CEOs of all Non-life Insurers and Reinsurers ALM being the critical area of managing the finances of the insurers, Authority vide its Circular No: IRDA/ACT/CIR/MISC/081/05/2010, May 13, 2010, has mandated all the non-life insurers to provide the details of ALM activities undertaken by them Section-11 on ‘Investments and ALM’ of Financial Condition Report (FCR).
As per SEBI (Portfolio Managers) Regulations, 1993, maintenance of a common bank account across all clients and aggregation and execution of orders in the common client code of the portfolio manager is allowed. In such cases the trades are to be allocated at the weighted average price to the clients. However, in case of investment in units of Mutual Funds, the transactions are required to be carried out in separate code of each client as a separate folio of each client is to be maintained by the Fund. As a result the Portfolio Manager cannot place orders in one common client code but has to place it in different codes for each client.
As Asset Liability Management and Stress testing plays a vital role in the sound management of the insurance business, the Authority prescribes the following additional guideline to the existing framework which is already prescribed in the Appointed Actuary’s Annual Report (AAAR) and Actuarial Report and Abstract. The guidelines shall be applicable to all life insurers and shall come into effect from September 30, 2011.
Issued by the Ministry of Small Scale Industries andS.O.563 (E) dated February 27, 2009 issued by Ministry of Commerce and Industry regarding substitution of term ‘Micro and Small Enterprises’ in place of the term ‘Small Scale Industries’ are enclosed. Kindly ensure that your internal guidelines / instructions are compliant with these notifications.
Circular No.34 / 2011- Customs, Ministry of Agriculture, Department of Agriculture and Cooperation has informed that the U. S. Department of Agriculture, Animal and Plant Health Inspection Service (USDA – APHIS) has notified new phytosanitary regulations for the entry of rice from countries including India where Khapra beetle (Trogoderma granarium) is known to occur. These regulations, inter alia prohibit non-commercial rice consignment including passenger baggage and mail with effect from 30th July, 2011.
CIRCULAR NO. MIRSD/14/2011, DATED 2-8-2011 Market regulator the Securities and Exchange Board of India (Sebi) today approved a single-window clearance system for market entities, including stock brokers, merchant bankers and credit ratings agencies, for grant of prior approval for change in control of their management structures.
SEBI Circular No. CIR/MIRSD/13/2011 , – SEBI has commenced processing of investor complaints in a centralized web based complaints redress system ‘SCORES’. The salient features of this system are: Centralized database of all complaints., Online movement of complaints to the concerned intermediaries, Online upload of Action Taken Reports (ATRs) by the concerned entities, and Online viewing by investors of action on the complaints and its current status.
Notification No. 56 /2011 – Customs (N.T.) In exercise of the powers conferred by section 11 of the Customs Act, 1962 (52 of 1962), the Central Government on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 16/2011-Cus (N. T.), dated, the 1st March,2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 155 (E), dated the 1st March,2011, namely:-
The cap on export of cotton [ITC (HS) Code 5201 & 5203] has been removed. However, condition regarding registration of contracts with DGFT would continue to apply. A new procedure of registration is being separately notified for export of Cotton [ITC (HS) Code 5201 & 5203]. In respect of cotton waste including yarn waste and garneted stock [ITC (HS) Code 5202] there is no change even in the procedure to obtain registration.
A.P. (DIR Series) Circular No. 07 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated July 26, 2010 with the Government of the Co-operative Republic of Guyana, making available to the latter, a Line of Credit (LOC) of USD 4 million (USD four million) for financing eligible goods, services, machinery and equipment including consultancy services to be exported from India for the purpose of acquiring, installing and commissioning of fixed and mobile irrigation pumps in Guyana. The goods, services, machinery and equipment including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.
