Food and grocery delivery major Zomato has pulled the plug on its plan to enter the lending business. Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI), stating that the company does not have plans to pursue lending in the future. "There is no material impact on the revenue/operations of the company and this disclosure is being made voluntarily," the Gurgaon-based company said in a regulatory filing on Tuesday.
Investors should match their investment horizon with the fund's portfolio duration.
Food delivery app Swiggy on Wednesday launched a Rs 11,330-crore initial share sale, asking investors to take a pie of Indian middle class' rising propensity of online ordering. The company, which is present in over 650 cities and towns of the country, is launching the initial public offering (IPO) amid heightened concerns on urban demand slump, and the management stressed that it is unaffected by the broader trends in the economy. "We are also reading about it, but we are not seeing that yet in the business... So far, we have not seen the impact of demand on our business," its chief financial officer Rahul Bothra said.
The Pakistan government has issued an order barring all government employees from using social media without permission to stop disclosure of official information and documents, The News International reported.
The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers. These four entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance, which provides personal, consumption, and micro, small and medium enterprises loans, and Flipkart co-founder Sachin Bansal's Navi Finserv, which offers home and personal loans. The ban will take effect on October 21 to "facilitate closure of transactions in the pipeline", the regulator said in a statement.
The Securities and Exchange Board of India (Sebi) has proposed sweeping changes to the rights issue framework to enhance its attractiveness, aiming to make it the preferred route for additional fundraising by listed companies. Among the changes proposed by the market regulator are reducing the timeline to first 20 days and then to just three days, allowing shareholders to renounce their rights entitlement to investors of their choice, and eliminating the requirement to appoint an investment banker or file a draft letter of offer.
The top court said it had already passed an order on this issue and it was for the law enforcement agencies to implement the order.
The Central Bureau of Investigation has listed 11 pieces of evidence, such as reports of DNA and blood samples, in its charge sheet to hold arrested Kolkata Police civic volunteer Sanjay Roy as the 'sole accused' in the rape and murder of a woman doctor at the RG Kar hospital in Kolkata.
Following a review of peer-to-peer (P2P) platforms, certain issues -- including high non-performing asset levels, significantly high balances in escrow accounts, and non-compliance with net owned fund and disclosure requirements -- came to the RBI's attention.
The high court had dismissed the PIL relying on the apex court's decision of August 18, 2020, which refused a plea by NGO CPIL for the CAG audit of PM-CARES Fund.
Markets regulator Sebi on Tuesday imposed a penalty of Rs 5 crore on NDTV for its failure to disclose price-sensitive information about VCPL loan agreements but the company denied the charges and said it will appeal against the ruling. The loan agreements had clauses and conditions that substantially affected the functioning of the media company, Sebi said in its order. The regulator said its probe began after receipt of complaints in 2017 from Quantum Securities Pvt Ltd about an alleged violation of rules by non-disclosure of material information to the shareholders about loan agreements with Vishvapradhan Commercial Private Ltd (VCPL).
'IPOs have performed exceptionally well, with a notable increase in average ticket size from Rs 800 crore in the last financial year to around Rs 1,300 crore in this financial year.'
The Madhya Pradesh forest department has refused to provide information under the Right to Information Act on management of cheetahs brought from Africa and their cubs born in India.
The Supreme Court had observed that issues of national economic interest; disclosure of information regarding currency or exchange rates/interest rates/ taxes; regulation or supervision of banking, insurance and other financial institutions; proposals for expenditure or borrowing, and foreign investments, could all, in some cases, harm the national economy, especially if released prematurely.
The ECI data covers 20,421 bonds worth Rs 12,769 crore. The ADR data, however, collated information on 27,811 bonds worth Rs 16,492 crore. The gap is nearly Rs 4,000 crore and involves over 7,000 bonds.
'A 20 per cent equity allocation to ESG funds is a good start.' 'As more evidence on ESG performance builds, investors may increase allocations.'
