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<keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> has proposed that registered <keyword id="21253972" type="General" weightage="100" keywordseo="investment-advisers" source="keywords">Investment Advisers</keyword> (IAs) and <keyword id="21511721" type="General" weightage="20" keywordseo="research-analysts" source="keywords">Research Analysts</keyword> (RAs) who employ artificial intelligence (AI) tools in their services must disclose the extent of their usage to clients, emphasizing the importance of strong security measures to avoid unintended data exposure. This transparency is crucial for clients to understand how <keyword id="20096338" type="General" weightage="20" keywordseo="AI-tools" source="keywords">AI tools</keyword> contribute to their investment decisions and to make informed choices about their advisory services. "The possibility of unintended data exposure highlights the need for strong security measures and clear disclosure to clients about the extent of AI tool usage", Trivesh D, COO at Tradejini, a stock trading platform, told PTI. The Securities and Exchange Board of India (SEBI), in its consultation paper earlier this month, highlighted the growing usage of AI tools in Investment Adviser (IA) and Research Analyst (RA) services. With technological innovations and advancements, many AI tools are currently available in chatbot form such as OpenAI's ChatGPT, Google's Gemini, etc. AI-based tools allow one to have human-like conversations and receive human-like responses with the chatbot. These tools assist various tasks such as summarising and analysing data and may help in improving efficiency and productivity. "These AI tools, however, may not adequately safeguard sensitive data shared during conversations, potentially leading to unintended data exposure and concerns related to <keyword id="19900735" type="General" weightage="20" keywordseo="data-security" source="keywords">data security</keyword>," SEBI said in its consultation paper issued last week. Feroze Azeez, Deputy CEO, Anand Rathi Wealth Ltd said "while embracing this innovation, we must be mindful of its implications and responsibilities". IAs provide personalised services according to client-specific requirements, based on <keyword id="22797015" type="General" weightage="20" keywordseo="risk-profiling" source="keywords">risk profiling</keyword> and suitability. Similarly, RAs provide recommendations based on certain parameters and methodology adopted and are required to keep records of the research report, research recommendations and rationale for arriving at research recommendations. While AI tools can provide significant assistance in the work of IAs and RAs, they may not always give meaningful outputs that are expected to be based on the understanding of complex security-specific or client-specific scenarios/ requirements such as personal/ financial conditions or goals, SEBI stated. Further, such tools may not always provide all the information based on which output/ recommendation has been generated. For example, AI tools may not bring out whether the requirements of risk profiling and suitability have been complied with by IA, it added. "An IA/RA who uses AI tools for servicing its clients must provide complete disclosure of the extent of use of such tools to its prospective clients, to enable them to take informed decisions of continuance or otherwise with the IA/RA," SEBI suggested in the consultation paper. Considering that the investment advice/ research services provided by IA/RA based on AI tools would affect the investment decision of clients, SEBI said, the responsibility of data security, compliance with the regulatory provisions governing investment advisory services/research services lies solely with the IA/ RA, irrespective of the scale and scenario of IA/ RA using AI tools. Trivesh believes that <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword> can significantly enhance the efficiency and reach of investment advisory service, but it should be used as a complementary tool, rather than a complete replacement for human judgment and expertise. "The dynamic and culturally diverse nature of India's financial landscape demands personalized investment advice that AI alone cannot provide. Since AI will undoubtedly continue to change the <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword> sector, efforts to integrate it into IA and RA services should be pursued with a balanced approach, leveraging its strengths while addressing its limitations," he added. Additionally, SEBI is also looking to create a closed ecosystem for fee collection by registered investment advisers and research analysts through a separate mechanism in order to help investors ensure that their payments are reaching only registered IAs and RAs and help them identify, isolate and avoid unregistered entities, who would be unable to access this closed ecosystem.

Investment Advisers, Research Analysts should disclose AI tools usage to clients, notes SEBI

New Delhi: <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">stock market</keyword> in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of <keyword id="20295104" type="General" weightage="20" keywordseo="Chinese-stocks" source="keywords">Chinese stocks</keyword>. Before this, foreign portfolio investors (FPIs) withdrew Rs 61,973 crore from equities in March 2020. The latest outflow came after a nine-month high investment of Rs 57,724 crore in September 2024. Since June, FPIs have consistently bought equities after withdrawing Rs 34,252 crore in April-May. Overall, FPIs have been net buyers in 2024, except for January, April and May, data with the depositories showed. Looking ahead, the trajectory of global events like geopolitical developments, interest rate movements, progress in the Chinese economy and the outcome of the US Presidential election will play a crucial role in shaping future foreign investment in <keyword id="20014814" type="General" weightage="20" keywordseo="Indian-equities" source="keywords">Indian equities</keyword>, Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, said. On the domestic front, key indicators like inflation trajectory, corporate earnings, and the impact of festive season demand will also be closely watched by FPIs as they assess opportunities in the Indian market, he added. According to the data, FPIs recorded a net outflow of Rs 94,017 crore in October. The intensity of net outflows could be gauged from the fact that except for one day, FPIs were net sellers throughout the month, bringing their total investment for 2024 down to Rs 6,593 crore. This relentless selling resulted in about an 8 per cent decline in benchmark indices from their peaks. Several factors contributed towards this massive withdrawal of foreign capital from the Indian equity markets in October. The major among them is the elevated valuations of Indian equities. This has triggered a shift in investments towards China, where valuations are currently more attractive. Additionally, a series of stimulus measures, aimed at bolstering Chinese economic growth has made Chinese equities increasingly appealing to global investors, Srivastava said. Despite the massive FPI selling in financials, this sector is resilient since the valuations are fair and every selling is being absorbed by DIIs and individual investors, particularly HNIs, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. In addition, FPIs pulled out Rs 4,406 crore from the debt general limit and invested Rs 100 crore from the debt Voluntary Retention Route (VRR) during the period under review. So far this year, FPIs invested Rs 1.06 lakh crore in the debt market.

FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations

<ul class="summary-list"><li>The presidential election has the potential to reshape the investment landscape.</li><li>Detailed below is what Wall Street is saying about investing implications across multiple asset classes.</li></ul>With the presidential election just over a week away, and the candidates in a dead heat in the polls, Americans are in suspense about how their lives will change under a new leader.Business Insider has prepared a five-part refresher for the final stretch that will unpack the potential impact that both Donald Trump and Kamala Harris presidencies will have on US consumers. Today's first installment is focused on the investment landscape.To date, Trump and Harris have outlined specific policy proposals that will impact different parts of the stock market. Their varying platforms will also be crucial in determining the future path of interest rates, which will shape the bond market.But they're not expected to have diametrically opposed impacts on everything, with both candidates seen as positive forces for crypto.Detailed below is the latest research and commentary from top Wall Street strategists, outlining how the market and investing landscape will shift under potential Trump or Harris administrations.The guide covers four specific asset classes, and is divided between the Trump and Harris impact on each.<h2 id="40896f3b-9c3a-42aa-82ae-49a1761381ac">Stocks</h2>From the perspective of equities, it's helpful to look at the potential impact on both the micro (specific sectors set to be impacted) and the macro (how the broader market will respond).<h3 id="24c47698-0ee7-4a48-bb04-abe2a4f630c2">Trump</h3><h4 id="51cc4655-bf14-43bc-b772-b54703215a1c">Sectors</h4>Much of the industry guidance for the stock market under Trump boils down to his proposed tax policies. Bank of America says his plan to cut the corporate tax rate to 15% from 21% will boost corporate earnings by 4%. How much it impacts each sector ultimately depends on sensitivity to changes in the tax rate.To that end, BofA says the consumer discretionary and communication services sectors — the areas most beholden to tax-rate changes — will benefit the most. On the flip side, less exposed areas like utilities, real estate, and energy will get the smallest boost.For energy specifically, Trump's pro-drilling stance — while supportive of industry activity — will likely lead to oversupply and lower oil prices, says BNY Wealth. That, in turn, will hurt corporate profitability in the sector and drag on stock prices.It's also worth noting that energy was the worst-performing sector during Trump's previous presidential tenure.Financials is another area of the stock market seen benefiting from a Trump win. <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/us/if-trump-wins-he-plans-free-wall-street-burdensome-regulations-2024-04-12/">Allies of the former president have said</a> he aims to unburden banks from many of the regulations that were imposed following the 2008 financial crisis, something that his first administration tried to do with limited success.Those looser regulations could could also ignite a fresh wave of mergers and acquisitions, which would increase advisory revenue for big banks and help drive up profits from dealmaking.<h4 id="08ac2f7c-0094-48df-8910-ca3b12ae746a">Broader market</h4>Zooming out and assessing the full equity-market landscape, views are divided, particularly along partisan lines. Trump's proposed tax and regulatory policies are seen by his supporters as pro-business, which would be good news for corporate profit growth and deal activity.But Trump critics argue that his proposal for universal tariffs and steeper levies on Chinese imports — as well as a crackdown on immigration — will be inflationary, which could hold back stock prices. The nonpartisan Tax Foundation says the tariff plan in particular could <a target="_blank" class="" href="https://taxfoundation.org/blog/trump-mckinley-tariffs-great-depression/">hurt profit margins and put pressure on consumer spending</a>.Bank of America estimates that 60% tariffs on China and 10% on other countries would lower S&amp;P 500 earnings per share by 3.1%. That would be a problem since earnings growth has long been the stock market's primary driver of gains."The conventional wisdom is wrong: Trump is not going to substantially cut taxes once in office; he is going to raise taxes by jacking up tariffs. To the extent that this dampens economic activity, it is bad news for stocks," BCA Research chief strategist Peter Berezin said.<h3 id="fe116c39-7eef-494d-b923-93e68c7490b4">Harris</h3><h4 id="82c14dd6-d54a-4af0-a6d6-b171c6d4ccd1">Sectors</h4>Just like with Trump, much of the guidance around the stock market under Harris involves her tax plan. Her proposal to hike the corporate tax rate to 28% from 21% would have an inverse effect on sectors.That means consumer discretionary and communication services — the top beneficiaries under Trump — would be hit the hardest under a Harris regime, BofA says."Consumer discretionary stocks have underperformed the S&amp;P 500 modestly since Harris' presidential candidacy was announced, perhaps reflecting concerns that a Democratic President could result in higher corporate taxes and employee wages," BNY Wealth said.Financial firms will also feel a negative impact of both higher taxes and Harris' proposed regulatory tightening.But there are bright spots too. A Harris victory would likely benefit homebuilder stocks because of her proposal to build 3 million houses. Renewable-energy stocks should also see gains due to the favorable view of wind and solar energy by Democrats.Both sectors have outperformed in recent months during periods when Harris saw positive momentum in election polls.<h4 id="27decf30-ab8c-4ed1-beaf-70dfe2073247">Broader market</h4>The stock market <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-sp500-hits-another-record-high-q3-earnings-2024-10">has soared to records</a> during Joe Biden's presidency, up more than 50% since he was inaugurated, and a Kamala Harris win would likely be a continuation of many of the same policies that have been supportive of the market.Those include infrastructure investments and tax incentives to bring manufacturing jobs back to the country, like in the semiconductor industry via the CHIPS and Science Act.But BofA says Harris' proposed tax hike would also put downward pressure on corporate profits, which estimates a 5% earnings hit. Beyond that, a quadrupling of the stock buyback tax to 4% would also take 1% off S&amp;P 500 profits, the firm said.With all of these cross-currents swirling, a neutral market outcome must also be assessed.