Insurance
Aviva Life Insurance launches Dhan Samruddhi plan

Aviva Dhan Samruddhi gives a guaranteed addition of 7-9% per annum of the annual premium, till the end of the policy term, depending upon the policy term chosen

 
Mumbai: Private insurer Aviva Life Insurance has launched Dhan Samruddhi, a traditional money back plan with guaranteed returns, reports PTI.
 
The product has been designed to build a long-term corpus along with the flexibility to fulfil their short-term financial needs, Aviva Life Insurance said in a release.
 
Aviva Dhan Samruddhi gives a guaranteed addition of 7-9% per annum of the annual premium, till the end of the policy term, depending upon the policy term chosen.
 
One also gets a payback of 125% of annual premium as survival benefit every five years.
 
"This product not only enables one to build a corpus for future financial needs, it periodically gives guaranteed money back during the policy term, so that one can continue to meet their ongoing financial requirements with ease," Aviva Life Insurance India CEO and Managing Director TR Ramachandran said.
 
The minimum entry age is 13 years and the maximum is 55 years last, while the maturity age is 23 to 70 years.
 
The policy term for the plan is 10, 15 or 20 years, subject to maximum maturity age and it also provides tax benefits, it added.
 
Aviva Life Insurance is a joint venture between Dabur Group and Aviva Group, one of UK-based insurance company.
 

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SEBI fined seven companies in 2012-13 on investors' complaints

During the first five months, SEBI also barred Shukla Data Technics, Top Telemedia, International Hometex and Alpine Industries and their respective directors from accessing securities market for not resolving investor grievances

Mumbai: Tightening its noose on the companies that failed to resolve investors' complaints, market regulator Securities and Exchange Board of India (SEBI) has slapped penalties totalling more than Rs21 lakh since the beginning of the current fiscal, reports PTI.

 

As per the latest information available with the SEBI, the regulator has imposed a total monetary penalty of Rs21.35 lakh so far in 2012-13.

 

These penalties have been imposed against seven companies for failure to resolve investor grievances. The number of such companies in the current fiscal so far is higher than a total of five firms against whom penal action was taken by SEBI in the entire previous fiscal, 2011-12, and three in the year before.

 

However, the total penalty imposed in 2011-12 was higher at Rs53.30 lakh and Rs43 lakh in 2010-11. The total penalty in 2010-11 had declined by Rs10 lakh after Securities Appellate Tribunal (SAT) lowered the penalty on one company, Kaleidoscope Films Ltd (formerly known as Gujarat Investment Castings Ltd) from Rs17 lakh to Rs7 lakh.

 

SEBI said it imposed these monetary penalties against the companies "through adjudication proceedings for their failure to redress investor grievances".

 

In the current fiscal, the regulator imposed a fine of Rs10 lakh on Earnest Healthcare this month. Prior to that, SEBI had imposed a fine of Rs five lakh against Gujarat Filaments and and Rs10,000 on Gujarat Aqua Industries.

 

Earlier this fiscal, SEBI had slapped a penalty of Rs75,000 on Raj Irrigation Pipes & Fittings, Rs2 lakh on Satguru Agro Industries and Jord Engineers India each, and Rs1.5 lakh on Simco industries.

 

Additionally, SEBI in the first five months of the current fiscal had barred four companies--Shukla Data Technics, Top Telemedia, International Hometex and Alpine Industries and their respective directors from accessing securities market for not resolving investor grievances.

 

The regulator restrained these four companies and their directors "from accessing the securities market and from buying, selling or dealing in securities directly or indirectly, in whatsoever manner, till all the investors' grievances against the company are resolved by them."

 

In August, SEBI had asked all listed companies to register themselves with its online complaint redressal system -- SCORES -- by 14th September, after which they would be required to resolve all grievances within 30 days of their receipt.

 

In case, a company is unable to initiate action for redressal of investor grievances within seven days of receipt in SCORES, the regulator could take necessary enforcement actions.

 

SEBI had launched this online system for handling investor grievances in June 2011.

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SEBI discontinues mini derivatives contracts on Sensex, Nifty

SEBI decided to discontinue mini derivatives contracts on Sensex and Nifty to deter small investors from this segment


Mumbai: Market regulator Securities and Exchange Board of India (SEBI) said it has decided to discontinue mini derivatives contracts on Sensex and Nifty indices, to discourage small investors from getting attracted to this segment, reports PTI.

 

The latest move revises SEBI's decision in December 2007 that allowed mini derivative contracts. Such contracts -- having a minimum size of Rs1 lakh -- were allowed on leading indices, Sensex and Nifty.

 

"With a view to ensure that small/retail investors are not attracted towards derivatives segment, it has now been decided to discontinue mini derivatives contracts on Index (Sensex and Nifty)," SEBI said in a circular.

 

Directing stock exchanges to implement the latest circular, SEBI said that no fresh mini derivatives contracts shall be issued.

 

"However, the existing unexpired contracts may be permitted to trade till expiry and new strikes may also be introduced in the existing contract months," the regulator noted.

 

Derivatives are contracts between two or more entities and their value depends on underlying assets such as stocks.

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COMMENTS

NSriramamurty

4 years ago

Banning Mini Contracts Trading By Small Investiors is Most Foolish Decision of SEBI. Gold,Silver,etc Mini Cintracts Exist in MCX ,which are traded by all Small Investors, Comfortably without any Problem.Seasoned Traders of Stock Market are literally ADDICTED to Trade ,utilising their Vast Experince.As Income Goes down after Retirement,Enlarged Family Expenses,etc-Option Left to them is Only to Trade Mini Contracts.SEBI Butches them out from Market now,insted of helping them to TRADE.-- SEBI Miserably Failed in its Duty To Protect Small Traders,while ,on the other Hand, Inviting Small Traders to Stock Market-Including Finance Ministers . SEBI is Helping Monied People,who are Looting Small Traders Money by Umteen Manipulations.Failing to Curb Manipulations,which is SEBI's Basic Duty,it helped them by avoiding Small Traders ,who usually Cry Foul for ManiPulations.
---SEBI should Change Minimum Contract Value from Rs. TWO Lakhs existing now To Rs. ONE Lakh,so that all can Trade and Moneyed People can Trade More than One Contract i.e. Many Contracts with their Money.

gaurang patel

4 years ago

all this is done to prevent small traders who are earning from trading mini-nifty to go away.This move of sebi is to help brokers gain volume as now small traders will trade in big nifty then mini. If SEBI is really concerned about small traders then it should force all stock brokers who give 10-20 times margin exposure to small traders to stop doing that. Just google the term "mini nifty cycle" & know by yourself how small trading can work wonders in any kind of market.

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