Capital markets regulator Sebi today directed stock brokers and sub-brokers to redress investor complaints within a month of receiving them, saying that failure to do so would make them liable for penal action. The direction comes a day after it announced that all investor complaints should be forwarded to it electronically through recently established, centralised […]
India’s household savings, which have fuelled growth over the last few years, have dropped to below 10% of gross domestic product, or national income, for the first time in 13 years, as soaring inflation ate into disposable incomes. Net financial savings by Indians, which include deposits with banks and non-banking finance companies, cash, investment in […]
The premium collection of the life insurance industry in India dipped 21.8 per cent to Rs 26,794 crore during the April to July period as against Rs 34,249 crore reported in the corresponding period last year. According to the data collected by Insurance Regulatory and Development Authority (Irda), during the first quarter of the financial […]
Come Monday, Indian investors will be able to directly place bets on two of the leading US equity indices, without worrying about foreign currency. The National Stock Exchange (NSE) will go live with rupee-denominated derivative contracts on S&P500 and Dow Jones Industrial Average (DJIA) indices. It will conduct a mock trading session for these contracts […]
Memories of the panic that engulfed the world after the collapse of Lehman Brothers in 2008 have hardened rich investors who have held their nerve and resisted the impulse to dash for cash during August’s market falls, private bankers said. Bankers and financial advisers to clients whose wealth is measured in millions say most are […]
The reluctance to pay premiums without securing anything in return is the sole reason why insurance-cum-investment plans are popular in the market despite the availability of cheaper alternatives like term cover. Like term insurance, health covers, too, don’t find many takers, since many mistakenly believe that buying a health cover while maintaining perfect health makes […]
SEBI simplifies process for opening accounts To simplify and rationalise the trading account opening process, stock market regulator SEBI has replaced all client-broker agreements with the “Rights and Obligations” document. “The client will now be required to sign only on one document: the Account Opening Form. Further, in the same form, the client shall continue […]
Swiss bank Credit Suisse is reducing about 20% of its staff in the India wealth management unit as part of its global headcount reduction plans amid tough market conditions, two sources with knowledge of the situation said on Friday. Out of about 60 people in Credit Suisse’s India wealth management unit, 12 are leaving the […]
More than 10 lakh insurance agents quit the profession in fiscal 2011 as new rules on sale of Ulips made it unviable to remain in business. Data compiled by IRDA for the first time on addition and deletion of agents in any year showed the number of agents leaving was about 35%, or 10.45 lakh […]
The number of millionaire households in India will grow from 2.86 lakh to 6.94 lakh between 2011 and 2020, a growth rate of 143 per cent, said a study by the Deloitte Center for Financial Services. The growth in millionaire wealth in India is expected to vary across different wealth groups. The $5-30 million group […]