<h3 id="cefe8193-23a0-4521-8119-4d27dde3396d">A potentially muted impact</h3>Capital Economics believes neither a Trump nor Harris win will mean all that much for stock prices because bigger trends — specifically AI — will shape the market's direction."Our upbeat projections for the stock market in 2024 and 2025 are predicated on a view that hype over AI will continue to fuel a stock market bubble," the research firm said. Capital Economics has a 2025 year-end price target of 7,000 for the S&amp;P 500, regardless of which candidate wins the election.Meanwhile, Bank of America said that as long as corporate profits continue to grow, the stock market will <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-outlook-harris-trump-energy-tesla-biden-2024-10">rise regardless of who wins</a> the White House.<h2 id="7a7d474f-4301-46c7-a48c-d475d0abd0a4">Bonds</h2>The performance of the US bond market largely hinges on the direction of interest rates.As interest rates rise, bond prices generally fall, and vice versa. And since presidential actions usually impact rates, the bond market will be shaped by what either Trump or Harris end up doing.<h3 id="aa298578-a5d5-4e0a-ab3b-fcb78a88d8dc">Trump</h3>A Trump win would is seen ushering in higher interest rates, which would push bond prices lower. It ultimately boils down to inflation.Economists see Trump's double-whammy proposals of mass deportation and universal tariffs as inflationary. And since the Federal Reserve's primary tool for fighting inflation is raising interest rates, bond prices would suffer as yields rise."Our assessment is that a Trump win would lead to higher US yields," Capital Economics said.Estimates from the <a target="_blank" class="" href="https://www.crfb.org/papers/fiscal-impact-harris-and-trump-campaign-plans">Committee for a Responsible Federal Budget</a> — a non-profit think tank — say a wider deficit and an increasing pile of debt under a Trump presidency, compared to a Harris presidency, would also put upward pressure on interest rates. That would also hurt the performance of bonds.<h3 id="c267d16e-6b3a-4db4-8316-c599ab723494">Harris</h3>Capital Economics said it expects interest rates to fall under a Harris win, which would be good news for bonds, as she wouldn't pursue certain inflationary policies like tariffs or immigration deportations, which could fuel wage inflation.Harris' policies, considered to be less inflationary than Trump's, would also allow the Federal Reserve to continue on their path of cutting interest rates, which would boost bond prices.A Bloomberg survey of institutional investors last month found that 30% of investors would add to their bond exposure if Harris wins, while just 17% said they would buy more bonds if Trump wins.Additionally, 46% of respondents said they would reduce their bond exposure if Trump wins, compared to just 23% under a Harris win.<h2 id="648d1263-465a-44c9-b50e-97ea3cd444a7">Crypto</h2><h3 id="77a393b0-f8c1-49d8-b73b-e2f0119e53e1">Trump</h3>A Trump win is seen as bullish for bitcoin and the broader cryptocurrency industry, as former President Donald Trump has <a target="_blank" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7?utm_medium=ingest&amp;utm_source=markets">firmly embraced digital assets</a> in recent years.According to Bernstein analyst Gautam Chhugani, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-90000-target-if-trump-wins-november-election-2024-9">bitcoin could hit $90,000 by December</a> if Trump wins the election, representing potential upside of about 37% from current levels."Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade," Chhugani said.<h3 id="58f9bbfb-d544-465f-8607-1b699202db17">Harris</h3>Harris <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-crypto-bitcoin-donors-young-men-2024-9">has also embraced the crypto industry</a> in recent months, though she's seen as slightly less bullish compared to Trump, given his public displays of support, including addressing crypto conferences and <a target="_blank" class="" href="https://www.businessinsider.com/trump-nfts-digital-cards-mahattan-trial-2024-5">launching his own NFTs</a>.Yet, Wall Street seems to think that a big case for bitcoin will remain intact no matter who wins. The US government debt pile is expected grow regardless of who controls the White House. That scenario is among bitcoin's biggest bull theses."I'm not sure if either President or other candidate would make a difference. I do believe the utilization of digital assets is going to become more and more of a reality worldwide," BlackRock CEO Larry Fink said during the company's third-quarter earnings call.<h2 id="bb5f6b7e-fd9d-459b-a7dd-22eebbb1993b">US dollar</h2><h3 id="0ae89f53-6e41-467c-8f2a-8aa885fcaf18">Trump</h3>Trump's tax plan and protectionist trade policies are expected to strengthen the dollar. It's <a target="_blank" class="" href="https://www.businessinsider.com/us-dollar-trump-presidential-election-weaker-usd-policy-intervention-trillions-2024-7">the opposite</a> of what the presidential hopeful has said he wants, since a weaker currency makes a nation's exports more competitive in global trade.These policies are expected to be inflationary, which would push interest rates higher and possibly prompt the Fed to tighten. Those climbing rates would then underpin dollar gains."Should he re-take the White House ... the dollar would probably rally sharply, at least in the near term, on expectations of higher US tariffs and interest rates," Capital Economics said in recent research.<h3 id="e5ae53de-b9c3-4069-a7a1-5fc244dc29c6">Harris</h3>A Harris presidency would continue the trends of a weaker dollar due to "policy continuity" of the Biden administration, Capital Economics said.Since Harris' overall platform is less expansionary, it's expected to drive less inflationary pressure, and therefore keep the coast clear for the Fed to cut rates and stimulate the economy as currently planned.That likelihood of lower interest would, in turn, push the dollar lower.

