IRDA
IRDA has released an exposure draft of Guidelines for Listed Indian Insurance Companies. The
draft guidelines are divided into three parts. Part A contains
definitions, Part B contains shareholding and voting rights limits in
insurers and Part C contains Foreign Holding and Other requirements.
These Guidelines shall be applicable to all insurers who have listed
their equity shares or are in the process of getting their shares listed
on the stock exchanges in relation to transfer or proposed transfer of
shares and shall be in addition to IRDAI (Issuance of Capital by Indian
Insurance Companies transacting Life Insurance Business) Regulations,
2015 and IRDAI (Issuance of Capital by Indian Insurance Companies
transacting other than Life Insurance Business) Regulations, 2015. The
comments/ suggestions on the proposed guidelines can be given by 22nd June, 2016.
RBI – NBFC
To
ease the process for forming new finance companies, the Reserve Bank
reduced the number of documents required for registration from the
existing Forty-Five (45) documents to eight (8). This has been done to make the process of registration of new non-banking financial companies (NBFC) smoother
and hassle-free. Also, there would be two types of applications for
non-deposit taking NBFCs, based on sources of funds and customer
interface. Applications from those not having access to public funds
would be fast-tracked. These companies will be prohibited from accessing
public funds and having customer interface. If they intend to later do
either, the'd need RBI approval. RBI may also call for any further
documents to satisfy itself on the eligibility of a company seeking
registration as an NBFC. If it does, the applicant must respond within a
month.
Thanks & Regards,
Meetesh Shiroya
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