BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
The National Stock Exchange (NSE) has received Rs 300 crore from the Securities and Exchange Board of India (Sebi) following relief from the Supreme Court (SC), which is hearing an appeal by the market regulator in the colocation case. The court on March 20 asked Sebi to return Rs 300 crore to the NSE from the Rs 1,107 crore the exchange had deposited as part of the disgorgement in the case. The NSE had given an undertaking that it will return the entire amount to Sebi if the latter wins its appeal before the SC.
The mutual fund (MF) industry has seen a fair number of new entrants in the last 10 years but none of them have proved to be much of a challenge for the larger players. The list of top 20 fund houses, which manage over 90 per cent of the industry's total assets, continues to be dominated by players who have been in the business for more than a decade. Bajaj Finserv MF may change that, say experts.
Some unions have opposed EPFO investing in share markets.
State-run Coal India is likely to file the red herring prospectus for its initial public issue, through which the government is expecting to raise about Rs 15,000 crore (Rs 150 billion), on September 25.
Naresh Goyal-led Jet has also changed the shareholders agreement and amended the investment agreement and the articles of association, as suggested by the Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, official sources said.
He is appointed as a public interest director.
Stay orders keep law out of citizen access even years after CIC rulings on opening market institutions to scrutiny
World's largest fund house Fidelity, which manages assets worth $1.2 trillion, has got an approval from securities and Exchange Board of India for launching mutual funds in India.
A survey showed as much as 95 per cent of CEOs and MDs were against Sebi's mandatory guidelines the company's to declare their quarterly performance, Assocham said in a statement.
Securities and Exchange Board of India on Tuesday said it would introduce Indian depository receipts (on the lines of American Depository Receipts or Global Depository Receipts
Contradicting reports have emerged about the ACC suggesting postponing the Asia Cup with India unable to travel.
India is now clearly in the radar of the global hedge fund industry after recent statements by the Securities and Exchange Board of India favoured the direct entry of long-term hedge funds.
Securities and Exchange Board of India (Sebi) has tweaked the benchmarking norms for mutual fund (MF) schemes in a bid to bring more uniformity. The regulator has introduced a two-tiered structure for benchmarking of schemes and all the benchmarks followed should be total return index (TRI). According to the circular, the first-tier benchmark shall be reflective of the category of the scheme, and the second-tier benchmark should be demonstrative of the fund manager's investment style or strategy within the category.
SoftBank-based e-commerce marketplace Snapdeal has deferred its Rs 1,250 crore IPO, joining the list of startups that have decided to shelve their initial public offering (IPO) plans this year. Snapdeal, which competes with Amazon and Flipkart, filed a request this week with the Securities and Exchange Board of India (Sebi) to withdraw its draft red herring prospectus (DRHP) amid a sell-off in tech stocks worldwide. "Considering the prevailing market conditions, the company has decided to withdraw the DRHP. The company may reconsider an IPO in the future, depending on its need for growth capital and market conditions," a Snapdeal spokesperson said.
India Inc seems to be doing a good job of protecting investors' interests following a crackdown by the market regulator earlier this year, as the number of complaints relating to non-receipt of refunds and allotment letters have nearly halved.
Mutual fund (MF) houses have started realigning their overseas product offerings after the Securities and Exchange Board of India (Sebi) advised them to stop subscriptions. PPFAS Asset Management has decided to suspend transactions in Parag Parikh Flexi Cap Fund with effect from February 2, 2022. Though new lump-sum and systematic investment plans (SIPs) will not be accepted, existing SIPs and systematic transfer plans (STPs) will continue.
The development comes after Sebi received representations from listed entities, chartered accountant firms, and industry bodies, seeking further extension of time for filing of financial results for the quarter/half year/financial year ended March 31, 2020.
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.
On May 6, the fund house had issued a statement where it had stated that it had launched a suo motu investigation two months ago to probe potential irregularities.