How a Trump or Harris presidency could impact your investments

Dear reader, Another week comes to an end, and with it, a fresh roundup of stories shaping the business and finance landscapes. This week, we explored data that challenges the idea that large IPOs automatically lead to large returns—18 of India’s biggest IPOs fell short of expectations. On the investment front, experts debunked the popular advice of ‘<keyword id="23577643" type="General" weightage="20" keywordseo="buying-the-dip" source="keywords">buying the dip</keyword>’ and suggest a better approach for long-term success. And in the world of <keyword id="19963428" type="General" weightage="20" keywordseo="quick-commerce" source="keywords">quick commerce</keyword>, recent incidents like bizarre notifications and uncalled-for freebies piqued social media's interest. For stargazers and romantics, the upcoming <keyword id="22852367" type="General" weightage="20" keywordseo="Hunters-Moon" source="keywords">Hunter’s Moon</keyword> offers a beautiful setting for a moonlit night. And for career climbers, we have insights from a <keyword id="21560867" type="General" weightage="20" keywordseo="product-manager" source="keywords">product manager</keyword> who landed a $180,000 role at <keyword id="19904352" type="General" weightage="20" keywordseo="Cisco" source="keywords" meta.keywordsubtype="org" meta.entityname="Cisco" meta.hostid="261" meta.entityid="Cisco">Cisco</keyword>, sharing <keyword id="21767233" type="General" weightage="20" keywordseo="resume-tips" source="keywords">resume tips</keyword> to help you stand out. Dive in, and enjoy this week’s highlights! <h2>Top stories of the week</h2> Do large IPOs guarantee large returns? Data suggests that 18 of India's biggest 30 IPOs did not generate solid returns A study of India’s top 30 IPOs reveals that a majority—18 of them—failed to deliver substantial returns to investors. Despite the hype surrounding large public offerings, data shows that a company’s size or popularity doesn’t always correlate with strong post-IPO performance. Investors are urged to manage their expectations and conduct thorough research before jumping into large IPOs, as high-profile launches don’t guarantee hefty returns. <a href="https://www.businessinsider.in/finance/news/do-large-ipos-guarantee-large-returns-data-suggests-that-18-of-indias-biggest-30-ipos-did-not-generate-hefty-returns/articleshow/114302378.cms" data-type="tilCustomLink" target="_blank">Read more</a> Free tomatoes to i-pill notification, recent quick commerce incidents that sparked outrage Recent incidents in India’s quick commerce sector have sparked widespread outrage, ranging from offering free tomatoes as promotional giveaways to sending unsolicited I-Pill notifications to customers. These occurrences highlight issues around <keyword id="19999043" type="General" weightage="20" keywordseo="consumer-privacy" source="keywords">consumer privacy</keyword>, safety, and inappropriate marketing strategies. As rapid delivery services continue to expand, so do concerns about their ethical and operational practices. <a href="https://www.businessinsider.in/business/news/free-tomatoes-to-i-pill-notification-recent-quick-commerce-incidents-that-sparked-outrage/articleshow/114315992.cms" data-type="tilCustomLink" target="_blank">Read more</a> Why "buying the dip" is not always good advice, and the right time to start is now The age-old investment advice of ‘buying the dip’ may not always hold true, especially in unpredictable markets. Experts argue that waiting for stocks to drop before investing could result in missed opportunities, as market timings are nearly impossible to predict. Instead, the best strategy for long-term investors may be to focus on consistent investing, with the right time to start being now. <a href="https://www.businessinsider.in/stock-market/news/why-buying-the-dip-is-not-always-good-advice-the-right-time-to-start-is-now/articleshow/114253456.cms" data-type="tilCustomLink" target="_blank">Read more</a> Why this week's Hunter's Moon is the ultimate backdrop for the perfect moonlit date night The upcoming Hunter’s Moon, which will grace the skies this week, offers the perfect opportunity for a romantic, moonlit night. This full moon is not only visually stunning but also holds cultural significance, symbolizing harvest and abundance. For those seeking an atmospheric, nature-infused experience, this celestial event promises to be the ultimate backdrop for a memorable date night. <a href="https://www.businessinsider.in/science/space/article/why-this-weeks-hunters-moon-is-the-ultimate-backdrop-for-the-perfect-moonlit-date-night/articleshow/114317181.cms" data-type="tilCustomLink" target="_blank">Read more</a> A product manager shares the résumé that helped him transition from consulting and land a $180,000 role at Cisco Transitioning from consulting to a high-paying role as a product manager at Cisco, one professional shared the resume that helped him land the $180,000 job. His strategic approach included tailoring his CV to highlight relevant skills and experiences, positioning himself as the perfect candidate for the tech giant. Aspiring product managers can take notes on crafting resumes that stand out in competitive job markets. <a href="https://www.businessinsider.in/careers/news/a-product-manager-shares-the-rsum-that-helped-him-transition-from-consulting-and-land-a-180000-role-at-cisco/articleshow/114232654.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2><h2>Web Stories </h2> <a href="https://www.businessinsider.in/international/webstories/india-canada-tussle-a-timeline-of-escalating-tensions-under-trudeaus-regime/slidelist/114283096.cms" data-type="tilCustomLink" target="_blank">India-Canada Tussle: A timeline of escalating tensions under Trudeau’s regime</a><a href="https://www.businessinsider.in/international/webstories/india-canada-tussle-a-timeline-of-escalating-tensions-under-trudeaus-regime/slidelist/114283096.cms" data-type="tilCustomLink" target="_blank"></a> <a href="https://www.businessinsider.in/international/webstories/the-weirdest-guinness-world-records-ever-set/slidelist/114288059.cms" data-type="tilCustomLink" target="_blank">The weirdest Guinness World records ever set</a><a href="https://www.businessinsider.in/international/webstories/the-weirdest-guinness-world-records-ever-set/slidelist/114288059.cms" data-type="tilCustomLink" target="_blank"></a> <a href="https://www.businessinsider.in/travel/india/webstories/from-amber-to-gagron-indias-unesco-world-heritage-forts-to-explore/slidelist/114282776.cms" data-type="tilCustomLink" target="_blank">Amber to Gagron: India’s UNESCO world heritage forts to explore</a> </h2>

