Banks raising one-year deposits at 9.75% to meet MF, pension fund redemptions.
The Reserve Bank of India's (RBI) denial of permission to Swiss bank UBS to acquire Standard Chartered Asset Management Company has come as a blessing in disguise for Standard Chartered Bank.
The Reserve Bank of India is not in favour of the government subscribing to State Bank of India's rights issue through bonds on grounds that it does not conform to good corporate governance.
Sebi has proposed to examine the margining system of stock market, in an effort to make the system easier for retail investor.
Banking industry sources said data has been sought both on the source and deployment of funds by NBFCs, both those that accept deposits and those that don't.
The IPO by J Kumar Infra, which closed on Wednesday, managed to scrape through, with the issue getting bids for 2.7 times. This is in sharp contrast to the recent IPOs, which were getting subscribed many times over.
According to sources, this is quite rare since most of the requirements of the banks are first met through call market borrowings and then through the repo window of RBI . Under the repo, banks borrow funds from RBI by pledging government securities.
At a recent meeting of the high level coordination committee of regulators on capital markets, the RBI clarified that no approvals for VCFs will be issued since the Finance Ministry is reviewing the policy for investment in the realty sector for both foreign direct investment (FDI) and portfolio investments by foreign institutional investors.
Following this order, Heidelberg Cement will need to pay only Rs 58 per share, instead of the earlier agreed Rs 72.50 apiece. This 25 per cent premium was agreed as a "non-compete fees" to the Indian promoters when the German major took majority control in Mysore Cements in 2006. Sebi said it did not find merit in the non-compete fees arrangement as the "sellers/promoters to whom non-compete consideration has been paid consist of trusts and charitable institutions."
According to a source close to the development, the investment advisory committee of the Insurance Regulatory and Development Authority has suggested far-reaching changes to make the investment norms more flexible, while adhering to the existing prudential investment guidelines.
In a move to check wild swings in the share prices of newly listed small-cap companies, the Securities and Exchange Board of India is considering a price band (circuit filter) for the first couple of days after listing.
Some sections within the government feel that it is possible to treat them as separate entities as is done in case of World Bank and its private investment arm -- the International Finance Corporation. However, RBI is of the view that there cannot be a one-off approval and Temasek and GIC cannot be considered as separate entities as they belong to the same government -- the government of Singapore.
Irda is planning credit rating for insurance companies. Such a move will enable the regulator to grade insurance companies.
RBI has come down heavily on banks and dealers that are holding government securities portfolio.
The move follows concerns raised by the Reserve Bank of India. According to sources, the central bank is concerned that most sovereign wealth funds operate in a non-transparent manner.
In this financial year so far, insurance companies have invested around Rs 36,000 crore in the stock markets against around Rs 60,000 crore invested by the FIIs.
Citigroup Venture is planning to buy an equity stake in PINC for Rs.400 cr.
The ministry of finance does not want a single entity to own more than five per cent in a CIB. This view is backed by the Reserve Bank of India.
Reliance Power, which is hitting the market next week with an offering of nearly Rs 12,000 crore (Rs 120 billion), will set the trend for a slew of power IPOs from other companies including Sterlite Energy (Rs 4,000-8,000 crore or Rs 40 to Rs 80 billion), JSW Energy (Rs 4,000 crore or Rs 40 billion), JP Associates (Rs 4,000 crore or Rs 40 billion) which have already announced big share offer plans.
The Reserve Bank of India has finally cleared the long-pending transfer of Thailand-based Surachan Chawla's 38 per cent stake in Catholic Syrian Bank.
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