The Supreme Court has agreed to hear on Friday a plea seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire and investigate into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani.
'ESG is actually a concept which cannot be applied effectively in the very short run.'
Based on this screening, the committee may weed out applications that do not meet the eligibility yardstick or the 'fit and proper' criteria for securing a licence.
There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.
The country's largest housing finance company HDFC Ltd will merge with the country's largest private sector lender HDFC Bank, according to a regulatory filing. The scheme of amalgamation will be subject to various regulatory approvals, including from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi), HDFC Bank said in the filing on Monday.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
The Gujarat International Finance Tech-City, or Gift City, is expected to be spread over 886 acres and will have a special economic zone on 261 acres.
The government has given a go-ahead to State Bank of India and other financial institutions to take over capital-starved Yes Bank, and an announcement is likely to be made soon, highly places sources said on Thursday. The board of SBI, the country's largest lender, is meeting in Mumbai on Thursday, but it could not be immediately ascertained whether the takeover of Yes Bank is on the agenda. Yes Bank, which is grappling with bad loans, is looking to raise fresh capital but the plans are facing uncertainties.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
'Space out when raising funds; Sebi mulls securitisation platform'
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
The company has not been able to sell its 9.8% stake in Cairn India
After Chanda and Deepak Kochchar, the Kudvas are the second power couple in the financial world to come under the regulatory glare.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
In addition to challenges such as reining in non-performing assets (NPAs) and boosting profits, Chaudhry will have to repair the bank's reputation, build internal controls, and improve regulatory relations.
Following the 30-day moratorium placed on Yes Bank, asset management companies have asked their clients, who have bank accounts with the troubled lender, to furnish details of alternate accounts for receiving redemption payouts. Redemption is the return of an investor's principal on a fixed income security such as a bond, mutual fund or preferred stock.
There are four first information reports against Saradha Group in which it is alleged that thousands of investors were allegedly duped by the company officials and their associates who swindled their deposits.
For financial sector companies setting up shop in India, as of now the go-to regulators are obviously Sebi and the RBI with carve-outs for IRDAI or possibly PFRDA. But this could change soon with the International Financial Services Centres Authority, observes Subhomoy Bhattacharjee.
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In the global market, the US dollar rose against the basket currencies in early trade as US President Barack Obama called for diplomacy in dealing with alleged chemical weapons attack in Syria but kept open the possibility of military action against the Assad regime.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
Foreign institutional investors (FIIs) are set to pump in more funds in debt securities, as the next government under the Bharatiya Janata Party (BJP) is expected to be a stable one and is seen as growth-oriented by market participants.
The US has been widely criticised for using pressure tactics to secure information from other countries, without reciprocity.
Traditionally, financial institutions have operated risk functions in silos. However, the nature of unknown threats today requires industry participants to work together, says Vikram Limaye.
They now believe their money will be repaid after completion of the tenure of the instruments they have invested in, says Anup Roy.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers, point out Manoj Kumar and Mayank Bhardwaj.
Indians spent more on foreign investments during the past 12 months than they have since at least 2012.
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
Move to shift powers from RBI without discussions baffles many
RBI's licensing norms require a bank to bring down promoter holding to 40 % within 3 years of operation - which, for Bandhan Bank, will be by Aug 23
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
A disclosure on its land reserves by the joint venture firm Emaar MGF has sparked off a debate on whether a real estate company with foreign investment can own agricultural land in India. Dubai-based Emaar holds around 41 per cent in the joint venture that is expected to raise Rs 5,000 crore (Rs 50 billion) from an upcoming maiden public issue.
It has been a slow 2022 thus far for the primary markets. In the last 8 months, only 16 companies have raised Rs 40,311 crore via the initial public offer (IPO) route, data from PRIME Database suggests. In comparison, 63 companies had raised a cumulative Rs 1.18 trillion via the IPO route in 2021. A large part of the funds raised in 2022 were on account of the two IPOs - Life Insurance Corporation of India (LIC) and logistics firm Delhivery - that raised a total of over Rs 26,000 crore between themselves.
Karvy group's commodity broking arm, too, is facing a liquidity crisis because of some issues related to NCDEX, said people in the know.
Officials said Sebi is closely in touch with RBI on the market developments.
Uttam Prakash Agarwal alleged that Citax and Braich offers were incomplete and did not include firm commitment as to the price, size, timings, confirmation from the banks about availability of the funds.
Dy Governor notes it's an era of job changes for better.
India plans to launch trading of government bond futures within the next two months as part of efforts to deepen its financial markets, according to several sources involved in the discussions with the central bank.
If the Personal Data Protection Bill gets passed in its present form, a new class of companies and entities could emerge. The sole job of these new entities would be to manage the consent for data usage of a user.Banks, healthcare firms and fintech companies, among others, fear that sharing non-personal data with the government may hurt business interests. Banks also fear the threat of data misuse.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
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