Srinivasan qualified as a Fellow of the Institute of Actuaries, UK in 2004
HDFC Life has appointed Srinivasan Parthasarthy as its chief and appointed actuary.
Mr Srinivasan joined HDFC Life in 2011 from Canara HSBC Life Insurance with 18 years of experience in life insurance and pensions in both India and the UK. He was one of the two candidates from Asia to be selected by the then president of the Institute of Actuaries, UK in the year 2000 to work for Watson Wyatt, UK, where he provided a range of consultancy services to clients on various aspects of company pension schemes. Then he moved on to work with Aviva UK where he worked in different areas including pricing, reporting and stochastic modelling, before being seconded to Aviva India. His key achievement at Aviva India was leading the transition from TEV to MCEV reporting.
Srinivasan qualified as a Fellow of the Institute of Actuaries, UK in 2004 and became a Fellow of the Institute of Actuaries of India in 2008.
The pension and insurance sector reform Bills are stuck for long on account of opposition from both BJP and key allies of the UPA government
The government will soon finalise its response to Parliamentary panel reports on insurance and pension sector bills so that the modified versions could be taken up for consideration and passage in the second leg of Budget session beginning 24 April 2012.
The Micro Financial Sector (Development and Regulation) Bill, 2011, will also be vetted by Cabinet for tabling in Parliament, a senior finance ministry official said.
The long pending financial sector bills like the Pension Fund Regulatory and Development Authority Bill 2011, Banking Laws (Amendment) Bill 2011 and Insurance Laws (Amendment) Bill 2008, will be soon sent to Cabinet for approval, a senior finance ministry official said.
The pension and insurance sector reform Bills are stuck for long on account of opposition from both BJP and key allies of the UPA government.
They oppose raising the foreign direct investment (FDI) cap in insurance sector to 49 per cent from 26% at present. They are also against opening up of pension sector to FDI.
The Standing Committee on Finance in its report on the Insurance Laws (Amendment) Bill, 2008, had said the proposal to increase the FDI cap to 49% in insurance companies seems to have been decided upon “without any sound and objective analysis of the status of the insurance sector following liberalisation”.
Besides, the draft Micro Financial Sector (Development and Regulation) Bill, 2011, had proposed that the RBI will be regulator for the sector. In addition, a Micro-Finance Development Council will be set up to advise the government on formulation of policies, schemes and other measures required in the interest of orderly growth and development of the sector and micro-finance institutions with a view to promote financial inclusion.
In his Budget speech for 2012-13, Finance Minister Pranab Mukherjee had proposed to introduce seven Bills in the Budget session. The second leg of Budget session will begin on 24 April 2012 and is expected to conclude on 22 May 2012.
He had said the government proposed to move the following Bills in the current session: Micro Finance Institutions (Development and Regulation), National Housing Bank (Amendment), Small Industries Development Bank of India (Amendment), National Bank for Agriculture and Rural Development (Amendment), Regional Rural Banks (Amendment), Indian Stamp (Amendment) and Public Debt Management Agency of India.
The Standing Committee on Finance has already given their recommendations on three Bills—Pension Fund Regulatory and Development Authority Bill 2011, Banking Laws (Amendment) Bill 2011 and Insurance Laws (Amendment) Bill 2008.
The market value of ONGC gained Rs5,219 crore to reach Rs2,33,907 crore in the shortened first trading week of the fiscal 2012-13 that saw the BSE benchmark Sensex gain 0.47% over 30 March 2012 closing
The combined market capitalisation (m-cap) of six of the top 10 BSE Sensex companies advanced Rs18,234 crore last week, led by ONGC whose value rose over Rs5,000 crore.
The market value of ONGC gained Rs5,219 crore to reach Rs2,33,907 crore in the shortened first trading week of the fiscal 2012-13 that saw the BSE benchmark Sensex gain 0.47% over 30 March 2012 closing. Last week, markets operated for three days with Thursday and Friday being public holidays.
SBI’s m-cap climbed Rs4,400 crore to Rs1,37,432 crore, followed by NTPC which added Rs4,164 crore to its value at Rs1,38,317 crore.
IT bellwether TCS saw a jump of Rs2,055 crore in its m-cap which reached Rs2,30,629 crore, while HDFC Bank gained Rs1,656 crore taking its value to Rs1,23,416 crore.
Similarly, ITC’s worth advanced by Rs740 crore to Rs1,77,595 crore.
In contrast to the gains made by these companies, RIL, Coal India, Infosys and Bharti Airtel saw erosion in value. Bharti lost Rs2,563 crore from its m-cap which was Rs1,25,318 crore as on Wednesday, while CIL’s worth slipped by Rs947 crore to Rs2,15,767 crore.
Infosys saw a decline of Rs829 crore from its value, while RIL shed Rs377 crore from its market worth. The m-cap of Infosys was Rs1,63,681 crore, while that of RIL was Rs2,44,641 crore as on 4 April 2012. RIL retained the number one position in the list of top 10 companies in terms of market value, while ONGC remained the second most valued company, followed by TCS.
State-owned Coal India was the fourth most valued firm, followed by ITC, Infosys, SBI, NTPC, Bharti and HDFC Bank.