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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

The <keyword id="19905108" type="General" weightage="20" keywordseo="ministry-of-defence" source="keywords">Ministry of Defence</keyword> has sanctioned over Rs 300 crore through its <keyword id="20416767" type="General" weightage="100" keywordseo="technology-development-fund" source="keywords">Technology Development Fund</keyword> (TDF) to create an ecosystem aimed at enhancing capabilities in cutting-edge technology and promoting '<keyword id="20460685" type="General" weightage="20" keywordseo="aatmanirbharta" source="keywords">Aatmanirbharta</keyword>' in defence, an official statement said on Thursday. The Technology Development Fund (TDF) scheme is a flagship programme of the Ministry of Defence, executed by <keyword id="19948662" type="General" weightage="20" keywordseo="drdo" source="keywords">DRDO</keyword> under the '<keyword id="20018809" type="General" weightage="20" keywordseo="make-in-india" source="keywords">Make in India</keyword>' initiative. Under this initiative, the government provides grants-in-aid to Indian industries, including <keyword id="19910977" type="General" weightage="20" keywordseo="msmes" source="keywords">MSMEs</keyword> and <keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">startups</keyword>, as well as academic and scientific institutions, for the development of defence and dual-use technologies that are currently not available in the Indian defence industry. With these initiatives, the Ministry aims to engage private industries, especially MSMEs and startups, to foster a culture of design and development in military technology and support them with grants-in-aid. The TDF seeks to enhance the capacity and capability of Indian industries for the design and development of defence technologies in the country. It aims to create an R&amp;D ecosystem where industry and academia work together to meet the current and future requirements of the Armed Forces and the defence sector. The government aims to achieve 'Aatmanirbharta' in defence technology by building a robust defence manufacturing ecosystem in the country. The <keyword id="19910956" type="General" weightage="20" keywordseo="defence-ministry" source="keywords">Defence Ministry</keyword> on Wednesday highlighted several successful startups benefiting from the scheme. Pune-based startup <keyword id="22281521" type="General" weightage="20" keywordseo="Combat-Robotics" source="keywords" meta.keywordsubtype="org" meta.entityname="Combat Robotics" meta.hostid="153" meta.entityid="Combat Robotics">Combat Robotics</keyword>, with the help of the scheme, has successfully developed an innovative simulator for <keyword id="20146841" type="General" weightage="20" keywordseo="unmanned-vehicles" source="keywords">unmanned vehicles</keyword>. This multi-domain simulator supports unmanned ground vehicles (UGVs), unmanned underwater vehicles (UUVs), unmanned surface vehicles (USVs), and unmanned aerial vehicles (UAVs), serving as an excellent development tool for agencies working on autonomous systems. Another Pune-based defence equipment startup, ChiStats Labs Private Limited, is developing virtual sensors for aero gas turbine engine health monitoring, which helps to increase the operational reliability and longevity of the engines. The system is built on modern artificial intelligence/machine learning (AI/ML) technologies. Bengaluru-based NewSpace Research and Technologies Pvt. Ltd., under the project titled 'Autonomous Drone as First Responder for Search and Report Operations in Enclosed/Indoor Environments', has created a cutting-edge UAV capable of exploring indoor environments under various conditions, including zero light. The success of this project will open up various applications, including search and rescue operations, surveillance, industrial inspections, environmental monitoring, and hazardous environment exploration, contributing significantly to technological advancements in unmanned aerial systems, the Ministry added. The technology has been developed under the technical guidance and mentorship of CAIR, Bengaluru.

Defence ministry allocates Rs 300 cr for technology development fund to promote Make in India products

