PUBLIC COMMENTS ON IRDAI PROPOSAL
Prestige, Valor, RC Group in talks for Rs 7,000-cr public housing redevelopment deal
Prestige Group, RC Group, and Valor Estate are set to redevelop 19 housing societies in Mumbai's Bandra area, with a GDV of Rs 7,000 crore. Prestige will handle design and construction, while RC Group and Valor will manage approvals and coordination. Construction begins in 2025-26, taking four years.
Elon Musk helped kill a congressional spending bill. But much of what he spread was misinformation
Elon Musk, via a barrage of X posts containing misinformation, derailed a bipartisan funding bill, prompting a government shutdown threat. His false claims targeted congressional pay raises, stadium funding, and bioweapon labs. Congress ultimately approved a different spending deal, averting a shutdown.
Centre proposes bill to ban unregulated lending
The government drafted a bill to combat illegal lending. The bill proposes a 10-year jail term and a ?1 crore penalty for violators. An online database of approved lenders will be created. The database will help identify illegal lenders. The move follows action against several digital loan apps. The government aims to curb predatory lending practices.
Bain and KKR battle for Fuji Soft heats up as Bain goes hostile
Bain Capital is set to launch a hostile takeover bid for Fuji Soft, even without board approval, after its higher offer was rejected. The move challenges KKR's existing bid, backed by Fuji Soft's board, setting up a potential $2 billion battle for the Japanese IT firm. Bain has the support of Fuji Soft's founder, who holds a significant stake.
Sylvester Stallone¡¯s Floating Barrier Proposal: Everything we know so far
Sylvester Stallone's proposal to install a floating barrier near his Palm Beach estate has upset neighbors. Critics argue the project jeopardizes public waterway access and marine life.
From digital to doorstep, insurtech startups take the offline route, will it work?
Indian insurtech startups, initially focused on online sales, are now rapidly expanding their networks of physical agents. This shift, driven by competition and the pursuit of market share, raises concerns about commission-driven growth, sustainability, and potential regulatory scrutiny. The industry faces challenges balancing growth with profitability and navigating the evolving insurance landscape.
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Sebi proposes allowing retail investors to participate in algo trading
Sebi has proposed a new framework for retail investor participation in algorithmic trading. Brokers will need exchange approval for each algorithm and any modifications. A unique identifier will tag all algo orders for audit trails. Retail investors developing their own algos must also register them. Public comments are invited until January 3, 2025.
Sebi mulls simplifying NRI trading in exchange-traded derivatives
To simplify trading for Non-Resident Indians (NRIs) in exchange-traded derivatives and improve efficiency, Sebi on Tuesday proposed using PAN to monitor position limits, removing the need to notify Clearing Members or obtain CP Codes.
Centre seeks public comment on proposed rules for clinical electrical thermometers until December 30
The Indian government is seeking public feedback on proposed rules for clinical electrical thermometers until December 30, 2024. These rules aim to standardize accuracy and reliability, mandating verification and stamping to ensure compliance with standards. This initiative strengthens consumer safety and promotes uniformity in body temperature measurement for both humans and animals.
Sebi proposes devolving ITM single stock options into futures contracts 1 day before expiry
The consultation paper stated that the change aims to address potential risks related to significant obligations arising from physical settlement in single stock derivatives, particularly when an out-of-the-money option unexpectedly turns in-the-money due to sudden price movements near market close on expiry day.
Canada called 'broken sh**hole' after Trump suggests Trudeau to make it 51st state amid tariff threat
Donald Trump recently met Canadian Prime Minister Justin Trudeau where the former expressed concerns about that high tariffs on Canada would damage Canada¡¯s economy. Trump joked about it and reportedly suggested Trudeau that he should make Canada the 51st state of the US to avoid the threat. Social media was abuzz with Trump-Trudeau conversation with netizens calling Canada broken sh**hole.
Insurers may get to diversify operations beyond core business
The finance ministry proposes allowing insurers to expand beyond insurance. The draft suggests new services like guarantee and indemnity services and managing repossessed properties. The proposal includes reforms such as composite registration, reduced capital requirements, and increased FDI. Comments are open until December 10, 2024. Provisions for distributing financial products were excluded.
Govt proposes to raise FDI limit in insurance sector to 100%, seeks public comments
The central government has proposed raising the FDI limit in Indian insurance companies to 100%, lowering the Net Owned Funds for foreign reinsurers, and amending insurance laws to improve accessibility and streamline processes. The public is invited to comment on these proposals by December 10.
India plans insurance law changes for unified licence, hiking FDI limit, sources say
The govt is poised to revamp its insurance laws, potentially allowing insurers a single license to operate across life, general, and health insurance. This move, coupled with a proposed increase in foreign direct investment to 100%, aims to boost the insurance sector and increase penetration, currently at a modest 3.8% of GDP.
NSE, BSE face profit risk from proposal for clearing firms
India's stock exchanges, NSE and BSE, may face profit declines if the SEBI implements proposed clearing house ownership changes. The regulator suggests diversifying ownership for market stability, impacting bourse earnings. Two options are proposed: a 100% sell-down or a phased reduction to 15% ownership. This adds to revenue pressures from stricter derivatives trading rules.
