Additional features of LIC Nomura MF's ULIS include free accident cover up to Rs1 lakh, guaranteed maturity bonus of 2.5% to 10% of target amount, no exit load as well as auto cover option besides low-cost life insurance
Mumbai: LIC Nomura Mutual Fund has re-launched its open ended Unit-Linked Insurance Scheme (ULIS) with additional features aiming at Rs500 crore assets under management (AUM) by the end of FY13, with one lakh new investors, reports PTI.
"ULIS has a good track record since 23 years. With additional features, we expect the fund to have Rs500 crore AUM, with one lakh new investors," LIC Nomura Mutual Fund CEO Nilesh Sathe told reporters.
The asset management company has tied up with 14 banks to sell this scheme, he said.
At present, ULIS has Rs140 crore AUM, he said, adding that in three years, it plans to have Rs1,000 crore AUM for the scheme.
The scheme's additional features include free accident cover up to Rs1 lakh, guaranteed maturity bonus of 2.5% to 10% of target amount, no exit load as well as auto cover option, besides low-cost life insurance.
Fund allocation is balanced with 65 to 80% invested in equity and 20 to 35% in debt, he said.
The fund, which has three-year lock-in period, allows partial withdrawal subject to minimum balance requirement and top-up facility.
Investment in ULIS as well as its dividend is tax free.
Associated persons functioning as approved users and sales personnel of brokers and other traders shall obtain certification from NISM for the purpose
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has notified new norms for “associated persons’ working as terminal users and sales personnel of brokers and other traders, making it mandatory for them to get necessary certifications to operate in the equity derivatives market, reports PTI.
The term "associated person" is generally used for permanent or temporary employees of various market entities, including FIIs and other foreign entities, dealing in the Indian securities space.
"...it is notified that with effect from the date of this notification, the associated persons functioning as approved users and sales personnel of the trading members of an equity derivative exchange or equity derivative segment of a recognised stock exchange shall obtain certification for the purpose...," SEBI said in a notification dated 11th January.
The regulator said that these entities would have to clear the 'Equity Derivative Certification Examination (EDCE)' from the National Institute of Securities Market.
SEBI has directed the trading members to ensure that all such employees who are approved users or sales personnel obtain the certification within two years.
Meanwhile, those 'associated persons' who are hired after 11th January, this year, would have to obtain the certification within one year from date of his employment.
However, SEBI has exempted associated persons who have the BSE's Certificate on Derivatives Exchange or the NCFM- Derivative Market (Dealers) Module of National Stock Exchange, from the requirement of obtaining certification.
An investigation by the FSA revealed that between August 2008 and December 2010 Panesar misappropriated over 180,000 pound from Elite and Motorcare Warranties
London: UK’s Financial Services Authority (FSA) has banned insurance broker Harbinder Panesar from working in the financial services industry and imposed a fine of 212,237 pound (Rs1.8 crore) for misappropriating money from his business and selling faulty policies, reports PTI.
Panesar was the director of South Wales motor breakdown insurance firm, Motorcare Elite and his fine also takes account of his operation of Elite.
“The Financial Services Authority (FSA) today banned insurance broker, Harbinder Panesar, from working in the financial services industry and fined him 212,237 pound,” the FSA said in a release.
An investigation by the FSA revealed that between August 2008 and December 2010 Panesar misappropriated over 180,000 pound from Elite and another insurance broker he previously ran, Motorcare Warranties.
“Harbinder Panesar has left a trail of destruction behind him: misappropriating funds from his businesses, acting recklessly towards consumers, and taking two firms into liquidation,” FSA’s director of enforcement and financial crime Tracey McDermott said.
The FSA has cancelled the permission of Elite, meaning it can no longer do authorised business. Elite is currently in liquidation.
“So egregious were his actions that even though he has only recently been discharged from bankruptcy, we will not reduce the fine because of financial hardship,” McDermott said.
Such dishonesty and recklessness not only posed a risk to consumers, but also to other market participants and to confidence in the financial system as a whole. Panesar is learning the hard way that we will not stand for this kind of activity, McDermott added.
Panesar allowed Elite to sell his product, “Supreme Plus”, which fundamentally failed to meet customers' needs, sell policies that were outside the scope of cover offered by its underwriters, fail to report policies accurately to its underwriters, and sell policies after Elite's deal with an underwriter had ended.
All of these meant that over 6,000 customers were left without the motor breakdown insurance cover they had paid for, FSA said.