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<ul><li><keyword id="1402053" type="General" weightage="20" keywordseo="ashok-vaswani" source="Orion">Ashok Vaswani</keyword> is a Stanford graduate who is also a CA, CS and did his Bachelors at Sydenham College of Commerce.</li><li>Vaswani worked with <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> and more recently, at <keyword id="6386585" type="General" weightage="20" keywordseo="barclays" source="Orion">Barclays</keyword>, where he built and grew the business to a scale.</li><li>Vaswani is obsessed with technology but also focused on earning the trust of his consumers.</li><li><keyword id="45051" type="General" weightage="20" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword> has roped in an outsider given the extent of the transformation that <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> will need in times to come when banks will have to fight for wallet share of consumers. </li></ul>Today, you don’t need to step into a bank to make payments, check your balance or even request for a cheque book. That is if you still use those booklets. Since your bank’s mobile app allows you to do all this and much more online, can there be more digitisation in banking? Well, the new CEO of Kotak Mahindra Bank Ashok Vaswani thinks that a lot more technology can be deployed in banks. As the CEO of Barclays Bank UK, Vaswani knows how the lives of consumers can transform with digitisation. He is also cognisant of the fact that a bank does not only cater to millennials or GenZ population. At Barclays, he had a team of tech experts to help consumers who were even in their 1990s such that they could learn not just digital banking but even chat with grandkids on Skype or Zoom. That is how the new CEO of Kotak Mahindra Bank thinks, given that his head and heart are in the right place. At a time when banks are struggling to keep consumers happy while maintaining high profit margins, Vaswani could well be the man who can plug the gaps. And, if there’s something he can talk about for hours, it is the technological transformation of financial services. Not only is he cognisant of the ease that digital banking brings, but also the risk that comes along with it. This generational shift at India’s fourth largest private bank in India clearly wants to up its game in the years to come by leveraging technology to transform not only its operations but also create new and better services for its customers. Imagine an AI Bot that actually tells consumers every month on how spending on eating out is much more than feasible or that average monthly savings are not good enough when you retire. Yes, Vaswani believes that is the next stage of banking as it can open up different ecosystems. In an interview a few years ago at the University of West England, Bristol, he said: “I would submit that a lot more digitisation can happen. Why would I not be able to tell you, you are earning so much, you are spending this much and you should be saving. Can you imagine, you spent so much money on Uber and that you should be careful?” There are so many aspects of digital transformation that limits are frankly only set in the mind. As the CEO of Barclays UK, he has not just built a lot of products for consumers but even their confidence in the bank and the banking system. It is a refreshing change to hear a CEO talk about confidence in the company and not just on margins. Vaswani has a proven track record spanning three and a half decades across the world’s leading banks. He was initially at Citigroup and more recently, at Barclays, where he built and grew the business to a scale. He brings with him significant executional experience with a high degree of compliance and industrial strength across corporate and consumer businesses. Vaswani was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their global consumer, private, corporate and payments businesses and Member of the group executive committee. Earlier, he was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating Management Committees. He also built and ran various country and regional businesses across geographies. What makes him interesting is that he has not only run global banks but has even been president of Pagaya Technologies, a US-Israeli AI fintech company. This kind of exposure makes him a much better candidate than any insider at Kotak Mahindra Bank. At last count, there were three top contenders for the job, but Uday Kotak has roped in an outsider given the extent of the transformation that the bank will need to undertake to remain relevant in the face of competition from other fintechs. Ashok is married to Veena and their daughter is working in the United States of America. It is interesting that Uday Kotak, first generation founder and promoter of Kotak Mahindra Bank, has brought in an outsider to run the bank. Organisations typically are wary of bringing in outsiders at top jobs mostly because of the friction that results from such hiring due to cultural fitment and acceptance of a known candidate. It is easier for the rank and file to accept an insider rather than an outsider but Uday Kotak has chosen to take the risky route. While in some unfortunate cases like Infosys, where Vishal Sikka did not fare too well when promoters stepped away in 2014, the experiment of outsiders has been rather successful at the Tata Group. When Ratan Tata took over the reins at the Tata Group, he brought in Kishor Chaukar who came from ICICI Securities to head Tata Industries. Ravi Kant came in from Philips India in 1999, and headed commercial vehicles for Tata Motors before becoming MD in 2005. In 1998, the then vice-chairman of Hindustan Lever (now known as Hindustan Unilever), moved to Tata Sons as executive director. Typically, Indian corporations bring in overseas talent when they believe that the requisite skills are not available in India. But given that India’s private banking sector has grown and flourished under the stewardship of homegrown talent, this shift is an interesting move by Uday Kotak, who clearly sees merit in Vaswani’s experience outside of India. No wonder Uday Kotak, Founder and Director, Kotak Mahindra Bank said: “I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow.” Interestingly, Ashok Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business. Uday Kotak too is alumnus of Sydenham College and has a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.