Market watchdog SEBI has come out with a consultation paper in a bid to ease the functioning of <keyword id="22476006" type="General" weightage="100" keywordseo="ESG-Rating-Providers" source="keywords">ESG Rating Providers</keyword> (ERPs), pushing for the development of a <keyword id="23760035" type="General" weightage="20" keywordseo="subscriber-pays-model" source="keywords">subscriber-pays model</keyword>. As of July 2024, nine ERPs are registered with SEBI to operate in the country. These include <keyword id="23760037" type="General" weightage="20" keywordseo="CRISIL-ESG-Ratings" source="keywords">CRISIL ESG Ratings</keyword> &amp; Analytics, ESG Risk Assessments and Ratings, GlobeTrend Climate Impact Institutional Investor Advisory Services, <keyword id="23760038" type="General" weightage="20" keywordseo="NSE-Sustainability-Ratings" source="keywords">NSE Sustainability Ratings</keyword> and Analytics, PGS Impact, Pragati Development Consulting, CARE ESG Ratings, and SES ESG Research. Per the paper's proposal, ERPs won't be required to disclose ESG (environmental, social, and governance) ratings to the bourses, provided they confirm that there is no non-public information that could potentially affect the rating. Another proposal was the simultaneous sharing of the ESG rating reports both to the rated companies and to the subscribers who pay to access these reports. ERPs should ensure that rated entities, their group companies, or associates cannot subscribe to their own ESG ratings, SEBI said in its consultation paper. Some of the other suggestions put forth by SEBI include: 1. Companies will have a specific timeframe to respond to the ESG report, and any such comments should be included in the report as an addendum. 2. In case the ERP does not agree with the remarks issued by the rated company, they can add their comments to the report as well. 3. ERPs can rate unlisted issuers or other products, provided they meet specific guidelines from relevant regulators. SEBI is receiving public comment on these proposals until November 15, 2024. <h2>Steady returns </h2>Of the 11 ESG mutual fund schemes available to Indian mutual fund investors, the Quant ESG Equity fund has generated the highest returns of about 45.44% over one year, data from ValueResearch showed. Simply put, had you invested Rs 10,000 every month in this fund for three years, you would have accumulated a corpus of Rs 5,47,525. Over three years, the returns on this fund come to around 26%. This was followed by the ICICI Pru ESG Exclusionary Strategy fund, which yielded 44.73% returns over the same period. However, over ultra-short terms, i.e., 1-3 months, ESG funds have largely delivered negative returns, underscoring their suitability only as a long-term investment avenue. Only the SBI ESG Exclusionary Strategy Direct Fund and Quantum ESG Best In Class Strategy Direct Fund have been around for 5 years, during which they have generated returns of about 16.67% and 18.7%, respectively. <keyword id="23760036" type="General" weightage="20" keywordseo="ESG-mutual-funds" source="keywords">ESG mutual funds</keyword> typically select and invest in companies that are ESG-compliant, i.e., who weave in environmental conversation, social welfare, and robust <keyword id="20392393" type="General" weightage="20" keywordseo="corporate-governance" source="keywords">corporate governance</keyword> practices into their working philosophy and work ethos, while simultaneously generating decent financial returns for stakeholders as well.

SEBI mulls measures to facilitate ease of doing business for ESG Rating Providers (ERPs)

<ul class="summary-list"><li>The University of California, Berkeley, is the top producer of alumni starting tech companies.</li><li>Founded by Jeremy Fiance, The House Fund targets Berkeley-affiliated startups like Databricks.</li></ul>In the last year, tech investors have plowed tens of millions of dollars into Perplexity, the developer of a search engine built from scratch with artificial intelligence. The two-year-old startup <a target="_blank" class="" href="https://www.businessinsider.com/perplexity-raising-new-funding-generative-ai-2024">takes in cash like oxygen,</a> having raised <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-rapid-funding-rounds-2024-9">back-to-back funding rounds</a> just months apart, and is <a target="_blank" class="" href="https://www.wsj.com/tech/ai/ai-startup-perplexity-in-funding-talks-to-more-than-double-valuation-to-8-billion-54d36787">said to be in talks</a> to raise a fourth round that would value the startup at $8 billion.Landing a spot on Perplexity's cap table is fiercely competitive, making it all the more noteworthy that The House Fund, a bespoke venture capital firm born from the University of California, Berkeley's ecosystem, secured a place.In 2016, tech investor Jeremy Fiance set up a venture capital firm at his alma mater to invest in startups with ties to top-tier public schools. From an office across from the College of Computing, Data Science, and Society, investors at The House Fund scour their networks for students, faculty, and alumni working to build the next Perplexity, whose CEO Aravind Srinivas is a Berkeley alum, or Databricks, one of the <a target="_blank" class="" href="https://www.businessinsider.com/databricks-acquires-startup-lilac-ai-to-beef-up-its-llm-offerings-2024-3">world's most important data science firms</a> with a private valuation of $43 billion, started by a group of seven Berkeley researchers. The House Fund has backed both."There are only so many companies that matter every year, full stop, in venture," said Zachary Hargreaves, a managing partner at The House Fund. Each year, more firms are "birthed out of Berkeley."<div type="image" title="Two men looking relaxed smile for a photo against a black backdrop." height="2250" width="3000" msid="114433088" hostid="261" sizebytes="116306"></div>In early 2020, Hargreaves <a target="_blank" class="" href="https://www.businessinsider.com/30-rising-venture-capitalist-investors-silicon-valley-tech-2018-4">left Founders Fund</a>, where he worked closely with startups like SpaceX and Stemcentrx, to run his own playbook as an advisor and angel investor. During this period, an old classmate from Berkeley, Fiance, started asking his advice about which companies in the portfolio he should reinvest in."I was learning more and more about what The House Fund is from the outside in," Hargreaves said. "It feels very small but then from the inside out, it's actually very big in terms of the opportunity set."In the two years since Hargreaves went full-time, The House Fund has deployed over $125 million into companies. His move from Founders Fund to The House Fund hasn't been previously reported.Investors pay much attention to Stanford and the Massachusetts Institute of Technology for their conveyor belts of entrepreneurial talent. Neither have spawned quite as many startup founders in the last decade at Berkeley. According to <a target="_blank" class="" href="https://pitchbook.com/news/articles/pitchbook-university-rankings">PitchBook data</a>, Berkeley has the highest tally of alumni entrepreneurs who have raised venture capital of any public or private school worldwide.Hargreaves predicts that the group will grow as the use of artificial intelligence makes it cheaper and faster for students and alumni to spin up new businesses. "You can actually be three kids in a garage and launch pretty fierce products," he said.With Hargreaves on board, Fiance hopes to invest later in companies it previously backed. His hiring gives the firm the resources and knowledge to help founders shape their businesses into the next generation of Berkeley-born unicorns, as well as diligence them for potential follow-on financing. The House Fund said it can write checks up to $10 million.The House Fund has raised over $330 million from backers, including the Berkeley Endowment Management Company, UC Investments (the office that manages the working capital, retirement savings, and endowment funds for the University of California system), and Ahoy Capital, a boutique fund manager.Hargreaves put the firm's value add this way: "If we are on your cap table, we are a shortcut to anything Berkeley."