Weekend wrap: IPO myths, quick commerce gone wrong and more

<ul class="summary-list"><li>Airports are looking to private wireless networks to improve operations, execs said at MWC Las Vegas.</li><li>Passengers could see benefits like smoother baggage claim and check-ins, the panelists said.</li></ul>Private wireless networks are key to ushering in a better airport experience for both the travel hubs' operations and <a target="_blank" class="" href="https://www.businessinsider.com/busiest-airport-world-atlanta-dubai-tokyo-heathrow-dallas-list-ranking-2023-12">the billions of passengers who pass through them</a>.That's according to airport executives who spoke on a panel about connected aviation Tuesday at the trade show <a target="_blank" class="" href="https://www.businessinsider.com/mwc-las-vegas-2024-5g-ai-mobile-communications-conference-2024-10">Mobile World Congress Las Vegas</a>.<a target="_blank" href="https://www.businessinsider.com/las-vegas-private-5g-network-2023-9">Private networks</a> generally offer greater security and reliability, lower latency, and higher bandwidth compared with public networks. For these reasons, they can help airports with operations and communications, plane and baggage tracking, and security.California's Ontario International Airport, for example, is using a private wireless network to run its perimeter-intrusion detection system, Charles Miwa, the airport's chief information officer, said."As I think about a future with a lot of growth, private wireless is foundational. It's going to enable us to accommodate these ad hoc moves," he said, emphasizing the need for flexibility given how often many airports do some form of construction to update their infrastructure."We're trying to run more efficient airports, more customer-friendly airports," said Michael Youngs, the vice president of information technology at Dallas Fort Worth International Airport, which last year announced a $10 million deal with AT&amp;T for a <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-frequency-is-5g">private 5G network</a>."We're not going to do it with people. We're not going to do it with brick and mortar. We're going to do it with technology, with IoT, but we need that base foundational level of connectivity, private wireless, that's going to enable it," he added, referring to the Internet of Things.Private wireless networks can also help enterprises with cost and mobility by reducing the expense of installing cables and by providing connectivity to areas that might be harder to reach with wires."We traditionally at the airport, especially, do not put anything very secure across wireless. We just don't do it," said Kyle Mobley, the director of information technology at the Port of Oakland, which operates the San Francisco Bay Oakland International Airport. "And it's not because we have any proof it's going to be less secure in the way we do it. It's the what you don't know."Mobley added: "Having this infrastructure wirelessly is huge." Mobley spoke of using private wireless for passenger traffic sensors, for example."It's tough to keep sending people out in the field to investigate things at 2 o'clock in the morning," he said. "And we cover such a wide area that getting these sensors — lidar, cameras, whatever it ends up being — in every corner of our property is huge to give that person working that desk the ability to know what's going on. Do I have a squirrel running up the fence, or is it somebody? The squirrel will sometimes send 10 cars out there, and that's not very efficient."Roughly 58% of airports worldwide that participated in the survey are investing in major development programs for a 5G communications network, and another 29% have research-and-development programs for the tech by 2026, said the <a target="_blank" class="" href="https://www.sita.aero/globalassets/docs/surveys--reports/2023-air-transport-it-insights-v6.1.pdf">2023 Air Transport IT Insights</a> report from SITA, an IT and telecommunications service provider for the aviation industry, and Airports Council International.As for passengers, they might see benefits like quicker <a target="_blank" class="" href="https://www.businessinsider.com/heres-what-to-do-when-an-airline-loses-your-luggage-2022-7">baggage claim</a> or smoother check-ins."I'm not really looking to be in the private-wireless business — I feel like I have to be in the private-wireless business," Youngs said. "I need to harness data to take our airport forward. That's really the end game."

Airports are investing in private wireless networks to improve operations and travelers' experience

<ul class="summary-list"><li>Microsoft disclosed an equity investment in OpenAI for the first time, SEC filings show.</li><li>Microsoft previously disclosed its relationship with OpenAI as only a "partnership."</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/microsoft-lost-billions-hololens-ivas-contract-trouble-2024-10">Microsoft</a> disclosed an equity investment in <a target="_blank" class="" href="https://www.businessinsider.com/openai-ai-adjusted-earnings-groupon-wework-accounting-2024-10">OpenAI</a> for the first time, according to its latest SEC filings.On Wednesday, the company released its quarterly results. In legally required disclosures, Microsoft included information about <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-satya-nadella-openai-partnership-competition-collaboration-2024-5">its relationship with OpenAI</a>."We have an investment in OpenAI Global, LLC ("OpenAI") and have made total funding commitments of $13 billion," Microsoft wrote in the <a target="_blank" class="" href="https://www.sec.gov/Archives/edgar/data/789019/000095017024118967/msft-20240930.htm">SEC filing</a> on Wednesday. "The investment is accounted for under the equity method of accounting."Accounting expert Francine McKenna told Business Insider that the new disclosure suggests that Microsoft's previous investments in OpenAI were "soft money," such as discounts or credits for services and internal spending that fell below a certain threshold where the software giant didn't need to publicly disclose details.The latest "equity method investment" disclosure signals that Microsoft recently purchased stock or share rights in OpenAI, instead of just partnering, said McKenna, who writes <a target="_blank" class="" href="https://thedig.substack.com">The Dig</a> newsletter. In early October, OpenAI completed a $6.6 billion funding round and Microsoft took part in that deal. OpenAI also began a process of changing from a mostly non-profit organization to a more traiditional for-profit business. In a previous SEC filing, Microsoft described the nature of its relationship with OpenAI as a partnership rather than an equity investment."We have a long-term partnership with OpenAI, a leading AI research and deployment company," Microsoft wrote in its annual SEC filing from late July. "We deploy OpenAI's models across our consumer and enterprise products. As OpenAI's exclusive cloud provider, Azure powers all of OpenAI's workloads. We have also increased our investments in the development and deployment of specialized supercomputing systems to accelerate OpenAI's research."Microsoft's has had a relationship with OpenAI since 2019, using the startup's large language models to underpin its own generative AI products, such as its AI assistant Copilot. In return, Microsoft provides OpenAI with massive cloud-computing resources. The relationship between the companies has evolved in recent months. In the July filing, Microsoft listed OpenAI as a competitor for the first time.Are you a Microsoft employee or someone else with insight to share?Contact Ashley Stewart via the encrypted messaging app Signal (+1-425-344-8242) or email (<a target="_blank" href="mailto:astewart@businessinsider.com">astewart@businessinsider.com</a>). Use a nonwork device.

