Social trading apps are rampantly abused as avenues for luring unwitting traders, often with promises of hefty gains, as more people rush to dabble in the stock markets but have to contend with a dearth of SEBI-authorised advisers.
Popular in western countries, the concept of family office - serving the wealth management needs of a family - was recognised a year ago by the GIFT City regulator International Financial Services Centres Authority (IFSCA) when it came out with the family investment fund (FIF) regulations.
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Jumbo life covers bought by rich Indians under ED radar
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Synopsis
Unbeknownst to most outside the secretive world of wealth management, such covers, sold at substantially lower premium than the rates charged by domestic insurers, are often structured as investment products with a single-premium ‘life insurance wrapper’.
‘Jumbo life covers’, running into hundreds of crores, bought by rich Indians from offshore insurers have drawn the attention of authorities.
Around 25 ultra-high net worth individuals across the country have received notices from Enforcement Directorate (ED) for violating foreign exchange regulations which prohibit residents from purchasing life insurance policies from overseas companies without prior permission from regulators, according to three persons aware of the transactions.