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Mumbai, Mar 20 () The RBI on Friday appointed two additional directors on the board of Yes Bank -- former deputy governor of the central bank R Gandhi and Ananth Narayan, an associate professor at SP Jain Institute of Management and Research. The appointment, effective March 26, will be for two years, the Reserve Bank said in a statement which comes a day after the private sector bank resumed full operations. March 26 is the day when the new management will take over after the administrator's term ends. Under the reconstruction scheme, which came into effect from March 14, RBI can appoint one or more persons as additional directors on the board of Yes Bank. On March 5, the RBI had superseded the board of Yes Bank and appointed Prashant Kumar, ex-DMD and CFO of SBI, as the administrator. The RBI-imposed moratorium was lifted on March 18. Kumar will take over as the CEO and managing director of the bank from March 26, seven days from the cessation of moratorium. The new board will be led by Sunil Mehta as the non-executive chairman and Mahesh Krishnamurthy and Atul Bheda as non-executive directors. SBI, being the single largest shareholder with almost 43 per cent stake, will have two board members -- deputy managing directors Partha Sengupta, who is also the chief credit officer at SBI, and G Swaminathan. HV BEN ABMABM

RBI appoints R Gandhi, Ananth Narayan as additional directors on Yes Bank board

New Delhi, Clamping down on unauthorised investment advisory services offered in the name of '<keyword id="19268011" type="General" weightage="20" keywordseo="baap-of-chart" source="Orion">Baap of Chart</keyword>', regulator Sebi on Wednesday barred three entities from the securities market and ordered impounding illegal gains worth over Rs 17 crore. <keyword id="19264697" type="General" weightage="50" keywordseo="mohammad-nasiruddin-ansari" source="Orion">Mohammad Nasiruddin Ansari</keyword>, who described himself as an investment wizard, provided recommendations on stocks in the name of 'Baap of Chart' through the social media platform X and messaging app Telegram. The recommendations were given in the garb of providing educational training related to the securities market, according to Sebi. Besides Ansari, Padamati and <keyword id="19271004" type="General" weightage="80" keywordseo="golden-syndicate" source="Orion">Golden Syndicate</keyword> Ventures have been barred from the securities markets until further orders. Sebi directed them to cease and desist from acting as or holding themselves out to be investment advisors, whether using 'Baap of Chart' or otherwise. In its 45-page interim order cum show cause notice, Sebi found that Rs 17.21 crore has been accumulated during a period of just over two years from carrying out investment advisory activities, which are both unregistered and fraudulent. In view of receipt of fees for 'educational courses' directly in their bank accounts prima facie, the regulator concluded that Nasir, Padamati and Golden Syndicate Ventures are jointly and severally liable for alleged unlawful gains as an interim measure. "I cannot ignore the risk that the said Noticees (Nasir, Padamati and Golden Syndicate) may divert the alleged unlawful gains before directions for disgorgement/refund, etc, if any, are passed. "Further, I note that in his videos/ social media posts on 'courses' of Baap of Chart, Nasir repeatedly emphasises on providing access to live trading during his courses," Sebi's whole-time member <keyword id="183908" type="General" weightage="50" keywordseo="ananth-narayan" source="Orion">Ananth Narayan</keyword> G said in the order. Therefore, non-interference at this stage would result in irreparable injury to interests of the securities market and the investors, as per the order. "I am convinced that the balance of convenience lies in passing interim directions against them for preventing the continuation of any further fraudulent or unregistered activities in the interest of investors, and for impounding and retaining such quantified alleged illegal gains," Ananth Narayan G added. By indulging in such activities, the entities flouted the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and Investment Adviser (IA) rules. Further, the regulator directed Nasir, Padamati, <keyword id="19271005" type="General" weightage="50" keywordseo="tabraiz-abdullah" source="Orion">Tabraiz Abdullah</keyword>, Asif Iqbal Wani, Golden Syndicate Ventures, Mansha Abdullah and Jadav Vamshi to jointly and severally disgorge the Rs 17.21 crore collected from clients/ investors through unregistered investment advisory activities. The markets watchdog also directed them to refrain from accessing as well as associating themselves with the securities markets for an appropriate period. The order came after Sebi analysed certain tweets on social media platforms X and Telegram, where Nasir was prima facie observed to be providing recommendations (buy/sell) through social media in the name of 'Baap of Chart' in the garb of providing educational training related to the securities market. Thereafter, the regulator initiated the examination against Nasir in order to ascertain whether he was engaged in offering investment advisory services without having Sebi's registration through social media/other means and thereby, flouting the regulatory norms. The examination period in the matter is from January 2021 to July 2023.

