For 10 Years, IRDAI Took No Action against Any Insurer for Not Complying with Orders Passed by Insurance Ombudsman
Moneylife Digital Team
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The Insurance Regulatory and Development Authority of India (IRDAI) has admitted, shockingly enough, that in over 10 years, it has not taken any action against a single insurance company for non-compliance with awards or orders issued by the insurance ombudsman. This admission was made in response to a Right to Information (RTI) query filed by Mumbai-based RTI activist Jeetendra Ghadge. The activist had filed an application with IRDAI seeking details about the insurance ombudsman scheme and action taken. Replying to his query on action taken against insurance companies for not-complying with the award or orders of the insurance ombudsman, the IRDAI says, No disciplinary action could be taken on any insurance company so far on grounds of non-compliance with the awards of insurance ombudsman.
Despite facing severe criticism over Wednesday s four-hour-long trading halt, the National Stock Exchange (NSE), while expressing sincere regrets, defended its decision of not moving the trading to disaster recovery (DR) site since its online risk management system was unavailable due to failure of telecom links.
In the previous parts of the annual Wealth Creators series, we discussed in length about the top-500 stocks that delivered the highest returns in the past 10 years (links to the previous parts are at the end of this article). We saw stocks from every sector and of every size of company make it to the top-500 list with amazing returns.
Fugitive Sandesaras Claim “Religious Persecution” due to Ahmed Patel Link; Say They Are Victims of “Malfunctioning” Banking System
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At a time when the government wants to create a ‘bad bank’ to transfer non-performing loans of corporate India owed to public sector banks (PSBs), the story of the Sterling group provides an astonishing picture of how several thousand crores of rupees of outstanding dues are being wiped out in collusion with PSBs, agencies and the government.
The fugitives, Gujarat-based promoters of the Sterling Biotech group holed up in Nigeria, have managed to beat India’s extradition attempt in 2019, by claiming that they are facing ‘religious and political persecution’. They also got the Interpol to cancel a red-alert. These startling facts were revealed recently in documents submitted in the Supreme Court (matter MA-972 of 2020) through Richmond Investments Pvt Ltd. Meanwhile, the Sandesaras continue to calmly lobby to regain control
The Association of National Exchanges Members of India (ANMI) has raised several serious questions on the Wednesday s trading halt at the National Stock Exchange (NSE).