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IS THERE CLASH BETWEN IRDA AND SEBI RULES

(Querist) 15 April 2008 This query is : Resolved 
RESPECTED SIR ,
PL HELP ME IN THIS COMPLEX LEGAL PROBLEM, I AM A LIC AGENT BUT NOW I WANT TO DO THE JOB MEANS ON ROLE OF RELATIONSHIP MANAGER IN THE AMC OF A MUTUAL FUND HOUSE. JOB MEANS EMPLOYEE- EMPLOYER RELATION . WHETHER AMC CAN OBJECT FOR MY LIC AGENCY, IF THEY ASK ME TO SURRENDER MY AGENCY OR NOT ? WHAT IS EXACT RULES OF THE SEBI IN THIS REGARD?
Dhrumil (Expert) 15 April 2008
No there is no such provisions in the SEBI unless if you are appointed as high level position say fund manager or other high level of employment. However company can make its internal policy that employee of the company must be indepedent. since you are appointed as relationship manager so company can ask you for giving up LIc agency.
mohit arora (Querist) 15 April 2008
DEAR DHRUMIL JEE,
MY PROBLEM IS THAT MY LIC AGENCY IS ONLY TWO YEARS OLD. MY RENEWAL COMMISSIONS IS 5 TO 6 LACS IN COMING YEARS. BUT I HAVE COMPLETED MY TARGET THAT IS 60 CASES ( 12 CASES IN ONE YEARS) IN THESE TWO YEARS. SO,PL CLARIFY IF I SURRENDERD MY AGENCY AFTER ONE YEARS ( TOTAL COPMLETED THREE YEARS) WHETHER MY RENEWAL COMMISSION WILL BE GIVEN TO ME OR NOT ? WHAT IS THE IEDA RULES FOR RENEWAL COMMISSION AS IN MY CASE WHEN I COMPLETED TARGET OF 5 YEARS IN 2 YAERS.
mohit arora (Querist) 15 April 2008
SIR,
AT THE SAME TIME JOB IS ALSO VERY IMPORTANT FOR ME. IF I SURRENDERD MY LIC AGENCY THEN QUESTION OF REMEWAL COMMISION ARISES. SO PL,GUIDE ME AT THE TIME OF INTERVIEW WHAT SHALL I DO ?WHETHER I HAVE REQUEST THEM TO GIVE ME SOME TIME OR PROVIDE THEM NOC. WHETHER GIVING THEM NOC WITHOUT SURRNDERING MY AGENCY WILL FULLFILL THEIR LEGAL REQUIREMENT. SIR PL HELP ME TO CLARIFY


SANJAY DIXIT (Expert) 16 June 2008
According to service rules and standing orders of various companies also you can't run any agency parellel to your job.
It will be better if you take the LIC agency in the name of any other member of your family.


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