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<ul><li><keyword id="13222" type="General" weightage="20" keywordseo="SBI" source="Orion">SBI</keyword> is inviting applications from all eligible candidates for the position of circle based officers (CBOs) across various cities in India.</li><li>The last date to apply for the opportunity is December 29, 2021.</li><li>The basic pay or the starting salary given to the candidates would be ₹36,000 per month.</li></ul><keyword id="6354731" type="General" weightage="20" keywordseo="State-Bank-of-India" source="Orion">State Bank of India</keyword> (SBI) is inviting applications from all eligible candidates for the position of circle based officers (CBOs) across various cities in India. The last date to apply for the opportunity is December 29, 2021. Interested candidates can apply <a href="https://ibpsonline.ibps.in/sbircbonov21/">here</a>. The basic pay or the starting salary given to the candidates would be ₹36,000 per month with one increment for each completed year of service rendered in the office. . The official will also be eligible for dearness allowance (D.A), house rent allowance (H.R.A)/lease rental, city compensatory allowance (C.C.A), medical and other allowances &amp; perquisites as per rules in force from time to time. The selection procedure consists of three stages — online written exam, screening and personal interview. The online test will be conducted in the month of January next year (2022). Candidates applying for or selected for below mentioned circle/city should be well-versed with the local language. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Circle/city </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Language required </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of vacancies </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarati </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">354 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kannada </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">278 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bhopal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">214 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tamil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">278 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jaipur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">104 </td></tr></tbody></table> Eligibility criteria — <ol><li>Graduation in any discipline from a recognised university or any equivalent qualification recognised as such by the central government. </li><li>The minimum age criteria is 21 years and the maximum age criteria is 30 years. </li><li>Minimum 2 years of experience (post-essential academic qualification experience) as on 01.12.2021 as an officer in any scheduled commercial bank or any regional rural bank as listed in the second schedule of Reserve Bank of India. </li><li>The candidates applying for vacancies of a particular state, should be proficient (reading, writing and understanding) in the specified opted local language of that state. </li><li>Candidates with record of default in repayment of loans/credit card dues or against whose name adverse report of CIBIL or other external agencies are available are not eligible for appointment. The position in this regard will be verified before joining.</li></ol>Selection procedure — The selection process consists of an online written test, screening and interview. Online written test: The duration of objective test is 2 hours and it consists of 4 sections — English language (30 marks), banking knowledge (40 marks), general awareness/economy (30 marks), and computer aptitude (20 marks) — of total 120 marks with separate timing for every section. The duration of the descriptive test is 30 minutes. It will be a test of English language (letter writing and essay) with two questions for a total of 50 marks. Screening: Online application and documents of candidates, who are shortlisted based on performance in online examination, will be placed before the screening committee. The screening committee constituted by the bank will examine whether the candidates fulfil the required eligibility criteria of experience. Interview: Interview will consist of 50 marks. Candidates will have to score minimum qualifying marks in the interview to be considered for final selection. The minimum qualifying marks will be decided by the bank. Candidates belonging to general category will have to pay an application fee of ₹750 while filling the application form. Interested candidates can seek more information <a href="https://sbi.co.in/documents/77530/11154687/081221-CBO-21+Final+Detailed+Advt+ENG.pdf/6d3a8188-f5a6-e9dd-98fc-e580796a0766?t=1638963781497">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/michelle-obama-is-the-most-admired-woman-in-the-world/slidelist/88302252.cms">Michelle Obama is the most admired woman in the world</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/moschip-technologies-asm-technologies-and-spel-semiconductor-among-chip-makers-stock-that-surged-on-pli-scheme/articleshow/88306809.cms">Checkout chip makers’ stocks that surged on PLI scheme; industry leaders feel the move will make India self-reliant</a>

SBI is hiring 1200 circle based officers across India with a minimum pay of ₹36,000 per month

