International Financial Markets Guide—India
Produced in partnership with Khaitan & Co
International Financial Markets Guide—India

The following Financial Services practice note produced in partnership with Khaitan & Co provides comprehensive and up to date legal information covering:

  • International Financial Markets Guide—India
  • 1. Telephone taping
  • (a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales of banking or financial products or insurance services?
  • (a)(ii) When might they apply to entities conducting business cross-border?
  • (b) What are the exemptions from these requirements?
  • 2. Money laundering
  • (a)(i) Are there any legal or regulatory requirements that must be observed by credit institutions/investment firms/insurers in connection with the detection and prevention of money laundering?
  • (a)(ii) When might they apply to entities conducting business cross-border?
  • (b) What are the exemptions from these requirements?
  • 3. Data protection
  • More...

International Financial Markets Guide—India

1. Telephone taping

(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales of banking or financial products or insurance services?

In respect of the sales of insurance products/services, the Insurance Regulatory and Development Authority of India (IRDA) has published guidelines on ‘distant marketing of insurance products’ on 5 April 2011 (Guidelines). These Guidelines provide that agreements between insurers/insurance brokers and telemarketers should contain the following obligations on telemarketers:

  1. the telemarketer shall maintain/preserve recordings of all the calls in accordance with the Guidelines until such records are transferred in satisfactory condition to the insurer

  2. the telemarketer shall maintain records of all the tele-callers and authorised verifiers employed by them along with their training and assessment particulars, and

  3. the aforementioned records shall be kept available for inspection by the IRDA

The Guidelines further provide that:

  1. the tele caller and the authorised verifier shall ascertain if the client is interested in continuing with the subject, and the process of solicitation shall proceed further only on receiving the consent in explicit terms

  2. the client shall be given an option to continue with the subject or exit the page at every stage in case of electronic modes. The hours during which calls are made shall be in accordance with orders issued by TRAI/DoT from time

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