While the proposed new tax regime is optional for taxpayers, the finance minister has said the government eventually wants to do away with all exemptions with a lower tax-rate simplified structure.
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
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.
Blackstone, KKR, and Bain Capital, among others, are in the race for its general insurance arm, and Bandhan Bank, Bain, and Dabur Investments have shown interest for RCap's 51 per cent stake in the life insurance business.
With the lockdown being eased gradually, providing more and more digital solutions, for service delivery and procurement of new policies, is what the corporation is focussing on.
Amid volatility in stock markets generated by tension between Russia and the US over Ukraine, LIC chairman M R Kumar on Monday said that the insurance behemoth was watching the geo-political situation carefully, though it was keen on listing of the IPO in March. The Life Insurance Corporation (LIC) has already filed the DRHP with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). "We are watching the situation closely and carefully...but we are very keen on having listing in March," Kumar said, when asked about the impact of the evolving geopolitical situation on the upcoming IPO.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
The Delhi high court on Thursday reserved its judgment on a batch of petitions challenging the Centre's Agnipath scheme for recruitment in armed forces.
For the initial public offering (IPO) of the Life Insurance Corporation of India (LIC), the Centre has shortlisted 50-60 anchor investors, which include BlackRock, Sands Capital, Fidelity Investments, Standard Life, and JP Morgan, and will soon finalise its anchor book. The feedback from anchor investors has led to price discovery in LIC shares, valuing India's largest insurer at around Rs 7 trillion, said an official aware of the development. The "attractive valuation" is seen widening the investor base by providing an opportunity to more of them to participate in the IPO, the official added.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
LIC's public offer, the country's biggest-ever IPO, witnessed full subscription of the retail portion on day three on Friday. The overall issue was subscribed 1.38 times, according to data posted on stock exchanges on 7 pm. Against 16,20,78,067 shares on offer, 22,36,98,915 bids were received. However, the Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portions are yet to be fully subscribed.
LIC's public offer, the country's biggest-ever IPO, was fully subscribed on the second day of bidding on Thursday. Against 16,20,78,067 shares on offer, 16,68,60,765 bids were received -- translating into a subscription of 1.03 times, as per data on stock exchanges as of 7 pm. However, the Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portions have received a tepid response so far.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
As many as 121,739 claims settled by insurers so far, amounting to Rs 1,165.81 crore.
The government will launch the mega public offer of LIC by March and file draft papers with market regulator Sebi by the end of this month, an official said. Finance Minister Nirmala Sitharaman had last week reviewed the progress of the initial public offering (IPO) of Life Insurance Corporation (LIC) in a meeting with top officials of the ministry. The official said the September 2021 quarter financials of LIC are getting finalised as well as fund bifurcation is in progress.
Roy has pulled out of the upcoming three match T20I series against Pakistan due to a side strain, which has effectively ruled him out of the IPL.
The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC. The government is planning to dilute its stake in LIC through the the Initial Public Offering (IPO). LIC in February had filed the Draft Red Herring Prospectus (DRHP) before the markets regulator Sebi for the IPO.
It is important to look at factors like claim settlement ratios, persistency ratios, the extent of premium increase with age, insurer's reputation, etc, says Vaidyanathan Ramani.
LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer. This is perhaps for the first time the special dispensation is granted to any public offer. The issue period also includes bidding on Saturday, May 7, 2022 and Sunday, May 8, 2022, LIC informed exchanges. Earlier bidding was allowed on May 7 (Saturday) only.
LIC's public offer, the country's biggest-ever IPO, saw the policyholders' portion being oversubscribed on the first day itself on Wednesday, though overall subscription stood at just 66 per cent. The government aims to generate about Rs 21,000 crore by selling 3.5 per cent stake in the insurance behemoth. The LIC initial public offering (IPO), open for retail and institutional investors, is set to close on May 9. The issue period also includes bidding on Saturday, May 7.
There is nothing to worry about while buying an online life insurance plan because the benefits you get are completely genuine and the plans are the same that are available offline, just that you can get them at a much reasonable rate and so you must take advantage of the benefits they provide.
"If the job profile is same, then how you justify different pay? A lot will depend on the job profile. Get instructions on this and put it on an affidavit," a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad told Additional Solicitor General Aishwarya Bhati who was representing the Centre.
IDBI Bank had to sell its MF arm after being acquired by state-owned insurance behemoth Life Insurance Corporation since LIC already had an AMC.
The older you get, the more premium you pay for buying life insurance. So it is better to buy a life insurance plan before your next birthday and save money on premium paid.
These products are extremely transparent and are the lowest charged products in the insurance space. The policyholder has to only pay the fund management charge. Hence, from the cost side, ULIPs are very competitive.
'Had there been no war, maybe, we would come out with a 7.5 per cent stake sale.' 'At this point in time, a 3.5 per cent stake sale looked good.'
The FM further said that the listing brings in more financial discipline among the entities.
Online food delivery platform Zomato was on Tuesday forced to clarify over the road safety of its delivery partners as its plans to start instant 10-minute food delivery faced backlash on social media. Zomato founder Deepinder Goyal, who had on Monday announced the company's plans to start a pilot of 'Zomato Instant' with four stations in Gurugram from next month, took to social media to clarify that there are no penalties for late deliveries and no incentives for on-time deliveries for both 10-minute and 30-minute deliveries. The 10-minute delivery will be for specific nearby locations, popular and standardised menu only, he said in a series of tweets.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
Tendulkar will join thousands of runners during the IDBI Federal Life Insurance New Delhi Marathon, on Sunday, to raise funds for the families of the martyrs of the Pulwama terror attack.
'Internet, healthcare and life insurance are a few sectors which offer solid long-term decadal potential.'
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
It is important to know the right details about your insurance policies while avoiding these mistakes, says Harjot Singh Narula.
While the likely intensity of the third wave is still a matter of debate, wisdom lies in being financially prepared for it, advises Bindisha Sarang.
'The entire value of LIC is created by its shareholders because after the initial invest net of Rs 5 crores in 1956, the government has not given any additional capital to the LIC.' 'If the corporation has expanded and emerged as the biggest financial institution in the country, it is only because of the policyholders.'
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
After the scheme was unveiled, protests erupted in several states against the scheme.
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