Regulator Watch

     Print Edition: October 2011

A look at recent rulings which can affect you -

Non-resident Indians (NRIs) can open non-resident (external) rupee accounts and foreign currency (non-resident) account (banks) with their resident close relatives on a 'former or survivor' basis. The resident relative can operate the account as a power of attorney holder. Resident Indians can open joint accounts with NRI relatives, but the NRI holders cannot operate the account during the lifetime of the resident holder.

Third Party Administrators, which act as an intermediary between health insurance policyholders and the insurers, will now have to confine their services only to insurers. The insurance regulator has withdrawn permission given to licensed TPAs to offer their services to non-insurance bodies.

The Securities and Exchange Board of India has started a centralised web-based complaints redressal system for investor grievances against depository participants (DPs), which act as agents of depositories, which hold securities such as shares, derivatives and commodities for investors. The complaints will be channelled through the depositories concerned and the DPs will have to redress the grievances within one month from the date of receipt of the complaint.

In an attempt to check unsolicited marketing calls and messages, the Telecom Regulatory Authority of India has limited the number of text messages allowed from each mobile number to 100 per day. The restriction will become effective from September 27, 2011.

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