CAPITAL MARKETS
Under the new Companies Act, companies that accept deposits from the public have to provide insurance of Rs 20,000 to each depositor. The Ministry of Corporate Affairs has extended the deadline for insuring company deposits by a year to 31 March 2015.
INSURANCE
All life insurers will have to tie up with all five repositories and change at least 1,000 or 5% of existing individual policies, whichever is less, into the demat format from July 1, 2014.
To discourage lapsation and surrender of policies, Irda, in draft regulations, has asked agents to obtain a written consent from the policyholder for replacing the existing policy.
Now insurance companies can now take exposure in interest rate derivatives for hedging their interest rate risk
BANKING
The Reserve Bank of India has simplified the Know-Your-Customer norms. Now, while opening a bank account or undergoing periodic updation, an individual can submit only one documentary proof of address, either current or permanent.
COMMODITIES
Commodity exchanges can utilise the interest earned on the investor protection fund for investor awareness and education without seeking the prior authorisation of the Forward Market Commission. But they will be required to submit the details of such programmes on a quarterly basis to the commission.
