On 14/09/2016, you requested the version in force on 14/09/2016 incorporating all amendments published on or ahead of 14/09/2016. The accounting standards issued by the ICAI have been created applicable to banks by the sector regulator, the Reserve Bank of India, vide circulars and suggestions and to Insurance coverage firms by the Insurance coverage Regulatory and Development Authority (IRDA) vide IRDA (Preparation of Monetary Statements and Auditor’s Report of the Insurance Organizations) Regulations 2002.
And thanks John Essential for going along with it. RBNZ fixed the stupidest parts of the regulations , but dodgy finance companies got to remain in, paying premiums that have been low relative to their threat, with cross-subsidy coming from premiums paid by the banks.
In the case of a finance business which is granted a licence to carry on financing enterprise soon after 18th January 1995, its issued and paid-up capital is not much less than $50 million and its capital funds are not less than that amount.
It is a lot more than annoying that all and sundry – and capitalists who ought to know better – are making use of this finance coy situation to smear financiers, Banks (pryamid/ponzi schemes!), and these who are left holding the danger as Gordon Gecko sorts.
Where the Authority has assumed handle of the relevant enterprise of the finance organization, to the Authority and any person authorised or appointed by the Authority beneath section 42 in relation to the Authority’s assumption of manage of the relevant enterprise, whether or not the Authority has ceased to be in control of the relevant business.