Wills: HC Strikes Down Policy Discriminating against Married Daughters
The Bombay High Court has struck down a discriminatory state policy that prevented ‘married daughters’ from seeking transfer of a retail licence previously held by a deceased family member. A division bench, of Justices AS Oka and AS Chandurkar, said that the explanation provided by the state government for continuing with the policy had no logic and that the rule was against certain articles of the Constitution.
 
A woman had moved the court after her retail licence to run a kerosene supply shop was cancelled by the government following a complaint by her brother. The married woman, had applied in 2007 for transfer of a licence owned by her deceased mother. The request initially was granted and the permit was transferred in her name. However, her brother challenged the decision, saying that she was not eligible for the licence as she was married. Officials withdrew the permit in 2009.
 
The judges observed that the policy was against Article 14 (equality before law), Article 15 (prohibition of discrimination on grounds of religion, race, caste, sex or place of birth) and Article 19(1)(g) (practise any profession, or to carry on any occupation, trade or business) of the Constitution.

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Stocks- Inform Clients on Website To Update Details: SEBI to Brokers
Capital market regulator SEBI has asked stock-brokers to use their websites to inform clients on updating of email addresses and mobile numbers. The directive comes after recent instructions to the trading members to obtain and update the mobile numbers and email-ids of their clients who have transacted during 2014-15, in UCC (unique client code) database.
 
For this purpose, “the Securities and Exchange Board of India (SEBI) has advised that trading members having their own websites should display on their websites... Ticker message for their clients,” a BSE circular said.

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Fixed Income: RBI, Government Working To Regulate Illegal Money-taking Entities
RBI is working with the government to bring about changes in the law to regulate the entities who are illegally accepting deposits from the public, RBI deputy governor, R Gandhi, said.
 
“There are a number of companies that are registered as finance companies but are not regulated by the Reserve Bank. There are incorporated companies and unincorporated entities who are illegally accepting deposits. The laws these days are inadequate to deal with these issues. In order to correct these and initiate actions against these issues we need to bring suitable amendments in the statutory provisions. Reserve bank is working with the government for such improvements in the law,” Mr Gandhi said during a conference on “Governance & Development: Views from G20 Countries”. 
 
Mr Gandhi said the challenges related to NBFCs in India are about customer protection. 

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