Baap of Chart: Sebi bars three entities and impounds illegal gains

New Delhi, Mar 26 () There is a need to sensitise the administration and law enforcement agencies to allow movement of essential goods, including medicines, within the cities and across states to increase their accessibility during the coronavirus outbreak, e-pharmacy players said. "Law enforcement agencies need to be sensitised to allow operations of essential services like ours to continue unhindered - it will encourage our ground teams and not create fear," Medlife CEO Ananth Narayan said. Though the government has identified the sectors in the economy that should keep running to ensure this period passes through, the processes to enable essential services supply have not been set up, resulting in multiple breakdown points in the supply chain and last-mile delivery, he added. "We need to ease the movement of goods across states to ensure supply," Narayan said. On the challenges being faced by e-pharmacies, Netmeds.com founder and CEO Pradeep Dadha said the current challenge is that the courier companies are not accepting orders. "We urge the government to step in and enable the courier companies to accept orders, so the medicine delivery, which is essential right now, gets delivered on time," he added. As a healthcare company, "we too are in the forefront of the battle against coronavirus, and we are working hard to ensure that customers get uninterrupted supply of protective and preventive products, which are much needed during this stage of containment," he said. Stating that despite the initial troubles, the situation is stablising now, PharmEasy co-founder Dharmil Sheth said initially the local administration/police administration was not prepared to differentiate between people associated with essential and non-essential services. This led to beating up of a few delivery boys, leading to disruption of the entire movement of medicines. However, things have stabilised on Thursday, he said. Another problem is that the city and state borders are also blocked and interstate movement of medicines has been affected, he added. "We have delivery partners who can manage movement seamlessly and the government should also allow uninterrupted medicine delivery to semi-urban and tier 2/3 areas," Sheth said. AKT RVK

Sensitise law enforcement agencies to ensure supply of essential goods: E-pharmacies

Capital markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">Sebi</keyword> on Monday launched <keyword id="19925751" type="General" weightage="20" keywordseo="mobile-app" source="keywords">mobile app</keyword> '<keyword id="21922624" type="General" weightage="20" keywordseo="Saathi" source="keywords">Saa₹thi</keyword> 2.0' on <keyword id="20127396" type="General" weightage="20" keywordseo="personal-finance" source="keywords">personal finance</keyword> for <keyword id="19900618" type="General" weightage="20" keywordseo="investors" source="keywords">investors</keyword> with comprehensive tools aimed at simplifying complex <keyword id="21922626" type="General" weightage="20" keywordseo="financial-concepts" source="keywords">financial concepts</keyword>. "The updated 'Saa₹thi' app introduces a user-friendly interface with comprehensive tools aimed at simplifying complex financial concepts," Sebi said in a statement. The app includes <keyword id="21922625" type="General" weightage="20" keywordseo="financial-calculators" source="keywords">financial calculators</keyword> and has modules that introduce and explain KYC procedures, <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, <keyword id="20003842" type="General" weightage="20" keywordseo="ETFs" source="keywords">ETFs</keyword>, buying and selling shares on <keyword id="19905454" type="General" weightage="20" keywordseo="stock-exchanges" source="keywords">stock exchanges</keyword>, investor grievances redressal mechanism, and the Online Dispute Resolution (ODR) platform. Additionally, the app features a range of videos designed to assist investors in their personal finance planning. "In today's era, where social media sometimes provides biased or misleading information, there is a significant need for an unbiased, objective, and trusted source of investment information," Ananth Narayan G, Whole Time Member, said during the launch. "The Saa₹thi app serves this purpose by empowering investors with reliable and essential insights into the securities market. This tool can be especially useful for young investors who are at the beginning of their financial journey. "The content within the app is dynamic, allowing us to keep pace with the rapidly evolving market conditions. We actively seek public suggestions to further refine and enhance the Saa₹thi app, ensuring it continues to serve our investors," he said. The 'Saa₹thi' app is available for download on Google Play Store and the iOS AppStore.

