Consumer Issues
Rs26.5 hike in cooking gas cylinders put on hold

“The price hike has been put on hold,” a top oil company official said declining to give a reason for the same

New Delhi:  Facing stiff opposition, the government on Thursday put on hold the Rs 26.5 increase in price of cooking gas cylinders that consumers buy beyond their quota of six subsidised bottles, reports PTI.

 

“The price hike has been put on hold,” a top oil company official said declining to give a reason for the same.

 

The latest increase in non-subsidised cooking gas has been reversed and it will be available at old rates.

 

The official said there is no change in the decision to hike price of commercial LPG cylinders.

 

Earlier in the day, the price of LPG cylinders, which consumers buy beyond the cheaper quota of six bottles, was hiked by Rs 26.50 to Rs 922 per unit on firming international rates.

 

The government had in September restricted the supply of subsidised domestic LPG cylinders to six per household in a year. State-owned oil firms revise rates of non-subsidised LPG on first of every month based on the average imported cost and rupee-US dollar rate during the previous month.

User

Germany's Ergo forges JV with Avantha for life insurance foray

“The new company will offer life insurance products to private customers. With this strategic move, Ergo continues to pursue its international growth strategy,” the German firm Ergo said in a release"

 
New Delhi: Germany’s Ergo Insurance Group has inked a 26:74 joint venture pact with Avantha Group to foray into India's life insurance space, five years after it had entered into the non-life space in association with HDFC, reports PTI.
 
“The new company will offer life insurance products to private customers. With this strategic move, Ergo continues to pursue its international growth strategy,” the German firm said in a release.
 
India allows foreign firms to have a maximum 26% stake in life insurance joint ventures. Ergo would increase its share once the regulatory framework allows to do so. 24 life insurers are currently operating in the country, as per Insurance Regulatory and Development Authority (IRDA) website.
 
“The life insurance joint venture will primarily offer unit-linked and traditional life insurance products to private customers in India. Ergo contributes its technical and risk management expertise and international know-how in setting-up life insurance operations,” the statement said.
 
The venture, Avantha Ergo Life Insurance Company, would have its head office in Mumbai and plans to start operations from 2014, subject to regulatory approvals.
 
“India currently represents more than 17% of the world's population, but only two per cent of the total life insurance premiums. This is one reason why we believe the Indian life insurance market will expand and that it is highly attractive for new private players,” Jochen Messemer, chairman of the Board of ERGO International AG, said.
 
“The long-term growth projections for the economy as well as the insurance market are strong and positive, particularly after some regulatory adjustments in 2010-2011 in the Indian life insurance market,” the statement said.
 
Ergo had forayed into the non-life insurance space in India in 2007 in association with HDFC. The venture offers non-life and health insurance products and is one of the top four private non-life insurers in India.
 
Founded in 1919, the diversified Avantha Group has presence in areas like paper processing, power transmission and distribution equipment as well as chemicals and information technology.
 
It employs around 20,000 people and clocks revenues of equalling 3.1 billion euros.
 

User

SEBI eases norms for changing investor name in accounts

Easing the procedures, SEBI said in case there is change of name after marriage, the individual investor can submit either a copy of marriage certificate or passport showing husband’s name or document showing the publication of name change in official gazette

New Delhi: Market regulator Securities and Exchange Board of India (SEBI) relaxed the procedures to be followed by investors while changing names in individual accounts, reports PTI.

 

Easing the procedures, SEBI said in case there is change of name after marriage, the individual investor can submit either a copy of marriage certificate or passport showing husband’s name or document showing the publication of name change in official gazette.

 

In instances name getting changed for reasons other than marriage, proof showing the publication of name change in official gazette has to be submitted by the investor.

 

The same would apply for cases related to change in father’s name.

 

SEBI said the move would help in simplifying the “procedure of change of name in individual Beneficial Owner’s (BO) account”.

 

In its circular today, SEBI has directed depositories to implement these provisions within three months.

 

Further, depositories should have the system to keep audit trail of the name change in the BO account similar to that of address change or any other change of coordinates.

 

SEBI has also asked depositories to make amendments to the relevant “Bye-Laws, Business Rules and DP Operating instructions for the implementation of the above decision, as may be applicable or necessary.”

 

According to the regulator, the circular is being issued in the interests of investors in securities and to promote the development of securities market.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)