Insurance
Future Generali ties up with IFMR Rural Finance

Future Generali's shop insurance product covers building and contents against risk of fire as also flood, storm, earthquake and would be sold through IFMR Rural Finance in Tamil Nadu, Uttarakhand and Odisha

Mumbai: Private insurer Future Generali India Insurance has tied up with Chennai-based IFMR Rural Finance for offerings its shop insurance products through its Kshetriya Gramin Financial Services (KGFS) licensees, reports PTI.

 

"We have developed a need based Shop Insurance product in partnership with IFMR Rural Finance. The product will be available at all KGFS branches, across Tamil Nadu, Uttarakhand and Odisha," Future Generali India Insurance COO Easwara Naraynan said in a release issued here.

 

Shop insurance will cover building and contents against risk of fire as also flood, storm, earthquake etc, he said adding contents of the shop are also covered against burglary.

 

"We are keen to see this business model work with efficiency, so that we can replicate it in other rural areas with many more products," he said.

 

Future Generali India Insurance is a joint venture between Future Group of India and Generali Group of Italy.

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SEBI slaps Rs10 lakh on five members of Agarwal family

SEBI said the evidence points that Agarwal family intentionally aided or abetted Empower Industries India's promoter Devang Master in the circular movement of shares and creation of artificial trading volumes

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has slapped a penalty of Rs10 lakh on five members of one Agarwal family for their alleged role in fraudulent trading in shares of Empower Industries India Ltd, reports PTI.

 

In its order, SEBI said a penalty of Rs10 lakh has been imposed on members of Agarwal family -- Rajendra Agarwal, Lata Agarwal, Indra Agarwal, Shambhu Agarwal and Vasudev Agarwal.

 

The fine would be jointly paid by them, it added.

 

The regulator said that the penalty is "commensurate with the default committed by them".

 

The matter relates to a probe conducted by SEBI in the shares of Empower Industries India during 16th February - 11 March 2005.

 

SEBI found that Devang Master, promoter and director of EIL, transferred 2.13 lakh shares representing 42.6% stake by off market transfers to various entities including the members of the "Agarwal family".

 

The regulator alleged that the entities then sold a large number of shares through broker Ruchiraj Shares and Stock Broker (RSSB) during the probe period.

 

"...it is observed that the broker RSSB had highest concentration on sale side contributing to 49.15% of the total volume during the period, " SEBI said.

 

" The major selling clients of RSSB were the Agarwal family," it added.

 

SEBI in its order observed that the evidence may point towards the conclusion that Agarwal family intentionally aided or abetted Master in the circular movement of shares and creation of artificial trading volumes.

 

"...it appears that the Agarwal family was aware of the circular movement of shares, as alleged in the Show Cause Notice, and has been party to the whole scheme," SEBI said.

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SEBI fines nine companies on investor complaint issue in FY13 so far

In the current fiscal, the regulator imposed a fine of Rs5 lakh each on Lohia Polyesters and Kanel Oil & Export Industries and Rs10 lakh on Earnest Healthcare in November

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has slapped penalties of over Rs31 lakh on nine companies since the beginning of the current fiscal for allegedly failing to resolve investor complaints, reports PTI.

 

As per the latest information with the SEBI, the regulator has imposed a total monetary penalty of Rs31.35 lakh so far in 2012-13.

 

These penalties have been imposed against nine companies for their alleged failure in resolving investor grievances.

 

The number of such companies in the current fiscal so far is higher than a total of five companies against whom penal action was taken by SEBI in the entire previous fiscal, 2011-12, and three in 2010-11.

 

However, the total penalties imposed in 2011-12 at Rs53.30 lakh and Rs43 lakh in 2010-11 are higher than those slapped by SEBI in 2012-13. The total penalty in 2010-11 had declined by Rs10 lakh after Securities Appellate Tribunal 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 Rs5 lakh each on Lohia Polyesters and Kanel Oil & Export Industries and Rs10 lakh on Earnest Healthcare in November.

 

Prior to that, SEBI had imposed a fine of Rs5 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, Rs two 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 allegedly 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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