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New Delhi, Mar 12 () The government has given up to one-year time for Nidhi companies to update their details. In order to make the regulatory regime for Nidhi companies, which are kind of NBFCs, more effective and also to accomplish the objectives of transparency and investor friendliness, the government amended the provisions related to Nidhi firms under the Companies Act. The rules became effective from August 15, 2019. Under the new provisions, Nidhi companies have to apply to the central government for updation of their status or declaration as 'Nidhi Company' in 'Form NDH-4', the government said in a statement on Thursday. With regard to the time-frame for applying for the updation, the government said companies incorporated as Nidhi before the amendment have to apply within a period of one year from the date of its incorporation or within 9 months of the amendment rules, whichever is later. "Companies incorporated as Nidhi on or after Nidhi Amendment Rules, 2019 (August 15, 2019) have to apply within 60 days of expiry of one year from the date of incorporation or extended period," it added. In case a company does not comply with these requirements, it will not be allowed to file Form No. SH-7 (notice to Registrar for any alteration of share capital) and Form PAS-3 (return of allotment). In case of contravention, the company and every officer who is in default shall initially be punishable with fine which may extend to Rs 5,000 and further fines in case of continuous violations. Further, the investors have been advised to verify the status of Nidhi company before making any investment or deposit. Under the rules, a company is incorporated as Nidhi with the object of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit. SP ABMABM

Govt gives 1-yr time for Nidhi cos to update details

After it was revealed that Cambridge Analytica improperly accessed data from 87 million Facebook users, privacy concerns have been front and center in tech. We have seen increased volatility in the tech sector over the past few weeks and questions about the impact of possible regulations. Nidhi Gupta, the manager of the Fidelity Select Multimedia Fund says <a href="https://www.fidelity.com/viewpoints/investing-ideas/will-tech-sector-investments-suffer-from-regulations" target="_blank" rel="noopener">p</a><a href="https://www.fidelity.com/viewpoints/investing-ideas/will-tech-sector-investments-suffer-from-regulations" target="_blank" rel="noopener">otential regulation falls into 3 buckets</a>: Content safety, antitrust, and data protection. The big one on everyone's mind following the recent Cambridge Analytica scandal is data protection. Europe has already enacted new regulations to protect users' data which was approved in 2016 and is going into effect this May. <a href="https://www.fidelity.com/viewpoints/investing-ideas/will-tech-sector-investments-suffer-from-regulations" target="_blank" rel="noopener">According to Gupta</a>, "The general spirit of the GDPR regulation is that users should have control over their private data, and should be opted out by default rather than being defaulted by the service into having their data captured. The other key aspect of the regulation is that the data protection policies should be presented to the user in simple terms, and should not be buried in the legal language of long user agreement documents."Facebook gets 25% of its revenue from Europe. <a href="http://www.businessinsider.com/gdpr-privacy-law-eu-massive-timely-facebook-2018-4" target="_blank" rel="noopener">The worst-case scenario</a> is that a bunch of users see the explicit consent request, opt out, and deprive Facebook of data in one of its most valuable advertising markets. According to a recent Goldman Sachs analysis, <a href="http://www.businessinsider.com/facebook-revenues-gdpr-2018-4?utm_content=buffer27644&amp;utm_medium=social&amp;utm_source=facebook.com&amp;utm_campaign=buffer-bi" target="_blank" rel="noopener">Facebook could lose about 7% of its revenue</a> due to less time spent on the platform and lost ad revenue due to European regulations.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.businessinsider.com/gdpr-privacy-law-eu-massive-timely-facebook-2018-4">Facebook/Business Insider</a>Facebook revenue by user geography</div></div></div>Fidelity's Nidhi Gupta says <a href="https://www.fidelity.com/viewpoints/investing-ideas/will-tech-sector-investments-suffer-from-regulations" target="_blank" rel="noopener">privacy concerns are real, but don't change long-term innovations</a>. She views the real issue as broader than regulation, "When delivering a service that billions of people are using, the hardest constituency to please is your user base. Regulations may actually lag what these platforms need to do to keep users happy." According to Gupta, the issue ultimately comes back to user trust which these companies have always had to manage.<h3>READ MORE: <a href="https://www.fidelity.com/viewpoints/investing-ideas/will-tech-sector-investments-suffer-from-regulations">Will regulation hurt tech stocks?</a></h3>

