Regulator Watch

A look at the recent rulings that can affect you:

     Print Edition: February 2011

A look at the recent rulings that can affect you:

BANKING

The Reserve Bank of India has extended speed clearing to all transactions (demand drafts, at-par cheques, banker's cheques, etc) other than government cheques with effect from 1 February 2011. Currently, it is enabled only for cheques issued by savings, current and cash credit account holders.

MARKETS

The Securities and Exchange Board of India has increased the limitation period for arbitrations in the stock market from six months to three years, as prescribed under the Limitation Act, 1963. This will also be applicable to cases that have occurred in the past three years, but no arbitration had been filed or arbitration was rejected solely because it was not filed within six months.

2.7% was the growth in the Index of Industrial Production for November 2010, a substantial decline from 10.8% in October.
INSURANCE

The Insurance Regulatory and Development Authority has asked insurers to keep policyholders updated on changes in the network of hospitals and third-party administrators. There have been instances where policyholders could not avail of the cashless facility as they were not informed about the changes.

TELECOM

The telecom regulator Trai has started online registration for existing and new telemarketers from 15 January 2011 through the Website of the Telecom Commercial Communications Customer Preference, www.nccptrai.gov.in. Existing telemarketers need to pay Rs 9,000 as customer education fee, while the new ones need to pay this fee along with an additional registration fee of Rs 1,000.

 Trivia and telling figures
$104 billion is the illegal capital flight from India during 2000-8, the fifth largest global outflow in Asia, says a report by Global Financial Integrity.

300% is the growth in the Indian aviation sector during 2004-10, the highest in the world in six years, making it the ninth largest aviation market in the world.

Rs 11,700 cr was India's trade deficit in December 2010, down from Rs 40,050 cr in the previous month, the lowest in the past three years.

64% of Indian workers have a fairly good idea of their future retirement income, making the country the best positioned in the world, according to a report by Bharti AXA Life Insurance.

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