A look at recent rulings which can affect you
The Reserve Bank of India has cautioned the public against Multi-level Marketing (MLM), chain marketing and pyramid structure schemes that promise easy or quick money upon enrolment of members. Income under such schemes majorly come from enrolling more and more members from whom hefty subscription fee is taken rather than from sale of products they offer.
The Securities and Exchange Board of India (Sebi) has notified regulations which expand the definition of insider by including persons connected on the basis of being in any contractual, fiduciary or employment relationship. Immediate relatives will also be considered insiders as will any person who has access to unpublished price-sensitive information.
The Insurance and Regulatory and Development Authority (Irda) has come out with revised draft regulations on consumer protection which say that insurance companies should put all product information in public domain and must clearly define conditions, benefits and riders of products to consumers.
The Union government has decided to credit interest on claims against employee provident fund deposits if the settlement takes more than 30 days. The move will benefit claimants of more than Rs 27,000 crore lying inactive in the Employees Provident Fund Organisation. It is mandatory for the EPFO to settle claims and payments within 30 days.