<ul><li>IOC is inviting applications from eligible candidates for its technical and non-technical apprenticeship programme for their offices in southern Indian states.</li><li>The last date to apply for the opportunity is 5 p.m., on December 27, 2021.</li><li>Checkout the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="6356834" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="Orion">Indian Oil Corporation</keyword> (IOCL) is inviting applications from eligible candidates for its technical and non-technical apprenticeship programme for their offices in southern Indian states — Tamil Nadu, Puducherry, Karnataka, Kerala, Andhra Pradesh, and Telangana. The last date to apply for the opportunity is 5 p.m., on December 27, 2021. Interested candidates can apply online on their official <a href="https://ioclsrmd.onlinereg.in/kali1121reg/Home.aspx">website</a>. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">States </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of vacancies </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TamilNadu and Puducherry </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">84 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Karnataka </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">52 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kerala </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">49 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Andhra Pradesh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">55 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Telangana </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">60 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Eligibility criteria for the apprenticeship role <ol><li>For trade apprentice</li></ol><ul><li>Fitter: Grade 10 plus two years of industrial training institute’s (ITI) fitter course.</li><li>Electrician: Class 10 plus two years of ITI electrician course.</li><li>Electronic Mechanic: Class 10 plus two years of ITI electronic mechanic course.</li><li>Instrument Mechanic: Class 10 plus two years of ITI instrument mechanic course.</li><li>Machinist: Class 10 plus two years of ITI instrument mechanic course.</li><li>Accountant: Graduate in any discipline with minimum 50% aggregate marks from a recognised institute/university.</li><li>Data Entry Operator (Fresher): Minimum 12th pass, but below graduate.</li><li>Data Entry Operator (Skilled Certificate Holders): Minimum 12th pass, but below graduate. Candidates should possess a skill certificate of ‘domestic data entry operator’ for training of less than one year issued by an awarding body recognised under National Skill Qualifications Framework or any other authority recognised by the central government.</li><li>Retail Sales Associate (Fresher): Minimum 12th pass but below graduate.</li><li>Retail Sales Associate (skilled certificate holders): Minimum 12th pass (but below graduate). Additionally, candidates should possess a skill certificate of ‘retail trainee associate’ for training of less than one year issued by an awarding body recognised under National Skill Qualifications Framework or any other authority recognised by the central government.</li></ul>2. For Technician apprentice<ul><li>Technician apprentice (Mechanical): 3 year-diploma in mechanical engineering with minimum 50% marks from any recognised university/institute.</li><li>Electrical: 3 years’ diploma in electrical engineering with minimum 50% marks from any recognised university/institute.</li><li>Instrumentation: 3 years’ diploma in instrumentation engineering with minimum 50% marks from any recognised university/institute.</li><li>Civil: 3 years’ diploma in civil engineering with minimum 50% marks from any recognised university/institute.</li><li>Electrical and electronics: 3 years diploma in electrical &amp; electronics engineering with minimum 50% marks from any recognised university/institute.</li><li>Electronic: 3 years’ diploma in electronics engineering with minimum 50% marks from any recognised university/institute.</li></ul>3. Applicants who have completed three years after acquiring the prescribed qualification for engagement of technician apprenticeship i.e., diploma in engineering in relevant disciplines are not eligible for engagement as technician apprentice. 4. Candidates with qualification acquired through distance learning mode or part time mode or correspondence mode will not be considered. 5. Candidates possessing higher professional qualifications such as Bachelor of Engineering (B.E)/Master of Business Administration (MBA)/Master of Computer Application (MCA)/Chartered Accountant (CA)/Institute of Cost and Works Accountants (ICWA)/Bachelor of Legislative Law or Legum Baccalaureus (LLB) will not be considered. 6. Minimum age is 18 years and maximum age criteria is 24 years, as on November 30, 2021. Selection procedure The selection shall be on the basis of performance of the candidates on the basis of marks obtained by them in the written test and meeting the eligibility criteria. The written test will be conducted on January 9, 2022, in a multiple choice format (MCQs). Interested candidates can seek more information <a href="https://iocl.com/admin/img/Apprenticeships/Files/5e2a63d05ddd4450b45e90e4c7d31c65.pdf">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/sbi-is-hiring-1200-circle-based-officers-across-india-with-a-minimum-pay-of-36000-per-month/articleshow/88313666.cms">SBI is hiring 1200 circle based officers across India with a minimum pay of ₹36,000 per month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/michelle-obama-is-the-most-admired-woman-in-the-world/slidelist/88302252.cms">Michelle Obama is the most admired woman in the world</a>

