ICICI Bank has reported a decline in its quarterly net profit for the first time since its merger with ICICI.
Small and midcap schemes may impose restrictions on redemptions, cap employee withdrawals, and increase the exit load, while ensuring a proportionate liquidation of the portfolio during market crises to safeguard the interests of all investors. These measures have been outlined in the investor protection policies recently put out by mutual fund (MF) trustees. The policies for small and midcap schemes were prepared by MF trustees following directives from the Securities and Exchange Board of India (Sebi) earlier this month.
ICICI Bank Ltd on Wednesday opened its first overseas offshore branch in Singapore.
The bank's net profit fell to 2,232 crore for its fiscal first quarter to June 30.
Only investors with a higher risk appetite should enter these funds.
The RBI said it had not found initial evidence of money laundering against the three banks.
Reliance Capital Asset Management Company (RCAM) and ICICI Securities Primary Dealership have been selected to manage Rs 60,000 crore (Rs 600 billion) provident fund corpus of coal industry workers.
Sundaram Multi Pap, a Mumbai-based paper stationery manufacturer, on Monday disowned exotic hedging contracts entered into with ICICI Bank, saying the bank had misled the company into taking derivatives positions much beyond their underlying export risks.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
The country's two ubiquitous financial powerhouses, HDFC and ICICI Bank, have been the darling of participatory notes, the instrument through which overseas investors invest indirectly - through foreign institutional investors - in India's stock market. Among the stocks comprising Bombay Stock Exchange's Sensitive Index and National Stock Exchange's S&P Nifty, HDFC has the highest P-Notes holding in value, 14.2 per cent, followed by ICICI Bank's 9.1 per cent.
The board of ICICI Bank, the country's second-largest lender, will take a final call on appointing a successor to K V Kamath, its present managing director and chief executive officer, next month.
FIPB rejected the proposal on the grounds that it did not comply with the 26 per cent cap on foreign direct investment in insurance ventures, government sources said.
