Speaking at the ESG Summit organised by the industry body FICCI...
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Govt amends norms to restore Aadhaar verification process for private entities
"Any entity other than the Ministry or Department… which is...
Eco Survey: Health expenditure grew to Rs 6.1 lakh crore in FY25
“Health is a crucial component of human capital and a valuable...
Global insurance industry faces IFRS 17 costs estimated at $15 to $20 bn:Willis Towers Watson
Kamran Foroughi, Global IFRS 17 Advisory Leader at Willis Towers Watson, said: “This is an extraordinary figure that will naturally lead to many questions from Boards and investors.
“For many, significant improvements will also be required in business processes and finance operations to deliver IFRS 17 efficiently and link with other metrics. With smart investment and the right people, an insurer’s IFRS 17 programme has the potential to help deliver long-term annual savings to show against the daunting up-front costs.”
Labour codes : Companies’ PF liability to go up, workers’ take-home pay to shrink
The labour ministry had envisaged implementing the four codes on industrial relations, wages, social security and occupational health safety & working conditions from April 1, 2021. These four labour codes will rationalise 44 central labour laws.
The ministry had even finalised the rules under the four codes. But these could not be implemented because many states were not in a position to notify rules under these codes in their jurisdiction.
Twitter seeks more time from government to comply with new IT rules
The rules also require significant social media intermediaries — providing services primarily in the nature of messaging — to enable identification of the “first originator” of the information that undermines the sovereignty of India, the security of the state, or public order.
Under the rules, significant social media intermediaries — those with over 50 lakh users — are required to appoint a grievance officer, a nodal officer and a chief compliance officer. These personnel have to be residents in India.
China permits Ant Group to operate a consumer finance company
In December, the People’s Bank of China instructed Ant Group to develop a rectification plan, and in April, it approved a series of steps. One of those includes Ant Group becoming a financial holding company, which could mean the company becomes regulated more like a bank. While that has not yet happened, the creation and operation of a consumer finance company is a big first step for Ant Group to resolve its regulatory issue
Centre caps prices of oxygen concentrators
“NPPA has capped the trade Margin up to 70 per cent on price to distributor (PTD) level on oxygen concentrators,” the ministry said.
The order will be applicable up to November 30 this year, subject to review.The ministry further said that the manufacturers/importers not complying with the revised MRP after trade margin capping, will be liable to deposit the overcharged amount along with 15 per cent interest and penalty up to 100 per cent under the provisions of the Drugs (Prices Control) Order, 2013 read with Essential Commodities Act, 1955.
Aon to sell its U.S. Retirement Business to Aquiline and its Aon Retiree Health Exchange Business to Alight
Aon and Willis Towers Watson have previously announced the divestiture of Willis Re, a set of Willis Towers Watson corporate risk and broking and health and benefits services, and Aon’s retirement and investment business in Germany.
COVID second wave triggers raft of growth forecast revisions: RBI annual report
The pandemic, it added, ”is the biggest risk to this outlook. Yet, upsides also stem from the capex push by the government, rising capacity utilisation and the turnaround in capital goods imports.” RBI further said that a collective global effort to fight the pandemic will surely bring better results than individual countries fighting on their own.
Bank of England to step up drive to encourage new insurers
London is a global hub for insurers, with 190 insurers from the EU continuing to operate under the BoE’s temporary permissions regime ahead of full authorisation.
The Bank is now deciding whether the EU insurers can operate as a less heavily regulated branch or must become a subsidiary under full UK supervision.
FB, Google working on complying with social media rules as deadline looms
The new rules, announced on February 25, require large social media platforms like Twitter, Facebook, Instagram and WhatsApp to follow additional due diligence, including the appointment of a chief compliance officer, nodal contact person and resident grievance officer.
WhatsApp sues India govt, says new media rules mean end to privacy -sources
The lawsuit, described to Reuters by people familiar with it, asks the Delhi High Court to declare that one of the new rules is a violation of privacy rights in India’s constitution since it requires social media companies to identify the “first originator of information” when authorities demand it.
While the law requires WhatsApp to unmask only people credibly accused of wrongdoing, the company says it cannot do that alone in practice. Because messages are end-to-end encrypted, to comply with the law WhatsApp says it would have break encryption for receivers, as well as “originators”, of messages.