Microsoft hints at a big change to its OpenAI investments in a new SEC filing

Tensions in Middle-East are rapidly inching closer to their zenith, with Iran firing about 200 ballistic missiles at Israel late yesterday night. In response today, the Indian markets witnessed their worst decline in two months, with Sensex dipping around 1,769 points, or 2.1% to close at 82,497.10. <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> followed suit and was also down by 2.1% to close the day at 25,250.10. As a result, about Rs 11 lakh crore were wiped off the market today. The decline was broad-based, with sectors like realty (dipped by over 4%) auto, and energy suffering the most. Broader indices also fell, losing nearly 2% each. The Hang Seng index, which had rallied over 14% during the last week, largely on the back of various stimulus measures announced by the central bank to stir consumption in the Chinese economy, also slumped around 1.47%. With the possibility of an all-out war between Iran and Israel looming on the horizon, threatening to happen sooner than later, markets are expected to remain volatile in near future. Even the India VIX, seen as a gauge of uncertainty and investor fear in the market, jumped over 9% during the day. The war could throw a huge spanner on India's crude oil import plans. As of August 2024, about 44.6% of India's crude oil imports came from <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>. Israel has already promised significant retaliation, in response to Iran's attack in the days to come. And the strong possibility of a full-blown Israeli attack in Middle East, particularly major oil fields in Iran has sent the crude oil prices surging. Closer home, ONGC (Oil and Natural Gas Corporation) was amongst the biggest gainers on NSE today. <h2>Should Indian investors worry? </h2>But is the impending action in Middle-East the only reason behind today's drastic fall? Vishnu Kant Upadhyay, AVP, Research &amp; Advisory at Master Capital Services notes that while it plays a significant role, other factors are also at play. "Recent regulatory changes in the F&amp;O segment by SEBI is expected to impact trading volumes, as retail participation may decline due to the increased contract size and limits on weekly expiries. Meanwhile, strength in the Chinese market, following the People’s Bank of China (PBoC) stimulus package, has also diverted foreign investment to China, where valuations remain more attractive compared to India", he noted. But Upadhyay believes that the extension of losses in Indian markets wont last long. "From a technical perspective, as long as prices hold above the 25,250–25,100 zone, any decline could present an opportunity to build fresh long positions. A stock-specific approach is advisable, with sectors such as Oil, IT, PSU Banks, Metals, and Chemicals likely to outperform in the coming days", he adds. Shrikant Chouhan, Head Equity Research, Kotak Securities observes that as long as market is trading below 25,365/82,800, the weak sentiment is likely to continue. On the down side, it could slip till 25,150-25,025/82,200-82,000 as well. On the other side, one quick technical pullback is likely if the market succeeds to trade above 25,365/82,800. Above the same, it could bounce back till 25,475-25,500/83,100-83,300. The current market texture is volatile hence; level based trading would be the ideal strategy for the day traders. <h2><keyword id="20760178" type="General" weightage="20" keywordseo="mutual-fund-investors" source="keywords">Mutual fund investors</keyword>, stay put</h2>In the aftermath of a <keyword id="19968045" type="General" weightage="20" keywordseo="market-correction" source="keywords">market correction</keyword>, most mutual fund investors often face a critical decision- should they stop their SIPs (<keyword id="21047553" type="General" weightage="20" keywordseo="Systematic-Investment-Plans" source="keywords">Systematic Investment Plans</keyword>) or to view the downturn as a valuable opportunity to acquire more mutual fund units? By continuing SIPs during such downturns, investors can take advantage of 'rupee-cost averaging,' i.e. accumulating more units when prices are down. This approach not only lowers the average cost per unit, but also positions the portfolio for greater returns when the market eventually recovers, and softens the impact of short-term volatility. Swapnil Aggarwal, Director, VSRK Capital explains that alongside maintaining regular investments, revisiting your asset allocation is also essential in these turbulent times. A well-diversified portfolio, that balances equities with safer assets like bonds can withstand market fluctuations more effectively. You can consider shifting some investments into bond funds or other stable instruments, which can provide a cushion against further declines. <h2>What happens next? </h2>While the immediate impact of a market correction may lead to declines in the NAV (Net Asset Value) of mutual funds, disciplined investors can view this as a moment to reassess their strategies. Focusing on your <keyword id="20908416" type="General" weightage="20" keywordseo="long-term-financial-goals" source="keywords">long-term financial goals</keyword> will let you turn market volatility into opportunity! The market will remain keenly focused on the evolving situation in the Middle East. What will also be equally important are the US monthly jobs data due tomorrow, which could determine the size of Fed's next interest rate move in November.

Nifty, Sensex in freefall today as Iran mounts attack on Israel. Here's what experts think you should do

