In its latest letter sent last week, Sebi said companies such as...
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EU to review corporate liability under Europe’s toughest ESG Law
Plans to cut reporting requirements — especially for small and...
China asks insurers to hold sufficient capital and liquidity
Companies should establish a concentration risk information...
HDFC Bank, SBI, others not adhering to norms on bulk SMSes, says Trai
“As sufficient opportunity has been given to principal entities/ telemarketers to comply with the regulatory requirements and that the consumers cannot be deprived of the benefits of the regulatory provisions any further, therefore it has been decided that from April 1, 2021, any message failing in the scrubbing process due to non-compliance of regulatory requirements will be rejected” by the system, TRAI said in a statement.
TRAI’s norms for commercial messages, based on blockchain technology, aim to curb unsolicited and fraudulent messages.
India antitrust watchdog orders probe into WhatsApp’s new privacy policy
The Competition Commission of India (CCI) said WhatsApp had violated competition laws “through its exploitative and exclusionary conduct … in the garb of policy update.”
Sebi tightens rules for exchange disruptions
SEBI also said on Monday it had asked the NSE to identify those responsible for the failure within 21 days and to determine why it did not move to a backup swifter.
Brokers and traders criticised the NSE sharply for not communicating well enough during last month’s outage, which they said caused losses for some investors.
The outage was the second major one for the NSE in recent years after a five-hour shutdown in 2017 due to a software problem.
RBI forms external advisory committee for evaluating banking applications
The guidelines for ‘on tap’ licensing of Universal Banks in the private sector on August 1, 2016 and the guidelines for ‘on tap’ Licensing of Small Finance Banks in the private sector on December 5, 2019, had indicated that the applications for Universal Banks and Small Finance Banks would be initially screened by the RBI to ensure prima facie eligibility of the applicants.
CAIT alleges violation of Drugs & Cosmetics Act by e-pharmacies
The Confederation of All India Traders (CAIT) wrote to Commerce and Industry Minister Piyush Goyal, Health Minister Harshvardhan and Defence Minister Rajnath Singh on the issue.
“It is important to note that sale of prescription drugs and medicines through online medium is illegal. The legal regime, under the Drugs & Cosmetics Act, 1940, does not permit home delivery of prescription medicines for which a prescription “in original” is required,” CAIT said in the letter to Goyal sent on Friday.
Health claims should be processed within prescribed timelines:IRDAI
Where a claim is denied or repudiated, the communication about the denial or the repudiation should be made only by the Insurers(not by TPAS) by specifically stating the reasons for the denial or repudiation, while necessarily referring to the corresponding policy conditions. The insurer shall also furnish the grievance redressal procedures available with the Insurance company and with the Insurance Ombudsman along with the detailed addresses of the respective offices, said the IRDAI
Vehicle scrapping policy will be ‘win-win’ policy; to help reduce pollution: Nitin Gadkari
Making a statement regarding vehicle scrapping policy in the Lok Sabha, the Road Transport, Highways and MSMEs Minister said the policy will also lead to an increase in the country’s automobile industry turnover to Rs 10 lakh crore from the current Rs 4.5 lakh crore.
Hospitalisation due to any adverse reactions to Covid-19 vaccination covered under health policies:IRDAI
“There have been reports raising doubts whether any adverse reactions to Covid-19 vaccination that require hospitalization will be covered by the health insurance policies.It is clarified that in the unlikely event of hospitalization following adverse reaction to covid-19 vaccination, hospitalization is covered under the health insurance policies subject to the specific terms and conditions of the policy.” said IRDA in a press release.
Rajya Sabha passes bill to raise FDI in insurance to 74%
“Majority of directors in the board and key management persons to be resident Indians which means every law of the land will be applicable on them. And a specific percentage of the profits is to be retained as general reserves. It cannot be (taken away),” Sitharaman said
India received FDI worth Rs 26,000 crore in the insurance sector after 2015 when the foreign investment limit was raised to 49 per cent from 24 per cent.
IRDAI modifies norms to check arbitrary rise of health premiums by insurers
The IRDAi has said the appointed actuary of an insurance company should review the financial viability of every health insurance product at the end of every financial year and the report of such review should be submitted to their board along with the analysis of favorable or unfavorable experience of each product as well as recommended corrective action, to ensure sustainability of the product and to protect the interests of policyholders of the underlying product.