Regulation: Beware of Fraudsters Posing as SEBI Officers!
To take investors for a ride, some scamsters have begun posing as officers from the capital market watchdog, Securities and Exchange Board of India (SEBI), to sell fraudulent investment schemes and are even promising gifts and bonus payouts.
 
These fraudulent schemes have, however, already come to the notice of SEBI and the regulator has cautioned investors and the general public against such scams and frauds. SEBI said that it is a regulatory body established to protect the interest of the small investors and to regulate and promote the capital markets. It does not “involve directly or indirectly in dealing with any kind of financial product or insurance policy.”
 
SEBI, which has intensified its clampdown on various kinds of schemes aimed at defrauding gullible investors, has also urged the general public to immediately report the matter to the police so that miscreants can be taken to task. The regulator said, “It has come to the notice of SEBI that certain unidentified persons posing as SEBI officials are advising public to invest in insurance policy/financial products to avail bonus, gifts, promotional offers or other such offers.”

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Regulation: National Insurance Company Fined Rs5 Lakh
The Insurance Regulatory and Development Authority of India (IRDAI), the insurance sector regulator, has imposed a penalty of Rs5 lakh on National Insurance Company Limited for violating certain norms.
 
IRDAI said that the wordings for BOI National (Insurance Company) Swasthya Bima Policy’s provision for ‘claim falling in two policy years’ were not specified in the policy. The insurer had not specified these in the revised policy wordings also. The order said that the insurer accepted that the product was not compliant with the concerned provisions of IRDAI (Health Insurance) Regulations, 2013.

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Consumer Issues: Builder Must Give Written Possession Notice to Buyer
There are certain statutory as well as contractual obligations on a builder. If a builder does not give the notice, as required by law or under a contract, he cannot raise a defence about limitation.
 
Collin and Cheryl Paes had booked a villa at Navelim (Goa) in a complex known as D’Silva Residency to be developed by Homemakers. 
 
According to the sale deed (dated 13 October 2008), a total amount of Rs40 lakh had to be paid for the construction and sale of the villa ad measuring 210sq metres, along with proportionate undivided right on the land.
 
The agreement stipulated that the purchaser would have to take possession within 30 days of the builder giving a written intimation that the villa was ready for occupation.
 
The builder kept extending the date of possession and also increased the price. Finally, when he failed to hand over possession of the villa by 31 January 2014, the Paes couple had a legal notice issued to the builder. As this too failed to evoke any response, the couple filed a complaint before the Goa State Consumer Disputes Redressal Commission.
 
The Commission noted that there was a dispute in respect of the agreed cost of the villa. When the written agreement mentioned the price of Rs40 lakh, no oral evidence could lead the builder to claim that the agreed price was higher, as it would be against the provisions of the Evidence Act. The Commission, accordingly, held the builder liable to pay interest on Rs63,11,870 at 14.5% from the date of the complaint up to date of payment, along with compensation of Rs25,000 for mental trauma and litigation costs of Rs5,000.

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