<ul><li>When the news of the war hit the world, it caused a huge upheaval in commodities availability, supply issues as prices skyrocketed.</li><li>Strange as it may sound, no one seems to be worried or bothered about the war outside of <keyword id="6355101" type="General" weightage="80" keywordseo="ukraine" source="Orion">Ukraine</keyword>.</li><li>It is not just the fact that there is no impact of the war, the expected recession is also missing, explains why markets there are so bullish.</li></ul> The Russia-Ukraine confrontation seems to be like an event which began just the other day or yesterday, but would be marking its first anniversary on February 24. When it began, it appeared as if it would be a short affair lasting a couple of weeks or maybe if stretched, a couple of months. Time flies and so has this event. Today, except for those involved with the confrontation, <keyword id="6358826" type="General" weightage="50" keywordseo="russia" source="Orion">Russia</keyword> and Ukraine, the world seems to have forgotten the event. It's like nobody else is affected and hence not bothered. World markets were impacted when the confrontation began. The time was just after the world had more or less recovered from the second wave of Covid pandemic and things were near normal. When the news of the war hit the world, it caused a huge upheaval in commodities availability, supply issues as prices skyrocketed. A country like <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> exported some wheat in the initial stages before the government clamped down on the same. Crude prices rose sharply and Russia tweaked the way it sells crude to counter sanctions imposed on itself by the Western world. The big beneficiaries were China and India because they found land routes to get crude oil for their consumption, and at substantially discounted rates as well. World commodity prices and supply chains have recovered from the war shocks and things are back in place to pre-war and pre-Covid levels. It took a while and a lot of prices had to fall sharply before this was achieved. Today, things are more or less back to normal. The only place which is affected continues to be Ukraine, which is under threat. Immediately after the outbreak of the war, stock markets globally were affected and fell. No one was sure what could be the damage and for how long. They recovered from the losses and seem to be on a roll across the world. What could be termed as surprising or puzzling is the way European stock markets are behaving. One thought that the war would affect Europe the most, as Russia and Ukraine are big suppliers to Europe. Oil and gas are big sources of worry for Europe. However, and contrary to expectations, markets in Europe led by FTSE (British), CAC (French) and DAX (German) stock exchanges are trading at new highs. It is not just the fact that there is no impact of the war, the expected recession is also missing. This probably explains why markets there are so bullish. While financial aid has been given to Ukraine along with big consignments of armaments and ammunition, it appears that the situation is nowhere near resolution. New conditions seem to be the biggest hurdle for resolution. Coming to India and its markets, we made lifetime highs on the 1st of December and are less than 5 er cent away from those highs currently. We seem to be trading in a broad range of less than 2-3 per cent of the lifetime highs. Strange as it may sound, no one seems to be worried or bothered about the war outside of Ukraine. The US has had the worst of inflation and interest rates there have risen quite sharply. Economic data suggest that the economy is doing well and therefore one can expect that interest rate rise would continue, though at a reduced pace. The threat of recession haunts the US currently, even though there are no signs of it as yet. What is the road ahead? Resolution of the war? Unlikely, as neither side seems to be in a hurry. Status quo seems to suit everybody. Commodity prices have returned to normal, so the pain has subsided. Markets are doing fine, so there is no cause for worry. Unfortunate, but that is the reality. (Arun <keyword id="6358183" type="General" weightage="80" keywordseo="kejriwal" source="Orion">Kejriwal</keyword> is the founder of <keyword id="715020" type="General" weightage="50" keywordseo="kejriwal-research-and-investment-services" source="Orion">Kejriwal Research and Investment Services</keyword>. The views expressed are personal)