Facebook's recent struggles have investors in a panic - and looming regulation could change how it does business forever

New Delhi, Feb 27 () HCL Foundation, the CSR arm of HCL Technologies, on Thursday awarded a grant of Rs 16.5 crore to nine NGOs which will work in areas of education, environment and health. A grant of Rs 5 crore each was awarded to three NGOs -- Under The Mango Tree Society, Bal Raksha Bharat and Operation Asha for a period of five years. Six NGOs were given grant of Rs 25 lakh each for a period of one year. HCL Grant is an institutionalised CSR grant that aims to recognise non-governmental organizations (NGOs) and support their breakthrough projects reaching out to the rural communities in the country. "It is extremely important to bring equal opportunities to people coming from every strata of the society. I am highly impressed with the kind of impact these NGOs are bringing in the rural communities," cricketer and Padma Bhushan Kapil Dev said while addressing an event to announce the grant. HCL Technologies Chairperson Roshni Nadar Malhotra said, "Our collaborative model allows us to support communities with critical concerns needing immediate attention and HCL Grant is a prime example of the same." HCL Foundation Director Nidhi Pundhir said the company received over 5,000 registrations across the three categories. After robust evaluation process, three NGOs per category were shortlisted for the final selection looking at their outstanding work. The projects of these NGOs will be monitored by HCL Foundation and funds will be released accordingly, she said. LUX SR RVK

HCL Foundation gives Rs 16.5 cr grant to 9 NGOs

New Delhi, Feb 24 () Prime Minister Narendra Modi on February 29 will celebrate one year of implementation of the government's ambitious PM-Kisan scheme in Chitrakoot district of Uttar Pradesh, Agriculture Minister Narendra Singh Tomar said on Monday. Just before the general elections, Modi had launched the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) on February 24, 2019 in Gorakhpur. Under the scheme, the central government aims to provide Rs 6,000 per year in three equal instalments to 14 crore farmers. At present, all states except West Bengal are implementing the scheme. So far, 9.74 crore farmers are registered under the scheme, of which 8.45 crore farmers have received the payment so far after the data verification by state governments, according to the official data. "The one year completion of the implementation of the PM-Kisan will be celebrated at Chitrakoot in Uttar Pradesh on February 29. The Prime Minister on the occasion will distribute Kisan Credit Cards (KCC) to the beneficiaries of the PM-Kisan," Tomar said at the launch of a mobile app on PM-Kisan. Banks at district level will distribute the credit cards to PM-Kisan beneficiaries on that day, he said, adding that farmers can avail short term loan using these cards. The Prime Minister will also unveil setting up of 10,000 farmers producers companies (FPOs) announced in the budget. The Centre will provide fund of Rs 15 lakh to each FPO, he added. The minister said the government has taken several steps for achieving the target of doubling farmers income by 2022. The launch of PM-Kisan, ensuring credit and empowering farmers to pool together to form a company for better realisation - all these are step towards increasing farmers income. LUX MRMR

