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Banks embrace offshore funds for wealthy Indians

Banks embrace offshore funds for wealthy Indians Introduction Wealthy Indians are now being provided with the opportunity to invest in offshore funds located in financial centers such as Singapore. In recent months, several ultra-high net worth individuals have gained permission to remit funds to foreign funds, specifically those managed by regulated managers. This development has garnered significant attention from private wealth managers and financial experts who cater to affluent clients. The growing interest in offshore […]

Filed under: Business Articles | Posted on October 17th, 2023 by admin_estabizz | No Comments »

IRDAI Introduces “Bima Vahak” to Tap Rural Insurance Market

IRDAI Introduces Bima Vahak to Tap Rural Insurance Market The Insurance Regulatory and Development Authority of India (IRDAI) has launched a new business model, known as ‘Bima Vahak,’ to cater to rural markets. This new distribution channel aims to provide life and general insurance policies at the gram panchayat level through the use of handheld electronic devices. Facilitating Access to Insurance in Rural Areas Under the Bima Vahak initiative, anyone can become an individual or […]

Filed under: IRDA | Posted on October 17th, 2023 by admin_estabizz | No Comments »

Centralized reporting for investor demise through KRAs

Centralized Reporting for Investor Demise through KRAs In order to streamline the transmission process in the securities market, a centralized mechanism for reporting and verification in the event of an investor’s demise has been implemented. This circular outlines the operational norms and the obligations of various regulated entities, such as registered intermediaries who interact with investors or account holders. Introduction The purpose of this circular is to introduce a centralized mechanism for reporting and verifying […]

Filed under: SEBI | Posted on October 17th, 2023 by admin_estabizz | No Comments »

Internal Audit of Trading Members-Update

Internal Audit of Trading Members-Update   Introduction and Purpose This communication pertains to Exchange Circular No. NSE/INSP/56678 dated May 11, 2023, which sets forth the framework for the selection of auditors and outlines the eligibility criteria for conducting internal audits of trading members. Revision of Eligibility Criteria Following feedback from various member associations, the exchanges have collectively reviewed and revised the eligibility criteria for conducting internal audits of trading members. Please refer to Annexure A […]

Filed under: SEBI | Posted on October 17th, 2023 by admin_estabizz | No Comments »

Updated penalties for audit report submissions

Updated penalties for audit report submissions Note: This revised circular is in reference to NSE Circular Ref No-NSE/INSP/53530 dated September 02, 2022, NSE/INSP/54386 dated November 11, 2022, & NSE Circular No- NSE/INSP/56308 dated April 10, 2023. Introduction This circular aims to inform trading members about the updated framework of penalties and disciplinary actions related to the submission of preliminary audit reports, Action Taken Reports (ATR), Follow-on Audit Reports, and the closure of reported observations in […]

Filed under: SEBI | Posted on October 17th, 2023 by admin_estabizz | No Comments »

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