New-age tech tools and 'mystery shoppers' are helping the country's top bourse stay ahead of the curve against dabba trading platforms and entities dolling out unsolicited investment tips. In the past one month, the National Stock Exchange (NSE) has issued close to two dozen warnings and advisories against such activities. "We saw a rise of dabba trading or illegal trading platforms after the pandemic.
DLFknowingly suppressed material facts: Sebi
Sahara Group chief Subrata Roy passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, a company statement said. He was 75. He was 75. According to the company statement, he passed away at 10.30 pm due to cardio-respiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
Citing the SC order in Sahara case, Sebi has passed orders against at least five companies and 21 individuals charged with collecting thousands of crores fraudulently
'Clients deemed higher-risk are required to update their KYC more frequently.'
Mutual funds (MFs) are lining up distinguished new fund offerings (NFOs) for the next financial year to win over investors after a lukewarm response to product launches in the 2022-23 financial year (FY23). NFOs drew a lukewarm response in FY23 as launches were mostly in the passive debt space, which has a comparatively lower popularity among retail investors. The limited launches in equity space also failed to rake in huge sums due to subdued investor sentiments in a volatile market.
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.
Sebi on Monday imposed a penalty totalling Rs 15 crore on senior officials of Franklin Templeton AMC and its trustee for violating regulatory norms in the case of winding up of six debt schemes in 2020. However, a spokesperson of Franklin Templeton said they disagree with the findings in Sebi's order and intend to file an appeal with the Securities Appellate Tribunal (SAT). A fine of Rs 3 crore has been levied on Franklin Templeton Trustee Services Pvt Ltd and Rs 2 crore each on Franklin Asset Management (India) Pvt Ltd President Sanjay Sapre and its chief investment officer Santosh Kamat, according to the Sebi order. In addition, the regulator imposed a penalty of Rs 1.5 crore each on fund managers -- Kunal Agarwal, Pallab Roy, Sachin Padwal Desai and Umesh Sharma -- as well as former fund manager Sumit Gupta.
Allaying investors' fears, Franklin Templeton AMC has said Sebi's order prohibiting the company from launching new debt funds will have no bearing on existing schemes managed by it. Sebi on Monday barred Franklin Templeton Asset Management (India) from launching any new debt scheme for two years and imposed a penalty of Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees of over Rs 512 crore (including interest) collected with respect to the six debt schemes. This amount will be used to repay unitholders, as per Sebi order.
Domestic asset management companies (AMC) have launched around 60 new fund offers (NFOs) in the last six months and mobilised around Rs 27,000 crore. Fund houses are rushing to launch new funds amid buoyancy in the equities market.
The recently-created flexi-cap fund category is emerging as the hottest segment in the Rs 11-trillion equity mutual funds (MFs) space. Buoyed by the success of ICICI Prudential Flexicap Fund, other MFs are lining up new fund offerings (NFO) in this segment. Industry players say the flexi-cap category could emerge as the biggest segment in the equity MF space. Recently, ICICI Pru Flexicap's NFO collected a record Rs 10,200 crore.
The recent default on deposit payments by a couple of Yash Birla Group companies has brought to surface difficulties an investor has to face in recovering his money.
At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget targets were achievable.
Reliance Mutual Fund and UTI Mutual Fund have applied to Sebi to start schemes that will collect money directly from investors and buy units in Gold Exchange Traded Funds. Though at a slightly high cost, these schemes take away the hassle of maintaining demat and trading accounts with brokers. "These two factors were the biggest hindrance for gold ETFs," said Devendra Nevgi, ex-CIO, Quantum Asset Management. Nevgi started the gold ETF at the fund house.
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
'MFs acted as reckless lenders and not as prudent investors.' 'Clearly, how debt funds are being run is a systemic issue,' warns Debashis Basu.
What perhaps turned the tide against Uber was the plight of the consumer.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
Investors pumped in more than Rs 37,000 crore (Rs 370 billion) in various mutual fund schemes in May taking the total funds mobilisation during the first two months of the current fiscal to Rs 1.44 lakh crore.
Dilip Kumar Jha explains what the buyers must do to protect their own interest.
Rose Valley is one of the biggest money businesses after Sahara.
Sources said many individual investors were interested in applying for the NFO, due to additional benefits being offered such as upfront discounts and loyalty bonuses.
'The amount involved could as high as Rs 3,500 crore as there are a lot of depositors.' 'Yesterday, I met an investor who put in Rs 4 crore. That man doesn't have Rs 2,000 to spend on medicines.'
With response tepid so far from domestic investors, these funds might soon approach FIPB for approvals.
A SFIO probe into Saradha scam and 'chit fund' operations of 62 other entities has found serious financial mismanagement and siphoning off the funds by their promoters, who took advantage of regulatory gaps.
The levy has also been removed on low cost houses up to a carpet area of 60 square metres in a housing project under any housing scheme of the state government.
Budget 2016 may hold some answers to start-up cooncerns.
Indian economy about to take-off
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