PM to celebrate one year of PM-Kisan in UP on Feb 29

<ul class="summary-list"><li>Apple is closing in on a $3 trillion valuation a week after it launched the Vision Pro headset.</li><li>Shares are up 41% so far this year — outpacing a 35% gain in the tech-focussed Nasdaq 100 Index.</li></ul>Tech giant <a href="https://markets.businessinsider.com/stocks/aapl-stock" target="_blank" rel="noopener">Apple</a> is riding on a wave of enthusiasm in its share price which has taken its market cap near to a historic valuation of $3 trillion.Apple's share price closed 1.6% higher at $183.79 on Monday, bringing the company's valuation to nearly $2.9 trillion. Shares are up 41% this year — outpacing a 35% gain in the tech-focussed Nasdaq 100 Index over the same period.Apple shares have been on a tear after the company unveiled the <a href="https://www.businessinsider.com/apple-vision-pro-mixed-reality-headset-specs-cost-release-date-2023-6" target="_blank" rel="noopener">Vision Pro mixed reality headset</a> last Monday. Some analysts said at the time the hardware product could drive up the tech giant's valuation massively, Insider's <a href="https://markets.businessinsider.com/news/stocks/apple-stock-table-pounder-ar-headset-vision-pro-debut-ai-2023-6" target="_blank" rel="noopener">Zinya Salfiti and Nidhi Pandurangi reported last Tuesday.</a> It's not just the headset that's motoring the share price gain.Prominent Wedbush analyst Dan Ives predicts that the sales of the upcoming iPhone 15 and Apple's services business will further boost Apple shares, <a href="https://www.businessinsider.com/analyst-predicts-apple-monster-iphone-15-sales-cycle-2023-6">Insider's Julie Bort</a> reported on Monday. Ives is particularly bullish on Apple's Services business, which comprises its cloud service and storage business.It's not the first time Apple's valuation has hit the <a href="https://markets.businessinsider.com/news/stocks/apple-stock-3-trillion-market-capitalization-for-first-time-ever-2022-1">$3 trillion mark</a> — the tech giant became the first US company to cross the threshold in January 2022 — before a broad-based rout in tech shares took its market cap lower.Tech shares have been on a blistering rise this year, fuelled by the rush into artificial intelligence following the viral success of OpenAI's <a href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT.</a>

Apple is within a hair's breadth of a historic $3 trillion valuation one week after unveiling its Vision Pro

There is no stopping resignations of senior executives at <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> and now, its head of advanced battery engineering, <keyword id="14862118" type="General" weightage="20" keywordseo="Ashok-Saraswat" source="Orion">Ashok Saraswat</keyword>, has moved on. Saraswat, who joined SoftBank-backed <keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword> last year, is set to join a company that is entering the battery business, reported The Economic Times, citing sources. When reached out, Ola Electric did not comment on the development. More than half a dozen senior executives have quit Ola Electric in recent months, as the Bhavish Aggarwal-run EV maker revealed plans to develop indigenous cells and batteries in the country. Last month, Ola Electric announced to invest $500 million for setting up its state of the art Battery Innovation Centre (BIC) in Bengaluru. The innovation centre will have capabilities to develop complete packages of battery pack design, fabrication and testing under one roof. The company had said that it will recruit top global talent including 500 PhDs and engineers who will be supported by an "additional 1,000 researchers in India and multiple other global centres". Ola recently unveiled its first Li-ion cell, saying it will begin the mass production of its cell from its upcoming Gigafactory by 2023. However, the resignations at the senior level at the company continue. Yashwant Kumar, Senior Director and Business Head for Charging Networks at the company, decided to move on last month. A B.Tech from the Indian Institute of Technology-Bombay, Kumar joined Ola Electric in March last year. In June, Ola Electric's Director HR, Ranjit Kondeshan, decided to move on. Nidhi Chaturvedi Jha quit Ola Electric as regional head in May and joined Amazon. In April, chief marketing officer Varun Dubey left the company due to "personal reasons". Earlier, Dinesh Radhakrishnan, who was the chief technology officer (CTO) at Ola Electric, moved on from the company. According to his LinkedIn profile, he was appointed CTO at Ola Electric in May last year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/warren-buffett-sells-47-mn-worth-stake-in-chinese-ev-firm-byd/articleshow/93902458.cms" style="">Warren Buffett sells $47 mn worth stake in Chinese EV firm BYD</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/nokia-launches-the-flip-phone-in-india-at-4699-all-details-here/articleshow/93904615.cms">Nokia launches the flip phone in India at ₹4,699 - all details here</a>