The CEO who believes that there’s a lot more to digitise at banks

New Delhi, India's top billionaires, including Gautam Adani and Sunil Bharti Mittal, mega stars from film industry such as Amitabh Bachchan and Shahrukh Khan and cricketing icons from Sachin Tendulkar to M S Dhoni are among those invited for pre-wedding celebrations of Mukesh Ambani's youngest son, Anant early next month. Ahead of the wedding ceremony in July, guests from around the world have been invited to three-day pre-wedding festivities beginning March 1, at Gujarat's Jamnagar, which houses Ambani's mega oil refineries. Anant Ambani, the youngest of the three children Mukesh Ambani and Nita Ambani have, is set to marry Radhika Merchant - the younger daughter of <keyword id="20720133" type="General" weightage="20" keywordseo="viren-merchant" source="keywords">Viren Merchant</keyword>, CEO of Encore Healthcare, and entrepreneur Shaila Merchant. With Jamnagar not having five-star hotels, ultra-luxury tents housing best of facilities, including tiled bathrooms are being erected for the guests. The guest list includes international business leaders like Meta CEO Mark Zuckerberg, Microsoft founder Bill Gates, Alphabet CEO Sundar Pichai, Adobe CEO Shantanu Narayen, Walt Disney CEO Bob Iger, BlackRock CEO Larry Fink, Adnoc CEO Sultan Ahmed Al Jaber, and EL Rothschild chair Lynn Forester de Rothschild, sources said. Indian business magnates invited include Gautam Adani and family, Tata Sons chairman Natarajan Chandrasekaran , Aditya Birla Group Chairperson Kumar Mangalam Birla, and his family, Godrej family, Infosys chairman Nandan Nilekani, RPSG Group head Sanjiv Goenka, Wipro's Rishad Premji, banker <keyword id="19998917" type="General" weightage="20" keywordseo="uday-kotak" source="keywords">Uday Kotak</keyword>, vaccine maker Serum Institute of India CEO Adar Poonawalla, Airtel chairman Sunil Mittal, Hero's Pawan Munjal, Roshni Nadar of HCL, Zerodha co-founder Nikhil Kamath, entrepreneur Ronnie Screwvala and Sun Pharma's Dilip Sanghi. Top cricketers, including Sachin Tendulkar and family, MS Dhoni and family, Rohit Sharma, K L Rahul, Hardik and Krunal Pandya and Ishan Kishan too are on the invitee list. <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> will be represented by mega stars Amitabh Bachchan and family, Abhishek and Aishwarya Rai Bachchan, Shahrukh Khan and family, Amir Khan, Salman Khan, Akshay Kumar and Twinkle Khanna, Ajay Devgn and Kajol, Saif Ali Khan and family, Chunky Pandey, Ranveer Singh and Deepika Padukone, Ranbir Kapoor and Alia Bhatt and <keyword id="19895145" type="General" weightage="20" keywordseo="vicky-kaushal" source="keywords">Vicky Kaushal</keyword> and Katrina Kaif. Madhuri Dikshit and Sriram Nene, Aditya and Rani Chopra, Karan Johar, Boney Kapoor and family, Anil Kapoor and family, <keyword id="19946417" type="General" weightage="20" keywordseo="varun-dhawan" source="keywords">Varun Dhawan</keyword>, Sidharth Malhotra, Shraddha Kapoor and Karisma Kapoor, Rajnikanth and family are are on the invitee list. The three-day-long event will be themed, according to 'Event Guide' sent to the invitees. Chartered flights have been arranged to ferry guests from Delhi and Mumbai to Jamnagar and back. Guests are expected to arrive by mid-day on March 1. Hollywood pop-icon Rihanna, along with Diljit Dosanjh and others, will enthrall the guests with their performances. Day 1 celebrations are called 'An Evening in Everland' where guests are expected to wear elegant cocktail attire. Day 2 will host 'A Walk on the Wildside' with 'jungle fever' being the suggested dress code. It is set to be held outdoors in the Ambanis' animal rescue centre in Jamnagar. The guests will then proceed to 'Mela Rouge' which will be a potpourri of desi activities and the guests will wear their favourite south Asian attires. For Day 3, two events - 'Tusker Trails' and 'Hashtakshar' are planned. The first event will be an outdoor affair where the guests will enjoy the natural beauty of Jamnagar and for the last and final event, they'll be dressed in 'heritage Indian Wear'. All the guests will be provided with personal laundry services, saree drapers and other custom assistance, the nine-page event guide said.