WestBridge to float a general insurance JV with Neelesh Garg
WestBridge Capital and Tata AIG's outgoing CEO, Neelesh Garg, are teaming up to launch a new AI-driven general insurance venture. The venture will focus on health and motor insurance, aiming to tap into India's large uninsured population. WestBridge will hold a majority stake, with Garg owning 10%. The new entity is expected to launch by mid-2025, pending regulatory approvals.
Sebi extends deadline till Nov 26 for comments on proposed specified digital platform
Markets regulator Sebi on Tuesday extended the deadline for public comments till November 26 on the proposal concerning requirements for recognition as specified digital platforms (SDPs). Earlier, the comments from the public were sought till November 12.
After Putin's 'have sex at work' remark, Russia considering a ministry for it. All you need to know
Russia is considering a "ministry of sex" and other unusual measures to combat a declining birth rate exacerbated by the war in Ukraine. Proposals include financial incentives for mothers, government-funded first dates and wedding nights, and even turning off internet access late at night to encourage intimacy.
No male tailors, trainers, barbers for women in UP? New safety proposals underway
Uttar Pradesh State Women¡¯s Commission has proposed new safety measures to enhance the security of women in public and commercial spaces. The recommendations include prohibiting male tailors from taking measurements of women and mandating female-only staff in gyms and fitness centers. While still under review, some districts have begun implementing these guidelines, drawing praise from social workers.
CCI proposes changes to penalty recovery rules; seeks public feedback by Dec 6
India's Competition Commission (CCI) proposed amendments to its penalty recovery regulations, aiming to streamline the process of collecting fines for violations of the Competition Act. The proposed changes include issuing formal demand notices with specified payment deadlines and addressing procedural issues to enhance regulatory compliance and efficiency.
Irdai proposes to amend regulatory sandbox norms
The Insurance Regulatory and Development Authority of India (Irdai) has proposed changes to its regulatory sandbox, aiming to shift from a rule-based to a principle-based approach. This move seeks to encourage innovation and the introduction of new ideas within the insurance sector. Public comments on the proposed amendments are being sought until November 25th.
Shark Tank fame Mark Cuban's comment on Trump and women creates massive uproar, ex President roasts him
#WomenforTrump: Billionaire Mark Cuban recently courted a controversy due to his comments on former US President Donald Trump and women. His comments stirred a row online and many MAGA supporters came in support of Donald Trump. The Republican nominee, who is in a tight race with Kamala Harris, also hit back at the Shark Tank fame and called him dumb and fool.
Irdai chairman Debasish Panda seeks more conglomerates to enter insurance; regulator nudging more cos to list
Irdai chairman Debasish Panda encourages conglomerates to join India's insurance sector, emphasizing growth opportunities. He highlights efforts to enhance transparency through IPOs and initiatives like 'Bima trinity' to improve affordability and coverage. The regulator simplifies entry barriers and engages global investors.
Shreya Ghoshal's Kolkata concert turns romantic as man proposes to girlfriend; singer dedicates song. Viral video
During a Shreya Ghoshal concert in Kolkata, a man captured hearts by proposing to his girlfriend onstage, holding up a placard that read, "Shreya, you're my second love." The singer paused her performance, interacted with the couple, and encouraged the man to propose properly. After his girlfriend said yes, Shreya made the moment even more special by dedicating the romantic song "Tujh Mein Rab Dikhta Hai" to the couple.
Swiggy gets Sebi nod for proposed $1.25 billion IPO
Swiggy has received market regulator approval for its $1.25 billion IPO. The company will now file an updated draft red herring prospectus, allowing a 21-day public feedback period. The IPO aims to raise Rs 3,750 crore in fresh capital and Rs 6,664 crore through an offer-for-sale. Major investors like Prosus and SoftBank may sell part of their holdings.
NFRA's plan to revise auditing std SA 600 'surprising'; need more time for consultations: ICAI
ICAI has requested NFRA to pause proposed changes to auditing standard SA 600 for group audits, citing concerns over the impact on small and medium CA firms. ICAI seeks more time for comprehensive review and stakeholder discussions, emphasizing the current standard's effectiveness and potential adverse effects of the revision.
Deadline for comments on declaration on packaged commodities extended till Aug 30
The Legal Metrology (Packaged Commodities) Rules, 2011 make it mandatory to declare information like name and address of the manufacturer/ packer/ importer, country of origin, common or generic name of the commodity, net quantity, month and year of manufacture, MRP, Unit Sale Price, best before/use by date and consumer care details on all pre-packaged commodities.
Government proposes new labelling rules for bulk pre-packaged goods; asks public comments
The Consumer Affairs Ministry has proposed a change to the Legal Metrology (Packaged Commodities) Rules, 2011, requiring key information to be displayed on pre-packaged items weighing over 25 kg or measuring more than 25 litres when sold in retail markets. The amendment aims to provide clarity for the industry and help consumers make informed decisions.
Sebi invites public comments on proposed amendments to REIT, InvIT rules
Capital markets regulator Sebi on Tuesday said it has sought public views on the proposed amendments to the master circulars for REITs and InvITs. In a consultation paper, Sebi said these amendments will provide clarity on the nomination rights of directors to the boards of REIT (Real Estate Investment Trusts) and InvIT (Infrastructure Investment Trusts) managers.
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