Ola Electric’s head of battery unit Ashok Saraswat quits

There is no stopping resignations at <keyword id="4393078" type="General" weightage="100" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> and now, <keyword id="1329846" type="General" weightage="50" keywordseo="yashwant-kumar" source="Orion">Yashwant Kumar</keyword>, who is Senior Director and Business Head for Charging Networks at the company, has decided to move on. A B.Tech from the Indian Institute of Technology-Bombay, Kumar joined Ola Electric in March last year. He is among several senior employees who have made a beeline to leave Bhavish Aggarwal-run electric two-wheeler company in the recent months, sources told IANS on Sunday, amid global meltdown, supply chain issues and several EV fire episodes that have shaken the trust of EV buyers in the country. The news about Kumar's resignation was first reported by <keyword id="4997154" type="General" weightage="50" keywordseo="et-auto" source="Orion">ET Auto</keyword>. Ola Electric refused to comment on this. Kumar was earlier Co-founder and CEO of digital marketing agency GenY Medium in Hyderabad and worked at Procter &amp; Gamble for more than five years. He led branding initiatives for Pantene and Pringles for the South East Asia markets, prior to starting GenY Medium in India. Last month, Ola Electric's Director HR, Ranjit Kondeshan, decided to move on. Kondeshan departed from the electric mobility company on July 2, just 14 months after joining. Ola Electric, facing a government probe in battery fires along with other EV players, has seen some high-profile exits in recent months. Nidhi Chaturvedi Jha quit Ola Electric as regional head in May and joined <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword>. In April, chief marketing officer Varun Dubey left the company due to "personal reasons". Earlier, Dinesh Radhakrishnan, who was the chief technology officer (CTO) at Ola Electric, moved on from the company. According to his LinkedIn profile, he was appointed CTO at Ola Electric in May last year. Meanwhile, Arun Sirdeshmukh who was head of <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword>, which is the used car commerce division of the company, announced his departure from the company. Ola Electric again saw its sales dipping in the month of June, taking the company to fourth place in the overall category. It saw 5,869 electric scooters' sales (as of June 30), according to the VAHAN data. Ola Electric was the top EV player in the country in April and since then, it has seen its position sliding continuously. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/lucknow-to-create-four-monkey-forests-to-keep-the-simians-off-cities/articleshow/92644030.cms">Lucknow to create four 'monkey forests' to keep the simians off cities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tomato-is-changing-the-fortunes-of-himachal-farmers-in-solar-sirmaur-and-kullu/articleshow/92644004.cms">Tomato is changing the fortunes of Himachal farmers in Solar, Sirmaur and Kullu</a>

Ola Electric's head of charging Yashwant Kumar quits

<ul><li>His latest investment is into Tork Motors — an electric vehicle startup. </li><li>Before this, Tata invested in taxi aggregators, e-vehicle makers to jewellery lines. </li><li>And, he has made good bets too, as the valuations of all the startups he backed, have zoomed. </li></ul>After heading the $100 billion Tata Group — India’s largest conglomerate — for 24 years, <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> has turned a serial investor. The 81 year old invested his private wealth in 30 startups, and is constantly adding to the list. His latest investment is into <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/ratan-tata-to-invest-in-tork-motors/articleshow/71580081.cms">Tork Motors </a>— an electric vehicle startup. Tork Motors will introduce its flagship motorcycle, T6X in the coming months. Tata is among the world’s most influential industrialists. He set up a RNT Associate in 2009, three years before retiring from Tata Sons. Since then, Tata invested in taxi aggregators, e-vehicle makers to jewellery lines. And, he has made good bets too, as the valuations of all the startups he backed, have zoomed. "The thing that I am intrigued by first is a start-up that has an interesting concept which excites me. If it doesn’t excite me, I really don’t need to make an investment in that company," said Tata. Being associated with the Tata name also brought the much-needed endorsement for other investors into these ventures. "His involvement is really inspiring when it comes to existing employees and even attracting top talent,” says Nidhi Agarwal, founder of startup Kaaryah who also managed to bring Tata on-board, as an advisor. Here are some of the startups he invested in: 
	<div type="Slideshow" msid="71592841" hostid="261" title="One of India's oldest billionaires is a serial investor in startups" firstImageMsid="71592843" slideCount="7"></div>

