Former CAG Rajiv Mehrishi says Centre has held back a report he submitted to the President, to end what he called "a nightmare of accounts that militates against good governance".
While Vedanta was the biggest gainer in the Sensex pack rallying 4.67 per cent, others included Tata Steel, ONGC, NTPC, Yes Bank, Infosys, Sun Pharma, Bharti Airtel, SBI, Bajaj Finance, L&T and RIL, rising up to 4.13 per cent.
Sensex heavyweight Reliance Industries fell 2.76 per cent. In percentage terms, major laggards were Yes Bank, Indusind Bank, RIL, ICICI Bank, HDFC and Axis Bank -- plunging as much as 6.62 per cent.
The most pressing issue facing the financial sector is the rising stock of non-performing assets in the banking system
These consistent performers are expected to maintain momentum.
The 39-year-old was arrested by the Enforcement Directorate from Ranchi after the agency conducted multi-city raids against him, Singhal, her businessman husband Abhishek Jha and others, on May 6.
IMF's Chief Economist Gita Gopinath on Thursday said it would be damaging for India to start tightening policy support in the midst of the COVID-19 pandemic and also stressed on reducing wasteful expenditures in the upcoming Budget. Delivering NCAER's '9th C D Deshmukh Lecture' virtually, Gopinath said there is scope for the Indian government to provide more direct support to people.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
Cities are setting the rules that now carry life and death implications for their residents, and most of these rules are sought to be set by the municipal authorities who have never wielded such power, reports Subhomoy Bhattacharjee.
Piramal Enterprises on Friday claimed that its bid for resolution of debt-ridden mortgage lender DHFL is highest and fully compliant with regulatory norms. Since the conclusion of the fifth and final round of the bidding process last month, Piramal Enterprises and the US-based Oaktree Capital are claiming that their bids are the highest and fully implementable. According to sources, suitors have submitted bids in the range of Rs 35,000-37,000 crore.
After a positive opening, the 30-share BSE Sensex suddenly faced selling pressure in late-afternoon trade. It finally settled just 5.67 points, or 0.01 per cent, lower at 39,586.41.
DEA is currently headed on an interim basis by Corporate Affairs Secretary Tapan Ray
The government must send out a clear signal that leadership positions at regulatory bodies are not a preserve of retired government officials, argues A K Bhattacharya.
Strong MF investments, stemming of FII outflows and positive earnings in Q3 have helped market, say analysts.
Given the volatility of the global marketplace, India is already on a strong wicket and well poised to provide a lucrative option to foreign investors.
A lack of adequate disclosures raises the financing costs of corporate firms, especially sub-investment grade ones, and keeps the capital markets small, believes RBI deputy governor Viral Acharya.
IMF's Chief Economist Gita Gopinath will leave her job in January next year and return to the prestigious Harvard University, according to the global financial institution.
Allaying fears that the Indian stock markets will collapse, Finance Minister P Chidambaram assured on Tuesday that the Indian stocks markets are sound and still very attractive for investors.
The three main regulators have different approaches to grievance redressal and different standards to stop harmful from coming pitched at the consumer.
Relations with the government, the bank's majority owner, are a tricky issue for all SBI chiefs, and, like all his predecessors, Khara will be closely watched for his equations with the finance ministry representative on the SBI board.
The disruptions caused by COVID-19 have more severely impacted small and mid-sized corporates, including NBFCs and MFIs, in terms of access to liquidity.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
Co-founders of India's latest unicorn expected Covid-19 to be a speed breaker; instead it accelerated sales. Cars24 now enjoys more than 90 per cent market share among all other similar online transaction platforms. Dhruv Munjal traces the birth of this used-cars platform.
Yes Bank was the top gainer in the Sensex pack, rallying up to 8.44 per cent, followed by Maruti, PowerGrid, NTPC, L&T and SBI.
The Union Budget 2016-17 has cheered the NBFC sector
the training department in most banks is content with asking branch managers to send employees for drab classroom sessions once a year. The perception about such training is obvious from the fact that most branch managers send the names of employees they can do without.
He said this in Parliament rebutting reports last month, which quoted the Swiss National Bank, the country's central bank, as saying in its annual report that Indian deposits had risen by 50 per cent in 2017.
Indian economist Kalpana Kochhar, who heads the Human Resources Department of the International Monetary Fund, is leaving the organisation to join the Bill and Melinda Gates Foundation, the IMF announced on Wednesday. Kochhar, who served in various senior positions during her three decades at the IMF, will retire on July 30, it said.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
Other gainers included Kotak Bank, HCL Tech, ONGC, Asian Paints, Vedanta, HDFC Bank, Bajaj Finance, Maruti and TCS, gaining up to 1.41 per cent. Sun Pharma was the top loser, cracking 8.58 per cent.
Through anchor allotment, a firm can demonstrate the demand for shares by getting marquee investors on board.
TCS was the top gainer in the Sensex pack, rising over 3 per cent, followed by L&T, Bharti AIrtel, HCL Tech, Tata Steel, Bajaj Auto and Reliance Industries. NSE Nifty rallied 164.70 points to its fresh closing peak of 16,529.10.
The government is drawing up a relief package for industry with steps such as relaxation of asset-classification norms by banks, thus allowing companies to delay the repayment of loans, and tax holidays for the worst-hit sectors like aviation and hospitality. But it might not be enough to stop more bankruptcies from getting filed.
The BRICS model will need to demonstrate the efficacy of a second alternative governance structure to reform the Bretton Woods legacy.
'The virus of trust deficit seems to be taking a toll of the friendship built over the years by succeeding leaderships of the two countries,' notes Rup Narayan Das.
'In the short term, we may see some disruptions due to Covid, but in the medium-to-long term, we should keep an eye on US inflation and 10-year bond yields.'
Last October's circular meant that downstream investment by such funds by way of subscription or acquisition of shares would have been considered "indirect foreign investment" if their investment manager or sponsor is owned or controlled by a non-resident. The finance ministry has now said that mutual funds that invest more than 50 per cent in equity shall be omitted from the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
President Gotabaya Rajapaksa on Monday fired Basil Rajapaksa from his post and invited the Opposition parties to join a unity Cabinet to tackle the raging public anger against the hardships caused by the economic crisis.
What is killing the risk appetite of the bond buyers is the inconsistency in the central bank's approach. It needs to allow the yield to find its own level, gradually. To ensure that, the RBI may adopt a similar approach with which it handles a slipping rupee, asserts Tamal Bandyopadhyay.
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