Sebi launches Saa₹thi 2.0 mobile app on personal finance for investors

The <keyword id="625967" type="UNKNOWN" weightage="80" keywordseo="captive-centres">captive centres</keyword> or Global In-house Centres (GICs) are growing in India, but despite the upward trend the domain is facing challenges like lack of domain knowledge and talent retention. 
 
GICs are technology units set-up by large multi-national companies across the world. MNCs move back-office software projects to their GICs, and now they have even started moving high-end technology work, like analytics, cloud computing projects, to them. 
 As per a report by IT industry lobby group Nasscom and consulting firm <keyword id="298873" type="COMPANY" weightage="80" keywordseo="Zinnov">Zinnov</keyword>, nearly 220 new companies having set up GICs in India over the last five years but they continue to face challenges like lack of domain knowledge in sectors like insurance, banking and energy. 
 
Also, majority of these companies are finding it hard to find and retain key talent, including in leadership roles. 
 
"Leaders who have an ability to straddle both technical and business perspectives are still a rarity in the Indian ecosystem. As a number of newer GICs and start-ups are coming with competitive talent attraction policies, (existing) GICs are facing a challenge in attracting and retaining talent,” the report stated. 
 
However, the report read the revenue from GICs grew at a compounded annual growth rate of 11 % since the financial year ended March 2010. 
 
As per the report, GICs contributed about $20 billion in revenue to their parent companies in 2014-15. According to Nasscom, India's IT industry presently generates about $146 billion in annual revenue. 
 "Somewhere around 2006-07, there was this notion that 'the GIC story is dead'. I think that myth has been well and truly busted," <keyword id="323020" type="PERSON" weightage="60" keywordseo="Karthik-Ananth">Karthik Ananth</keyword>, a director at Zinnov, told Economic Times. 
 
He added that from talent perspective, India had great pool of engineering talent which made it an attractive destination for companies looking to set up GICs. 
 
“Besides, now India has also emerged as a huge market for a number of companies that are coming here. In most cases, India is no. 2 or 3 market for a lot of companies,” said Ananth. 
 
As per the report, 69 GICs have come up in India in past two years, which include household brand names like MasterCard, US-based retail chain Lowe's and American fashion retailer Limited Brands. 
 
Presently, more than 1,000 GICs in India employ over 700,000 people, according to the study. 
 
In a recent roundtable with ET, Nitin Seth, country head of Fidelity Worldwide Investment, said over a period of time, over 8-10 years, GICs have built leadership maturity, credibility within the organisation and high-level of business value. 
 
Emergence of GICs has often been seen as a threat to traditional large Indian outsourcing companies such as TCS and Infosys, but both GICs and service providers will continue to co-exist the near future, Ananth told the financial daily. 
 
Customers also said that Indian IT firms need to view GICs more as partners rather than as threats. 
 
"For Indian tech vendors, rather than coming to us and saying this is what we can do, they should come to us and say these are your business problems and we have these solutions for you. Also, Indian IT firms should not view captives as threats, but should view them more as partners," said Narayan Ram, managing director of Lowe's India, during the roundtable with ET.