As the war lingers, it's business as usual for markets

Missing some action, adrenaline rush, and thrill in your life? Are the good old, albeit mundane money investment avenues like mutual funds and fixed deposits not making the cut for you? Want to experience a heart-pounding, financial rollercoaster that will constantly keep you and your portfolio on tenterhooks? Well then, welcome to the world of initial public offers (IPOs), especially those brought to you by SMEs, or <keyword id="6375845" type="General" weightage="20" keywordseo="Small-and-Medium-Enterprises" source="Orion">small and medium enterprises</keyword>. Truth be told, <keyword id="3704207" type="General" weightage="100" keywordseo="SME-IPOs" source="Orion">SME IPOs</keyword> have been all over the bourses this year. So far, 2024 has seen 206 SMEs debuting on both BSE and NSE, out of which 146 listed in gains and 46 listed in losses. Odds seem good, right? In contrast, the year has only seen 63 IPOs from the elder brother i.e. mainboard, only 48 of which managed to post any listing gains. And getting an allotment has also been a major uncertainty, given the unusually high demand this year. <h2>So, what's an SME <keyword id="6354763" type="General" weightage="20" keywordseo="IPO" source="Orion">IPO</keyword>, you ask?</h2>Think of a mainboard company as Shah Rukh or Salman Khan—well-established, financially stable, strong legacy of profitability, and fairly well-known. On the other hand, SMEs are your Prateek Gandhi (Harshad Mehta, Scam 1992), Siddhant Chaturvedi (MC Sher, Gully Boy) or Avinash Tiwary (Majnu, Laila Majnu). While they are doing super well, they are yet to make it big like the Khans. They’re currently underdogs, lesser known, but who knows? They can be the next big thing in the future! And SME IPOs are getting a stellar reception. In 2023, 182 such IPOs had raised a substantial Rs 4,967 crore. In 2024, more than 200 companies have already raised over Rs 7,500 crore, and we have four months to go. This, with one quarter of the year still remaining. <div type="image" title="In 2024, India leads IPO activity in the Asia-Pacific region" height="900" width="1200" msid="113875643" hostid="261" caption="&amp;lt;p&amp;gt;In 2024, India leads IPO activity in the Asia-Pacific region&amp;lt;/p&amp;gt;"></div> But what does it take for a company to be classified as a small enterprise? The company has to have an annual turnover/income of up to Rs 50 crore, and for a medium enterprise to be called so, its annual income has to be up to Rs 250 crore. When such companies go public, in a bid to raise funds from investors and expand their operations, they launch an IPO, but not on the main exchange, but separately, on NSE’s Emerge and BSE’s SME platform. As of September 2024, <keyword id="4484133" type="General" weightage="20" keywordseo="NSE-Emerge" source="Orion">NSE Emerge</keyword> has 147 listed participants, while <keyword id="1885131" type="General" weightage="20" keywordseo="BSE-SME" source="Orion">BSE SME</keyword> has 155 market makers. Mounting an SME’s IPO is comparatively less stringent than their mainboard counterparts, as far as regulations are concerned since their DRHPs (draft <keyword id="12225712" type="General" weightage="20" keywordseo="Red-herring-prospectus" source="Orion">red herring prospectus</keyword>) are not filed with SEBI. So, wouldn’t a lenient treatment make them inherently riskier? Why are they so appealing, you ask? <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> Well, for one, some of them have delivered exceptional returns—we’re talking 100%, 200%. Consider this—Owais Metal and Mineral Processing, which launched its IPO in February this year, delivered a whopping listing gain of 201%. Another SME, Maxposure, whose IPO was out in January 2024, had earned its investors listing gains worth 317.40%! Apparently, higher risks also mean higher returns, and also super high investment. Most SME IPOs need a minimum investment of Rs 1,00,000 or more, as opposed to mainboard IPOs, where you can buy one lot of shares for anywhere between Rs 14,000-15,000. Even the minimum trading lot size for SME shares is about 10,000. In short, you’d have to potentially empty your pockets to invest in an SME IPO. And still, there’s no guarantee that the listing will fill your wallets. For all you know, your pockets before and after the IPO is listed might stay the same - EMPTY! There's also the question of whether or not these SMEs are able to maintain their listing day mojo, or do they just fizzle out thereafter? Data from Prime Database highlights more instances of the latter. As of August 2024, about 166 SME IPOs had made it to the exchanges. Around 72 of them, or close to 50%, could not sustain their momentum going ahead, and were trading below their listing day prices. Consider this. The post listing gains of Medicamen Organics, whose IPO came out in June 2024, earned its investors massive listing gains of over 300%, by listing at Rs 137.85, significantly higher than its price issue price, which was set between Rs 32-34. But as of October 1, 2024, the stock was trading at Rs 64.2. Talk about falls. Additionally, risks of pump-and-dump, and illiquidity, among others makes SME IPOs dangerous See, you're largely venturing into unknown, pitch-dark territories, without much light to guide you. For starters, SME IPOs face less scrutiny from market watchdog SEBI. This also means they are able to list quickly, just 3-4 months. On the other hand, mainboard IPOs can take upto a year before they are cleared for listing. Also, there is far less information and disclosures available about their financials, fundamentals and performance to investors for making an informed decision, as compared to mainboard stocks. Then there’s the issue of illiquidity. Once purchased, you might find it hard to sell off your SME stocks, since they are not traded as frequently in the market, which means lower liquidity. Trivesh D, COO, Tradejini explains that liquidity is a major concern for such stocks. “These stocks typically have a smaller free float, and are traded in lots, which can lead to volatility and sharp price swings. This means it can be challenging for investors to buy or sell shares without significantly impacting prices. Additionally, speculative trading practices, like 'pump-and-dump' schemes, can inflate stock prices, leaving retail investors vulnerable to sudden drops”. Recently, SME IPOs have gained notoriety for price manipulation via showing fictitious sales and revenue in their books of accounts, selling of promoter holdings at inflated prices, and being the facade for many infamous <keyword id="10663340" type="General" weightage="20" keywordseo="Pump-and-Dump" source="Orion">pump and dump</keyword> schemes. This is where select people create frenzy, or mass euphoria over a particular stock or company, causing its prices to soar, and then dumping them, or selling their shares at this massive price to make a killing! Infact, it's not just the promoters, but also the investment banks floating these IPOs. At present, SEBI is investigating around 6 investment banks which have allegedly charged SMEs a staggering 15% of funds raised via IPOs as fee, as opposed to the standard 1-3%. In March 2024, SEBI chairperson Madhabi Puri Buch had also highlighted witnessing signs of manipulation in the SME space. “We do see signs of manipulation in the SME segment. We are able to see certain patterns.” Buch had observed back then. Adds Kresha Gupta, Founder &amp; Director, StepTrade Share Services, “Investing in SME IPO comes with significant risks, despite their impressive returns in recent years. Limited participation from institutional investors and public in some SME IPOs also mean that those companies may lack the support and stability that comes with larger-scale investments” “Additionally, many SMEs may not have strong fundamentals to justify their valuations. High P/E ratios can be misleading, and while some IPOs have delivered impressive returns, they often come with significant volatility, continues D of Tradejini. <h2>So, should I stay away? </h2>Yes, and No. Yes, if you don't want to do your homework of researching the company thoroughly beforehand. Anand K. Rathi, Co-Founder of MIRA Money suggests asking a couple of questions before investing your hard earned money: <ul><li>What is the company's financial performance over the past 3-4 years?</li><li>What is the company's governance structure?</li><li>Is the financial success driven by the IPO, or is it a result of consistent performance?</li><li>Does the company have what it takes to scale its operations to the next level?</li><li>Are the company’s promoters trustworthy, capable and experienced?</li><li>What is the level of participation by large, institutional investors?</li></ul> But staying away completely? Not necessary. Gupta adds that retail investors, in particular, should avoid viewing SME IPOs as quick money-makers based on their short-term performance, as this can certainly lead to poor investment decisions. “To mitigate risks, investors should always focus on long-term fundamentals rather than just short-term price movements. Key indicators include the participation of institutional investors like DIIs and FIIs. This often signals confidence in the stock”, she continues. A red flag you should look out for is if a company is only offering OFS, or Offer for Sale. This can indicate early investors looking to exit, potentially signaling weaker future growth. That's why it is better to look for companies which are raising capital for expansion purposes. This is a sign of healthy business growth prospects and improving fundamentals. In conclusion, backing the underdog, or SMEs, is not a bad proposition, but not without its risks. Investing in SME IPOs is like riding a unicorn—but you don't know whether you're riding it to rags or riches! So, take your pick.

You Searched For "kejriwal research and investment services" and got 9 results

Investment Advisers, Research Analysts should disclose AI tools usage to clients, notes SEBI

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Airports are investing in private wireless networks to improve operations and travelers' experience

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Nifty, Sensex in freefall today as Iran mounts attack on Israel. Here's what experts think you should do

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As the war lingers, it's business as usual for markets

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Why investing in SME IPOs should not be on top of your adventure to-do list!

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