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ASCI decisions binding on non-members too: Delhi district court
MUMBAI: On the back of the Consumer Protection Act passed in parliament recently comes a District Magistrate Court’s order that ASCI decisions are applicable to members as well as non-members. Until now a large number of advertisers avoided becoming members of ASCI under the mistaken notion that they would then not have to abide by ASCI decisions.
In a landmark judgement by the Delhi district court (Tis Hazari), for a ruling, in the case of PRIMORDIAL SYSTEMS P. LTD. V. THE ADVERTISING STANDARDS COUNCIL OF INDIA, the court has given a verdict in the favour of advertising self-regulatory body, ASCI.
The complainant advertiser (Primordial Systems), argued that being a non-member of ASCI, the self-regulation code laid down by ASCI is not applicable to them and ASCI has no jurisdiction over the advertiser. The court affirmed that ASCI, has the power to, after following due process, provide recommendations to the advertiser to modify or remove the advertisement containing claims that are considered as misleading by the ASCI’s independent Consumer Complaints Council (CCC).
The court clearly stated that though the complainant is not a member of ASCI but is indulging in activity, viz of advertising, for which ASCI has made a self-regulation code and for breach of that, ASCI entertains complaints. Thus, if ASCI makes a recommendation and in pursuance thereto the advertising agency or the television channel refuse to air the advertisement of the complainant, they would be entitled to do so. No merit is thus found in the argument of the counsel of complainant being a non-member of ASCI and ASCI thus having no jurisdiction over the complainant.
The court further reiterated that ASCI has been constituted as a self-regulatory body for the purpose of advertisements and the code drafted and changed from time to time by ASCI has been given a statutory flavour. It is already held by the Supreme Court of India that ASCI looks into specific complaints regarding violation of programme code hence prima facie it cannot be said that entertainment of a complaint is without due process.
In such view of the matter court settled that ASCI has the power to regulate the advertisements as per guidelines laid down.
ASCI chairman D Shivakumar said, “It is a very significant judgement passed by Delhi court as it clarifies that all advertisers come under the purview of ASCI’s guidelines. It also sends a clear message to the entire industry that investing in honest advertising is effective as dishonest advertising is not going to work. Clearly, for the consumers it is a big win as all the industry members whether they are part of ASCI or not, can no longer deceive them with misleading advertising.”
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YES Bank appoints S Anantharaman as chief risk officer
Former Jio Financial Services group chief risk officer takes charge of enterprise-wide risk at the embattled private lender
MUMBAI: YES Bank is not taking chances with risk anymore. The private lender has appointed S Anantharaman as its chief risk officer, a hire that signals the bank’s continued effort to rebuild credibility and tighten the controls that once famously slipped.
Anantharaman arrives from Jio Financial Services, where he served as group chief risk officer and built a risk management architecture spanning lending, payments, insurance broking and asset management from the ground up. Before that, he held the chief risk officer role at Bank of Baroda and senior leadership positions at HDFC Bank and L&T Finance Holdings. Three decades in banking and financial services, in other words, with scars and qualifications to match. He is a chartered accountant and a CFA charterholder.
At YES Bank, his brief is considerable. Anantharaman will oversee the bank’s entire enterprise-wide risk framework, covering credit policy, market risk, operational risk, information security, data governance, analytics, model governance and data privacy. It is, in short, every lever that matters when a bank is trying to prove it has grown up.
YES Bank’s turbulent past needs little rehearsing. What it needs now is exactly what Anantharaman has spent thirty years building: the kind of risk culture that stops problems before they become headlines. The appointment suggests the bank knows it.
