Justice could be a step closer for victims of the Bhopal gas tragedy. On Monday a Group of Ministers approved a new set of proposals that could deflect some of the criticism of the government. The proposals include ramping up compensation for victims by nearly 50%, a new petition against the Supreme Court’s decision to reduce the charges against the accused, and a plan to finally clean up the site of the deadly gas leak. Monday’s proposals are now with the Prime Minister. And the union cabinet is expected to meet on Friday to discuss it.
After winning the battle with Sebi, insurance regulator IRDA is all set to revamp Ulips. On Monday the regulator said it would create new guidelines to make Ulips more attractive. The new rules will cover surrender charges, risk cover, top-up benefits and most significantly the front-loading of commissions. Currently, life insurance companies pay agents commissions of up to 35% in the first year. IRDA’s proposed change will bring that number down to 10-15%. On Friday night the government issued an ordinance that declared Ulips part of the life insurance business. IRDA and market regulator Sebi were fighting over which of them would regulate Ulips.
China’s promise on letting the Yuan appreciate sent markets soaring. The Sensex shot up 306 points to close at 17,877. And the Nifty jumped 91 points to close at 5,353.