Mutual funds have ratcheted up Rs 53,700 crore (Rs 537 billion) through new fund offers (NFOs) in 2022 until November, against Rs 1 trillion in Calendar 2021, notwithstanding the number of launches this year eclipsing the 2021 tally. Industry insiders cite the absence of launches in popular categories as the reason behind lower collections this year. Typically, only NFOs in popular categories from major fund houses rake in the moolah.
Amid tax treaty uncertainties, India's share of the number of investments made by global companies through Mauritius has almost halved in the past two years even as Africa's share has surged significantly.
China's e-commerce giant Alibaba, which completed the world's largest initial public offering ever this month, has won approval from authorities in Beijing to establish a private bank as it diversify into financial services.
In its second ruling against Google in less than a week, the Competition Commission on Tuesday slapped a penalty of Rs 936.44 crore on the internet major for abusing its dominant position with respect to its Play Store policies.
14 bills were passed by the Lower House while 15 bills were passed by Rajya Sabha.
Throughout 2022, China turned to the PLA as an increasingly capable instrument of Statecraft, strengthening its ability to 'fight and win wars' against a 'strong enemy', points out Ajai Shukla.
Portfolio management services (PMS), catering to higher networth individuals (HNIs), are facing tough competition from emerging alternative investment funds (AIFs), evident from their dwindling client base. In May, the number of clients for the industry stood at 125,390, down 20,528 in two months, shows data from the Securities and Exchange Board of India (Sebi). "PMS managers also have a high active ratio, which means their portfolios are quite differently positioned and more actively managed, compared to the benchmark, which is also a highlight for long-term investors.
We can learn much from China with regards to making civil service recruitment more efficient, says former diplomat Kishan S Rana.
According to its DRHP filed in 2010, the company's net worth was just Rs 140 crore. Its total income for the financial year 2009-10 stood at Rs 119 crore and it had a net profit of Rs 16 crore. In sharp contrast, at the end of March 2021, Paytm's networth was Rs 6,535 crore and total income stood at Rs 3,187 crore.
As many as 75 million households that do not have access to banking services will be covered and at least one bank account opened for each household, against the earlier proposal of two.
"Following preliminary investigations, FSA has decided to commence a formal enforcement investigation into Goldman Sachs International in relation to recent SEC allegations. FSA will be liaising closely with SEC in this review," FSA said in a statement today. No further details were provided.
GST authorities have expanded the probe into alleged tax evasion by fintech firm BharatPe to include reported issuance of fake invoices by those close to the firm's ousted co-founder Ashneer Grover, an official said. GST authorities are now scrutinising BharatPe books of the last four years to see if bogus invoices were issued for services as well. BharatPe had stripped Grover and his wife Madhuri Jain of all positions after a preliminary report of an external audit commissioned by the fintech firm's board showed that the duo indulged in alleged misdeeds and financial irregularities.
US market regulator Securities and Exchange Commission has charged Countrywide Financial founder Angelo Mozilo and two former executives with securities fraud. Mozilo, who is the former chief executive of financial services entity Countrywide along with David Sambol and Eric Sieracki, have been charged with fraud for misleading investors about the significant credit risk taken by the company.
Rediff readers share their interesting stories about the first salary and what it taught them.
The appointments committee of the Cabinet headed by Prime Minister Narendra Modi cleared Bhalla's appointment as OSD in the ministry with immediate effect.
Economist Abhijit Sen, a former Planning Commission member and one of the country's foremost experts on rural economy, died on Monday night. He was 72.
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The first phase would comprise universal access to banking facilities. Under this, basic bank accounts with zero balance, RuPay debit card and financial literacy, will have to be completed in the next one year, officials said.
The move indicates that Morgan Stanley would keep a watch on its risk-taking ability a year after the global financial meltdown.
To be sure that you are committing your money to the right person, you must ask these questions to your financial planner. There is no point in cribbing after you have committed your money! Is there?
Ekka, who is embroiled in the controversy for allegedly signing official documents at a private place, was removed from the post following Bharatiya Janata Party's allegation of his conniving with middlemen.
While Google has market capitalisation of almost $753 billion and Facebook commands one of $515 billion, it is the wealth of user data they have that one fears
UBS said on Wednesday it will pay $1.2 billion to the U.S. Department of Justice and the Commodity Futures Trading Commission, 160 million pounds ($260 million) to Britain's Financial Services Authority (FSA) and 59 million Swiss francs ($65 million) to Swiss regulator Finma.
Corporate affairs ministry note for ministerial group says can't keep banking, telecom out of CCI purview as RBI, Trai enable but not regulate competition
Responding to what is widely felt by the political establishment in Europe to be the "destabilising" role played by credit ratings agencies in the ongoing euro zone crisis, the European Commission unveiled measures to curb their power.
US bank Citigroup on Wednesday announced the sale of its Indian consumer banking businesses, including credit cards, retail banking, wealth management and consumer loans, to private lender Axis Bank for Rs 12,325 crore, as part of its plans to exit retail operations in 13 markets.
BharatPe has sacked Madhuri Jain Grover, wife of the fintech firm's co-founder and managing director Ashneer Grover, over alleged financial irregularities and cancelled ESOPs vested with her. Madhuri is alleged to have used company funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai, sources with direct knowledge of the matter said. Besides, she also allegedly paid her personal staff out of company accounts and produced fake invoices from known/friendly parties, they added.
In a section entitled 'Sikh Extremism' the review goes into detail of how members of the British Sikh community expressed their growing concern over a small but extremely vocal group "hijacking" the Sikh faith to push a subversive pro-Khalistan narrative.
The 1984-batch IRS officer was otherwise to remain in office till November 18, 2023, according to the notification issued by the government.
Banerjee slammed the opposition for a "malicious campaign" launched against her, asserting that she does not support corruption.
Terming as "serious" the promise of "irrational freebies" made by political parties during elections, the Supreme Court on Tuesday wondered why the Centre was hesitant about taking a stand on the issue.
Anyone endangering sovereignty or integrity of India may get a maximum punishment of life imprisonment while those involved in mob lynching and rape of minor may be given the maximum punishment of death sentence.
Long accused of being a route for avoiding taxes for foreign investments into India, Mauritius says it has put additional safeguards in place to thwart such wrong perceptions and to boost its image as a preferred global financial centre.
These simple changes can add a significant thrust to your overall money management over time.
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
Imagine ten pallbearers and that one of them stumbles badly, and you get the picture of the risk inherent in slicing risk.
The US market regulator Securities and Exchange Commission was doing what it could to stem the flow. It temporarily prohibited naked short-selling in the securities of major financial players including Freddie Mac and its sister firm Fannie Mae in July. But this didn't really help. It was only after global central banks pumped in unprecedented liquidity into global markets, that the storm was finally calmed.
Sinha, who is steering Sebi efforts to tackle the ponzi menace, said that in regions like West Bengal and North East -- where penetration of banking services is low -- have seen a larger number of people getting trapped in illegal money pooling schemes that promise high returns.
There are over 1.36 lakh employees, including employees and pensioners under the new pension scheme.
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