These tech investors are trawling UC Berkeley to fund the next Perplexity or Databricks

<ul class="summary-list"><li>Job titles in the $4.3 trillion hedge-fund industry vary greatly from firm to firm.</li><li>The lack of uniformity allows both firms and employees to present themselves in the best light.</li></ul>The well-publicized battle between David Einhorn's Greenlight Capital and its former employee James Fishback can seem, to industry outsiders especially, a bit trivial.While Fishback's <a target="_blank" href="https://www.businessinsider.com/greenlight-former-macro-analyst-sues-david-einhorn-2024-10">most recent legal filing claims age discrimination</a> and asks for at least $5 million from his old firm, the genesis of the messy dispute involves Fishback's title during the two-plus years he spent at Greenlight.He said he was the firm's head of macro. The firm said he was just an analyst — and an <a target="_blank" href="https://www.businessinsider.com/david-einhorns-files-lawsuit-against-james-fishback-2024-6">unproductive one at that</a>. Lawsuits, spiteful tweets, and plenty of memes <a target="_blank" href="https://www.businessinsider.com/david-einhorn-greenlight-lawsuit-james-fishback-2024-5">ensued</a>.While the disagreement is on the extreme end of the spectrum, hedge-fund industry veterans say title confusion, inflation, and misalignment are rampant.Titles within banks and private equity firms follow a de facto industry standard. A managing director at Morgan Stanley does more or less the same thing an MD at Goldman Sachs does.This is not the case in the hedge-fund world.While the biggest managers <a target="_blank" href="https://www.businessinsider.com/morgan-stanley-prime-brokerage-novick-shaw-startup-hedge-fund-mistakes-2024-9">have become more institutional</a>, the $4.3 trillion industry is more opaque and founder-led than other sections of finance.Hedge funds are a disparate group spanning firms with thousands of people worldwide and new launches with a pair of analysts and a Bloomberg terminal. This lack of uniformity and the relentless war for talent has firms and employees alike taking advantage of the ambiguity.Fishback, for example, references not an offer letter or an internal HR system to prove his title in his legal filings but an email sent to a third party by Greenlight's chief operating officer offhandedly referring to Fishback as the firm's "head of macro."Recruiters and hiring managers at big-name funds say candidates constantly give themselves more prestigious-sounding titles on LinkedIn. A dozen headhunters, fund executives, consultants, and others who spoke with Business Insider argued that as firms build out the non-investment sides of their businesses to support their growth, titles will only get more inflated."It's extremely tough to know who's real and who isn't," said one longtime recruiter who mostly focuses on quant firms and large multistrategy managers."An MD title at the banks, that means something. An MD title at a hedge fund doesn't mean anything."<h2 id="731f7cfe-0e1f-42aa-921c-ef631afc0183">Global heads, chairmen, investment officers, and more</h2>As one person who works in a hiring position at a large multistrategy firm told BI, "titles are free" — and firms use them. Industry insiders said a title could be a carrot for recruiting or retention, especially as the biggest funds become more institutional and add more non-investment roles to their firms.More than 200 people who work at the $64 billion firm Citadel have a title on LinkedIn that deems them the "head" of some part of the business, for example. That's roughly one out of every 14 people within the hedge fund — and doesn't include its founder, Ken Griffin; its chief operating officer, Gerald Beeson; and others on the leadership team.A person close to the Miami-based firm said Citadel's flat structure means that no matter an individual's title, the internal expectations to produce are very high.This person added that Citadel's pursuit of top external talent — the firm just hired Apple's top recruiter, Sjoerd Gehring, to be its chief people officer, and it poached Google's Paul Darrah this year to be its chief workplace officer — means some accomplished employees receive big titles to match their experience.Jose Gamez, for example, spent nearly 20 years working as a chef at several Four Seasons hotels, including five years leading the kitchen at <a target="_blank" href="https://www.nytimes.com/2020/04/07/us/coronavirus-citadel-securities-four-seasons-florida.html">the