Sebi takes measures to curb fraudulent trades in mutual funds
The SEBI board announced on Tuesday its decision to revise regulations pertaining to mutual funds. As per the amendments, asset management companies (AMCs) are required to establish an "institutional mechanism" to detect and prevent potential market abuse, encompassing activities like front-running and fraudulent transactions in securities. The mechanism should consist of enhanced surveillance systems, internal control procedures, and escalation processes.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/qdcRvzW
May 2024 will see banks closed for 14 days, including national and regional holidays like Lok Sabha General Elections 2024. Specific state holidays such as Birthday of Rabindranath Tagore and Buddha Purnima will be observed.
The Reserve Bank of India has come across instances of lenders resorting to certain unfair practices in charging of interest. What do RBI’s latest guidelines and instructions to banks and NBFCs mean for loan borrowers? We explain the math and answer your common questions:
Leading companies in India are actively seeking Chief AI Officers (CAIO) to manage their AI operations and plan for the future. Job portals and headhunters are overwhelmed with requests for AI leadership roles. The demand for CAIOs is expected to grow rapidly in the next 18 months due to the increasing adoption of AI technology in businesses across various industries.
The Centre has asked Amazon and Flipkart to establish Open Network for Digital Commerce (ONDC) storefronts on their home pages to support the government-backed network in expanding operations and aiding with deliveries. ONDC is in active discussion with Amazon and Flipkart for phased participation, with results expected soon.
India faces a growing trade deficit with China, relying heavily on Chinese imports in various sectors. To mitigate risks, Ajay Srivastava suggests fostering diversified supply chains. The report highlights China's significant role in India's industrial imports.
Private sector lender ICICI Bank on Saturday announced that its consolidated net profit for the March 2024 quarter increased by 18.5% to Rs 11,672 crore. This marks a significant rise from the net profit of Rs 9,853 crore reported in the corresponding period of the previous year. The second largest private sector lender showed a 17.4% growth in its profit after tax.
Garcetti acknowledges Indian immigrants' success in the US, with over 10% of Fortune 500 CEOs being Indian. He highlights the significant impact of Indian professionals in leading companies like Google, Microsoft, and Starbucks.
Centre on Saturday allowed export of 99,150 MT onion to six countries - Bangladesh, UAE, Bhutan, Bahrain, Mauritius and Sri Lanka. The Indian govt allows export of 2000 MT of white onion cultivated specially for export markets in Middle-East and some European countries. National Cooperative Exports Limited (NCEL) is the agency for export of onion to these countries.
In April 2024, bank holidays impact operations with closures on specific Saturdays. ATMs and online services remain available. India's banks follow a distinctive schedule, open on select Saturdays and closed on national festivals.
Bank holidays on April 26, 2024, for Lok Sabha Election 2024. RBI classifies holidays; online banking services usable. Karnataka High Court declares public holidays for election days. Second phase details for Assam, Bihar included.
India's information technology companies are seeing a surge in contractual hiring, indicating improvements in the demand environment for IT services providers. The uptick in contractual hiring follows a period of subdued demand and layoffs in the sector.
IHG Hotels & Resorts CEO Elie Maalouf is optimistic about the company's future in India, aiming to surpass its presence in China. With 46 hotels already in India and 49 more set to open in the next three years, IHG is expanding across brands like Six Senses, InterContinental Hotels, Crowne Plaza, Holiday Inn Resort, and Holiday Inn Express.
N Ganapathy Subramaniam, the Chief Operating Officer of Tata Consultancy Services (TCS), has announced that the company is setting up sizable data centers in all four regions of the country. This initiative is being undertaken as part of TCS's Rs 15,000-crore contract with Bharat Sanchar Nigam Ltd (BSNL), a state-owned telecommunications enterprise.
Draft a will online using templates, legal advice, and encryption. Include witnesses, update regularly, and communicate with family. Seek guidance from Centre for Investment Education and Economic Times.
The reactor has been dispatched for Mexico from the company#39;s A M Naik Heavy Engineering Complex at Hazira in Gujarat.
Ather Energy is in discussions to raise a significant round of funding through primary and secondary share sales. Flipkart cofounder Sachin Bansal has divested shares to Zerodha cofounder Nikhil Kamath.
Vodafone Idea's FPO, India's largest, fully subscribed. Global investors like GQG, Capital Group, Fidelity Investments participated. Strong demand from QIBs. Shares priced Rs 10-11. Share price doubled in a year.
The miner reported a 21 percent drop in fourth-quarter net profit to Rs 2,038 crore from a year earlier on April 19, as zinc prices remained depressed amid supply outpacing demand growth.
Apple's two company-owned outlets in India have completed a successful first year, reporting significant revenue and paving the way for expansion. The two Apple stores have clocked monthly average sales of Rs 16-17 crore each consistently since their launch. The Mumbai store revenue has been a little higher than the Delhi one due to a larger size.
The residential segment continues to drive the Indian real estate market, which also reflects in the land deals it is generating. Amid all-time high residential demand, several large and listed developers and other entities continued to snap up land.
The lender moderated loan growth in Q4 in favour of a strong focus on deposit mobilisation. Exceptional income will also likely bolster quarterly earnings in a challenging environment.
Credit cards offer benefits like cash back and discounts. Understanding key terms such as credit limit, annual fee, and APR is crucial for effective card management and maximizing benefits while making informed financial decisions.
A host of global and local companies, including Tesla's advisor The Asia Group (TAG) India and Vietnam's VinFAST, participated in the initial consultation regarding India's fresh Electric Vehicle (EV) policy targeting high-end cars. The meeting addressed queries from automobile OEMs and clarified the concessional duty notification for incentives under the policy.
India's Tata Motors plans to manufacture Jaguar Land Rover luxury cars at a $1 billion plant in Tamil Nadu, according to sources. The specific models to be produced at the new plant are not known yet.
Lok Sabha Elections 2024 trigger bank closures in various cities, with states declaring holidays for voting days. Special provisions by Uttarakhand, Nagaland, and Tamil Nadu facilitate voting participation. Tripura banks close for Garia Puja celebrations.
Central govt. employees' DA increased to 50% from Jan 1, 2024. HRA adjusted accordingly. Uncertainty remains on a separate HRA order post 50% DA hike. Ministry of Finance guidelines may influence HRA revision.
Interim Budget announces no tax rate changes. Anticipation of tax law alterations in the full budget. Salaried individuals to select tax regime in April. Considerations for choosing old or new regime. Employees may adjust choice during tax return filing.
Praise for Indian Railways Kavach system: The court had agreed to hear the PIL on implementation of ‘Kavach’ and had asked the Centre to brief it on steps taken or proposed to be taken for putting in place anti-collision systems to prevent train accidents.
Indian banks to close on April 17 for Ram Navami, with upcoming elections affecting banking operations in various states. ET report details additional holiday closures in different regions.
Indian airline industry anticipates reduced net loss in FY2024 and FY2025 despite challenges like engine failures and insolvency issues faced by GoFirst, affecting operations and financial stability.
US-China trade tensions rise over green tech, EVs. Concerns raised by Yellen during China visit. China's rapid EV growth sparks fears. Trump warns of trade route exploitation. China dominating global EV market.
Its headcount has declined by 13,249 employees YoY during the financial year 2023-24
Five major steel companies, including Tata Steel and SAIL, secured contracts worth Rs 1,586.39 crore from Indian Railways. SAIL emerged as the top beneficiary, securing a significant portion of both tenders. Tata Steel follows closely with a contract to supply 52,753 MT of steel.
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