Page 2 - Regulations

How self-regulatory organisations may set their relationship with Mint Road

The risk is that there could be a multiplicity of SROs, leading to pull and push pressures

DGCA asks Vistara to provide information about flight cancellations, delays

Airline asked to comply with regulations on assisting passengers affected due to cancellations or delays

Recently notified regulations applicable to cases under probe: CCI chief

The recently notified competition regulations on settlement, commitment, leniency plus and global turnover will be applicable to cases that are under investigation by the Competition Commission, according to the watchdog's chief Ravneet Kaur. In an interview with PTI, she also said the new regulations related to settlement and commitment framework will help in providing quick market correction. Last year, Parliament cleared various amendments to the Competition Act, and in recent times, the Competition Commission of India (CCI) has notified the regulations pertaining to the changes. After carrying out detailed public consultations, the watchdog has notified the regulations related to settlement, commitment, leniency plus, and turnover. About the leniency plus regime, the CCI Chairperson said it will act as an incentive for an entity to provide details about the existence of a cartel and stressed the importance of getting information about cartelisation to establish the existence of

Advertising body ties up with CCPA to tighten regulation on misleading ads

The Advertising Standards Council of India (ASCI) on Tuesday announced a tie-up with the Central Consumer Protection Authority (CCPA) to strengthen regulation around misleading ads. The CCPA has requested ASCI to forward any advertisement that is non-compliant with the ASCI Code and could potentially violate the Consumer Protection Act, 2019, along with its accompanying guidelines, to the CCPA for appropriate action, a statement said. "With similar objectives, CCPA and ASCI can work in complementary ways to ensure that any infringements are addressed effectively. New challenges are being created by digital advertising, and keeping pace demands a collaborative approach with like-minded bodies," Department of Consumer Affairs secretary Rohit Kumar Singh said. "Regulators working closely with self-regulators is an established best practice, and we hope that with this partnership, regulation of Indian advertising keeps getting more effective," he added. Singh said that in case of repea

Irdai notifies series of regulations, tweaks rules on surrender charges

Insurance regulator IRDAI has notified a host of regulations, including on surrender charges wherein insurers have to disclose such charges upfront. IRDAI (Insurance Products) Regulations, 2024 merge six regulations into a unified framework aimed at enabling insurers to swiftly respond to evolving market demands, enhancing the ease of conducting business, and boosting insurance penetration. These regulations promote good governance in product design and pricing, including strengthening the principles governing guaranteed surrender value & special surrender value along with disclosures thereof, IRDAI said in a statement. It also ensures that the insurers adopt sound management practices for effective oversight and due diligence, it said. These regulations, which will be effective April 1, 2024, stipulate that the surrender value is expected to remain the same or even lower if policies are surrendered within three years of the purchase. For policies that have been surrendered from .

Robust regulations must to check digitalisation risks: RBI dy guv

Robust regulatory frameworks are needed to protect customers from misuse and fraud resulting from rapid digitalisation in financial services and proliferation of fintech platforms, RBI deputy governor Swaminathan J said while speaking at an event in Paris. Addressing the Global Money Week 2024 earlier this week, the deputy governor said the COVID-19 pandemic accelerated digitalisation in financial services, prompting a swift transition to online mode by service providers and customers, according to an RBI statement. Accompanying this surge in digitalisation was also the proliferation of fintech platforms, he said. Often operating outside the regulatory envelope and unconstrained by legacy systems that typically encumber traditional banks, fintech companies exhibit remarkable agility and adaptability in offering customised financial products, Swaminathan added. "These developments are indeed welcome. However, while they offer immense benefits such as accessibility and ...

RBI issues requirements for SRO recognition, sets minimum benchmark

The Reserve Bank on Thursday issued an omnibus framework for recognising Self-Regulatory Organisations (SROs) for its regulated entities, under which SROs would be required to establish minimum benchmarks for their members. The RBI said SROs enhance the effectiveness of regulations by drawing upon the technical expertise of practitioners and also aid in framing/ fine-tuning regulatory policies by providing inputs on technical and practical aspects. With the growth of regulated entities (REs) in terms of number as well as scale of operations, increase in adoption of innovative technologies and enhanced customer outreach, the RBI had felt the need to develop better industry standards for self-regulation. The framework said, SROs will be expected to operate with credibility, objectivity and responsibility under the oversight of the regulator, with the objective to improve regulatory compliance. In general, SROs are expected to adhere to a set of overarching objectives for betterment o

Reits seek changes in regulations to get easier access to capital

They expect the Reit landscape, which is now limited to office space and retail, to expand to hotels, residential properties, data centres, and logistics