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

Kotak Flexicap Fund: Too big to be flexible?

<ul><li>The Reserve Bank of India (RBI) has proposed limiting the tenure of bank CEOs to no more than than 15 years in a new discussion paper to strengthen private banks.</li><li>HDFC Bank's CEO <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> is already on the hunt for his successor after a 26-year stint. </li><li>Kotak Mahindra Bank’s CEO <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword> looks like he’s the only one who may get caught on the cross-hairs after already having been at the helm for 17 years.</li></ul>The Reserve Bank of India (RBI) has issued a discussion paper that proposes limited the tenure of promoter-chief executives and even non-promoter CEO. HDFC’s managing director and CEO, Aditya Puri, would have borne the brunt of new proposed regulations had the hunt for his successor not already been in progress. He’s has been at the helm of HDFC for since 1994 — that’s a tenure of 26 years. However, Uday Kotak, the CEO of Kotak Mahindra Bank won’t be able to enjoy the same privilege. Of the top 10 private banks in India, he now has the most to lose. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date of appointment </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Puri </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1994 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Kotak </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Feb 2003 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Federal Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shyan Srinivasan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sep 2010 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">South Indian Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">VG Mathew </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct 2014 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sandeep Bakhshi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct 2018 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">J&amp;K Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RK Chhibber </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jun 2019 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amitabh Chaudhary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2019 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prashant Kumar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sumant Kathpalia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar 2020 </td></tr></tbody></table> In its paper, the RBI suggests that the tenure of promoter CEOs should be limited to 10 years. Non-promoter CEOs should also only be allowed to stay on for no more than 15 years. Once the tenure is over, the RBI has given leeway for around two years allowing banks to appoint a successor — once the rules are finalised. “To build a robust culture of sound governance practice, professional management of banks and to adopt the principle of separating ownership from management, it is desirable to limit the tenure of the WTDs or CEOs,” RBI said in the discussion paper. If CEOs want to return to the helm, they will have to wait it out for three years before they can be reappointed. What does this mean for Uday Kotak? Uday Kotak, who has been Kotak Mahindra Bank’s executive vice-chairman and managing director since its inception in 2003-04, was re-designated as managing director and CEO in May 2018. That culminates in a total of 17 years that Uday Kotak leading the bank. If RBI’s new guidelines come into effect, Kotak may get another two years to name his successor. The brokerage firm Jefferies believes the most likely candidate for the position is Dipak Gupta, the current joint managing director. Uday Kotak has been in the midst of another stalemate with RBI to bring his stake in the bank down to 26%. Earlier in June, he sold off 56 million shares through a block deal, bringing his promoter stake down to 26.1% ⁠— after <a href="https://www.businessinsider.in/business/news/uday-kotak-to-sell-2-83-stake-in-kotak-mahindra-bank-sale-to-fetch-over-rs-6800-cr/articleshow/76141837.cms">multiple extensions</a> to the initial December 2018 deadline set by the RBI. However, he still has to trim around 0.1% in order to comply with RBI’s guidelines. RBI’s new regulations come after controversies led by Yes Bank, the Bank of Rajasthan and other promoter-sponsored banks have faced trouble in the recent past. Limiting the tenure of promoter-chief executives could be its way of safeguarding the interests of financial institutions. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-hcl-tech-and-tech-mahindra-to-gain-from-amazon-google-and-microsoft-spending-more-on-technology/articleshow/76334123.cms">TCS, Infosys, HCL Tech and others will gain from Microsoft, Amazon and Google spending more on technology</a> <a href="https://www.businessinsider.in/personal-finance/news/savings-rates-in-banks-offer-higher-returns-than-fds-as-banks-continue-to-slash-fd-interest-rates/articleshow/76282346.cms">Keeping your money in a savings account will fetch you more interest than locking it up in a fixed deposit</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indusind-icici-bank-hdfc-bank-and-sbi-among-top-10-losers-in-nifty-bank/articleshow/75805726.cms">From IndusInd to ICICI Bank to SBI ⁠— banks were among the worst-hit despite the government pause on new bad loans</a>