Growing captive centres in India face challenges

<ul><li>In a bid to meet its <keyword id="6365485" type="DEFINITION" weightage="20" keywordseo="Fiscal-Deficit">fiscal deficit</keyword> target, the government has secured a much-needed lifeline from the RBI. </li><li>The RBI will transfer ₹280 billion worth of its <keyword id="6698811" type="UNKNOWN" weightage="20" keywordseo="Surplus">surplus</keyword> reserves in the form of an <keyword id="7341827" type="UNKNOWN" weightage="20" keywordseo="Advanced-dividend">advanced dividend</keyword> to the government. </li><li>This is in addition to the ₹400 billion it has already transferred this fiscal year so far. </li></ul>In a desperate attempt to meet its fiscal deficit target, which has been raised slightly from 3.3% to 3.4% of GDP, the Modi administration has secured a much-needed lifeline from the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI). The RBI will transfer ₹280 billion worth of its surplus reserves in the form of an advanced dividend to the government for the half year ended December 2018, in addition to the ₹400 billion it has already transferred this fiscal year so far. Speaking to <a href="https://twitter.com/ETNOWlive/status/1097496331684200448">ET Now</a>, Ananth Narayan, a professor of SPJIMR, said that the government’s practice of taking an advanced dividend from the RBI was akin to a company taking money from a subsidiary in advance of the subsidiary having earned that amount. He also said that the government’s projections of RBI revenues for the year were highly optimistic. The RBI’s financial year runs from July to June while the government follows a April to March system, making an advanced dividend payout a particular burden on the central bank, which has three more months before the year ends. Of course, this was expected, especially in the wake of a extremely <a href="https://www.businessinsider.in/rbi-may-bump-up-dividend-to-help-modi-fund-the-generous-budget-sops/articleshow/67862426.cms">populist interim budget</a> and a shortfall in tax revenues. One of the budget’s major initiatives, a cash handout to farmers, <a href="https://economictimes.indiatimes.com/news/politics-and-nation/pm-narendra-modi-to-launch-scheme-to-give-rs-6000-to-farmers-on-feb-24/articleshow/67979715.cms">will commence on February 24th</a>, and is expected to comprise an outlay of around ₹200 billion by March 31st. A clash between the central government and the RBI over the size of such a transfer, among other issues, culminated in the resignation of former governor <keyword id="6375119" type="PERSON" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword> in December last year. When <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword>, a government insider, was installed in Patel’s place, his motivations were clear: to play ball with the Modi administration. Earlier this month, he went on record to say that since the RBI was a government institution, the central government <a href="https://www.news18.com/news/business/its-govt-right-to-demand-interim-dividend-and-use-it-the-way-it-wants-says-rbi-governor-2028619.html">had the right</a> to decide how much of its reserves it required. The dividend transfer will help the Modi government try and deliver on its budget promises, which will boost its prospects for re-election in May. However, this might come at the cost of the central bank’s financial health. ‘The RBI has <a href="https://www.business-standard.com/article/finance/rbi-has-insufficient-capital-much-less-surplus-to-hand-over-to-government-119012400500_1.html">inadequate capital reserves</a> to service such a transfer, according to the Centre for Advanced Financial Research and Learning, a Mumbai-based think tank. A study by the think tank showed that at 6.6%, the RBI’s capital-to-assets ratio, was more than 30 basis points lower than the average level seen in emerging markets, indicating under-capitalisation. Besides, the RBI needs its surplus capital to shore up the rupee, lend to banks and provide adequate liquidity support to the economy, which is reeling from a slowdown in credit growth and aggregate demand following <a href="https://www.financialexpress.com/industry/banking-finance/all-you-need-to-know-about-current-liquidity-crisis-at-indias-nbfc/1370224/">the crisis in the NBFC sector</a>. SEE ALSO: <a href="https://www.businessinsider.in/what-if-interim-budget-2019-replaces-subsidy-with-cash-transfer/articleshow/67658379.cms">Explained: The cost of giving India's farmers cash instead of subsidies</a> <a href="https://www.businessinsider.in/rbi-may-bump-up-dividend-to-help-modi-fund-the-generous-budget-sops/articleshow/67862426.cms">RBI may bump up dividend to help Modi fund the generous budget sops</a> <a href="https://www.businessinsider.in/the-resignation-of-the-governor-of-indias-central-bank-sends-a-clear-indication-about-the-erosion-of-institutional-autonomy-under-the-modi-administration/articleshow/67040287.cms">The resignation of the governor of India’s central bank sends a clear indication about the erosion of institutional autonomy under the Modi administration</a>

The Modi administration’s overspending gets rewarded with an interim dividend from the central bank