Startups must adhere to self-regulating ecosystem, says Amitabh Kant

Indian startups must adhere to a self-regulating ecosystem to bring in transparency and ethical behaviour, G20 Sherpa Amitabh Kant said on Monday while observing that chasing valuation at all costs sometimes leads to misgovernance. He also said that there should not be any regulatory intervention if India wants to create a vibrant startup movement as government regulation stifles innovation. Speaking at the Startup Mahakumbh event, Kant said India has been able to create the third-largest startup ecosystem in the world, and the challenge for the country is to make it the number one nation of startups in the world in the next five years. "Startups must adhere to a self-regulating ecosystem governance as this will bring in transparency, ethical behaviour in our statup ecosystem," he said. Noting that startups are 'national assets', the former NITI Aayog CEO said they must bring in best practices, and by following these best practices, startups will trust their stakeholders, they will

Govt-appointed panel CDCL moots ex-ante competition rules for big tech

A government-appointed panel has proposed ex-ante regulations for large digital enterprises to curb any possible anti-competitive business practices. The Committee on Digital Competition Law (CDCL) came out with its report and draft legislation on Tuesday and has sought public comments. The panel was set up in February last year following a Parliamentary panel proposing to have a new digital competition law to curb anti-competitive practices in the digital markets. Among others, the committee has suggested an agile and principle-based framework for ex-ante obligations under the draft competition bill. Vaibhav Choukse, Partner at JSA Advocates & Solicitors, said the committee has recommended the "ex-ante legislation for pre-identified large digital enterprise i.e., big techs, with significant presence to proactively monitor their behaviour in the market".

MCA starts comprehensive review of auditing standards regulations

MCA secretary Manoj Govil urged the corporate sector, including the CEOs and CFOs to improve upon the level of public trust within the business ecosystem as preparers of financial statements

AI and competition: Old wine in new bottles?

Big Tech's partnership with GenAI startups echoes a familiar playbook designed to stymie competition and monopolise markets. Regulators must act swiftly

Complaints to market regulator Sebi jump 80% in January, shows data

Complainants lodge their grievances on the Sebi Complaints Redress System (SCORES)

RBI consolidates reporting norms for REs, eases compliance burden

Consolidates 21 existing instructions; Audited returns to be filed within five days of signing reports

PFRDA amends regulations for Trustee Bank, Central Recordkeeping Agency

Pension Fund Regulatory and Development Authority (PFRDA) has amended regulations for Trustee Bank, and Central Recordkeeping Agency. The amendments to Trustee Bank (TB) Regulations simplify and strengthen the provisions related to implementation of fraud prevention and mitigation policy, compensation to the subscriber, invitation of application for new registration and surrender of certificate of registration, an official statement said on Thursday. Amendments to Central Recordkeeping Agency (CRA) Regulations simplify and strengthen the provisions related to the governance of CRA in line with Companies Act, 2013 and enhanced disclosure of information by CRA, it said. Both amendments were carried out earlier this month and these are in line with the 2023-24 Union Budget announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business. The other notable amendments included implementation of fraud prevention and mitigation policy by CRA to ..

Market regulator Sebi urges industry to step up voluntary compliance

Enforcement cannot be the only solution, says Sebi WTM; Varshney assures Sebi's KYC infrastructure strong

EU lawmakers ratify political deal on artificial intelligence guardrails

EU countries gave their backing earlier this month after France secured concessions to lighten the administrative burden on high risk AI systems and offer better protection for business secrets

Parliamentary panel for introduction of composite licence for insurers

A parliamentary panel on Tuesday suggested the introduction of composite licence for an insurer to undertake life, general, or health insurance under one entity to increase penetration of insurance in the country. The panel headed by BJP leader Jayant Sinha suggested the government to introduce a provision of composite licensing for insurance companies and make the related amendment in legislation at the earliest. As per the Insurance Act, 1938, and the regulations of the Insurance Regulatory Development Authority of India, composite licensing for an insurer to undertake life, general, or health insurance under one entity is not allowed. The panel also suggested a reduction in the GST rate on insurance products, especially health and term insurance, which is 18 per cent at present. The high rate of Goods and Services Tax (GST) results in a high premium burden, which acts as a deterrent to getting insurance policies. The committee, with a view to making insurance more affordable, .

China regulator removes draft video game rules from website, stocks jump

The link to the draft rules on the National Press and Publication Administration's (NPPA) website was inaccessible as of Tuesday morning, after having worked on Monday

Yet to finalise mechanism for regulating cryptocurrencies: Centre to SC

The Centre has told the Supreme Court it is yet to take a decision on a mechanism to regulate cryptocurrencies and effectively investigate related offences. A bench of justices Surya Kant and KV Viswanathan was told by Additional Solicitor General Vikramjit Banerjee, appearing for the Centre, that the issues related to the digital currency are continuously evolving and the government is deliberating on the mechanism to regulate the cryptocurrencies. He sought time to file an affidavit by the next date of hearing in the case giving updated position on the mechanism. "So far as the stance of the Union of India with reference to the matters of cryptocurrency arising in different states is concerned, the Additional Solicitor General of India seeks and is granted four weeks' time to file an appropriate affidavit," the bench ordered on Friday. During the hearing, Justice Kant said the court only wants that there are appropriate safeguards to protect the common man from frauds and misuse