HDFC Bank is already looking for a new CEO, but RBI's proposed limit to tenure is a threat to Uday Kotak

<ul><li><keyword id="859162" type="General" weightage="100" keywordseo="Kotak-Investment-Advisors" source="Orion">Kotak Investment Advisors</keyword> secured an anchor commitment of $500 million from the Abu Dhabi Investment Authority (<keyword id="6482676" type="General" weightage="80" keywordseo="adia" source="Orion">ADIA</keyword>).</li><li>Domiciled in Gujarat’s GIFT City, Kotak Investment Advisors’ new fund will target residential <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> investments.</li><li>The alternate assets arm of the Kotak Mahindra Group had earlier raised $590 million from an ADIA unit this June towards the office space market.</li></ul>Kotak Investment Advisors secured an anchor commitment of $500 million from the Abu Dhabi Investment Authority (ADIA) for its $1 billion <keyword id="172775" type="General" weightage="20" keywordseo="real-estate-fund" source="Orion">real estate fund</keyword>, the company said on Tuesday. Kotak Investment Advisors is an alternate assets arm of the Kotak Mahindra Group. With the anchor commitment from ADIA, Kotak Investment Advisors has raised, managed or advised more than $3.3 billion across its 13 real estate funds, the company said. Kotak Investment Advisor’s 13th real estate fund will primarily target the residential sector. “The new platform is primarily targeted at the significant demand for housing in India, which is driven by sustained economic growth and a shortage of urban housing clusters,” said Mohamed AlQubaisi, executive director of ADIA's real estate department. It is domiciled in Gujarat’s GIFT City, and will focus on markets like Mumbai, Bengaluru, Delhi-NCR, Pune, Hyderabad and Chennai. “This is an opportunistic fund which can invest across various real estate asset classes and capital stack, that is, both debt and equity. With the first close of this Fund, KIAL has raised around $1.5 billion in real estate across multiple strategies in around one and a half years,” said Vikas Chimakurthy, CEO, Kotak Realty Fund. Earlier in June, the company had entered into an agreement with an ADIA unit to set up a $590 million real estate platform, aimed at meeting the long-term demand for office spaces across the country. <cmsannotation type="cmsannotation" annotationid="Home sales rise 119% year-on-year in H1 FY23 in top seven cities" comment="subhead" text="Home sales rise 119% year-on-year in H1 FY23 in top seven cities">Home sales rise 119% year-on-year in H1 FY23 in top seven cities</cmsannotation> Home sales rose 119% year-on-year in H1 FY23 across the top seven cities of the country. According to an<a href="https://www.businessinsider.in/business/news/early-diwali-for-developers-homes-worth-1-5-lakh-cr-sold-in-top-7-cities-in-h1fy23/articleshow/95405843.cms"> Anarock report</a>, homes worth ₹1,55,833 crore were sold between April and September this year, up from ₹71,295 crore in the same period last year. In terms of units, 1,73,155 units were sold in H1 FY23, up from 87,375 units in H1 FY22. Mumbai alone accounted for 48% of the total value of homes sold in this period, with Delhi-NCR and Hyderabad in second and third places, respectively, maintaining their positions from the previous year. “The data vouchsafes that the first half of FY23 was a highly upbeat period for the residential market in the top 7 cities, allaying fears that housing sales could be impacted by rising property prices and interest rates,” said Anuj Puri, chairman, Anarock Group. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/article/tatas-mega-aviation-merger-is-poised-for-flight-but-the-skies-are-not-clear-yet/articleshow/95526116.cms">Tata's mega aviation merger is poised for flight, but the skies are not clear yet</a> <a href="https://www.businessinsider.in/business/news/95-indian-companies-experiencing-new-types-of-fraud-after-covid/articleshow/95530428.cms">95% Indian companies experiencing new types of fraud after Covid</a> <a href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-lists-at-a-2-discount-amid-volatile-market-conditions/articleshow/95523776.cms">Fusion Micro Finance lists at a 2% discount amid volatile market conditions</a>