<ul><li>Market regulator SEBI has sought explanation from mutual funds for delaying payments due to investors.</li><li>Top mutual funds in India are citing reasons to delay repaying investors' money.</li><li>The crisis in India's shadow banks caused by massive defaults by IL&amp;FS and Essel Group is unraveling.</li><li>The Economist had warned of such a crisis earlier calling it India's 'Lehman moment'.</li></ul>When an investor buys a mutual fund, specifically invests in a fund that lends money to corporate borrowers, for a fixed period of a time, it is expected that the fund would return the money to the borrower at the end of the tenure based on the agreed terms. That trust that keeps the mutual fund market running is being tested in India. Two of the country's biggest fund houses, that invest the money pooled in from eager investors, have sought <a href="https://economictimes.indiatimes.com/mf/mf-news/essel-group-troubles-have-hdfc-kotak-mutual-fund-seeking-roll-overs/articleshow/68828851.cms" data-type="tilCustomLink" target="_blank">to delay the payments due to the clients</a>. Market regulator, the Securities and Exchange Board of India, has finally swung into action and has written to Kotak Asset Management Company and HDFC Asset Management Company seeking clarification regarding delays in repayment to investors of fixed maturity plans, <a href="https://www.cnbctv18.com/finance/fmp-crisis-kotak-mutual-funds-hdfc-amc-under-sebi-lens-2942511.htm" data-type="tilCustomLink" target="_blank">according to a CNBC-TV18 report</a>. On Monday, Kotak Mutual Fund informed its investors that it would not be able to redeem the securities held by the investors because one of its loans, to the struggling Zee Group has soured. The borrower has sought additional time to repay the debt, and the investors who had trusted their savings with the fund have become collateral damage. 
 <div type="image" title="cotakBI8 (1)" msid="68843945" hostid="261"></div>



 HDFC Mutual Fund, the country’s largest, said it would roll over one of its fixed maturity plans, which is due for redemption on April 15. However, this financial services major that manages billions of people's wealth, has given the payment delay an ironic twist. “The purpose of rollover/ extension is due to current interest rate scenario and portfolio positioning, the yields prevailing in the short maturity bucket present an option for investors to lock in their investments at current prevailing yields,” HDFC MF told its investors. Break it down In simple words, the company is citing high interest rates for short-term loans as an opportunity to reinvest the money that is due. However, can they take that decision unilaterally, without the investors' consent? "Extensions are not possible unless the investors agree. Something like 75% of the investors in that particular scheme have to agree to a rollover. Otherwise a close-ended debt fund has to mature and the money has to be given," Ananth Narayan, professor of finance at SP Jain Institute of Management and Research, told a television channel. The question to ask is will a bank give you more time to pay your dues because someone else failed you? No. Similarly, the fund house is trusted to repay the investors' at maturity, the end of a previously agreed time period. At that point, the choice is with the investors if they want to roll-over the investment for a longer duration or redeem it right away. "We will have to wait for more details. It seems similar to the Kotak situation where some papers might not be liquid enough which is why this option is being provided to investors. I will be very happy if I am wrong and the company clarifies very soon.," Narayan added in his comments. If indeed HDFC Mutual is in a hurry to make the most of rising short-term interest rates in the market, it could start a new fund and investors can be invited to pool in money again based on a new agreement. What seems to be missing in the fund's offer is an explicit consent. Lehman moment The fear in the market is that an increasing number of mutual funds are trying to brush their bad investments in companies like IL&amp;FS, Essel Group etc. under the carpet. In late 2018, many bad business decisions of the past led a set of Indian behemoths to default on their loans leaving behind a financial mess that <a href="https://www.economist.com/business/2018/11/08/indias-banking-system-is-flirting-with-a-lehman-moment" data-type="tilCustomLink" target="_blank">the Economist called India's Lehman moment</a>. The reference is to the collapse of the global investment bank, Lehman Brothers, in 2008 that led to the <keyword id="83197" type="ORGANIZATION" weightage="20" keywordseo="Global-financial-crisis">global financial crisis</keyword> and a widespread panic that shut all taps for credit across the world. The fear was more Indian financial firms may face losses in the days to come that may lead to a cash crunch and panic within the country, something that seems increasingly plausible with the recent sequence of events. The shadow banks, non-banking financial companies and mutual funds, which had lent money to IL&amp;FS and Essel Group to stand have their backs broken by the massive unpaid dues. IL&amp;FS had a debt of $13 billion when it defaulted on some of it. About 10 fund houses had lent to 16 companies belonging to Essel Group with the promoters' shares as security. To their surprise, the fund managers found out later that some of those shares were already pledged to other lenders. India's problem with unpaid loans, and those at the risk of default, is much bigger than these two. In <a href="https://www.business-standard.com/article/finance/npa-woes-india-beats-italy-to-be-world-s-worst-non-performing-loan-ratio-119021900322_1.html" data-type="tilCustomLink" target="_blank">February this year</a>, the country beat Italy to bag the infamous of having the world's highest proportion of bad loans. What was earlier seen as a problem limited to the banks, it is now becoming evident that the damage may be far wider. Now, the small investors fear for their money that is stuck with the stressed mutual funds. The market regulator SEBI that is expected to protect small investors is still silent. SEE ALSO: <a href="https://www.businessinsider.in/markets/lok-sabha-elections-2019-adds-to-the-markets-fears-from-us-fed-minutes-and-imf-forecast/articleshow/68826392.cms" data-type="tilCustomLink" target="_blank">India's 2019 election is only one of the market's many worries</a>

