REGULATIONS


Ravi Samalad 17 August 2010
RTAs are ironing out the final contours to facilitate physical consolidated account statements to mutual fund investors, which will streamline operations and reduce costs for AMCs If registrar and transfer agents (RTAs) have their way, mutual fund investors will soon start getting a single...

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Ravi Samalad 13 August 2010
The regulator has asked fund houses to furnish all investor-related documents by 22nd November which were opened via online distribution channels Asset management companies (AMCs) will not be allowed to open any new accounts if they do not possess all investor-related documents with them. A...

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Ravi Samalad 12 August 2010
The industry body will tweak ARN registration and renewal norms from 1 September 2010 After announcing a sharp hike in AMFI Registration Number (ARN) renewal fees across the board in May this year, the Association of Mutual Funds in India is all set to tighten the noose on mutual fund...

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SEBI and BSE continue to ignore market manipulation but the Cals Refineries case is too glaring Even as the Securities and Exchange Board of India (SEBI) ensures that there is no competition to the two existing stock exchanges, the market is rife with manipulation. Take the example of Cals...

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Sucheta Dalal Sucheta Dalal 12 August 2010
The Securities and Exchange Board of India (SEBI) is very aggressive and vocal on certain issues and maintains a Sphinx-like silence on certain others. On 20th July, the MCX-SX took the bold and unusual step of dragging SEBI to court. According to it, SEBI left it with no choice. The clock was...

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Sucheta Dalal Sucheta Dalal 09 August 2010
SEBI is trying to make changes in the much-abused portfolio management schemes. It’s about time Regular readers of Moneylife know that we have done our best to expose dubious portfolio management  services (PMS) over the past year or more. At the end of July 2010, the Securities &...

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Sucheta Dalal Sucheta Dalal 06 August 2010
Dr KC Chakrabarty is not the first to roil markets with comments. But he is the first Deputy Governor to pay a stiff price. Successive RBI governors and deputy governors have easily got away for very serious lapses of judgment or inaction Evidence that Dr K C Chakrabarty, Deputy Governor of the...

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Sucheta Dalal Sucheta Dalal 05 August 2010
Did he pay the price for bringing in some order in the functioning of certain RBI departments? A section of the banking world, including central bankers are aghast at the extraordinary action of the Reserve Bank of India governor in stripping off Deputy Governor, Dr K C Chakrabarty of most of...

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Sucheta Dalal Sucheta Dalal 04 August 2010
RBI’s decision to strip Dr KC Chakrabarty of many important portfolios raises broader issues about transparency in the central bank’s functioning The Reserve Bank of India's (RBI) decision to strip deputy governor Dr KC Chakrabarty of many of his powers on 3rd August has caused a flutter in the...

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Sucheta Dalal Sucheta Dalal 02 August 2010
The High Level Coordination Committee has just functioned as a coffee club for regulatory heads It is hard to believe that three of the four ‘independent’ regulators have dared to protest against an ordinance passed by the government in early July giving statutory powers to the finance...

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Moneylife Digital Team 19 July 2010
The paltry addition to the investor community since March 2008 has finally woken up SEBI. Its solution of ‘demat lite’ skirts the main issues The chairman of the Securities and Exchange Board of India (SEBI), CB Bhave, has advised National Securities Depository Ltd and Central Depository...

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Sucheta Dalal Sucheta Dalal 13 July 2010
The regulator’s misguided moves will further alienate retail investors   In the 20 years since India started its economic liberalisation programme under Dr Manmohan Singh, our investor population has shrunk from 20 million to 8 million (figures from government reports). In fact, the...

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In theory, investors can sue brokerages for wrongdoing, but the regulator’s caprice is stymying the system In just a few weeks of April and May this year, the Securities and Exchange Board of India (SEBI) has picked up some serious payments ranging from Rs5 lakh to Rs40 lakh from three...

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The hypocrisy on the alcohol policy is getting worse as Maharashtra claims to raise the drinking age limit to 25 It is now a cliché that India’s youth is permitted to vote and to drive at the age of 18 but cannot legally consume alcohol until 25. Yet, on 12 May 2010, a Mumbai tabloid had...

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Sucheta Dalal Sucheta Dalal 20 April 2010
When the deliberately created crisis between IRDA and SEBI leads to a panic, will vested interests find the perfect excuse to activate the Financial Stability and Development Council? There is something more than meets the eye in the bizarre drama that is being played out between the...

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Sucheta Dalal Sucheta Dalal 08 April 2010
Considering the overlap in their regulatory turf, SEBI and IRDA can’t afford to work at cross-purposes The insurance industry is in a happy position today. They have the regulator firmly in their camp and virtually lobbying their cause (notice the ‘investor education’ advertisements...

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Sucheta Dalal Sucheta Dalal 26 March 2010
SEBI’s regulatory tussle with the IRDA over ULIPs was yet another ill-timed and misconceived move Things don’t always work like in the nursery rhyme that goes… “For want of a nail the shoe was lost; for want of a shoe the horse was lost. For want of a horse the rider was lost; for...

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Sucheta Dalal Sucheta Dalal 09 March 2010
The Budget has announced the setting up of two new financial-sector watchdogs. Hopefully, they will have a clear mandate and visionary leadership Finance minister Pranab Mukherjee’s Budget speech had two interesting announcements—the setting up of the Financial Stability and Development...

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Sucheta Dalal Sucheta Dalal 23 February 2010
Ivory tower regulations have killed investor interest. Time for some intervention by the finance ministry Over the past couple of months, many fund managers have been talking to us about the Securities and Exchange Board of India’s (SEBI’s) investor education plans. It wants mutual funds...

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Sucheta Dalal Sucheta Dalal 09 February 2010
Retail investors are an endangered species. This will undermine the government’s disinvestment plans The disinvestment of public sector undertakings (PSUs) has usually lurched from one controversial strategy to another. It started in 1991 with the strange decision to bunch PSUs into...

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