ADIA commits $500 mn to Kotak Investment Advisors’ $1 bn real estate fund

<ul><li>Massive upgrade of <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>’s payments platform through an indigenous full-stack development will further boost digital payments in the country.</li><li>Aimed at significantly enhancing consumer experience of digital payments through much better success rate, speed and security</li><li>Paytm has been at the forefront of India’s digital revolution with its technology-led innovations that have empowered users with a ‘Made in India’ payments platform.</li></ul>One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services company and the pioneer of mobile payments, QR and Soundbox today announced the launch of its new technology platform that is built with 100% indigenous developed technology. With this, the company has taken another step towards ‘Atmanirbhar Bharat’ to promote digital payments in the country. Paytm has been at the forefront of India’s digital revolution with its technology-led innovations that have empowered users with a ‘Made in India’ payments platform. The platform has been revamped, ensuring that the previous technology platform is upgraded with new-age tech solutions that are locally built and supported in-house. With a world-class platform that can handle up to 10X of the current scale, Paytm has set a gold standard for fintechs, aimed at handling fast growing digital payments opportunities in the country. The company has been investing heavily in India’s mission of building a trillion dollar digital economy. This massive upgrade of Paytm’s payments platform through an indigenous full-stack development will further boost digital payments in the country. <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword>, Founder &amp; CEO of Paytm said, “As a key milestone of the journey of Paytm payments platforms from pioneering new innovations to building solutions for India’s small and large merchants, we have come a long way. Today by making sure that every component of our technology is made in-house, we have proved that India can build world-class technology software of scale. We have built a new operational risks system and fraud management from grounds up, catering to India’s payments growth. This platform will be able to scale to the next up to 10X payments in India. We are here to serve India by a technology made in India. We are proud that we are making this in India for the world.” With a robust architecture, the company’s revamped platform will further power superfast, secure and seamless payments. Paytm’s new payments infrastructure will promote sustainable growth of digital payments and financial services in India. After revolutionising mobile, QR and Soundbox payments, the company’s new platform will transform digital transactions, enabling affordable access to financial services. The digital disruptor made waves in digital payments with its iconic Soundbox, another shining example of ‘Make in India’. The fintech pioneer has already displayed its tech prowess by building the digital payments technology for Japan. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a>

