General Trading Chat

Riskyman

Well-Known Member
The Indian Medical Association (IMA) justified certificating products as 'health friendly', despite criticism that it was wrongfully endorsing commercial products for lucrative fees, as per a reportin The Times of India.

The association refused to divulge the monetary compensation it received in lieu of certification citing 'non-disclosure agreements' with the respective companies, it added.

The latest products certified include an anti-microbial LED bulb which claims to kill 85 percent germs and an indoor paint that claims to kill 99 percent bacteria within two hours of exposure.

IMA secretary general Dr RV Asokan told the paper that only technology or statements deemed 'health friendly' were certified in a manner similar to the pre-entry level accreditation of a medical establishment by the National Accreditation Board for Hospitals (NABH).

He admitted a processing fee but refused to give details of monetary compensation or basis for certification. As per TOI, Dr Asokan stated claims were evaluated by a committee based on available literature or lab reports. Moneycontrol could not independently verify the story.

The association had in 2010 stopped providing certifications after its former secretary general Dr Dharam Prakash was issued a notice from the Indian Medical Council (IMC) regarding the matter.

However, the IMC in 2014 reinterpreted the Code of Medical Ethics and Regulations as applicable to only doctors and not associations. A medical association would require a minimum of seven doctors.

Post this, the IMA kicked up mud by certifying a water purifier in 2015. It claimed that it was no longer subject to MCI's jurisdiction and hence non-requirement for compliance of the rules.

However, doctors have opposed the endorsements because the IMA office bearers as doctors themselves are still subject to MCI jurisdiction. Dr Vinod Paul, Chairperson of the MCI Board of Governors (BoG) told TOI that the board had received complaints and would examine the issue.

https://www.moneycontrol.com/news/b...health-friendly-for-money-report-4155381.html
 
Some years ago, IMA's chief Dr. Ketan Desai was kicked out on charges of various corruption. It seems that they have replaced him with other corrupt people only :)
The Indian Medical Association (IMA) justified certificating products as 'health friendly', despite criticism that it was wrongfully endorsing commercial products for lucrative fees, as per a reportin The Times of India.

The association refused to divulge the monetary compensation it received in lieu of certification citing 'non-disclosure agreements' with the respective companies, it added.

The latest products certified include an anti-microbial LED bulb which claims to kill 85 percent germs and an indoor paint that claims to kill 99 percent bacteria within two hours of exposure.

IMA secretary general Dr RV Asokan told the paper that only technology or statements deemed 'health friendly' were certified in a manner similar to the pre-entry level accreditation of a medical establishment by the National Accreditation Board for Hospitals (NABH).

He admitted a processing fee but refused to give details of monetary compensation or basis for certification. As per TOI, Dr Asokan stated claims were evaluated by a committee based on available literature or lab reports. Moneycontrol could not independently verify the story.

The association had in 2010 stopped providing certifications after its former secretary general Dr Dharam Prakash was issued a notice from the Indian Medical Council (IMC) regarding the matter.

However, the IMC in 2014 reinterpreted the Code of Medical Ethics and Regulations as applicable to only doctors and not associations. A medical association would require a minimum of seven doctors.

Post this, the IMA kicked up mud by certifying a water purifier in 2015. It claimed that it was no longer subject to MCI's jurisdiction and hence non-requirement for compliance of the rules.

However, doctors have opposed the endorsements because the IMA office bearers as doctors themselves are still subject to MCI jurisdiction. Dr Vinod Paul, Chairperson of the MCI Board of Governors (BoG) told TOI that the board had received complaints and would examine the issue.

https://www.moneycontrol.com/news/b...health-friendly-for-money-report-4155381.html
 

andal

Well-Known Member
Under regulatory glare, ICRA sends its MD & CEO Naresh Takkar on forced leave
The agency has appointed chief financial officer Vipul Agarwal as the interim chief operating officer who will be reporting to the board, according to a statutory filing.

https://www.moneycontrol.com/news/b...eo-naresh-takkar-on-forced-leave-4158191.html

I feel auditors are not being held accountable for the mess in some of the companies
 
Under regulatory glare, ICRA sends its MD & CEO Naresh Takkar on forced leave
The agency has appointed chief financial officer Vipul Agarwal as the interim chief operating officer who will be reporting to the board, according to a statutory filing.

https://www.moneycontrol.com/news/b...eo-naresh-takkar-on-forced-leave-4158191.html

I feel auditors are not being held accountable for the mess in some of the companies
The auditors got away nearly scot free in Satyam scam.
 
https://www.moneycontrol.com/news/b...leeping-top-10-things-to-know-91-4159061.html
What changed for the market while you were sleeping? Top 10 things to know

From the above article...

"
Unclaimed deposits in banks rise by 27% to Rs 14,578 cr in 2018:
Unclaimed deposits in the banking system have witnessed a jump of 26.8 percent to Rs 14,578 crore in 2018, Parliament was informed on July 1. The unclaimed deposits rose to Rs 11,494 crore in 2017 from Rs 8,928 crore in 2016, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
State Bank of India (SBI) alone had an unclaimed deposit of Rs 2,156.33 crore at the end of 2018, she said. With regard to the insurance sector, the minister said the life insurance sector reported unclaimed amounts of Rs 16,887.66 crore while non-life was Rs 989.62 crore at the end of September 2018.

"
 

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