Month: May 2010

IRDA tightens ULIP norms – Implications and Analysis

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IRDA tightens ULIP norms and the following changes are effective from July 01, 2010 – Our Analysis on each of the norms follow,

  • Minimum policy term of five years – Overall improvement in quality of business, Long-term positive
  • All ULIPs (including pension/annuity products in accumulation phase) to carry sum assured – Render long-term protection element to ULIP (and ULIP-based pension and annuity) contracts, differentiating ULIPs from MFs

    Read moreIRDA tightens ULIP norms – Implications and Analysis

Diamond Power commences production from compounding unit

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Diamond Power Infrastructure, earlier known as Diamond Cables, has commenced production from its state-of-the-art compounding unit having annualised capacity of 18,000 Mt. The said unit can manufacture various types of PVC & XLPE compounds.

The company has invested Rs 8 crore on development of this facility, which will meet 70% of the raw material demand for the power cables. It manufactures about 40,000 km of assorted sizes or high and low tension cables and compounds are very critical cost and quality components for such cables.

Read moreDiamond Power commences production from compounding unit

SEBI to Rating agencies – Disclose Methodology + Fees Collected

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The Indian Rating Agencies – CRISIL, ICRA, Fitch, Care have been asked by the Stock Market Regulator – SEBI to disclose the Rating Methodology and the Fees it collected from the client to assign the rating. This is a major move in our view to achieve transparency in financial transaction and clean up the Financial markets, a mess created by Capitalists’ greed.

SEBI’s DGM Prasanta Mahapatra who was looking into the issue of achieving Transparency in Indian Corporate Rating system after the Collapse of American European Financial System. In his order he said,

6.1 Rating Procedure

Read moreSEBI to Rating agencies – Disclose Methodology + Fees Collected

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Top 10 Frauds in Indian Banking Sector

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The Reserve Bank of India – RBI Maintains Data on Frauds on the basis of area of operation under which the frauds have been perpetrated. According to such data pertaining to the calendar year 2009, Top 10 Categories under which Frauds have been reported by banks (number wise and amount wise) are as follows,

Top 10 Categories of Fraud in the Indian Banking Sector [ Based on Number of Complaints]

  1. Credit Cards
  2. Deposits – Savings A/C

    3. Read moreTop 10 Frauds in Indian Banking Sector