As we step into 2024, the financial realm witnesses significant shifts. Insurers, compelled by IRDAI, roll out a more informative Customer Information Sheet for health policies, aiming to empower policyholders with clearer terms and quicker access to benefits.
SEBI Directs Mutual Fund Trustees to Ensure Fair Fees
Securities and Exchange Board of India (SEBI) has instructed trustees of asset management companies (AMCs) to guarantee fair fees for mutual fund unitholders. The new framework, effective January 1, 2024, defines roles and responsibilities of AMC trustees, emphasizing their duty to act in the best interest of unitholders and address conflicts of interest.
Groundbreaking ‘UPI for Secondary Market’ Beta Launch
In a major development for the equity cash segment, ‘UPI for Secondary Market’ is set to launch in its beta phase in January. This collaborative initiative involves clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers. Initially available to a limited set of pilot customers, this feature allows investors to block funds, with debits occurring only upon trade confirmation during settlement.
Tax-Saving Investments Deadline Looms for Employees
Employers, requiring proof of tax-saving investments, set January deadlines. Employees must submit evidence of investments, insurance policies, or home loans to claim deductions. Failure to meet the deadline may result in excess tax deduction from salaries, emphasizing the importance of timely submission for a hassle-free tax season.
In essence, 2024 sets the tone for a dynamic financial landscape, where transparency, fairness, and innovation take center stage. Adapting to these changes will be key for individuals and institutions alike as they navigate the evolving contours of the financial world.
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