T S Vijayan, whose five-term as the chairman of government-owned Life Insurance Corporation of India (LIC) ended on Tuesday, is likely to shift to UTI Mutual Fund as the new head.
Profits of domestic brokerages fell substantially in the quarter ended March 31, thanks to subdued participation of retail investors and continued increase in the share of the low-margin options segment in the overall market volume.
Japan's Orix Corporation, which was in talks with Reliance Industries (RIL) to sell its 23.87 per cent stake in Infrastructure Leasing and Finance Company (IL&FS), has bowled a googly.
If the deal materialises, Angel will have to pay at least Rs 800-1,000 crore (Rs 8-10 billion) for a 51 per cent stake, valuing the brokerage at Rs 1,500-2,000 crore (Rs 15-20 billion). The talks are at an early stage.
With global investors shifting focus from developed to emerging markets in the last few days, India has emerged as a major beneficiary.
The Life Insurance Council has made a representation to the Insurance Regulatory Development Authority (Irda), seeking some revisions pertaining to unit-linked products.
Prior to the attack, the size of the pool was around Rs1,400 crore.
Star Union Dai-ichi expects to break even within five years of starting operations.
Govt plans cap on third-party claims, three-year time limit for filing claims.
An ETF is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities or bonds.
Nippon Life's plan to buy a stake in Reliance Life may be delayed as the deal requires special permission from the government.
Life Insurance Corporation of India, the country largest insurer, is in talks with the government to modify its investment norms to diversify the risk.
"There will be a spectrum of guarantees. For instance, there could be a guarantee on premiums paid or sum insured or rate of return or annuity," said an Irda official.
Life Insurance Corporation of India, Housing Development Finance Corporation and State Bank of India together own a little over 45 per cent in IL&FS. The deal is expected to be valued around $2.5 billion.
The finance ministry's plan to offer basic banking licences may find few takers because of doubts over the commercial viability of the proposed business model.
"The main point is managing this growth so as to make it sustainable. Our aim is to grow by at least 25 per cent on-year during 2011-12."
During his tenure with the group, Bagchi has held several key positions in retail banking, corporate banking and treasury.
LIC is also working on a new model to scan loan applications.
You can't ask a current borrower to finance your growth, says RBI memeber Yezdi H Malegam.
Inflation and political unrest in Egypt will haunt shares in the near term
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