Insurance regulator gets tough
New Delhi, Feb. 20: After the RBI and Sebi, it is now time for the Insurance Regulatory and Development Authority (IRDA) to act tough on companies that are flouting norms and cheating consumers. IRDA has put in place an “investigation mechanism” to look into the complaints of consumers. “In both life and non-life sector, there seems to be a creeping incidence of insurers and intermediaries taking law into their hands and interpreting regulations according to their needs. Don’t be surprised if you are called for questioning,” IRDA chairman N. Rangachary said.
Mumbai, Feb. 20: The first tranche of on-tap issue of market borrowings worth Rs 7,325 crore by all the states will be held on February 25 and the ten-year securities will carry a coupon rate of 6.95 per cent.
Mumbai, Feb. 20: Crisil has downgraded Sterlite Industries’ outstanding long-term ratings to AA minus from AA as the company’s capital expenditure and investment plans in the financial year ending 2004 are higher than what was projected earlier.
Colombo, Feb. 20: Ratan Tata will hold talks with Sri Lankan Prime Minister Ranil Wickremesinghe to discuss possible investments by the Tata group in the island nation.
Niko gas find
New Delhi, Feb. 20: Canadian explorer Niko Resources Ltd has struck more natural gas reserves in its Surat block in onshore Gujarat.