One of India's oldest billionaires is a serial investor in startups

<ul><li>HR Director <keyword id="14299448" type="General" weightage="20" keywordseo="ranjit-kondeshan" source="Orion">Ranjit Kondeshan</keyword> quits as a top executive.</li><li>Ola witnessed 31 top-level resignations and 40 new postings since 2020.</li><li>The high-profile exits come at a time when Ola is reportedly planning its IPO this year.</li></ul>The resignation drive of senior executives at <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> continues and now, its Director HR Ranjit Kondeshan has decided to move on. According to sources, Kondeshan would depart from Bhavish Aggarwal-run electric mobility company on July 2, just 14 months after joining. According to his LinkedIn profile, Kondeshan joined Ola Electric Mobility from Visa where he worked for three years in Mumbai. Before Visa, he was Senior HR Manager at Bajaj Allianz Life. Ola Electric, facing a government probe in battery fires along with other EV players, has seen some high-profile exits in recent months. Nidhi Chaturvedi Jha quit Ola Electric as regional head in May and joined Amazon. In April, chief marketing officer Varun Dubey left the company due to "personal reasons". Earlier, Dinesh Radhakrishnan, who was the chief technology officer (CTO) at Ola Electric, moved on from the company. According to his LinkedIn profile, he was appointed CTO at Ola Electric in May last year. Meanwhile, Arun Sirdeshmukh who was head of Ola Cars, which is the used car commerce division of the company, announced his departure from the company. The high-profile exits come at a time when Ola is reportedly planning its IPO this year at a lower valuation than planned earlier as several startups' IPOs have proved to be a nightmare for the investors. Ride-hailing platform Ola this week shut down its used vehicle business Ola Cars as well as Ola Dash, its quick-commerce business, at a time when Indian companies are pouring money into the 10-15 minute grocery delivery market. The company shut Ola Cars within one years of its launch, as it focuses on its electric two-wheeler and car verticals. Ola has so far shut down Ola Cafe, food panda, Ola Foods, and now Ola Dash. Ola now aims to invest more towards its electric car, cell manufacturing, and financial services businesses. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/lays-kurkure-and-bingo-are-taking-over-indian-snacks-like-aloo-bhujia/articleshow/92508625.cms">Lay’s, Kurkure and Bingo are taking over Indian snacks like Aloo Bhujia, Murukku</a> <a href="https://www.businessinsider.in/tech/enterprise/how-it-works-internet-of-things-iot-for-manufacturing/articleshow/92509382.cms">How IT Works: Internet of Things (IoT) for manufacturing</a>

Ola Electric’s HR Director quits after fourteen months as top executives depart

<ul class="summary-list"><li>Apple's diversifying supply chains away from China, but it's still using Chinese firms to make the Vision Pro.</li><li>A bill of materials showed eight Chinese firms are involved in the making of the headset.</li></ul>Tech giant <a href="https://www.businessinsider.com/apple-accelerates-production-china-protests-2022-12">Apple has been trying</a> to diversify its supply chains away from China — but it appears there's no getting away from the manufacturing powerhouse.Apple's reliance on Chinese suppliers is evident from a Tuesday analysis of the latest bill of materials — a list of raw materials and parts — for the <a href="https://www.businessinsider.com/apple-vision-pro-mixed-reality-headset-specs-cost-release-date-2023-6?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Vision Pro mixed reality headset</a> unveiled last week, according to <a href="https://xueqiu.com/8161959142/253020984" target="_blank" rel="noopener">Wellsenn XR,</a> a China-based consultancy.According to Wellsenn, the list shows eight Chinese companies involved in the making of Apple's Vision Pro headset. They include <a href="https://www.hngn.com/articles/249481/20230614/apple-taps-chinese-market-to-produce-vision-pro-headset.htm">camera module maker Cowell e Holdings</a> and <a href="https://asia.nikkei.com/Spotlight/Supply-Chain/Apple-taps-China-s-Luxshare-to-develop-augmented-reality-device">Luxshare, a company assembling the product for Apple</a>. It is not immediately clear how Wellsenn procured the list.Last November, Apple was burned by an overreliance on Chinese production lines after the <a href="https://www.businessinsider.com/apple-iphone-pro-china-covid-19-protests-shortfall-2022-11" target="_blank" rel="noopener">iPhone output</a> was hit by China's relentless zero-COVID pursuit at the time. <a href="https://www.businessinsider.com/china-trade-war-covid-companies-moving-supply-chains-2022-12">Apple has already</a> moved some of its <a href="https://www.reuters.com/technology/apple-says-it-is-excited-be-manufacturing-iphone-14-india-2022-09-26/" target="_blank" rel="nofollow noopener">iPhone production</a> to India and is also exploring moving its <a href="https://www.reuters.com/technology/apple-explores-moving-some-ipad-production-india-cnbc-2022-12-05/" target="_blank" rel="nofollow noopener">iPad manufacturing</a> to the South Asian nation.Other parts suppliers for the headset include South Korea's Samsung and LG, Taiwan's Foxconn, and Japan's Sony, according to the list published by WellsennWellsenn estimates in its report that the cost price of the parts and materials for the Vision Pro comes in at $1,733 — less than half of its $3,499 retail price tag. And despite the <a href="https://www.businessinsider.com/apple-mixed-reality-vision-pro-headset-cost-internet-trashing-2023-6">internet's derision</a> about the gadget's hefty price tag and its goofy aesthetics, the Vision Pro itself has been exciting investors.Apple shares have been on a tear after the <a href="https://www.businessinsider.com/apple-vision-pro-mixed-reality-headset-specs-cost-release-date-2023-6?utm_medium=ingest&amp;utm_source=markets">company unveiled the product</a>. Some analysts said at the time the hardware product could drive up the tech giant's valuation massively, Insider's <a href="https://markets.businessinsider.com/news/stocks/apple-stock-table-pounder-ar-headset-vision-pro-debut-ai-2023-6?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Zinya Salfiti and Nidhi Pandurangi reported on June 6.</a> <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> shares closed 0.3% lower at $183.31 on Tuesday but are up 41% so far this year. The company is now valued at $2.89 trillion.Apple did not immediately respond to a request for comment from Insider sent outside regular business hours.

