Thursday, August 27
Mumbai: The board of the capital market regulator is set to discuss a proposal to revamp the fee structure for the mutual fund industry, which manages assets in excess of ₹80 lakh crore. The move is aimed at making mutual funds more transparent and cost-efficient for investors as part of a comprehensive review of Securities and Exchange Board of India (Sebi) regulations in nearly three decades. The regulator's board, which is scheduled to meet on December 17, will also discuss a proposal to simplify initial public offering (IPO) disclosures and ease pre-IPO lock-in rules besides taking up the expert panel's report on conflict of interest rules for its top officials. In October, Sebi proposed to reduce total expense ratio (TER) across equity and debt funds. It also proposed lower brokera
The rupee on Monday closed to a new low of 90.73 against the dollar as foreign institutional investors continued offloading their exposure to Indian equities.The currency depreciated 32 paise from Friday's closing level of 90.41, after touching the intra-day low at 90.80, which is its lowest ever level.The deadlock on the Indo-US trade deal despite the talks ending on December 12 keeps the foreign investors on the sale mode, forex dealers said. This was compounded by the strong dollar demand from importers."The sentiment is very negative. The pressure on rupee may continue as the market remained thin and as we approach the fag end of the year with no inflows in sight," said KN Dey, a veteran forex consultant.The market is now witnessing dollar outflows from both the equity and the debt seg
New Delhi: The government is likely to offer an interest-free moratorium of four to five years to Vodafone Idea (Vi) on over ₹83,000-crore of its pending statutory dues linked to adjusted gross revenue (AGR), giving immediate relief to the cash-strapped telecom operator.After the moratorium ends, the company will be required to pay arrears in six instalments, but the amount is likely to be reduced substantially, to nearly half, after a reassessment of liabilities, people aware of details told ET."A committee will be formed, headed by a secretary-level official, either serving or retired, which will hear the views of both, the telecom department and Vi," said one of the people on condition of anonymity, as the details have not been announced.Awaiting Cabinet NodIt will then “take a call
JM Financial has undergone a major restructuring over the past year, with wealth management and private markets likely to emerge as its growth engines. Vice chairman and managing director Vishal Kampani tells Rozebud Gonsalves and Sangita Mehta that private markets could surpass capital markets in profitability in the next two to three years. He says the IPO story will slow down if the secondary markets outperform and IPOs don't trade well. Edited excerpts: JM Financial has restructured its operations over the last one year. What are the new focus areas? We have four core businesses: capital markets & corporate advisory, wealth & asset management, private markets and home loans. Wealth and asset management continues to be the key focus area for us. We have onboarded 1,000 salespeo
Mumbai: Banks' net interest margins (NIMs) are set to face renewed pressure after lenders led by State Bank of India (SBI) trimmed their marginal cost of funds-based lending rate (MCLR) by five basis points, following the Reserve Bank of India's recent policy rate cut.Bankers said the move will delay margin recovery since they cannot cut deposit rates sharply due to stiff competition from alternative investment avenues such as mutual funds.Though the lending rate cut is lower than the 25-basis point repo rate cut announced by the RBI, it is likely to delay the recovery in bank NIMs, they said.On Friday, SBI cut its benchmark MCLR rate by five basis points across all tenures. The interest rate on its special Amrit Vrishti 444-day deposit scheme was also cut by 15 basis points to 6.45% while