one in Palm Beach that Citadel Securities took over</a> during the pandemic. He's now the global head of culinary and executive chef for Citadel and Citadel Securities.Even for investing talent, titles can be tricky to understand from the outside, in many cases, because of the differing internal structures across the industry that obscure who actually makes trading decisions.Rokos has two dozen employees with the title "investment officer" in their LinkedIn profiles. A person familiar with the London-based firm said that while these employees sit somewhere between an analyst and a portfolio manager, the fact that its billionaire founder, Chris Rokos, makes all investment calls for the fund complicates titles. The manager declined to comment.At the <a target="_blank" href="https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12">newly launched Jain Global</a>, there is a chairman of fundamental equities, Paul Enright, and a chief investment officer of fundamental equities, Townie Wells. Wells, a person familiar with the matter said, manages a portfolio on top of running the business, while Enright is more focused on mentorship and talent development.The chairman title is uncommon in hedge funds, especially for an individual business within a multistrategy manager, but the person close to Jain said it was what made the most sense for Enright, a former Viking Global portfolio manager who had been running his own money for years and decided to come back to the industry to work at the new fund.Firms can also tweak common industry titles internally.Millennium, for example, has ditched the sub-PM title, elevating those who once held that role to PM. These individuals, though, report to a senior PM, who can oversee several PMs within a pod.A person close to the firm said that as Millennium has grown, individual investing teams have become broader, necessitating more structure. All the teams at Millennium — there are more than 300 — are led by a senior PM, and it's not uncommon for PMs working under a senior PM to own part of the book and take risk themselves.In some cases, however, a PM's responsibilities can be more akin to those of a senior analyst or a sub-PM — but a PM title sounds better to external candidates."People will join because they want to be a PM," one recruiter said. "They know the power in that title."<h2 id="80e6436b-e9f6-4264-9dc3-db69994eef27">Keeping it under wraps</h2>Plenty of funds intentionally keep roles vague and closely monitor what their team members are publicly sharing about themselves.At Coatue, executives sign off on what employees put as their title on LinkedIn, people familiar with the firm's operations said. Members of Tiger Global's front-office team use "investor" as their title on LinkedIn instead of a more specific role.Quants like Marshall Wace, D.E. Shaw, and Two Sigma are famously guarded about their internal workings. At each firm, dozens of employees use catchall titles like "quantitative researcher" that can span experience levels.Both sides can be frustrating, especially for headhunters and business development pros at large firms trying to grow their teams.Oversharing or exaggerating titles can lead to inflated salaries and outside offers that aren't commensurate with a prospect's actual experience. Vague titles, on the other hand, can leave allocators struggling to understand what exactly their fees are paying for. Internally, employees who lack ownership of a specific sector or business find that their end-of-year bonuses are left to the whim of the founder.Fund executives and recruiters alike believe that the industry's institutionalization will eventually codify titles across firms. <a target="_blank" href="https://www.businessinsider.com/how-to-get-a-hedge-fund-job-point72-academy-applicants-2022-1">Talent-development programs at firms like Point72</a> and more structured <a target="_blank" href="https://www.businessinsider.com/why-elliott-alums-are-launching-their-own-funds-2024-8">career-development paths at managers like Elliott</a> already feel more like private equity or banking than the Wild West hedge-fund days of yore.Don Steinbrugge, the CEO of the hedge-fund consultancy Agecroft Partners, said lofty-sounding roles without equivalent responsibilities — like a vice president of a bank — would have their match in hedge funds."Titles are something that's very important to people. It's something that impacts their reputation in the industry," Steinbrugge said."Over time, people will have titles that sound more important."