Paytm announces launch of its upgraded payments platform powered by 100% indigenous technology — a shining example of ‘Make in India’

<ul><li><keyword id="6379793" type="General" weightage="100" keywordseo="falguni-nayar" source="Orion">Falguni Nayar</keyword> is the richest self-made billionaire with a net worth of ₹57,520 crore.</li><li>However, <keyword id="1490249" type="General" weightage="20" keywordseo="Roshni-Nadar-Malhotra" source="Orion">Roshni Nadar Malhotra</keyword> of HCL Technologies is the wealthiest woman, as per Kotak Private Banking Hurun list.</li><li>Around 25 new women have entered into the list this year, says the report.</li></ul>It’s beauty over biotech as Falguni Nayar overtook Biocon’s <keyword id="6413985" type="General" weightage="20" keywordseo="kiran-mazumdar-shaw" source="Orion">Kiran Mazumdar-Shaw</keyword> as India’s richest self-made woman with a wealth of ₹57,520 crore, as per Kotak Private Banking Hurun’s list of India’s wealthiest women. Nayar’s ranking went up nine places in the list, after the company she founded, Nykaa, went public last year. Roshni Nadar Malhotra of HCL Technologies however retained her title as the wealthiest woman on the list with ₹84,330 crore, for the second year in a row. Around 25 new women have entered into the list this year, says the report. The report further highlights that the cut-off wealth required to feature in the list has almost tripled since last year to ₹300 crore. The women on the 2021 list have an average wealth of around ₹4,170 crore as against ₹2,725 crore in the last year. “Over the years, Indian women are slowly yet surely coming into their own - carving a space for themselves through knowledge, excellence, passion, and empathy,” said <keyword id="14568875" type="General" weightage="80" keywordseo="oisharya-das" source="Orion">Oisharya Das</keyword>, CEO – private banking, <keyword id="46013" type="General" weightage="50" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>. The list is based on the net worth of women as on 31 st December, 2021. <cmsannotation type="cmsannotation" annotationid="More younger women are becoming self-made billionaires" comment="subhead" text="More younger women are becoming self-made billionaires">More younger women are becoming self-made billionaires</cmsannotation> Even though the founder of Biocon, Shaw, was displaced — her sector pharmaceuticals too saw the most number of new entrants, followed by healthcare and consumer goods. 9 out 20 women under the age of 40 years or younger category are self-made, according to the report. Three professional managers also made it to the list. Pepsico’s <keyword id="6421975" type="General" weightage="80" keywordseo="indra-nooyi" source="Orion">Indra Nooyi</keyword> is the richest professional manager, with a wealth of ₹5,040 crore. And, 33-year-old Kanika Tekriwal of Jetsetgo is the youngest self-made woman. “Women-led wealth creation directly improves women’s employment, corresponding families, and society. Inclusion of women, who represent 50% of India’s population in the workforce or wealth creation, cuts across societal barriers,” said <keyword id="2672295" type="General" weightage="80" keywordseo="anas-rahman-junaid" source="Orion">Anas Rahman Junaid</keyword>, MD and chief researcher at <keyword id="3656834" type="General" weightage="50" keywordseo="hurun-india" source="Orion">Hurun India</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-spectrum-auctions-big-money-is-in-but-no-bidding-war-yet/articleshow/93156289.cms">5G spectrum auctions: Big money is in but no bidding war yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/a-massive-data-breach-in-2020-impacted-3-4-million-paytm-usersheres-how-to-find-out-if-your-data-was-compromised/articleshow/93157246.cms">A massive data breach in 2020 impacted 3.4 million Paytm users – here’s how to find out if your data was compromised</a>

