CSE gets SEBI approval for NSE F&O

Kolkata: The Calcutta Stock Exchange (CSE) has received market regulator SEBI’s approval to begin derivate trading to enable its members to trade on NSE’s F&O (futures and options) platform, reports PTI.

“We have received SEBI (Securities and Exchange Board of India) approval for F&O trading on NSE platform,” CSE sources said.

CSE had received permission to offer NSE trading platform in cash segment to its member in December 2011.

The regional exchange already introduced cash and derivate trading on the BSE platform for its members. However, derivate segment of the BSE failed to pick up volumes.

The local bourse is hopeful that business will cross Rs100 crore in near future.

“We have received SEBI approval for F&O trading on NSE platform,” CSE sources said

Kolkata: The Calcutta Stock Exchange (CSE) has received market regulator SEBI’s approval to begin derivate trading to enable its members to trade on NSE’s F&O (futures and options) platform, reports PTI.

“We have received SEBI (Securities and Exchange Board of India) approval for F&O trading on NSE platform,” CSE sources said.

CSE had received permission to offer NSE trading platform in cash segment to its member in December 2011.

The regional exchange already introduced cash and derivate trading on the BSE platform for its members. However, derivate segment of the BSE failed to pick up volumes.

The local bourse is hopeful that business will cross Rs100 crore in near future.

When asked about SEBI’s exit policy for regional bourses, CSE officials said the same would not impact the exchange as it would meet certain criteria like Rs100 crore networth in three years.

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Insurance ombudsmen may look into mis-selling of policies

At present, jurisdiction of ombudsman entails any partial or total repudiation of claims or any dispute in regard to premium paid or payable in terms of the policy

New Delhi: In order to promote investor protection, the government is considering expansion of the ambit of the insurance Ombudsmen scheme by bringing under its jurisdiction the mis-selling of insurance products, reports PTI.

There has been a proposal to enhance the jurisdiction of the office of insurance Ombudsman by bringing mis-selling of policies. The government is considering it, sources in the know said.

Mis-selling of insurance policy particularly Unit Linked Insurance Products (ULIPs) has been an area of concern for the regulator.

At present, jurisdiction of ombudsman entails any partial or total repudiation of claims or any dispute in regard to premium paid or payable in terms of the policy.

Besides, it has power to look into cases pertaining to delay in settlement of claims and non-issue of any insurance document to customers after receipt of premium.

During 2010-11, the 12 ombudsmen across India received a total of 21,065 complaints.

While 11,017 complaints (52%) pertained to life insurers, the remaining 10,048 related to non-life insurers.

This was in addition to 2,269 complaints pending with various offices of Ombudsmen as at the end of March 2010. The offices of Ombudsmen have handled a total of 23,334 cases during 2010-11.

During 2010-11, the ombudsmen disposed of 17,239 complaints. At the end of March 2011, 6,095 cases are still pending with Ombudsmen for adjudication.

A policyholder can approach insurance ombudsmen if the grievance has been rejected by the insurance company. In addition, the complaint should be filed within one year from the date of rejection by the company.

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Printing of MICR, IFSC code must on passbook, account statement: RBI

“The MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that this information should also be made available in the passbook/statement of account of the account holders,” RBI said

Mumbai: The Reserve Bank of India (RBI) has made it mandatory for all banks to print the MICR and IFSC code on the passbook and statement of account of the customers, reports PTI.

“Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that this information should also be made available in the passbook/statement of account of the account holders,” the RBI said in a statement.

As per RBI guidelines, MICR code is necessary for all electronic clearing services (credit and debit) transactions.

IFSC code is a pre-requisite for national electronic funds transfer (NEFT) and real time gross settlement (RTGS) transactions.

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COMMENTS

Hoshang Nekoo

5 years ago

More then MICR code, Complete address of the bank with telephone and fax nos. Important Direct Telephone no. of the Bank manager of the Branch. The same should alo be printed on Fixed deposit receipts as many do not have an account with bank but has F.D. My very recent experience was irrespective of telephoning direct on Bank Branch telephone no. the telephone after some repeated ring the call is answered by their call centre. On asking for correct telephone no. of the branch I was given the same no. which I was dialling correctly. Same thing happened again when my call was answered by call centre. On enquiring I was told that if my call is not picked up by the staff at the branch the call gets automatically diverted to call centre. So the call never gets answered by staff at the branch. On my being little forceful she took down my mobile no. and said that someone from branch will call you. After 15 min. I received a call . Therefore a direct Tel. No. of Bank Manager of the brnch should be mandatory printed on the pass book.

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