What's in a title? How hedge funds and their employees use the industry's lack of consistency to their advantage

The residential market shows a positive outlook, with 51% of stakeholders predicting higher sales over the next six months. However, a notable 24% expect stability, while 25% predict a potential decrease, reflecting a balanced yet cautious sentiment, as per a recent <keyword id="19895043" type="General" weightage="20" keywordseo="Knight-Frank" source="keywords" meta.keywordsubtype="org" meta.entityname="Knight Frank" meta.hostid="261" meta.entityid="Knight Frank">Knight Frank</keyword> report. The outlook for residential launches is also positive, with 61% expecting an increase, suggesting continued demand. A more tempered view is held by 20% of respondents who expect stability, and 19% foresee a decrease in launches. The Indian <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> continues to reflect a positive outlook for the near future, though with a more cautious approach. In terms of pricing, 63% of stakeholders expect a rise, but 36% anticipate stable prices, and a very small minority predict a decline. G Hari Babu, National President, National Real Estate Development Council (<keyword id="20429653" type="General" weightage="20" keywordseo="naredco" source="keywords">NAREDCO</keyword>), said, "The residential and office markets continue to show notable activity, signaling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook." He added, "This suggests that while there may be short-term challenges, the sector is well-positioned to adapt and thrive. The continued optimism and activity in the market highlight the sector's ability to sustain its momentum and drive forward, amidst changing conditions." The <keyword id="22822547" type="General" weightage="20" keywordseo="office-leasing-market" source="keywords">office leasing market</keyword> shows signs of strong recovery, with 63% of respondents predicting an increase in leasing activity, driven by positive business sentiments and <keyword id="21313740" type="General" weightage="20" keywordseo="economic-revival" source="keywords">economic revival</keyword>. However, 24% expect stability, and 13% foresee a decline. New office supply also remains a point of interest, with 47% expecting an increase, while 29% anticipate stability, and 24% forecast a decrease. Furthermore, 67% of stakeholders expect office rents to rise, signaling confidence in the market's ongoing growth, even as 27% anticipate stable rents and 7% expect a decrease. The <keyword id="20635920" type="General" weightage="20" keywordseo="future-sentiment-score" source="keywords">Future Sentiment Score</keyword>, which measures stakeholders' outlook over the next six months, saw adjustments across various regions. The North Zone score slightly decreased from 65 in Q1 2024 to 63 in Q2 2024, though it remains firmly optimistic. The South Zone witnessed a more significant drop from 76 to 65, signaling a moderated outlook. In the East Zone, the score fell from 77 to 65, largely influenced by the discontinuation of the 2% stamp duty cut. The West Zone also saw moderation, with the score dipping from 73 to 66, though it too, remains optimistic. The overall Developer Future Sentiment score decreased from 72 to 61, reflecting a more guarded approach. Developers, while cautious, continue to remain optimistic due to strong sales since early 2023. On the other hand, the Non-Developer Future Sentiment core, which includes financial institutions and PE funds, also moderated from 73 to 68. This shift indicates stakeholders' careful consideration of macroeconomic concerns. Optimism in India's broader economic scenario remains strong, with 59% of respondents expecting an improvement, reflecting confidence in the country's economic resilience. However, 24% foresee stability, and 17% predict a decline, underscoring global economic uncertainties. Meanwhile, 51% of respondents anticipate increased funding availability for real estate investments, reflecting continued confidence in the financial sector's support for the real estate market. Shishir Baijal, Chairman and Managing Director of Knight Frank India Pvt Ltd, noted, "As we transition through 2024, a host of factors are playing out globally. The global economic landscape shows resilience despite ongoing challenges. Inflation rates are gradually aligning with central bank targets, enabling a more supportive monetary policy. India, benefiting from stable post-election conditions, remains a strong growth beacon." He added, "Domestic consumption is robust, supported by consumer loans, though there are some signs of growth moderation. Food inflationary pressures persist, but are converging overall towards price stability targets. With a projected GDP growth rate of 7.2% for FY 2025, India's outlook remains positive. An effective monetary policy by the Reserve Bank of India has helped sustain growth with price stability, positioning India as one of the fastest-growing large economies globally." The Current Sentiment score, which reflects stakeholders' view of the market compared to six months ago, moderated from a decadal high of 72 in Q1 2024 to 65 in Q2 2024. This suggests a more measured outlook as stakeholders navigate evolving global economic conditions. Despite the dip, the score remains indicative of optimism. Looking forward, the Future Sentiment index also adjusted from 73 in Q1 2024 to 65 in Q2 2024, signaling a positive yet more conservative outlook for the near term. While macroeconomic uncertainties may dampen enthusiasm, stakeholders continue to show confidence in the sector's resilience and adaptability.