Nykaa’s Falguni Nayar overtakes Kiran Mazumdar Shaw as the richest self-made Indian woman

<ul><li>The new fund offering (<keyword id="35472" type="General" weightage="20" keywordseo="nfo" source="Orion">NFO</keyword>) opens on December 1, 2023. </li><li>The fund is designed to strategically invest in <keyword id="62614" type="General" weightage="20" keywordseo="sectors" source="Orion">sectors</keyword> benefiting from India's <keyword id="6386662" type="General" weightage="20" keywordseo="economic" source="Orion">economic</keyword> shifts. </li><li>The fund will adopt a bottom-up strategy, selecting stocks across market caps. </li></ul>Axis Mutual Fund has launched the <keyword id="19658385" type="General" weightage="20" keywordseo="Axis-India" source="Orion">Axis India</keyword> <keyword id="5382838" type="General" weightage="20" keywordseo="manufacturing-fund" source="Orion">Manufacturing Fund</keyword>, an open- scheme that mirrors India's manufacturing landscape, and is benchmarked against the Nifty India Manufacturing TRI. The new fund offer (NFO) opens on December 1st, 2023, and seeks to enable investors to tap into the potential growth of India’s manufacturing sector, which is anticipated to expand in the years ahead. Investors can participate in the NFO until December 15, 2023. Why manufacturing as a theme? India is heading toward an exciting future, embracing modern technologies and focusing on sustainable growth. Government actions, along with labour and tax changes, position India as a competitive global manufacturing centre. India relies heavily on consumption, making it less prone to global economic shifts. The surge in growth is fueled by enhanced economic confidence driving product demand and efficient use of production capabilities. Hence, manufacturing as a theme holds a lot of promise. Axis India manufacturing fund's strategic focus The fund is designed to strategically invest in sectors benefiting from India's economic shifts, aiming for a diverse portfolio reflecting the depth of India's manufacturing strength. Encompassing sectors like capital goods, consumer durables, textiles, and pharmaceuticals, the fund will offer a comprehensive investment avenue within India's manufacturing landscape. Investment strategy across economic segments The fund targets three companies across three sectors of the Indian economy: Investments (Capex cycle): Companies boosting production through investments in equipment and research. Consumption: Industries witnessing increased demand due to rising incomes and a trend towards premium products. Net exports: The fund will be focused on companies benefitting from India's global supply chain integration. Investment approach and focus The fund will adopt a bottom-up strategy, selecting stocks across market caps. Emphasising active sector allocation and a 'Quality' investing style, it also aims to look at underrepresented segments in Indian listed markets. Says B Gop Kumar, MD and CEO, Axis Asset Management Compnany (AMC), "This thematic fund, is designed to capitalise on India’s growing momentum, focusing on sectors that stand to redefine India’s industrial contours.” Currently there are only a few manufacturing funds in India with a one and three year track record. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ff0000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ff0000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1-year return (%) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ff0000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3-year return (%) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life Manufacturing Equity Fund - Direct Plan </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.33 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.99 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Manufacturing Fund - Direct Plan </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">32.20 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">31.86 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Manufacture in India Fund - Direct Plan </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.62 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-- </td></tr></tbody></table> Source: Value Research “Investors should not take positions into these thematic funds for more than 10% of their portfolio allocation. That way if it doesn’t work out, they won’t face they won’t face a large drawdown on their portfolio,” says Abhishek Kumar, founder and chief<a href="https://business.outlookindia.com/invest/investment"> </a>investment advisor at SahajMoney, a financial planning firm. This is because thematic funds like manufacturing funds can carry higher risks due to their focused investment in specific sectors or trends. Their success hinges on the performance of those particular themes, making them more vulnerable to market fluctuations and industry-specific challenges.

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