Apple is heavily dependant on China to build the Vision Pro headset

New Delhi, Jan 17 () India's gold loan market is expected to reach Rs 4,617 billion by 2022 at a five-year compounded annual growth rate of 13.4 per cent, a KPMG report said.
 The 2018-19 fiscal year saw gold loan companies aggressively expanding their branch network across the northern and eastern states in the country, it said.
 "Moving forward, these companies are expected to focus on optimising their asset utilisation and leveraging their existing branch infrastructure to maximize the branch-level AUM and customer outreach," KPMG India said in the report 'Return of gold financiers in India's organised lending market'.
 The emergency of the online and digital models in the gold loan space by NBFCs and new-age fintech players that offer gold loans at the customers' doorstep have opened up an untapped market among digitally enabled customers, it said.
 The industry incumbents are expected to "invest more" in developing "digital onboarding capabilities" that are critical to capturing this segment of tech-savy customers, it added.
 The organised gold loan market comprising of banks, Non-Banking Financial Company (NBFCs) and Nidhi companies contribute to nearly 35 per cent of Indian gold loan market.
 According to the report, today's gold loan companies are competing not just against other players but against financial services providers too.
 While the size of the unorganised gold loan sector, which is estimated to be three times the size of the organised sector, may imply significant growth potential and it is actively being encroached upon by financial services players that offer unsecured loans, it said.
 In the last few years, the major gold loan players have achieved geographical saturation and are now exploring other financial products such as microfinance and SME loans to maintain growth.
 The report further said that customers who previously had to pledge gold to fund their emergency cash shortages, consumer durable purchases and holidays now have a risk-free avenue to source funds without providing any collateral.
 "Lenders today are partnering with fintech companies to leverage the advancement in technology for developing enhanced underwriting capabilities that are agnostic to the availability of customer credit history," it said.
 With the arrival of more robust technological platforms and underwriting systems, the utilisation of unsecured loan products such as personal loans, credit card loans and consumer durable loans has been growing in popularity, it added.
 Noting that the key challenges faced by gold loan market are gold price volatility and liquidity stress in NBFCs, the KPMG report said as 2019 saw prices of the precious metal reaching an all-time high, gold loan companies will be "more conservative" in their approach towards disbursing loans until prices stabilise.
 These companies will continue to promote low loan to value (LTV) ration and low-tenure loans so that the risk of volatility in gold prices is reduced and prevent an LTV breach, it said.
 Although global gold prices are forecast to reduce over the long term, the gold loan market is expected to demonstrate high growth potential as banks are becoming more selective and stringent in credit disbursement. Unlocking new geographies, such as the northeast, will also add to the growth story, it added.
 According to the report, gold loan NBFCs will continue to be frontrunners in this journey equipped with quicker decision-making, faster adoption and capturing new markets will give them a natural advantage compared to banks.
 KPMG in India, however, sees banks tackling this by operating gold loan-specific branches and channels to give the NBFCs a strong fight, the report added. LUX LUX MR
MR