SoftBank-backed hospitality major OYO is planning to reduce the number of shares it aims to sell through public listing because of reduced capital requirements and technology headwinds. This comes at a time when valuations of start-ups, including that of OYO, have taken a hit. "OYO earlier filed papers for its IPO (initial public offering) based on its funding requirements at the time.
Indians spent more on foreign investments during the past 12 months than they have since at least 2012.
The impending merger between Housing Development Finance Corporation (HDFC) with HDFC Bank may create challenges for large-cap fund managers, most of whom are already grappling to match the returns generated by their benchmarks. The combined weight following the merger in the benchmark Sensex and Nifty 50 indices is likely to be much higher than permissible limits for active mutual fund (MF) schemes. This could have a bearing on the performance of large-cap funds if HDFC Bank shares outperform the markets, as the schemes will be forced to remain underweight on the stock to adhere to the single-stock cap.
The government would take a number of steps to energise and deepen the country's corporate bond as well as currency derivatives market.
The agency recorded his statement under criminal sections of the Prevention of Money Laundering Act (PMLA), officials said.
The government should take steps to mandate that companies have at least two women board members, and at least one of them should be an independent director, in the next two years.
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Securities and Exchange Board of India (SEBI) has 'drawn a blank' in its probe into alleged violations in money flows from offshore entities into the conglomerate.
Be wary of co-operative banks which have historically been most vulnerable.
Coal India Ltd's IPO was one of the big-ticket issues.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
Fintech firm MobiKwik on Monday filed a draft red herring prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (Sebi), for its initial public offering (IPO). According to its DRHP, the company plans to raise Rs 1,900 crore, which includes a fresh issue of Rs 1,500 crore and an offer for sale of Rs 400 crore. The selling shareholders include American Express Travel, Bajaj Finance, Cisco Systems and Sequoia Capital India, besides founder Bipin Preet Singh. MobiKwik is the latest among tech majors wanting to list on stock exchanges. Food delivery start-up Zomato will launch its IPO on Wednesday.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
India should become a regional hub for financial services and constantly engage in new activities to sustain economic growth, Union Finance Minister Jaswant Singh said on Thursday.
To become a sponsor-free AMC, a MF must have positive liquid net worth and net profit of at least Rs 10 crore in all of the preceding five years.
We have not been able to communicate in a very articulate manner and clear manner on the merger as earnings were due, says HDFC CEO.
The Enforcement Directorate has recently recorded the statement of former NSE managing director and chief executive officer Chitra Ramkrishna, lodged inside Delhi's Tihar jail, as part of a money laundering investigation against her and others, officials said Tuesday. The proceedings for recording the statement were conducted on two occasions inside the jail. The statement has been recorded under the criminal sections of the Prevention of Money Laundering Act (PMLA), they said. Ramkrishna is lodged in the Tihar jail after she was arrested by the Central Bureau of Investigation (CBI) on March 6 in the alleged National Stock Exchange (NSE) co-location scam case and investigation linked to other governance irregularities at the bourse.
Weeks after it revised the rating outlook of two companies of embattled Adani group, S&P Global Ratings on Wednesday said it is watching for additional information on the conglomerate's governance and funding for any ratings action. Investors, it said, seek clarity on the credit impact of a string of allegations against the group in a short-seller report published in late January, and on the findings of a recently launched Supreme Court investigation. S&P Global published an FAQ-style commentary titled, "Adani Group: The Known Unknowns".
Industry players credit Sebi's first woman chairperson with putting special emphasis on cyber security, use of tech and data, areas where Sebi is trying to 'stay ahead of the curve'.
Sebi has barred fugitive businessman Mehul Choksi and one Rakesh Girdharlal Gajera from the capital markets for one year and levied a fine totalling Rs 2.5 crore on them for violating insider trading rules in the matter of Gitanjali Gems. In addition, they have been restrained from buying, selling or otherwise dealing in securities of Gitanjali Gems Ltd (GGL) for a period of two years. Also, the Securities and Exchange Board of India (Sebi) has directed Gajera to disgorge a sum of Rs 15.82 crore.
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