Irda fines Sahara India Life Insurance for violating norms

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NEW DELHI: Regulator Irda has imposed Rs 5 lakh penalty on Sahara India Life Insurance Company Ltd for non-compliance of social sector obligations in 2012-13.

"The company has procured only 31,444 social sector lives against its mandatory target of 35,000 lives. Thus, there is a shortfall of 3,556 lives against its obligations in the eighth year of operation," Insurance Regulatory and Development Authority (Irda) said in an order.

This is considered violation of the provisions of certain sections of the Irda Act, it said.

"...a penalty of Rs five lakh is imposed on the life insurer for non-compliance with the provisions of the regulations. The life insurer is also directed to ensure compliance with the provisions of the regulations hereafter," the Irda order said.

In its response to the charges, Sahara India Life Insurance had acknowledged the non-compliance of Social Sector Obligations for the financial year 2012-13 and also submitted that they had been complying with the said obligations during prior to that.

The company attributed the shortfall in meeting the obligations to the downward trend in the overall business when compared to the previous years.

Owing to the overall downward business trend there is a shortfall in the social sector business, it said, adding that the social sector business constituted 48.49 per cent of the total business of the insurer in 2012-13.

The company had further said that it was taking various steps to grow overall business of the company (with special focus on rural and social sector business) in the coming years and will put special efforts to compensate the shortfall in obligations of 2012-13 in coming years, it added.

Budget 2014: Path breaking Budget for real estate sector, says Shishir Baijal of Knight Frank India

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Women have been in the tech industry for some time now and some rose up to lucrative leadership positions. We give you 11 wealthiest women in tech.

The big bang in Arun Jaitley's budget is that things will be done bottom up and it is more on execution rather than giving some grand proposals.

Chinese handset maker Xiaomi today unveiled its first handset, Mi 3, for the fiercely competitive Indian smartphone market, priced at Rs 14,999.

Jaitley announced a Rs 500 crore fund for farm price stabilization. He said the govt wanted agriculture to grow although weak rainfall was a concern.

Modi has more or less, achieved such a unity of command and control by getting his loyalist and confidant Amit Shah appointed as the BJP president.

As for his party, Jaitley is one of the principal trouble shooters, dispatched to various corners of the country to settle one dispute or the other.

In a marginal relief, Finance Minister Arun Jaitley increased the income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh for citizens up to 60 yrs.

It is now the turn of Rajasthan’s camels to receive the benevolent concern of the state administration, alarmed by their fast declining population.

A new round of funding could see Flipkart being valued at $5 billion (Rs 30K crore) at least, almost a near-doubling of the company's valuation.

"The will be developed to accommodate the burgeoning number of people, otherwise, the existing cities would soon become unlivable," Jaitley said.

The govt said it will allocate Rs 500 crore for its 'Digital India' initiative to set up broadband network in villages and promote local softwares.

Congress wants to make the people aware of each failure of BJP government and how it has failed to fulfil its promises with a media offensive.

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REITs being awarded a pass through status will attract significant investments into the sector which is the need of the hour

NEW DELHI: Applauding the Budget presented by Finance Minister Arun Jaitley, Shishir Baijal, Chairman & Managing Director of Knight Frank India said, "It's a path breaking budget with significant focus on real estate and infrastructure."

"The various incentives that have been provided will enhance the growth prospects of the real estate sector, even further. To begin with, REITs being awarded a pass through status will attract significant investments into the sector which is the need of the hour," Baijal said.

An allocation of Rs 7,060 core indicates that equal attention has been paid to infrastructure growth which is often inter-linked with demand for real estate, he said. "Various other monetary incentives such an allocation of Rs 4000 crore towards affordable housing backs the present government's vision of providing housing to all by 2022, he added.

Overall, this budget will ensure that sentiments remain upbeat for the next few years, Baijal said.

According to Jaitley, the Budget 2014 is only a step in the direction of economic recovery. Jaitley said, "We shall leave no stone unturned in creating a vibrant India."

Stating that he is taking up the fiscal deficit target as a challenge, Jaitley said, "We will try to meet the fiscal deficit target set for us."

"I have set a fiscal deficit target of 3.6% for 2015-2016," Jaitley said. "We need to introduce fiscal prudence. Fiscal prudence is of paramount importance. We cannot leave behind a legacy of debt," Jaitley stressed.

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VSE Stock Services Ltd can extra sub-broker as director, says Securities and Exchange Board of India

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VSE Stock Services Ltd can appoint sub-broker as director, says Securities and Exchange Board of India - Economic Times You are here: Home>Collections>SebiVSE Stock Services Ltd can appoint sub-broker as director, says Securities and Exchange Board of IndiaPTI Jul 9, 2014, 09.44PM ISTTags:VSSL|VSE Stock Services Ltd|Vadodara Stock Exchange|sebi|Insurability|capital market(The clarification has been…)

MUMBAI: Sebi has informed VSE Stock Services Ltd (VSSL), a subsidiary of Vadodara Stock Exchange, that it can appoint an individual sub-broker registered with it on the board of directors.

The clarification has been provided since Sebi rules do not allow "a director of the stock broker to act as sub-broker to the same stock broker".

