Rules for insurance firms’ control tweaked after FDI ceiling raised to 74%
Updated:
Updated:
New norms seen as a ‘mixed bag’
Share Article
New norms seen as a ‘mixed bag’
Indian promoters of insurance joint ventures with foreign partners will no longer be able to nominate a majority of the board members, as per the new rules notified under the Insurance Act. This follows the recent amendments to enhance the foreign direct investment (FDI) limit in the sector to 74% from 49%.
However, a majority of board members, key management persons (KMP) need to be resident Indian citizens, as should at least one of the three top positions the chairperson of the board, the MD and CEO.
Government asks e-commerce companies to appoint nodal officer for compliance with consumer protection rules
E-Commerce/ Representational Image
The government has asked e-commerce companies to appoint a nodal officer to ensure compliance with the new rules on consumer protection.
The rules are applicable to e-commerce entities registered in India, as well as those registered abroad but offering goods and services to Indian consumers.
This new sub-rule, which has been included in the Consumer Protection (E-Commerce) Rules, 2020, has come into effect from May 17, according to a notification issued by the consumer affairs ministry.
These rules were made under the provisions of the Consumer Protection Act, 2019.
These rules were made under the provisions of the Consumer Protection Act, 2019.
The rules apply to all e-commerce entities incorporated under the Companies Act, 1956 or under the Companies Act, 2013.
New Delhi, May 19 (PTI) The government has asked e-commerce companies to appoint a nodal officer to ensure compliance with the new rules on consumer protection.
The rules are applicable to e-commerce entities registered in India, as well as those registered abroad but offering goods and services to Indian consumers.
This new sub-rule, which has been included in the Consumer Protection (E-Commerce) Rules, 2020, has come into effect from May 17, according to a notification issued by the consumer affairs ministry.
CG Power and Industrial Solutions Ltd updates on settlement with SCB equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.