India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors

Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword> has asked the <keyword id="20677983" type="General" weightage="20" keywordseo="mutual-fund-industry" source="keywords">mutual fund industry</keyword> to proactively conduct stress tests, a key component of <keyword id="20383727" type="General" weightage="20" keywordseo="risk-management" source="keywords">risk management</keyword> for the financial sector, which will help strengthen the ecosystem, its whole-time member Ananth Narayan Gopalakrishnan said on Friday. The regulator's stress testing emphasizes the need to assess and manage liquidity risks, especially in small and midcap equity schemes. Speaking at a mutual fund event, Gopalakrishnan highlighted the importance of modelling stress scenarios not just for individual schemes or fund houses, but for the entire mutual fund ecosystem. "It is also important to model stress scenarios for the entire composite mutual fund ecosystem. I would strongly encourage the industry and <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="153" meta.entityid="AMFI">AMFI</keyword> to take the lead and proactively conduct objective and credible industry wide stress tests. themselves," Gopalakrishnan said. He also emphasized the need to find better ways to communicate the risks associated with different mutual fund schemes. The SEBI official mentioned that while the current risk measurement system is straightforward and has had a significant impact, it doesn't fully capture the differences in risks among various investment schemes. According to him, many schemes are just labelled as high risk, even though they have different kinds of risks. The goal is to improve this system to better reflect those differences, while keeping it simple and easy to understand. One possible approach is to consider the portfolio's volatility and liquidity from stress tests to give a clearer picture. "While ensuring simplicity and ease of understanding remains a key objective, perhaps the underlying volatility of the portfolio along with the liquidity of the portfolio from stress tests could be used to provide better colour all around," he added. This comes at a time when the holdings of mutual funds by <keyword id="20234284" type="General" weightage="20" keywordseo="domestic-institutional-investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) and individuals have risen from about 54.3% of free float of all mid cap and small cap companies, as of March 2020 to 60.6% as of March 2024. Several fund houses have proactively stopped lump sum investments in some small-cap schemes and also capped the amount that can be invested through <keyword id="20675888" type="General" weightage="20" keywordseo="systematic-investment-plan" source="keywords">Systematic Investment Plan</keyword> (SIP) into small-cap schemes. He also highlighted the potential mismatch between the demand for paper and the supply of fresh paper coming into the ecosystem. Gopalakrishnan said the industry can make more progress in streamlining operations and improving efficiency for investors. "At a time when instantaneous fund transfers have become ubiquitous in our country, perhaps we should look to improve our internal processes and the security settlement ecosystem, to ensure that funds are passed on to investors on the day of the settlement itself, rather than a day after or two days after," he added. Over the last few years, the mutual fund industry has made impressive strides, and is now playing a crucial role in channeling financial savings towards risk capital formation. This was driven by stable macros, increased formalization, robust corporate earnings, digitisation and user friendly access. Moreover, the number of mutual fund investors has grown significantly from about 2 crore as of March 2019 to nearly 4.7 crore as of June 2024, an impressive compounded annual growth rate of 18% during that period. Gopalakrishnan mentioned that several exciting initiatives are in the works, developed with input from all stakeholders. These include a proposed low-ticket SIP, further breaking down regular SIPs into smaller, more accessible units (sachetisation and tokenization), and the introduction of "mutual funds lite" regulations. These new regulations will simplify rules for passively managed funds, reducing the compliance burden and encouraging competition and innovation. Additionally, a new class of higher-risk schemes is proposed for investors with a greater capacity to handle risk.