Indian Oil Corporation is hiring 300 apprentices across southern states of India

<ul><li>India’s biggest yet, the ₹21,000 crore <keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> is now open for subscription.</li><li>Prior to opening it to the public, the LIC anchor book raised ₹5,627 crore from several mutual funds and foreign institutional investors, with over 123 anchor investors taking part.</li><li>However, domestic mutual funds bought a majority of the shares set aside for anchor investors ahead of the LIC IPO while not many FIIs participated.</li></ul>State-owned insurance behemoth Life Insurance Corporation of India (LIC) mopped up ₹5,627 crore at the upper price band of ₹949 per share. LIC’s anchor book witnessed strong demand from 123 anchor investors including the majority of domestic mutual funds (over 90 mutual fund schemes) and few global marquee investors. Domestic mutual funds bought 71% of the anchor shares set aside for anchor investors. Domestic mutual funds bought a majority of the shares set aside for anchor investors ahead of the LIC IPO while not many FIIs participated. Most marquee foreign investors skipped the LIC IPO despite the government <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lic-ipo-centre-wooing-sovereign-pension-funds/articleshow/90870857.cms">reportedly </a>reaching out to the sovereign wealth and pension funds to be anchor investors. According to a report by the <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lic-ipo-centre-wooing-sovereign-pension-funds/articleshow/90870857.cms">Economic Times</a>, India had approached the Abu Dhabi Investment Authority, Singapore-based GIC, three Canadian pension funds and the Qatar Investment Authority among other sovereign wealth funds and pension funds to be anchor investors in the IPO. Anchor investors are marquee institutional investors who are allotted shares in an IPO before the issue opens. As the name suggests, they ‘anchor’ the IPO issue by agreeing to subscribe to shares at a fixed price and thereby indicate a healthy demand for the soon-to-be listed shares. Top 10 <keyword id="13201658" type="General" weightage="20" keywordseo="lic-ipo-anchor-investors" source="Orion">LIC IPO anchor investors</keyword> Here are the top 10 investors that bought the majority of anchor book offerings. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Anchor investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount invested </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Equity Hybrid Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹518 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BNP Investments LLC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹449 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Government Pension Fund Global (Norwegian fund) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹224 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Value Discovery Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹219 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Balanced Advantage Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹204 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Trustee Company, HDFC Balanced Advantage Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹200 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Blue Chip Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹190 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Government of Singapore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹151 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Bluechip Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹120 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Balanced Advantage Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹120 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>To give some perspective, analysts are concerned about LIC's growth prospects as it is losing market share to private players like HDFC Life, ICICI Prudential Life etc. Also, <a href="https://www.businessinsider.in/stock-market/news/analysts-recommend-subscribing-to-lic-ipo-due-to-cheap-valuation/articleshow/91258839.cms">analysts feel if LIC </a>is unable to retain agents, who bring huge business to the firm, the insurer could face challenges going forward. “LIC has lower new policy growth rate as they continue losing market share to private insurance players, especially in urban areas. Individual agents procure most of LIC’s individual new business premiums (close to 97%). If LIC is unable to retain and recruit individual agents on a timely basis and at reasonable cost, there could be a material adverse effect on their results of operations,” said analysts at Investmentz, an online investment platform. LIC has the largest individual agent network of 8.96 lakh, which dropped from 10.86 lakh as of March 31, 2021. Individual agents bring 96% of new business premiums to the life insurer. After anchor investment ahead of the IPO, the issue size has slashed to ₹15,372 crore. The IPO opened today and will close on May 9. Meanwhile, the premium on the LIC IPO in the grey market has fallen to ₹65 per share from ₹85 earlier. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/flipkart-swiggy-paytm-startups-that-have-raised-the-biggest-funding-rounds-in-the-last-two-year/slidelist/91305363.cms">Indian startups raised close to $60 billion in last two years — Flipkart, Swiggy, Paytm contributing the most</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/heatwave-in-india-what-is-wet-bulb-temperature-why-is-it-important-and-how-to-measure-it/articleshow/91306156.cms">Heatwave in India: What is wet bulb temperature, why is it important and how to measure it</a>

LIC IPO anchor book — domestic mutual funds step up as most marquee  foreign investors skip India’s biggest IPO yet

