A look at recent personal finance rulings which can affect you
A look at recent personal finance rulings which can affect you
A look at recent rulings which can affect you -
Print Edition: 31 Mar, 2013
A look at recent rulings which can affect you -
BANKING
The Reserve Bank of India has asked all non-banking financial companies (NBFCs) to prominently display the details of their grievance redressal officer and that of the local office of the central bank at their branches and offices. The guideline is part of the Fair Practices Code for NBFCs, which was revised to include micro-finance institutions and also to take into account the rapid growth in NBFC lending against gold jewellery.
CAPITAL MARKETS
The Securities and Exchange Board of India has increased the maximum initial offering period for mutual fund schemes eligible under the Rajiv Gandhi Equity Savings Scheme (RGESS) to 30 days from 15 days. The RGESS is a tax-saving scheme notified by the government in November 2012.
COMMODITIES
For cost-effective and expeditious resolution of investors' grievances in the commodities futures market, the Forward Markets Commission has asked exchanges not to ask for any fee or deposit from their clients when they raise disputes with claim or counter-claim up to Rs 10 lakh. Expenses for such arbitrations would be borne by the exchanges.
INSURANCE
The Insurance Regulatory and Development Authority has allowed insurers to have a maximum of 12% and 15% equity in a company, depending upon the size of the funds controlled by them. Earlier, the limit was 10%. The regulator said increasing the limit would not affect management of investments by insurers, given the size of funds managed by them.
