reserve Bank of India has clarified that if fixed or term deposit accounts are opened with operating instructions 'Either or Survivor', the signatures of both the depositors need not be obtained for payment of the amount of the deposits on maturity. However, in case the deposit is to be paid before maturity, the signatures of both the depositors will be obtained. This has been done to avoid unjustified delays and allegations of poor customer service.
TELECOM
  • The Telecom Regulatory Authority of India has issued a statement warning people making unsolicited commercial calls or sending messages through individual numbers. From now, such customers will be first sent a notice and the number will be disconnected on second violation. A regulation was introduced in October 2011 which barred unwanted commercial calls and messages from disturbing mobile phone subscribers. Telemarketers violating these norms will have to pay penalties ranging between Rs 25,000 and Rs 2.5 lakh.
CAPITAL MARKET
  • The Securities and Exchange Board of India has asked mutual fund houses to disclose names of distributors who receive commission in excess of Rs 1 crore annually, on their websites. The fund houses will also have to disclose names of distributors having presence in more than 20 locations along with the amount of commission paid to them. The disclosure, which will also be available on the Association of Mutual Funds in India's site, is mandatory from 10 November 2011.