Bajaj Allianz launches 'extended warranty plan' for consumer durables

Bajaj Allianz would provide 12 months extended warranty for consumer durables purchased through Bajaja Finserv's zero percent loan schemes

Mumbai: Bajaj Allianz General Insurance has launched an 'extended warranty plan' for consumer durables, under which a customer will be able to extend the warranty period for 12 months after expiry of the manufacturer's product warranty, reports PTI.


The company has launched this product in association with Bajaj Finserv Lending, its release said.


"Launched in association with Bajaj Finserv Lending, this product is specifically for those customers who have availed the company's (Bajaj Finserv) zero percent interest consumer durable finance for purchasing durables of their choice," the company said.


According to the general insurance firm, the premiums for this new product will start from Rs350 onwards.


"The cover kicks in after expiry of the manufacturer's product warranty period and will be in force for the next 12 months. The sum insured of the policy shall be equal to the invoice price of the consumer durable or appliance," Bajaj Allianz General Insurance Head (Market Management and Bancassurance) Alpana Singh said.


Bajaj Allianz is a joint venture between Bajaj Finserv and Allianz SE of Germany.


Kwality Dairy pays Rs3 crore to SEBI to settle allegations

SEBI said the proceedings against Kwality Dairy for non-compliance with the guidelines, 'stand settled and it will not initiate any enforcement action against the company

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has disposed of the case against Kwality Dairy (India) Ltd after the company paid Rs3 crore to settle alleged violation of disclosure norms related to preferential allotment of shares, reports PTI.


The case related to non-compliance with certain norms in connection with Kwality Dairy's preferential allotment of five lakh shares to its promoters during 1999-2000.


In an order dated 30th October, SEBI said the proceedings against Kwality Dairy for non-compliance with the guidelines, "stand settled and SEBI shall not initiate any enforcement action against the applicant for the same".


Post the preferential allotment of shares, stock exchange BSE noticed that Kwality Dairy did not comply with certain disclosure norms. Subsequently, the bourse directed the company to obtain a no-objection certificate from SEBI.


Among others, SEBI rules require a company to furnish various details of proposed shares issue in the notice for general meeting that is sent to shareholders.


Pursuant to the preferential allotment, the shares were converted into equity shares on 14 June 2002.


"Subsequently, when these equity shares were proposed to be listed on the BSE, it was then advised by the BSE that that above-mentioned clauses of the DIP Guidelines had not been complied with by the applicant and that the applicant should obtain a no-objection letter from SEBI," the order said.


In view of the aforesaid non-compliances, the applicant filed the consent application, it added.


SEBI said its High Powered Advisory Committee (HPAC) considered the consent terms and recommended the case for settlement on payment of Rs3 crore. The same was approved by the panel of whole time members of SEBI, it added.


The market regulator said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by Kwality Dairy is found to be untrue.


FIIs allowed to reinvest half of investment in debt holdings

From January 2014 onwards, FIIs and their sub-accounts can re-invest 50% of their debt holdings

Mumbai: Easing norms for foreign investors, market regulator Securities and Exchange Board of India (SEBI) has allowed them to re-invest half of their investments in debt holdings to the next calendar year, starting from January 2014, reports PTI.


Once the relaxation is in place, foreign institutional investors (FIIs) and their sub-accounts can re-invest 50% of their debt holdings.


"With a view to provide operational flexibility, beginning 1 January 2014, it has been decided that FIIs/sub-accounts can reinvest during each calendar year to the extent of 50% of their debt holding at the end of previous calendar year," SEBI said in a circular.


SEBI has said the utilisation period for government securities and corporate debt limits, allocated through bidding process, to 30 days and 60 days, respectively.


This would be applicable for both old-and long-term infrastructure limits.


Further, SEBI has relaxed the investment limits for FIIs regarding corporate debt in the long-term infrastructure category.


"It has been decided that FII may avail limits in the corporate debt long-term infra category without obtaining SEBI approval till the overall FII investments reaches 90% of the limit...," the circular said.


Once the limit is touched, auction mechanism would be initiated for allocation of remaining limits, it added.


SEBI said it would put in place a mechanism to monitor the utilisation of the limit.


Overseas investors had poured in Rs7,852 crore (about $1.5 billion) in the Indian debt market in October, the highest in eight months.


This was the highest net investment by FIIs in debt securities since February, when they had infused Rs10,016 crore.


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