A look at recent rulings which can affect you -
INSURANCE>> The Insurance Regulatory and Development Authority (IRDA) has told life insurance companies not to charge anything from policyholders if they choose to withdraw from the ECS mode of premium payment.
>> Insurance companies' single company exposure limit, including debt and equity, has been raised from 10% to 20%. It can be further raised by another 5% after the approval of the board of directors.
>> The IRDA has allowed the use of bank passbook with details of present/permanent residence address (updated up to previous month) and current bank account statement as identity and address proof as part of Know Your Customer process, provided they are supported by officially valid documents carrying photograph.
MARKETS>> The Securities and Exchange Board of India has asked companies to repurchase at least 50% shares under the buyback scheme. The companies will now have to complete their buyback offers within six months. The earlier period was 12 months.
>> Sebi has allowed qualified foreign investors, or QFIsm to invest in to-be-listed corporate debt securities directly from the issuer. In case the debt issue cannot be listed within 15 days of the issue, the QFI holdings can be sold to domestic investors until the securities are listed.
**50% increase in the number of PhDs between 2008-09 and 2011-12, says UGC**