SEBI asks mutual fund industry to proactively conduct stress test

Mumbai, May 27 () The country's economy, which is likely to contract by 5 per cent in the current fiscal, may expand by around 5 per cent in the next financial year, former RBI governor Duvvuri Subbarao said. Rating agency Crisil on Tuesday had said the Indian economy may shrink by 5 per cent in fiscal 2021, adding this recession could be the country's fourth since Independence and perhaps the worst to date. "I do believe that getting up to 5 per cent next year (FY22) is quite probable. The reason I say that is because this (COVID-19) is not a natural disaster. Our factories are still standing, our infrastructure and transport systems are still there," Subbarao said. He was speaking at a webinar on 'Indian Economy - Navigating through a Crisis', organised by the Centre for Financial Studies (CFS) at Bhavan's SPJIMR business school. "Once the lockdown is lifted and the economy is given a green signal to restart, I am sure that we can ramp up pretty soon and reach at least 5 per cent (growth rate)," he said. Speaking at the same webinar, former deputy chairman of the erstwhile Planning Commission, Montek Singh Ahluwalia, also said there is a possibility of 5-6 per cent growth in fiscal 2021-22. "But it would be mistake to treat that as recovery because if you are down 5 per cent this year (FY21) and you are up 6 per cent from that level then what it means is that during FY21-22 you will be at the same level as you were in 2019-20," Ahluwalia pointed out. According to him, the country is going to face its worst recession in the current fiscal. Subbarao further said a sharp decline in growth would mean a disruptive adjustment even for a rich country. "For a poor country like us, it would mean enormous pain and hardship for millions of low income persons, firms and enterprises, especially in the informal sector, going bankrupt and it could mean our financial stability becoming vulnerable," he added. Amid this grim situation, the former RBI governor said he sees two silver linings -- relative stability of the external sector and bumper agricultural crop production, which would support the economy. Commenting on the over Rs 20 lakh crore fiscal stimulus package announced by the government, Subbarao said, "Within the fiscal constraints of the government, they have done a good job." He also lauded the government's decision of additional borrowing in this fiscal. "I, for one, believe that the government should borrow more in order to spend more. That is a moral and political imperative. But I don't support the view that the government should resort to open ended borrowing," Subbarao said. The government has increased its market borrowing programme for the current financial year by more than 50 per cent to Rs 12 lakh crore from the Rs 7.8 lakh crore estimated in the budget. Subbarao added that the stress in the country's financial system could deepen post the coronavirus crisis. "In January, before the COVID crisis hit us, we were extremely worried about our financial sector, health of our banks, NBFCs, NPA levels, trust deficit in private sector banks. All those parameters are going to get worse as we come out of this crisis," he said. According to Ahluwalia, there is a need to undertake serious tax reforms that are long overdue. "We should now set up a truly high level multi-disciplinary committee of people advising the kind of tax policy to be announced in the next budget. It should include a serious re-examination of the GST where there are huge leakages taking place for a variety of reasons," Ahluwalia said. The session was moderated by Ananth Narayan, associate professor (finance) at Bhavan's SPJIMR. HV ABM ABM

