Draft Guidelines for the Prevention and Regulation of Unsolicited and Unwarranted Business Communication, 2024
Draft Guidelines are placed on the website of the Department of Consumer Affairs for public comments/suggestions/feedback. The inputs may be provided to the Department latest by 21st July, 2024.
Master Circular on General Insurance Business repealing thirteen circulars
Provision of easy-to-understand insurance products tailored to meet individual needs of the customers, providing them with ample choices and enhancing their insurance
experience has now been enabled. The shift from rule based to principle-based
regulatory framework facilitates ease of doing business and encourages innovation, enabling reduction in the response time for emerging market needs.
Master Circular on Submission of Returns
Various regulatory returns numbering 60 required to be filed under these regulations/operational guidelines are now collated in one place and are issued as a Master Circular on Submission of Returns. 37 regulations consolidated into 7 regulations and additional 2 new regulations were notified, effective from 1st April 2024.
Master Circular on Life Insurance Products
This Master Circular provides necessary guidance on aspects pertaining to various provisions of the Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2024 and applicable to all life insurers, unless otherwise specified.
Revised Framework for Offer for Sale (OFS)of Shares to Employees through Stock Exchange Mechanism
SEBI vide circular dated June 14, 2024 has revised the Framework for Offer for Sale (OFS)of Shares to Employees through Stock Exchange Mechanism. The new framework provides that OFS to employees shall be on T+1 day along with the retail category under a new category called as “Employee”
RBI approves new tools for Prevention and Mitigation of Financial Frauds through regulatory sandbox
RBI has announced that in the Fourth Cohort of the Regulatory Sandbox (RS) with ‘Prevention and Mitigation of Financial Frauds’ as its theme, three have been found viable.
Ministry of Power taking comprehensive measures to ensure adequate power supply during increased summer demand
All generating companies (GENCOs) have been advised to keep their plants in healthy condition to ensure full capacity availability for optimal operation of various generation sources.
CBIC mounts campaign against frauds committed in the name of Indian Customs
In order to counter frauds through public awareness, Central Board of Indirect Taxes and Customs (CBIC) is mounting a multi-modal awareness campaign.
DoT takes action against Electricity KYC Update Scam
The DoT has directed all Telecom Service Providers (TSPs) for Pan India IMEI based blocking of 392 mobile handsets misused in cybercrime, financial frauds. It also directed them for re-verification of 31,740 mobile connections linked to these mobile handsets. Failure in re-verification will result in – immediate disconnection of reported numbers and blocking of associated handsets.
TRAI meeting with Access Providers, RBI, SEBI, IRDAI, Banks and other Financial Entities
The role and obligations of senders such as banks, insurance companies and other entities with respect to TRAI regulations was deliberated and it was decided to whitelist URLs/ Apks in the content templates, use of minimum number of headers and content templates, taking immediate action against the entity/ TM in case of misuse of senders’ credential etc.