India's gold loan mkt to touch Rs 4,617bn by 2022

New Delhi, Mar 8 () The Niti Aayog on Sunday conferred awards on 15 women from different areas for their ground-breaking endeavours and displaying role as changemakers. These women from different walks of life were felicitated by Defence Minister Rajnath Singh here on the occasion of the International Women's Day. Since 2018, the awards have been hosted under the aegis of Niti Aayog's Women Entrepreneurship Platform (WEP) with special focus on entrepreneurship. The defense minister emphasised on the role of women in the workforce in contributing to the economic growth of the nation, the Aayog said in a release. "Today's awardees have overcome financial and societal challenges not just to redefine the word entrepreneurship but also refine it. I congratulate the Niti Aayog and WEP for providing women entrepreneurs with a platform to share their dreams, failures and victories with each other and grow from them," Singh said. The awardees included Priyanka Mokshmar, co-founder of Vaayu Home Appliances that provides affordable and environmentally feasible alternatives to traditional AC units across India. It also includes Ramya Venkataraman's Centre for Teacher Accreditation (CENTA), which creates a certification framework for assessment of teachers' skills and competency; Shilpi Kapoor for BarrierBreak, a company focused on the accessibility of technology for those with disabilities; Rinka Banerjee's Thinking Forks for a consulting organisation, with expertise in the food and nutrition industry. Among others also included Nidhi Pant for combating issues around waste and farmer living standards, through her Science for Society's innovative idea of selling dehydrated vegetable snacks; Anupriya Balikai's Spookfish Innovations for standards of products and quality control assurance for food packaging. Praveen Nair was given the special jury award for Salaam Baalak Trust that has successfully worked in rehabilitating over 81,000 destitute and homeless children. KPM HRS

Niti confers awards on women changemakers on International Women's Day

New Delhi, Jan 28 () The Supreme Court has directed the Securities Appellate Tribunal (SAT) to dilute "adverse observations" in a November 2019 order wherein it had cast aspersions on markets regulator Sebi.
 The tribunal's order, dated November 14, 2019, had come in a case related to investor complaints that were not resolved.
 Sebi had moved the court against the order, which had come on an appeal filed by Ashok Dayabhai Shah and others.
 "May be there was some remiss on the part of Sebi to act as a regulator, but casting aspersion was not warranted in the facts and circumstances of the case. As such, the adverse observations... are hereby diluted," the apex court said in its order dated January 27.
 Citing observations of the tribunal, the apex court said that "we are of the opinion certain observations made in ... the impugned order were not called for."
 The court's order has been uploaded on the Sebi website.
 Passing the order in the matter last year, the tribunal said "such computer generated disposal of a serious complaint speaks volume on the conduct of the respondents".
 Sebi, National Stock Exchange and Calcutta Stock Exchange, were among the respondents.
 Further, the tribunal had said it "fails to fathom as to why the complaint could not have been decided unless Sebi officials had a vested interest in not deciding the matter".
 Referring to the tribunal's observations, the court said, "we are of the opinion that certain observations made in... the impugned order were not called for, such as 'the computer generated disposal of a serious complaint speaks volume on the conduct of the respondents' as well as the part of the order relating to 'vested interest in not deciding the matter' were not at all called for".
 In the January 27 order, the court has also asked Sebi to to deal with the complaints positively and objectively within four months from today.
 Ashok Dayabhai Shah and others had moved Sebi seeking action against certain alleged violations by Bharat Nidhi Ltd, PNB Finance and Industries Ltd and Camac Commercial Company Ltd. SRS RAM
RAM

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