'The whole set was in awe. Those five days of shooting were an unforgettable experience.'
Issuing guidelines for enhanced disclosures by CRAs, the watchdog has called for having a uniform Standard Operating Procedure in respect of tracking and timely recognition of default.
'The global median of whistle-blower complaints is 1.5 per cent of the total employees. India's reporting is far away from this average.'
A five-judge constitution bench headed by Chief Justice D Y Chandrachud said there is "no manner of doubt" that the SBI is required to disclose complete details of the bonds.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
Allocation to bank deposits -- fixed deposits, savings account deposits, and current account deposits -- came down.
The Centre's decision to block the entire social media account of 'Hindutva Watch' on the basis of certain alleged offending posts is 'disproportionate' and contrary to the law, social media giant 'X' has told the Delhi high court.
Much of the discussion is happening at a "family level, not a corporate level". That means it is an Ambani or a Goenka in direct talks with Johar.
The top court said it cannot order a roving inquiry into purchase of electoral bonds on the assumption that it was quid pro quo for award of contract.
Benchmark equity indices Sensex and Nifty slumped over 1 per cent on Friday, tracking a weak trend in global markets and fresh foreign fund outflows. Falling for the third day running, the 30-share BSE Sensex tumbled 1,017.23 points or 1.24 per cent to settle at 81,183.93.
The assertion comes in the wake of the Supreme Court directing the SBI to submit the details of the electoral bonds purchased since April 12, 2019 to the EC.
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.
Reacting to Waze's claims, Fadnavis, who heads the Home department, assured to conduct a proper inquiry.
Seeking prompt removal of identifiable references of the deceased from all social media platforms, the IT ministry warned that failure to comply with the apex court's order may result in legal consequences and further regulatory action.
The Securities and Exchange Board of India (Sebi) on Monday proposed expanding the scope of regulations prohibiting insider trading to a wider group of people, including those connected to the officials in access to price-sensitive information. The market regulator has suggested changes in the definition of "connected persons" and "relative" to address any gaps in the norms and possible violations.
The disclosure of files provided by India's second army chief General Sir Roy Bucher to Nehru Memorial Museum and Library about Jammu and Kashmir related to the period of 1947-49, which may throw light on Accession, is in 'national interest,' the central information commission has observed in an order.
The government on Tuesday announced central assistance of Rs 2.2 lakh crore over the next five years to meet housing requirement of 1 crore urban poor and middle class families under the Pradhan Mantri Awas Yojana-Urban and proposed interest subsidy to provide loans at affordable rates. In her Budget speech, Finance Minister Nirmala Sitharaman said, "Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore." "This will include the central assistance of Rs 2.2 lakh crore in the next 5 years," she added.
Mohammad Javed, one of the accused in the tailor Kanhaiya Lal murder case in Rajasthan's Udaipur in 2022, was on Thursday granted bail by the Rajasthan high court. Reacting to the development, former chief minister Ashok Gehlot alleged that the Bharatiya Janata Party used the case to gain electoral advantage, whereas BJP leader Rajendra Rathore said his party's government was committed to punishing the culprits behind the murder.
Moveable assets accounted for 46 per cent of the wealth of the 10 richest candidates in the first phase of the 2024 elections.
The Election Commission has opposed in the Supreme Court an NGO's demand to upload polling station-wise voter turnout data on its website within 48 hours of the conclusion of polling for each phase of the Lok Sabha elections, contending it will "vitiate" the electoral space and cause "chaos" in the poll machinery in the midst of the general elections.
'Many do not have robust business models, and their prospects of survival and long-term growth are poor.'
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
'There are ominous portents of an isolationist administration not only building a physical wall to the south to prevent unwanted immigrants from entering the land of milk and honey, but also trade walls not just against China, but all nations,' foresees Sreekant Sambrani.
Out of 3,871 recovery certificates issued by the regulator in various cases, 807 have been certified as difficult to recover.
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