Despite budget provisions, residential housing market will see sales growth, notes recent report by Knight Frank

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor <keyword id="19918795" type="General" weightage="20" keywordseo="Swaminathan" source="keywords">Swaminathan</keyword> J on Wednesday said implementation of <keyword id="22784242" type="General" weightage="100" keywordseo="risk-based-premium" source="keywords">risk-based premium</keyword> for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> merits consideration as it will ensure that institutions with higher risk profiles contribute more to the insurance fund. Speaking at a conference in Jaipur, he also said that as the financial sector becomes more digitised, deposit insurers must work closely with regulators and supervisors to strengthen oversight mechanisms. This includes regularly updating <keyword id="19946068" type="General" weightage="20" keywordseo="regulatory-frameworks" source="keywords">regulatory frameworks</keyword> to incorporate emerging risks associated with <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword>, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword>, and <keyword id="22180855" type="General" weightage="20" keywordseo="fintech-innovations" source="keywords">fintech innovations</keyword>. By adopting a proactive stance, deposit insurers can help ensure that <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> under their purview are adequately prepared to manage these risks, thereby safeguarding depositor confidence. Swaminathan was addressing the International Conference of the International Association of Deposit Insurers- Asia Pacific Regional Committee (IADI-APRC) hosted by the Deposit Insurance Credit Guarantee Corporation (DICGC). He further said the implementation of risk-based premium for deposit insurance "merits consideration". "By tying insurance premiums to the level of risk posed by individual financial institutions, deposit insurers can incentivize banks to adopt stronger risk management practices. "This approach not only enhances the overall stability of the financial system but also ensures that institutions with higher risk profiles contribute more to the insurance fund," the deputy governor said. He also emphasised that deposit insurers can further mitigate technology risks by relying on supervisory rating assessments that incorporate evaluation of a financial institution's technological and operational resilience. By using these assessments as a basis for setting insurance premiums or determining intervention strategies, deposit insurers can ensure that their actions are informed by a comprehensive understanding of each institution's risk profile, Swaminathan added. The senior <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> official also asked deposit insurers to prioritise crisis preparedness and develop comprehensive contingency plans that account for technology-induced disruptions. This includes conducting regular stress tests and simulations to assess the potential impact of cyber incidents or fintech failures on financial institutions and the broader financial system, he said. The evolving technological landscape presents both significant challenges and opportunities for deposit insurers. By adopting a proactive, risk-based approach, including enhanced oversight, risk-based premiums, reliance on supervisory ratings, faster claim settlements, and industry collaboration, deposit insurers can effectively manage these risks, the deputy governor said.

Risk-based premium for deposit insurance merits consideration: RBI Deputy Governor Swaminathan

