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New Delhi, Nov 19 () The registration of Reliance Capital Pension Fund under the government's National Pension Scheme (NPS) has been cancelled following a request by the company, sector regulator PFRDA said in a notice.
With this, the pension fund is no longer available for subscription under NPS, said the Pension Fund Regulatory and Development Authority of India (PFRDA).
Earlier this year, the company had surrendered its NPS licence.
It was one of the eight companies registered under NPS to manage funds for subscribers from the private sector.
"This is to inform to general public that based on the request received from Reliance Capital Pension Fund Ltd, the certificate of registration granted to Reliance Capital Pension Fund Ltd has been cancelled by the Authority and the pension fund is no longer available for subscription under NPS," PFRDA said. 
The other seven funds for private sector subscribers are HDFC Pension Management Co, ICICI Prudential Pension Fund Management Co, Kotak Mahindra Pension Fund, LIC Pension Fund, SBI Pension Funds, UTI Retirement Solutions, and Birla Sunlife Pension Management.
LIC Pension Fund, UTI Retirement Solutions and SBI Pension Funds manage NPS for the government employees.
NPS is a pension cum investment scheme launched by the government to provide old age security to the citizens. 
There were about 1.28 NPS subscriber at end-October, 2019. NKD ANU
ANU

Reliance Capital Pension's registration under NPS cancelled: PFRDA

10 best tax-saving investments

SBI Cards and Payment Services has raised Rs 2,769 crore from 74 anchor investors, ahead of its initial share sale starting on March 2. Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening. Singapore government, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund, are among the anchor investors. Shares have been allotted at the offer's upper price band of Rs 755 apiece, as per a regulatory filing. There are 12 mutual funds among the 74 anchor investors, who have been allocated 3,66,69,589 shares and its value stood at Rs 2,768.55 crore. The price band for the share sale -- which would be open from March 2 to 5 -- has been fixed at Rs 750-755 apiece. SBI Cards expects to raise around Rs 9,000 crore through the IPO. As per draft paper for the IPO, SBI Cards would offer up to 130,526,798 equity shares through an offer-for-sale route. This would include offloading of up to 37,293,371 shares by SBI and 93,233,427 scrips by Carlyle Group. In addition, the company would issue fresh equity shares worth Rs 500 crore. SBI holds 76 per cent in SBI Cards and the rest of the stake is held by Carlyle Group.

Singapore government, HDFC Mutual Fund, Birla Mutual Fund invest in SBI cards and payment services

New Delhi, Feb 1 () Shares of insurance companies came under selling pressure, tumbling up to 13 per cent, on the Budget day.
 Max Financial Services plummeted 12.78 per cent, ICICI Prudential Life Insurance Company Ltd plunged 10.93 per cent, SBI Life Insurance Company tumbled 10.02 per cent, The New India Assurance Company 7.16 per cent and HDFC Life Insurance Company 6.06 per cent on the BSE.
 A taxpayer opting for new income tax slabs and rates will have to forego a host of exemptions and deductions, including a standard deduction of Rs 50,000, tuition fee of children, and contribution towards insurance premium and provident fund.
 However, the new income tax system proposed by Finance Minister Nirmala Sitharaman in the Union Budget 2020-21 is optional and a taxpayer can choose to remain in the existing regime with exemptions and deductions.
 As per the Budget document, an individual taxpayer opting for the new tax regime will not be entitled for deduction under 80C of the Income Tax.
 Section 80C provides deduction for contribution towards insurance premium, deferred annuity, provident fund and certain type of shares.
 Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid). SUM SHW
SHW

Insurance stocks plummet up to 13 pc on Budget day

<ul><li>The Sensex was trading 1.03% higher, while the Nifty50 was up 1.02%. </li><li>The rally was led by banking and financial stocks.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark stock index, Sensex advanced over 400 points in early trade on Tuesday, tracking gains in index majors Kotak Bank, the HDFC Bank and ICICI Bank and mixed cues from global peers. The Sensex was trading 1.03% higher, while the Nifty50 was up 1.02%. <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC Limited </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zee Entertainment </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infratel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr></tbody></table>*as of September 1, 10:10 am These are the top stocks that are buzzing in trade today: RIL, Airtel, Vodafone Idea shares react after SC judgement on AGR dues RIL, Airtel, shares gained, while Vodafone Idea cracked after the apex court of India granted telcos a 10-year time for the payment of the Adjusted Gross Revenue (AGR)-related dues to the Department of Telecommunications (DoT). The Supreme Court said that these telecom companies should pay 10% of the AGR-related dues by March 31. The shares of RIL and Airtel gained 2% and 7% respectively, after the Supreme Court judgement. However, Vodafone Idea shares lost nearly 10%. Bharti Infratel shares rise 3% Bharti Infratel shares gained nearly 3% after the board approved the long-delayed merger of Indus Towers. According to the BSE filing, Bharti Infratel will be a majority shareholder in the merged entity with a likely stake of 68.6%, whereas the London-listed Vodafone Group will hold around 28.2% of the stake. Escorts gains over 5% The shares of Escorts Motors gained nearly 5% on the back of blockbuster August sales data. The company has registered a whopping 80% growth in August tractor sales compared to the same period last year. The company further said it remains optimistic about further sales during the festive season. BEML and Tata Power gains ground BEML shares were up 4%, whereas Tata Power gained 2% after the company closed ₹2,580 crore deal with the Indian Defence Ministry for the procurement of Pinaka rocket launchers for six Army regiments. The contract has been signed with Tata Power Company Ltd (TPCL) and engineering major Larsen &amp; Toubro (L&amp;T) while defence public sector undertaking Bharat Earth Movers Ltd (BEML) will also be part of the project. Biocon gains 5% Biocon shares gained nearly 5% after its subsidiary along with Mylan NV, launched an insulin glargine injection Semglee in the US market. The company said ‘Semglee’ has received final approval from the US FDA and has an identical amino acid sequence to Sanofi’s Lantus, a drug that is used to control high blood sugar. Future Retail tumbles 9% Future Retail shares tumbled 9% after the Government Pension Fund Global, one of the world’s largest sovereign wealth funds sold 95 lakh shares at ₹158.61 per share. The Government Pension Fund Global fund held 2.28% stake in the Future Retail at the end of June. L&amp;T gained 2% L&amp;T shares gained nearly 2% during the early trading hours after the company closed the long-awaited strategic divestment of L&amp;T Electrical and Automation business to Schneider Electric for ₹14,000 crore. The L&amp;T deal was announced in May 2018 and took over 2 years to be completed after receiving the requisite regulatory approvals. ONGC tanks 4% ONGC shares tanked 4% ahead of the first quarterly earnings. During the meeting today the board will also consider the proposal of raising funds of up to ₹45,000 crore. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-lt-biocon-mm-pnb-tata-power-bharat-earth-movers-and-others/articleshow/77863102.cms" data-type="tilCustomLink">Top stocks to watch— L&amp;T, Biocon, M&amp;M, PNB, Tata Power, Bharat Earth Movers and others</a> <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms" data-type="tilCustomLink">Rise in 'work from anywhere' will lead to more outsourcing — that's an opportunity for TCS, Infosys and HCL Tech</a>