India's GDP growth may rebound to 5 pc in FY22, says Subbarao

Sebi on Thursday barred 31 entities, including actor <keyword id="20399" type="General" weightage="80" keywordseo="arshad-warsi" source="Orion">Arshad Warsi</keyword>, his wife <keyword id="995" type="General" weightage="50" keywordseo="maria-goretti" source="Orion">Maria Goretti</keyword> and promoters of <keyword id="11249" type="General" weightage="100" keywordseo="sadhna" source="Orion">Sadhna</keyword> Broadcast from the securities market in a case related to uploading misleading videos on YouTube channels recommending investors to buy the company's shares. The company's promoters who have been restrained from the securities market for their involvement are - <keyword id="1569219" type="General" weightage="50" keywordseo="shreya-gupta" source="Orion">Shreya Gupta</keyword>, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal and Varun Media. In addition, the regulator has impounded illegal gains to the tune of Rs 41.85 crore made by the entities after misleading videos were uploaded on YouTube channels. SEBI noted that Arshad Warsi has made a profit of Rs 29.43 lakh and his wife has earned a profit of Rs 37.56 lakh. The order came after <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) received certain complaints wherein it was alleged that there was price manipulation and offloading of shares by certain entities in the scrip of television channel Sadhna Broadcast. The complaints alleged that misleading YouTube videos with false content about the company were uploaded to lure investors. Following this, the regulator conducted an examination during April-September 2022 and found a spurt in the price and volume of scrip of Sadhna between April and mid-July 2022. During the second half of July 2022, false and misleading videos about Sadhna were uploaded on two YouTube channels -- "The Advisor" and "Moneywise". These YouTube videos peddled false and misleading news to recommend that investors should buy the Sadhna stock for extraordinary profits, SEBI said in its interim order. Subsequent to the release of the misleading YouTube videos, there was an increase in the price and trading volume of the Sadhna scrip. The volumes appear to have been contributed by a large number of retail investors likely influenced by the misleading YouTube videos. During this period, certain promoter shareholders, key management personnel of Sadhna, and non-promoter shareholders offloaded a significant part of their holdings at inflated prices and booked profits. One of the misleading videos on these YouTube channels was that Sadhna Broadcast Ltd is going to be taken over by the Adani group. After the deal, the margins of the company will increase. In addition, there were other videos like the company is moving from TV production to movie production and a big American corporation has entered into a contract for Rs 1,100 crore to produce four devotional movies where the money will be brought in by the American investor but the rights will remain with Sadhna. SEBI has classified these 31 entities into categories -- creator of YouTube channels (Manish Mishra), net sellers/ promoters and profit makers (NSs), Volume Creators (VCs) and information carriers (ICs). Arshad Warsi and his wife come in the category of Volume Creators. SEBI noted that these 31 entities collectively helped create trading volumes and interest in the scrip, spread false and misleading YouTube videos, and hence induced unsuspecting investors to buy the Sadhna scrip at elevated prices, thereby prima facie violating the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. Collectively, NSs and some of the VCs have booked extraordinary profits as a result of this scheme. "I note that the elaborate modus operandi adopted by the Noticees (31 entities) including the egregious misuse of patently false and misleading YouTube videos, had led to drastic increase in the number of small shareholders (from 2,167 to 55,343 shareholders), who ended up buying shares from the noticee net sellers and volume creators at inflated price," SEBI Whole Time Member Ananth Narayan G said in his 58-page order. Accordingly, the regulator has barred these 31 entities "from buying, selling or dealing in securities either directly or indirectly, in any manner whatsoever until further orders". Also, all the entities have been directed not to dispose of any assets, whether movable or immovable including money lying in bank accounts except with the prior permission of SEBI until the impounded amount is deposited in the escrow account. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rcap-resolution-nclat-allows-lenders-plea-for-another-round-of-bidding/articleshow/98356569.cms">RCap resolution: NCLAT allows lenders' plea for another round of bidding</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rural-consumption-on-a-decline-as-farmers-income-continues-to-remain-under-stress/articleshow/98358312.cms">Rural consumption on a decline as farmers’ income continues to remain under stress</a>

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RBI appoints R Gandhi, Ananth Narayan as additional directors on Yes Bank board

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Baap of Chart: Sebi bars three entities and impounds illegal gains

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Sensitise law enforcement agencies to ensure supply of essential goods: E-pharmacies

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Growing captive centres in India face challenges

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The Modi administration’s overspending gets rewarded with an interim dividend from the central bank

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India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors

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SEBI asks mutual fund industry to proactively conduct stress test

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India's GDP growth may rebound to 5 pc in FY22, says Subbarao

PTI

SEBI bans Sadhna Broadcast's promoters, actor Arshad Warsi, others from securities mkt

PTI

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