<ul class="summary-list"><li>California is leading the world in the AI arms race.</li><li>However, a new California law could change the course of the AI revolution forever.</li></ul>Silicon Valley is divided over a landmark bill in California that could radically change the pace of AI development everywhere.California Sen. Scott Wiener introduced <a target="_blank" href="https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB1047">SB 1047</a> in February, and it has since won support from legislators on both sides of the aisle. It passed the Senate's Committee on Privacy and Consumer Protection in June and the Assembly's Appropriations Committee last week. The full Assembly is scheduled to vote on the bill by the end of the month.California has established itself as a leader in the global AI arms race, with 35 of the top 50 AI companies based in the state, according to a <a target="_blank" href="https://www.brookings.edu/articles/california-charts-the-future-of-ai/#:~:text=The%20executive%20order%20notes%20that,responsible%20AI%20policies%20and%20regulations.">report from the Brookings Institute</a>.California Gov. Gavin Newsom has worked to help further his state's status as a global AI pioneer. Earlier this year, California revealed a state worker training program, held a generative AI summit, and launched pilot projects to understand how the technology can address challenges like traffic congestion and language accessibility.This month, the state unveiled a partnership with <a target="_blank" href="https://www.businessinsider.com/nvidia-power-players-leaders-ai-chip-giant-success-2024-7">chipmaker Nvidia</a> that will train the state's residents on how to use the technology to support job creation, promote innovation, and leverage AI to solve everyday problems.But amid all the excitement around AI's potential, there is also no small amount of concern about its danger to humanity. That means California must walk a fine line between regulating the AI industry and stifling the growth it hopes to see.At an AI event in San Francisco in May, <a target="_blank" href="https://www.businessinsider.com/nvidia-california-train-residents-advanced-ai-2024-8">Newsom said</a>, "If we over-regulate, if we overindulge, if we chase the shiny object, we could put ourselves in a perilous position."Newsom signed an executive order in September that called for several provisions to ensure the responsibe deployment of the technology and directed state agencies to examine its best uses.Newsom has not publicly weighed in on SB 1047. The governor's office did not respond to a request for comment from Business Insider. If the bill is signed into law, though, it would be the most exhaustive attempt to regulate the AI industry yet.<h2 id="c82398ce-a87e-4509-bfef-0d3875be1de6">What SB 1047 would change</h2>The bill's authors <a target="_blank" class="" href="https://sd11.senate.ca.gov/news/senator-wieners-groundbreaking-artificial-intelligence-bill-advances-assembly-floor-amendments#:~:text=SB%201047%20is%20legislation%20to,and%20most%20powerful%20AI%20systems.">say its goal</a> is to "ensure the safe development of large-scale artificial intelligence systems by establishing clear, predictable, common-sense safety standards for developers of the largest and most powerful AI systems."It would apply to companies developing models that cost over $100 million to train or use high levels of computing power. These companies would be required to safety test new technologies before making them publicly available. They would also have to build "full shutdown" capabilities into their models and be held liable for all technology applications.The bill also establishes legal standards for AI developers — outlining "unlawful acts" for which California's attorney general could sue companies, setting protections for whistleblowers, and creating a board to set compute limits on AI models and issue regulatory guidance.<h2 id="590224af-e40d-4c75-8557-2bcb9de258c3">What Big Tech thinks</h2>The developers the bill will most likely impact haven't been welcoming.Companies like Meta, OpenAI, and Anthropic — which are funneling millions into building and training large language models — have lobbied state legislators for changes. Meta said the initial legislation would hamper innovation and make it less likely that companies would allow their model to be open source."The bill also actively discourages the release of open-source AI because providers would have no way to open-source models without facing untenable legal liability," <a target="_blank" href="https://static.politico.com/e0/fd/e56dfaad40b39f29dd1dfa1164da/sb-1047-letter-6-25-24.pdf">Meta wrote in a letter</a> to Wiener in June. That's likely to have ramifications on the small business ecosystem by lessening the likelihood of them using "free, readily available and fine-tuned models to create new jobs, businesses, tools, and services that often go on to be used by other businesses, governments, and civil society groups."<a target="_blank" href="https://www.businessinsider.com/heres-ai-company-amazon-betting-billions-on-anthropic-2024-3">Anthropic</a>, which has positioned itself as a safety-conscious AI company, wasn't happy with early versions of the bill and lobbied lawmakers for changes. It calls for a greater focus on deterring companies from building unsafe models rather than enforcing stringent laws before catastrophic incidents happen. It also suggests that companies that meet the $100 million threshold should be able to set their own standards for safety testing.The bill has also drawn criticism from venture capitalists, executives, and other tech industry members. Anjney Midha, a general partner at Andreessen Horowitz, <a target="_blank" href="https://a16z.com/sb-1047-what-you-need-to-know-with-anjney-midha/">called it</a> "one of the most anti-competitive proposals I've seen in a long time." He believes legislators should focus on "regulating specific high-risk applications and malicious end users."California legislators made a handful of the suggested changes — all of which made it into <a target="_blank" class="" href="https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB1047">the latest version of the bill</a>. The updated version now prevents the California Attorney General's Office from suing AI developers before a catastrophic event happens. And while the bill initially called for a new government agency to oversee the enforcement of new laws, it has since pared that down to a board within the state's Government Operations Agency.A spokesperson for Anthropic told BI that it's "reviewing the new bill language as it becomes available." Meta and OpenAI did not respond to a request for comment.Smaller founders are apprehensive but also a bit more optimistic.Arun Subramaniyam, the founder and CEO of enterprise-focused generative AI company Articul8, told BI that no one understands the new board's "sweeping powers" or how its directors will be appointed. He also believes the bill will impact companies beyond the Big Tech players since even well-funded startups might meet the $100 million training threshold.At the same time, he said he supports the bill's establishment of a public cloud computing cluster, CalCompute, dedicated to researching the safe deployment of large-scale AI models. This cluster could bring more equity to researchers and groups that don't have the funds to evaluate AI models on their own. He also believes the reporting requirements on developers will increase transparency, benefiting Articul8's work in the long run.He said the industry's future hinges on how general-purpose models are regulated. "It's good that the state is looking at regulating this early, but the vocabulary needs to be a little more balanced," he said.

