Tag Archives: regulation

cable television network rules amended

The Central Government today issued a notification amending the Cable Television Network Rules, 1994 thereby providing a statutory mechanism for redressal of grievances/complaints of citizens relating to content broadcast by television channels in accordance with the provisions of the Cable Television Network Act, 1995.

At present, there is an institutional mechanism by way of an Inter-Ministerial Committee to address grievances of citizens relating to violation of the Programme/Advertising Codes under the Rules. Similarly, various broadcasters have also developed their internal self-regulatory mechanism for addressing grievances. However, a need was felt to lay down a statutory mechanism for strengthening the grievance redressal structure. Some broadcasters had also requested for giving legal recognition to their associations/bodies. The Hon’ble Supreme Court in its order in WP(C) No.387 of 2000 in the matter of “Common Cause Vs Union of India & Others” while expressing satisfaction over the existing mechanism of grievance redressal set up by the Central Government, had advised to frame appropriate rules to formalize the complaint redressal mechanism.

In the aforementioned background, the Cable Television Network Rules have been amended to provide for this statutory mechanism, which would be transparent and benefit the citizens. At the same time, self-regulating bodies of broadcasters would be registered with the Central Government.

At present  there are over 900 television channels which have been granted permission by the Ministry of Information and Broadcasting all of which are required to comply with the Programme and Advertising Code laid down under the Cable Television Network Rules. The above notification is significant as it paves the way for a strong institutional system for redressing grievances while placing accountability and responsibility on the broadcasters and their self-regulating bodies.

Am not able to source the gazette notification for the same, once it reaches my hand, will provide a detailed review of the amended cable television network rules.

https://pib.gov.in/PressReleasePage.aspx?PRID=1727961

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Regulation of investment advisors

SEBI has vide its circular dated 6th August, 2020 sought to regulate the administration and supervision of investment advisors through a wholly owned subsidiary of recognised stock exchanges. It can be a newly incorporated subsidiary or an existing subsidiary also.

The parameters for the same are given below.

A. Criteria for grant of recognition-

The recognition of stock exchange subsidiary, in terms of the aforesaid Regulation 14, shall be based on the eligibility of the parent entity, i.e. the stock exchange, for which the following eligibility criteria is laid down:
i. Number of years of existence: Minimum 15 years
ii. Stock exchanges having a minimum networth of INR 200 crores
iii. Stock exchanges having nation-wide terminals
iv. Investor grievance redressal mechanism including Arbitration
v. Capacity for investor service management gauged through reach of Investor Service Centers (ISCs)- Stock exchanges having ISCs in at least 20 cities

B. Setting up of requisite systems by stock exchanges for the purpose

i. The stock exchange shall either form a subsidiary or designate an existing
subsidiary for the purpose of regulating IAs.
ii. The subsidiary shall include in its MoA, AoA and bye-laws, requisite provisions to fulfil the below mentioned responsibilities.
iii. The subsidiary shall put in place systems/process for grievance redressal, administrative action against IAs, governing IAs, maintaining data, sharing of information with SEBI etc.
iv. The subsidiary shall have the necessary infrastructure like adequate office space, equipment and manpower to effectively discharge the below mentioned activities. Infrastructure may be shared with other group entities where required.
C. Responsibilities of subsidiary of a stock exchange-

The subsidiary of a stock exchange shall have following responsibilities:
i. Supervision of IAs including both on-site and offsite
ii. Grievance redressal of clients and IAs
iii. Administrative action including issuing warning and referring to SEBI for enforcement action
iv. Monitoring activities of IAs by obtaining periodical reports
v. Submission of periodical reports to SEBI
vi. Maintenance of database of IAs

The stock exchanges who are fulfilling the above criteria are required to submit their application to the SEBI within 30 days of this circular.

Copy of SEBI circular can be found at this link https://www.sebi.gov.in/legal/circulars/aug-2020/administration-and-supervision-of-investment-advisers_47276.html

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Insolvency Resolution Process for Corporates

The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 on 5th October, 2017. According to the Amended Regulations, a Resolution Plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the Corporate Debtor.

The Amendments are available at www.mca.gov.in and www.ibbi.gov.in.

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New Code of ethics for hospitals, nursing homes

NEW DELHI: A new code of ethics will now govern hospitals, nursing homes and other similar medical establishments, prohibiting any malpractices such as earning cuts, commissions, inflating patients’ bills and accepting freebies. The Indian Medical Association (IMA) has recently issued the broad guidelines for healthcare providers and asked them to put it on display.

“IMA’s Central Council has passed the declaration. We will bring out a detailed guideline explaining the code of ethics as declared. The detailed note will elaborate on what healthcare providers should do and not do,” said Dr KK Aggarwal, who took over as IMA secretary general on Sunday.

The detailed note on code of ethics, to be prepared within next three months, will also specify actions against hospitals if there is violation of the code, Dr Aggarwal said.

The present declaration, passed by IMA, highlights that hospitals or other such establishments will not “accept expensive gifts, cash benefits or gratification from the drug and equipment suppliers, diagnostics centres or similar agencies”. It also clearly states that unjustified admissions or billing to patients, giving cuts and commissions to anyone for soliciting patients, over-billing in claim cases or improper entries in insurance forms will be considered ‘unethical or illegal’ as is the case with sheltering any criminal from law and pre-natal sex determination.

The idea is to prepare a basic guideline for regulation of hospitals and other such medical establishments, which currently remains completely unmonitored.

The move comes in the wake of reports of hospitals engaging in unethical practices, mainly giving or accepting cuts or commissions and for unjustified billing among other things.

Source: http://timesofindia.indiatimes.com/india/Hospitals-nursing-homes-get-new-code-of-ethics/articleshow/45671565.cms

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