Citizens' Issues
ASCI wins EASA gold award for resolving complaints fast

ASCI has received a gold award from EASA, the single voice of advertising self-regulation in Europe, for significantly reducing average time taken to handle complaints

The Advertising Standards Council of India (ASCI) has received a gold award from European Advertising Standards Alliance (EASA) for significantly reducing the average time taken to handle complaints.


"Last year we won the EASA Silver Awards for the National Advertising Monitoring Service (NAMS) initiative, which started tracking most of the print and TV ads in India. That award spurred us to focus on improving ASCI's effectiveness and credibility as a SRO delivering speedier redressal of complaints and higher compliance of its decisions, which has got the Gold this year," said Partha Rakshit, chairman of ASCI in a release.


EASA, the single voice of advertising self-regulation in Europe, said, "The ASCI put in place actions to substantially reduce the journey time of complaints - from their first point of contact with the Secretariat, through the Consumer Complaints Council (CCC) and on to the transmission of the final decision to the advertiser and complainant."


With the new system, ASCI has reduced the lead time of complaints processing to 12 days from on an average from 45 days. Suspension Pending Investigation (SPI) was one of the significant measures of ASCI whereby an extremely objectionable ad can be removed immediately pending investigation. Expansion of its Consumer Complaints Councils (CCCs) to two from one and weekly meetings instead of bi-monthly also helped ASCI to reduce response time for complaints.


ASCI was awarded the gold by the judges comprising representatives from the advertising industry associations like advertisers, agencies and media.


Sensex, Nifty gathers more steam: Wednesday closing report

The indices have broken out into a new orbit. But bulls must be cautious at these levels

The weakness on the Indian exchanges for past three days was completely wiped off today. The bourses witnessed a range bound session up to 1.30pm after which it gathered momentum and started rocketing higher and closed at its all time high. The stock markets was closed on Tuesday on account of Ram Navami.


The BSE 30-share Sensex opened at 22,389 while the NSE 50-share Nifty opened at 6,722. Sensex moved up to the level of 22,740 after hitting a low of 22,380 and closed at 22,702 (up 359 points or 1.61%). Nifty hit a low of 6,705 before reaching a high of 6,809 and closed at 6,796 (up 101 points or 1.51%). The NSE recorded a huge volume of 100.09 crore shares.

The lone loser among the other indices on the NSE was I T (1.04%). The top five gainers were P S U Bank (3.91%), Bank Nifty (3.45%), Finance (3.20%), Pharma (2.60%) and Smallcap (2.43%).

Of the 50 stocks on the Nifty, 39 ended in the green. The top five gainers were Sun Pharma (6.78%), Bank of Baroda (5.32%), Axis Bank (4.54%), Tata Motors (4.50%) and P N B (4.02%). The top five losers were Tech Mahindra (3.01%), H C L Technologies (2.04%), Infosys (1.30%), O N G C (1.11%) and T C S (0.87%).

Of the 1,563 companies on the NSE, 1,119 companies closed in the green, 376 companies closed in the red while 68 closed flat.


The share prices on the BSE had stopped updating for about 15-20 minutes, marking it the second consecutive session in which trading has been disrupted due to a technical issue. BSE has upgraded its trading on new platform, Bolt Plus.


The Securities and Exchange Board of India (SEBI) on Monday partially reversed curbs on dollar-rupee forward contracts that were imposed last year after the rupee hit record low against the dollar. SEBI had doubled the margin requirement on the domestic dollar-rupee forward trades last year in a bid to arrest the steep decline of the rupee.


Sun Pharma today again came out in the lead in the Sensex 30 stock. The stock rose 6.91% to close at Rs627.80 on the BSE. Axis Bank, ICICI Bank, SBI were among the top six stocks in the Sensex pack.


Banking stocks may be in focus in the time to come after the recent comment of RBI governor Raghuram Rajan that the central bank had opened the possibility of creating a differentiated banking license, one allowing banks to operate in niche areas.


Both the software stocks on the Sensex constituents were among the laggards. Infosys fell 1.16% to close at Rs3,253.10 on the BSE while TCS fell 0.72% to close at Rs2,134.90 on the BSE.


Despite losing out in competitive bidding, ONGC Videsh Ltd (OVL), the overseas arm of state explorer Oil and Natural Gas Corp (ONGC), may still get a stake in a deep-sea block in Myanmar. OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on March 26. “We had a pre-bid understanding with an international oil company that if we were to win any shallow-water acreage, they will farm-in (pick up stake). Similarly, in case that company was successful in picking up any of the deep-sea acreages it bid for, we would get a stake,” OVL Managing Director S P Garg said. Mr. Garg refused to identify the company and said OVL could get up to 49 per cent in the deep-water oil and gas block won by the international company. However ONGC fell 0.95% to close at Rs322.45 on the BSE.


Moody's Investors Service said that the banking systems in ASEAN and India are resilient to the financial impacts of the reduction of monetary stimulus by the US Federal Reserve, or the risk of higher interest rates more generally.


Indian Bank, South Indian Bank, Union Bank were among the top 10 positive performers in the Group ‘A’ on the BSE.


US indices closed Tuesday in the positive. The US Federal Reserve releases minutes of its March 18-19 gathering today.


Stronger US growth this year and next will help the world economy withstand weaker recoveries in emerging markets including Brazil and Russia, the International Monetary Fund (IMF) said in a report on Tuesday. The IMF predicted global growth of 3.6% this year, compared with a January estimate of 3.7%. Next year, the expansion will accelerate to 3.9%, unchanged from the prior forecast. Developing Asian economies are forecast to grow 6.7% this year, the IMF said.


Except for Nikkei 225 (2.10%) all the other trading Asian indices closed in the positive. Hang Seng  (1.09%) was the top gainer.


European indices were trading in the green as also US Futures.


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