<ul><li>The IPO of the life insurance behemoth will finally open on May 4 and will close on May 9.</li><li>The price band of the IPO is fixed at ₹902-₹949 per share, which most analysts believe is low compared to other players.</li><li>The insurer’s premium in the grey market has increased to ₹85 per share.</li></ul>State-owned insurance behemoth Life Insurance Corporation of India (LIC) is finally about to launch its initial public offering (IPO) this week on May 4 after a long waiting period. Here are the answers to all your questions asking if one should subscribe to the IPO or not. Most analysts have recommended subscribing to the IPO on cheap valuation and because of the fact that it is a market leader in the fast growing and underpenetrated Indian life insurance sector. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel One </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ventura Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investmentz </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe from long term perspective </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICIdirect </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not rated </td></tr></tbody></table>“Though there are concerns over LIC regarding market share loss in individual insurance business and historically lower margins, we believe that valuations factor in most of the negatives. Expected improvements in product mix and greater transfer of surplus to shareholders account over the coming years are expected to drive profits from current low levels, which along with cheap valuations provide comfort,” said analysts at Angel one while suggesting retail investors to subscribe to the IPO with special discounts. The IPO is entirely an offer for sale by the government that is looking to raise ₹21,000 crore by selling 22.13 crore shares in the company. A special discount of ₹45 is being offered to retail investors and employees of LIC. And a discount of ₹60 per share is being offered to about 30 crore policyholders associated with the life insurer. Life Insurance corporation of India (LIC) is the largest insurance player in India and has a market share of more than 60% in total premium, however, its losing market share gradually over the years to small and newest players. Analysts believe LIC is significantly lower valued than other listed private players despite being the dominant player. LIC’s price band is fixed at ₹902-₹949. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listed life Insurance companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price as of May 2 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Life Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,080 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹579 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Life Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹517 </td></tr></tbody></table>Although analysts are concerned about losing market share they believe LIC’s large distribution channel will keep it at the top. “There are concerns about losing market share to private players and having lower profitability and revenue growth when compared to private players. However, we believe that LIC’s distribution advantage, increasing sales mix of direct and corporate channels, and a gradual shift to high margin non-participating products could be possible drivers for LIC’s future growth, negating lower than industry growth rates,” said analysts at Investmentz, an online investment platform. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><thead><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Life insurers </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">FY21 market share in total premium </th></tr></thead><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LIC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">61.60% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Life </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.80% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Life </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.60% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Max Life </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Allianz Life </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.60% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Private players </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.40% </td></tr></tbody></table>LIC has the largest individual agent network of 8.96 lakh, which dropped from 10.86 lakh as of March 31, 2021. And individual agents bring 96% of new business premiums to the life insurer, however things have changed in the last few years because of the pandemic. The number of active individual agents at LIC dropped by 17.48% to 8.96 lakh as of September 30, 2021 from 10.86 lakh as of March 31, 2021. Analysts feel if LIC is unable to retain agents, who bring huge business to the firm, the insurer could face challenges in operating. “LIC has lower new policy growth rate as they continue losing market share to private insurance players, especially in urban areas. Individual agents procure most of LIC’s individual new business premiums (close to 97%). If LIC is unable to retain and recruit individual agents on a timely basis and at reasonable cost, there could be a material adverse effect on their results of operations,” said a report by Investmentz. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/heres-how-gautam-adani-and-mukesh-ambani-are-gearing-up-to-compete-against-each-other-and-what-this-means-for-the-industry/articleshow/91258212.cms">Here’s how Gautam Adani and Mukesh Ambani are gearing up to compete against each other and what this means for the industry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpes-ashneer-grover-plans-to-start-another-business-without-any-investors/articleshow/91255089.cms">After being ousted from BharatPe, Ashneer Grover plans to start another business without any investors</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/news/green-hydrogen-and-indias-new-policy-around-it/articleshow/91251724.cms">EXPLAINED: Green hydrogen and India’s new policy around it</a>

LIC IPO: Analysts are concerned about the dropping market share but recommend subscribing to the IPO due to cheap valuation