AI companies are in a state of anxiety as California tries to both develop and regulate the tech

The government will provide financial support for <keyword id="19936324" type="General" weightage="20" keywordseo="loans" source="keywords">loans</keyword> up to Rs 10 lakh for <keyword id="19896809" type="General" weightage="20" keywordseo="higher-education" source="keywords">higher education</keyword> in domestic institutions, <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister" meta.hostid="261" meta.entityid="Union Finance Minister">Union Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Nirmala Sitharaman" meta.hostid="261" meta.entityid="Nirmala Sitharaman">Nirmala Sitharaman</keyword> announced on Tuesday. Presenting the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> for 2024-25, she said e-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount. Upgrading 1,000 Industrial Training Institutes (ITIs) in hub and spoke model, aligning course content with skill needs of industry and revision of model skill loan scheme, are among the measures announced by the Finance Minister for Skill Development sector. "For helping our youth who have not been eligible for any benefit under govt schemes and policies government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount," Sitharaman said. The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country. She said, "1,000 ITIs will be upgraded in hub and spoke model, course content and design will be aligned to the skill needs of industry and new courses will be introduced for emerging needs. I am happy to announce a new centrally sponsored scheme for skill development in which 20 lakh youth will be skilled over period of 5 years". "The model skill loan scheme will be revised to facilitate loans up to RS 7.5 lakh with a guarantee from government promoted fund..this measure is expected to help 25,000 students every year," she added. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Budget 2024-25: Govt announces loans up to ₹10 lakh for higher education in domestic institutions

<keyword id="19970108" type="General" weightage="20" keywordseo="vacancies" source="keywords">Vacancies</keyword> in <keyword id="20591266" type="General" weightage="20" keywordseo="teaching-positions" source="keywords">teaching positions</keyword> in <keyword id="20132275" type="General" weightage="20" keywordseo="state-universities" source="keywords">state universities</keyword> have emerged as a major hurdle in the implementation of the National Education Policy (<keyword id="19904633" type="General" weightage="20" keywordseo="nep" source="keywords">NEP</keyword>) 2020, University Grants Commission (<keyword id="19932586" type="General" weightage="20" keywordseo="ugc" source="keywords">UGC</keyword>) chairman Mamidala Jagadesh Kumar said here on Friday. The <keyword id="20963740" type="General" weightage="20" keywordseo="UGC-chairman" source="keywords">UGC chairman</keyword> was here to attend a day-long conference of vice-chancellors of Northeastern and Eastern regions on 'Implementation of NEP 2020', hosted by Guwahati-based Pragjyotishpur University. Addressing a press conference, Kumar said, "Across the country, a major problem in state universities is vacancies in teaching positions. In some state universities, 50 to 80 per cent of teaching positions are vacant," urging universities to expedite the filling of these positions. He said implementation of NEP is a "journey", which cannot happen overnight, and state governments have been enthusiastically participating in implementing it. Kumar stressed that it is also essential for the universities to formulate an institutional development plan and their own roadmap for the future. With approximately 130 vice-chancellors and other academics participating, discussions at the conference focused on transforming <keyword id="19896809" type="General" weightage="20" keywordseo="higher-education" source="keywords">higher education</keyword> institutions to empower students in contributing to national development. Key topics include providing holistic education, integrating skill development with degree programs, and utilising digital technology to reach students from rural and economically weaker backgrounds. "We will be discussing how the NEP is being implemented and challenges colleges and universities are facing, so that we can collectively find solutions," he said. Kumar requested the universities to open more off-campus centres to make education accessible and equitable, while stating that UGC was also laying thrust on training teachers in the higher education sector. Highlighting the need to expose students to different parts of the country, he said the Northeastern region is home to many indigenous knowledge systems, whether it be a festival celebrated based on astronomical calculation, bamboo engineering or shifting cultivation. "These are parts of Indian knowledge system and there is a need to expose students to this from different parts of the country," he said. Kumar added that UGC is also working on promoting education in own language, especially with the country having numerous native languages. On implementation of NEP in this region, Kumar said the UGC is in regular touch with state higher education councils and VCs. "We are very happy to inform that state governments are very enthusiastically participating in implementing NEP. Implementation is a journey," he added. He reiterated that achieving the target of a Gross Enrollment Ratio (GER) of 50 per cent by 2035 requires sustained effort and cannot be achieved overnight. Among initiatives under NEP is the provision of biannual admissions to help students who fail to enroll during July-August to take admission in January-February. Universities with required infrastructure have been requested to implement it to maximise resource utilisation, Kumar said, adding that 90 varsities have also started biannual admissions for online programmes. The UGC chairman also said stress is being laid on strengthening research ecosystem in the universities and bring more young people into it. Though directly UGC funded-research has stopped now, funds for research projects are available through other agencies, like National Research Foundation and other schemes, he added. With focus on online education, internet connectivity and electrification has also received a boost across the country, with common service centres also set up for students in remote areas to access Net, Kumar added.

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