Top stock movers — ONGC, Future Retail, Bharti Infratel, Escorts, RIL, Airtel, Vodafone Idea, Biocon, L&T, BEML and more

Around 8.2 lakh members of retirement fund body <keyword id="6372438" type="PERSON" weightage="20" keywordseo="epfo">EPFO</keyword> and private PF trusts have dipped into their savings and withdrew ₹3,243.17 crore to sustain in the lockdown imposed by the government to contain COVID-19. Earlier last month on March 28, the <keyword id="6423266" type="COMPANY" weightage="20" keywordseo="employees-provident-fund-organisation">Employees Provident Fund Organisation</keyword> (EPFO) had allowed formal sector workers under its ambit to withdraw a non-refundable advance from their <keyword id="415826" type="PERSON" weightage="20" keywordseo="retirement-savings">retirement savings</keyword> to deal with hardships due to lockdown. "EPFO under <keyword id="602690" type="COMPANY" weightage="20" keywordseo="Union-ministry-of-labour">Union Ministry of Labour</keyword> &amp; Employment, has settled a total of 12.91 lakhs claims, including 7.40 lakhs COVID-19 claims under Pradhan Mantri Garib Kalyan Yojana (PMGKY) package," a Labour Ministry statement said. Claims settlement involves disbursal of total amount of ₹4,684.52 crore which includes ₹2,367.65 crore COVID claims under the PMGKY package. The exempted private PF trusts have also risen to the occasion amidst the COVID-19 pandemic, the ministry said. As on April 27, 2020, ₹875.52 crore have been disbursed to 79,743 PF members as advance for COVID-19 by the exempted PF Trusts under this scheme, with 222 private sector establishments disbursing ₹338.23 crore to 54,641 beneficiaries, 76 public sector establishments disbursing ₹524.75 crores to 24,178 beneficiaries and 23 cooperative sector establishments disbursing ₹12.54 crores to 924 claimants, it said. Private PF trusts manage their employees' PF money and account themselves. They are exempted to file monthly PF return and thus also called exempted establishments. Tata Consultancy Services Mumbai, HCL Technologies Ltd. Gurugram and HDFC Bank Powai, Mumbai are the top three exempted establishments in the private sector, both in terms of number of claims settled and amount disbursed, it said. In public sector, ONGC Dehradun, Neyveli Lignite Corporation Neyveli and BHEL Trichy are the top three exempted establishments to have settled maximum number of COVID-19 advance claims; whereas, Neyveli Lignite Corporation Neyveli, ONGC Dehradun and Vishakhapatnam Steel Plant Vishakhapatnam are top three establishments in terms of amount disbursed to EPF members, it said. The provision for a special withdrawal from the EPF Scheme to fight COVID-19 pandemic is part of the PMGKY scheme announced by the government and an urgent notification on the matter was made to introduce a para 68 L (3) of the EPF Scheme on 28th March, 2020. Under this provision non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to member's credit in the EPF account, whichever is less, is provided. Despite only one-third staff being able to work due to lockdown, EPFO is committed to serve its members during this difficult situation and EPFO offices are functional to help them during these testing times, it said. See also: <a href="https://www.businessinsider.in/india/news/a-checklist-of-steps-offices-should-take-as-they-reopen-after-lockdown-to-avoid-another-wave-of-covid-19-infections/articleshow/75421144.cms">A checklist of steps offices should take, as they reopen after lockdown, to avoid another wave of COVID-19 infections</a> <a href="https://www.businessinsider.in/india/news/covid-19-combat-retired-maha-teacher-gives-pension-to-cm-fund/articleshow/75123266.cms">COVID-19 combat: Retired Maha teacher gives pension to CM fund</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-shareholders-may-get-dividend-payout-as-it-to-considers-rights-issue-at-april-30-board-meeting/articleshow/75422405.cms">Reliance Industries shareholders may get dividend payout as it to considers rights issue at April 30 board meeting</a>

Workers have withdrawn over ₹3,200 crore from their retirement savings to survive the Coronavirus lockdown

A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

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Reliance Capital Pension's registration under NPS cancelled: PFRDA

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