Maharashtra suspends cop who was thrashed by MLAs over “foul language”

According to the state home minister, the video footage of the incident showed that the cop used foul language against the MLAs inside the assembly premises

Maharashtra's home minister RR Patil on Monday suspended Sachin Suryavanshi, the assistant sub-inspector (ASI) who was beaten by members of legislative assembly (MLAs) last week in the assembly premises over a minor dispute.

 

Patil in a statement in the Vidhan Sabha (the lower house) said that he saw the video footage of the incident and found that Suryavanshi had used a language, not suitable for a police officer, against the MLAs.

 

Meanwhile, both the MLAs, Ram Kadam (Maharashtra Navnirman Sena-MNS) and Kshitij Thakur (Bahujan Vikas Agadhi), who were arrested last week, were released on bail today. Metropolitan magistrate UM Padwad, while granting bail noted that further custody of the MLAs was not required.

 

On 19th March, a first information report (FIR) was registered against Thakur, Kadam and 14 others at the Marine Drive police station for allegedly beating up Suryavanshi inside the Vidhan Bhavan premises. Suryavanshi is attached to Worli Traffic Police in Mumbai.

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COMMENTS

Vaidya Dattatraya Vasudeo

4 years ago

Now RR Aba has said that the cop is at fault for using foul language. How does Aba knows it. With only three people present on the spot, how does one know that the cop is at fault, even before making any inquiry. However, the Politicians, who have proved themselves to be Gundas, who are captured in the shots can not be punished.

Vaibhav Dhoka

4 years ago

Online petition should be filed in support Mr Suryawanshi API.

SANJAY SINVHAL

4 years ago

It just goes on to prove that Politicians use a different set of eyes to look at their own breed...

FSLRC says deposit-taking NBFCs must obtain license to operate as a bank

While recognising the significant role played by NBFCs in providing finance, the Working Group of FSLRC said deposit-taking NBFCs must obtain a license to operate as a bank so that it would fall within the regulatory purview of the banking regulator

 
The Working Group (WG) set up by the Banking Financial Sector Legislative Reforms Commission (FSLRC), has recommended that non-banking financial company (NBFC)'s which accept deposits must obtain a license to operate as a bank and will fall within the regulatory purview of the banking regulator.
 
The WG headed by Kishori Udeshi, former deputy governor of the Reserve Bank of India (RBI), said, “...deposit taking NBFCs, and functionally provides the same service as a bank. Yet there is neither a level playing field nor equal treatment between banks and NBFCs. A deposit taking NBFC is not subject to the same prudential regulations (such as branch licensing) as is applicable to a bank. This gives NBFCs a competitive advantage over traditional banks."
 
“The class of NBFCs that do not accept deposits from public will not be regulated by the banking regulator. Such NBFCs will be regulated by the Unified Financial Authority (UFA),” the WG said in its report.
 
Recognising the role played by NBFCs in providing finance, the WG said that credit linkages between banking and non-bank finance should be subject to appropriate regulatory oversight from the viewpoints of both micro-prudential regulation and systemic risk regulation.
After showing a steady increase till 2007, public deposits of NBFCs declined sharply by end-March 2011. However, at the same time, the sizes of assets have grown steadily, indicating greater demand for the services provided by these companies. A major reason for the decline is the stringent regulatory regime towards deposit-taking NBFCs which has resulted in a reduction of the number of NBFCs and the amount of deposits with them. Consequently, there has been migration of depositors towards the banking system, which is better regulated and supervised.
 
As the Deposit Insurance and Credit Guarantee Corporation (DICGC) does not insure these deposits, and these entities carry out activities similar to that of banks without being subject to the full purview of banking regulation, it raises concerns about consumer protection and ensuring the stability of the financial system, the WG report said.
 
At present only banks, public financial institutions and housing finance companies are allowed to avail of the privileges granted to creditors under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Institutional lenders such as NBFCs, deposit or non-deposit taking, cannot avail of the privileges under SARFAESI Act, unless the Government of India (GOI) notifies that a particular NBFC is a “financial institution" under SARFAESI Act. This creates an unequal playing field, where banks and financial institutions are better off than NBFCs when it comes to recovery of debts. There is therefore merit in extending the privileges of the SARFAESI Act to other institutional lenders, which are regulated by the RBI as it would level the playing field.
 
The WG group said there is a need to amend the SARFAESI Act to allow all secured creditors who are regulated entities under the purview of the Act. 
 
 
 
 
 

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COMMENTS

Anil Agashe

4 years ago

So Mutthut Fin and Mannapuram can become banks now? Wonderful news.

SEBI does away with physical filing of KYC documents to KRAs

The intermediaries would need to submit scanned copies of investor documents to the KRAs and retain the physical documents with themselves. However, physical documents would need to be submitted, whenever KRAs demand them

Market regulator Securities and Exchange Board of India (SEBI) has done away with the submission of physical documents by investors to the KYC Registration Agencies (KRAs) in favour of the electronic format only. The move is seen as an attempt to streamline the process of “Know Your Client” (KYC) procedures.

 

The intermediaries, including mutual funds, would need to submit scanned copies of investor documents to the KRAs and retain the physical documents with themselves.

 

However, the physical documents would need to be submitted, whenever KRAs demand them.

 

So far, KRAs—which are responsible for maintaining KYC records across all SEBI-regulated entities—were required to maintain the original KYC documents, both in physical as well as electronic formats.

 

To minimise the physical paperwork, SEBI has now amended its KRA regulations, allowing the market intermediaries to keep the original investor documents in physical form with them and submit only the scanned copies to the KRAs.

 

“The intermediary shall perform the initial KYC/due diligence of the client, upload the KYC information with proper authentication on the system of the KRA, furnish the scanned images of the KYC documents to the KRA, and retain the physical KYC documents,” SEBI said.

 

Even in cases of any change in investor KYC details, the market intermediaries would retain the updated documents in physical form with themselves.

 

As per the new norms, all market intermediaries and agents (RTI and STA) acting on behalf of mutual funds would also have to submit only scanned KYC documents to KRAs.

 

However, the intermediaries and mutual funds would have to furnish the physical KYC documents or authenticated copies, whenever desired by the KRAs, SEBI said.

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COMMENTS

Nilesh KAMERKAR

4 years ago


Instead of sending the documents to the KRAs; these are to be held with the intermediary to be submitted later on demand.

Documentation process remains as it is.

How does this simply the KYC procedure?

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