<ul><li><keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword>’s resignation from the board and management of <keyword id="7349800" type="General" weightage="20" keywordseo="Bharatpe" source="Orion">BharatPe</keyword>.</li><li>It all started with a leaked audio, where Grover was allegedly heard hurling abuses at a Kotak Mahindra employee.</li><li>He continues to be the largest individual shareholder at BharatPe with 9.5% shareholding.</li></ul>Ashneer Grover’s <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-resigns-from-bharatpe-heres-what-he-wrote-in-his-resignation-letter/articleshow/89912762.cms" data-type="tilCustomLink">resignation </a>from the board and management of BharatPe has been the top news from the Indian startup ecosystem on Tuesday. The company was among the youngest unicorns of India, but it has been surrounded by controversies ever since it entered its fourth year of operations. It all started with a leaked audio, where Grover was allegedly heard hurling abuses at a Kotak Mahindra Employee for not being able to finance Nykaa’s IPO allotment for him and his wife Madhuri Jain. One thing led to another and Grover had to resign from BharatPe. Here is how one of the biggest boardroom fights in India’s corporate history panned out over the past few months: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Event </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BharatPe was founded by Shashvat Nakrani and Bhavik Koladiya. Ashneer Grover, an angel investor in the company, came onboard as a cofounder. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 5, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">An anonymous Twitter handle called “Bongo babu” shared a soundcloud link to an audio clip, where Grover was allegedly heard hurling abuses at an employee of Kotak Mahindra Bank. The conflict happened because Kotak Mahindra Bank was allegedly unable to get Nykaa’s IPO allotment for Grover and his wife, the audio clip revealed. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 6, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grover claimed that the audio clip circulating on social media was fake and someone was trying to exhort $240,000 in bitcoin from him. He later deleted the tweet thread after the audio was taken off SoundCloud. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 9, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Media reports revealed that Grover and his wife had sent a legal notice to Kotak Mahindra Bank on October 31, 2021 for failing to provide financing in Nykaa’s IPO. The bank said that they will take “appropriate legal action” against Grover over the content of the audio clip. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 17, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A report by The Economic Times has relieved that previously there was a brawl between Grover and Sequoia India’s Harshjit Sethi as well as the investment firm was looking to take a step back from the company’s upcoming funding round. The report was based on email exchange between the two in august 2021. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 19, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashneer Grover was sent on voluntary leave till the end of March, 2022. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 29, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The board of BharatPe decided to conduct an independent audit of the company’s internal processes and systems. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 30, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grover hired a Delhi-based law firm alleging that the company pressured him to quit. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 4, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Media reports suggested that the preliminary audit has revealed certain fraudulent transactions in recruitment and payments to non-existent vendors. Grover’s wife Madhuri Jain’s name was being linked to these transactions. Grover had also sought removal of CEO Suhail Sameer’s removal from the board. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 5, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashneer Grover had demanded ₹4,000 crore in exchange for his 9.5% stake in the company. The company later rejected the demand. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 10, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jain had written to Alvarez &amp; Marsal (A&amp;M), who conducted the independent audit. She questioned the consulting firm about the recent media leaks, she also raised concerns over the alleged irregularities in the recent probe at the fintech firm. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 22, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grover sought protection from any future action against him as a part of settlement with BharatPe, an Economic Times report revealed. He also filed an arbitration plea in Singapore to protect his shareholdings in the company. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 23, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BharatPe <a href="https://www.businessinsider.in/business/startups/news/bharatpe-fires-ashneer-grovers-wife-madhuri-jain-and-she-takes-to-twitter-to-make-a-new-set-of-allegations-against-the-company/articleshow/89767491.cms">terminated</a> Madhuri Jain on charges of misappropriation of funds. Jain, who had been in charge BharatPe’s finance. After her termination, she accused BharatPe’s founders and CEO of misdemeanor. Grover also launched an attack on board chairman Rajnish Kumar, who was the former chairperson of SBI. “The entire façade of the alleged governance review is riddled with premeditation, bias and prejudice,” Grover said. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 27, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The Singapore International Arbitration Center (SIAC) rejected Grover’s plea. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 1, 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashneer Grover resigned as the managing director and director of BharatPe. He continues to be the largest individual shareholder at BharatPe with 9.5% shareholdings. </td></tr></tbody><tbody></tbody></table> SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/lic-ipo-may-get-postponed-as-the-government-may-review-the-timing-due-to-russia-ukraine-uncertainty/articleshow/89926212.cms">LIC IPO may get postponed as the government may review the timing due to Russia-Ukraine uncertainty</a> <a href="https://www.businessinsider.in/business/corporates/news/new-air-india-under-tata-ceo-declines-job-offer-at-the-last-moment-amid-his-alleged-political-links/articleshow/89920258.cms" data-type="tilCustomLink">New Air India CEO declines the role at the last moment, says Indian media ‘coloured’ his appointment</a> <a href="https://www.businessinsider.in/india/news/cheap-liquor-in-delhi-is-a-thing-of-the-past-now/articleshow/89919730.cms">Cheap liquor in Delhi is a thing of the past now</a>

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