CAMS brings you a weekly glimpse into the key news in the BFSI sector, both in India and abroad. Regulatory updates or important news, here are some which might have had an impact on the sector…
IMF annual report predicts Brexit induced recession to hit UK by 2017, urges initiation of monetary tightening. The report lists Ireland, Malta, Cyprus, Luxembourg, the Netherlands and Belgium among countries to be worst hit by the likely fallout.
RBI eases registration procedure for new NBFCs, brings down document checklist from 45 to eight. Subsequently, two distinct sets of applications to be issued for non-deposit taking NBFCs (NBFC-ND) based on Sources of Funds and Customer Interface.
RBI to engage in talks with Finance Ministry and Banks on creation of funds to resolve Stressed Assets. In an attempt to resuscitate troubled investments with debt and equity funds, two special funds, namely Stressed Assets Equity Fund and Stressed Assets Lending Fund are to be drawn up.
SEBI to relax norms for Portfolio managers and REITs, in a move that would encourage relocation of offshore fund managers India and to boost more activity in the real estate sector. Consultation papers on relevant regulations concerning portfolio managers and REITs to be released soon.
Fast-track approvals for a variety of new insurance products indicate IRDA’s resolve to increase life insurance penetration in India. The institution is all set to bridge the protection gap and enhance levels of protection, with cut in premium rates and more.
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