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In an informal guidance letter to VSSL, the capital market regulator said that such rules are not applicable to registered stock brokers which are subsidiaries of regional stock exchanges.

"Partners/directors of a sub-broker, affiliated to stock brokers who are subsidiaries of regional stock exchanges can be appointed as directors on the board of the said stock broker," Sebi said.

According to Sebi, such brokers can appoint their sub-brokers as directors as long as they remain an arm of a regional stock exchange.

As per the present practice of appointment of directors to the governing board, VSSL has appointed one of its individual sub-brokers as its director, the letter said.

body{margin:0px;}google_ad_client=\"ca-pub-8415620659137418\";google_ad_slot=\"3278470286\";google_ad_width=\"640\";google_ad_height=\"110\";google_ad_channel=\"9126527482,1000001865,1000000195\";google_adtest=\"off\";google_safe=\"high\";google_hints=\"stock broker directors sebi governing board\";google_max_num_ads=\"2\";google_override_format=true;google_page_url=\"http://articles.economictimes.indiatimes.com/2014-07-09/news/51248023_1_sub-broker-stock-broker-vadodara-stock-exchange\";");document.close();})();' frameborder="0" scrolling="no" width="640" height="110">FEATURED ARTICLESNarendra Modi's list of top 10 priorities for the economyStep-by-step guide to file your income tax return onlineIndian engineering graduates' degrees to be recognised across 17 countriesMore:Indian engineering graduates' degrees to be recognised across 17 countries10 best tax-saving investmentsIndia's first e-reader Wink unveiled, supporting 15 languagesBudget 2014: How PM Narendra Modi's first Budget may look likeFed warns of catastrophe if $14.3-trn debt limit not raised10 steps to file your income tax return online body{margin:0px;}google_ad_client=\"ca-pub-8415620659137418\";google_ad_slot=\"4755203488\";google_ad_width=\"300\";google_ad_height=\"250\";google_ad_channel=\"9126527482,1000001865,1000000195\";google_adtest=\"off\";google_safe=\"high\";google_hints=\"stock broker directors sebi governing board\";google_max_num_ads=\"4\";google_override_format=true;google_page_url=\"http://articles.economictimes.indiatimes.com/2014-07-09/news/51248023_1_sub-broker-stock-broker-vadodara-stock-exchange\";");document.close();})();' frameborder="0" scrolling="no" width="300" height="250"> RELATED ARTICLESSebi team postpones visit to Vadodara Stock Exchange
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UPDATE 1-Britain's Hague plugs Eurofighter on visit to India

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(Updates with British comments, credit line)

NEW DELHI, July 8 (Reuters) - Britain's foreign secretary lobbied India on Tuesday to buy Eurofighter military aircraft, suggesting that London has not yet abandoned hope of ousting France's Rafale from a multi-billion-dollar combat jet order.

William Hague was in New Delhi to meet Prime Minister Narendra Modi, who swept to power in a landslide general election victory in May on pledges to boost jobs, upgrade infrastructure and reinforce India's armed forces that are saddled with outdated equipment, much of it of Soviet origin.

"We have always had a strong belief in the capabilities of the Eurofighter and its potential," Hague told reporters at a joint briefing with British finance minister George Osborne.

"It's always available to those countries that are able and willing to purchase it," he said.

London hopes that a stalled deal for India to buy 126 Rafale jets from France's Dassault Aviation may yet collapse, perhaps opening the door to a new deal involving the Eurofighter Typhoon that is partly built in Britain.

Hague made it clear that Britain would not seek to pre-empt the talks on buying the French jets after Foreign Minister Laurent Fabius visited New Delhi last week. "We respect the process that is followed in India," he said at the end of a two-day visit.

Earlier, the Indian hosts confirmed that the question of replacing India's crash-prone fleet of Russian-built MiG-21 jets had come up in intergovernmental talks.

"The UK foreign secretary did indicate the technological advantages of the product that they have available," Syed Akbaruddin, spokesman for the Ministry of External Affairs, told reporters in response to a question.

Hague and Osborne visited the site of Mahatma Gandhi's assasination on Tuesday morning and announced that a statue of the civil rights leader would be erected in front of the British Houses of Parliament.

Hague denied there was a contradiction between seeking to sell weapons to India and celebrating its best known pacifist.

"We're dealing with the Indian government, we're not imposing anything on anybody. Of course friendly countries that wish to buy things from the United Kindom, they are able in compliance with our laws and regulations to buy those things," he said.

"There is no moral conflict."

Akbaruddin said that as well as defence issues, plans to build a 1,000-km (600-mile) industrial corridor between India's financial capital Mumbai and high-tech hub Bangalore figured during Tuesday's talks.

Osborne said Britain would open a 1 billion pound ($1.68 billion) credit line to invest in Indian infrastructure - the largest such facility extended to any sector in any country.

On Monday, he said in Mumbai on Monday that MBDA - a missile systems group in which BAE Systems has a stake - had signed a 250 million pound deal to supply defence equipment to the Indian Air Force.

Other shareholders in MBDA are Airbus Group and Italy's Finmeccanica. ($1 = 0.5956 British pounds) (Reporting by Frank Jack Daniel; Writing by Douglas Busvine; Editing by Louise Ireland)