Regulator Watch

The RBI has asked banks to disclose all charges involved in processing a loan application, including the amount of refundable fee if the loan amount is not sanctioned/disbursed.

Banks have also been asked by the RBI to ensure that the additional authentication/validation for online credit card transactions be applicable to purchases on foreign Websites as well as to cards issued by banks outside the country and used on Indian merchant sites.

The Securities and Exchange Board of India has asked portfolio managers not to open an account for a client if the worth of his funds and securities is less than Rs 5 lakh. Some managers had been doing so on the pretext that the client would increase the amount of funds and securities in the near future.

Market regulator Sebi has asked that brokerages, in their correspondence with investors as well as contract notes and statement of funds and securities, should write their registration number, complete address and telephone number, along with the name of the compliance officer, his telephone number and e-mail address.

The Telecom Regulatory Authority (Trai) has asked service providers to give inputs on ways to block the mobile handsets that are reported stolen. This has been done to benefit people who save a lot of personal information, including passwords, on these.

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