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<ul><li>Net interest income grows 21% year-on-year and 6% sequentially </li><li>Net interest margins hit a 20-quarter high of 3.6%, but lags peers </li><li>The bank’s asset quality also showed an improvement during the quarter, with fresh accretion of slippages declining </li></ul><keyword id="6355975" type="General" weightage="100" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>, the third largest private sector bank, on Monday reported a net profit of ₹4,125 crore in the opening quarter of FY23, a jump of 91% annually but remained flat sequentially. While the bank has beaten street estimates, its business growth momentum has come in lower than its peers. The bank’s key financial parameters showed improvement with net interest income clocking a growth of 21% year-on-year and 6% sequentially, as net interest margins improved by 14 bps annually and 11 bps sequentially to 3.60% during the quarter. This bank’s margins have hit a 20-quarter high. <cmsannotation type="cmsannotation" annotationid="Citi merger: ‘Customer experience has to hassle free’" comment="subhead" text="Citi merger: ‘Customer experience has to hassle free’">Citi merger: ‘Customer experience has to hassle free’</cmsannotation> Speaking on the merger with <keyword id="6400347" type="General" weightage="50" keywordseo="citibank" source="Orion">Citibank</keyword>, <keyword id="247960" type="General" weightage="50" keywordseo="amitabh-chaudhry" source="Orion">Amitabh Chaudhry</keyword>, CEO, Axis Bank said that CCI approval is likely to come in five to six weeks. "Based on limited data, we have limited concerns on business, which are all doing quite well. We cannot be engaging with Citi till we get CCI approval. Once approval comes we can engage more actively. The merger date refers to the date when we take over the assets. The customer experience has to be hassle-free," he said. While NIMs continue to trend marginally lower than its bigger peers, the lender has shown an improvement across all metrics during the quarter. "You are seeing delivery on NIM trajectory on what we had said earlier. You can take on higher risk and increase NIMs, so our growth factors in credit implication on the book. A rising interest rate environment plays to the strength of the larger bank and it should be positive for us on a net basis," said <keyword id="869603" type="General" weightage="50" keywordseo="puneet-sharma" source="Orion">Puneet Sharma</keyword>, CFO of Axis Bank. Fee income also grew at a robust rate 34% year-on-year, which is a big contributor to profits of private lenders. Retail fee income grew 43% annually. The bank’s core operating profit grew 17% annually and 5% sequentially. <cmsannotation type="cmsannotation" annotationid="Small biz loans grew by 74%" comment="subhead" text="Small biz loans grew by 74%">Small biz loans grew by 74%</cmsannotation> After two years of the pandemic, lenders are pushing for growth and Axis Bank reported a loan growth across segments, but it has disappointed analysts as it is lower compared to its peers. While retail loans grew 25% annually and 3% sequentially, small business loans and rural loans grew 74% and 42%, respectively, compared to the corresponding quarter last year. Overall loan growth stoof at 14% annually. The bank’s asset quality also showed an improvement during the quarter, with fresh accretion of slippages declining along with aggregate non-performing assets. The gross non-performing assets came in at 2.76%, which is lower by 109 bps year-on-year and 6 basis points sequentially. The bank’s net non-performing assets came in at 0.64%, which is 56 bps lower annually and 9 basis points sequentially. The bank’s accretion of fresh bad loans also declined. While the gross slippage ratio declined 210 bps year-on-year and 33 bps sequentially, the net slippage ratio was down 0.41% 219 bps annually. The bank’s provision coverage ratio stood at 77%. On a quarterly average basis, savings accounts grew 16% annually and 4% sequentially, while current accounts grew 15% annually. Term deposits grew 13% annually. On a quarterly basis, CASA grew 16% annually and 1% sequentially. The bank’s CASA ratio stood at 43%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/list-of-top-new-upcoming-whatsapp-features-in-second-half-2022/articleshow/93103440.cms">From avatars to hiding online status—list of top new upcoming WhatsApp features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-has-the-highest-rate-of-women-taking-action-against-harassment-calls-and-messages/articleshow/93107553.cms">India has the highest rate of women taking action against harassment calls and messages</a>

Axis Bank beats street estimates on net profit, business growth disappoints

New Delhi, Feb 27 () Axis Bank on Thursday said its board has approved appointment of Puneet Sharma as Chief Financial Officer (CFO).His appointment will be effective from March 6, the private sector lender said in a regulatory filing.Sharma replaces Jairam Sridharan, who has resigned as the group executive and CFO of the bank, with effect from the close of business hours on March 5, it said.Prior to joining Axis Bank, Sharma spent 12 years at Tata Capital as a senior management functionary and was the group CFO since 2014 accountable for financial control, financial planning &amp; accounting and taxation amongst other deliverables, the statement said. DP DP ANUANU

Axis Bank appoints Puneet Sharma as CFO

<ul><li>Payment gateway business has grown by 2400% over the last three years, <keyword id="357931" type="PERSON" weightage="20" keywordseo="Puneet-Jain">Puneet Jain</keyword>, Senior Vice President, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> told Business Insider. </li><li>Currently, they process over 400 million transactions every month and have a 50% market share. </li><li>Jain claims that the consumption slowdown didn’t affect digital businesses in India.</li></ul>From booking cabs to online shopping, payment gateways have made digital transactions seamless and easier. And almost every other website you go to, has a Paytm payment integration. Leveraging the turn to digital and fast growth of online consumption, Paytm payments gateway has grown leaps and bounds. It has grown by a massive 2,400% over the last three years, Puneet Jain, Senior Vice President, Paytm told Business Insider. “At a market share level, we are India’s largest payment gateway – we do more transactions than the rest of the players put together,” said Jain. Currently, they process over 400 million transactions every month and have a 50% market share. But at Paytm, the growth goes beyond numbers. Jain says that one of their achievements has been that all leading players across industries use their services – from IRCTC to Uber to Zomato and Swiggy. “The other significant achievement we saw last year was the pace of innovation – we launched 15 products last year and significantly upped our performance as a payment gateway,” he said. Paytm’s growth last year comes even in spite of a consumption slowdown in the country. But Jain believes that the slowdown didn’t affect digital businesses. “We continue to grow month-on-month. The Internet is still an emerging segment. The slowdown is limited to certain pockets and more so the traditional economy than the new-age internet space. Digital payment is a reflection of digital consumption,” said Jain. But as <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> and consumption grows online, the need to innovate still remains. <keyword id="7576656" type="UNKNOWN" weightage="20" keywordseo="Paytm-Payment-Gateway">Paytm payment gateway</keyword> had recently partnered with Visa to do away with the OTP verification for transactions under ₹2000. This is to boost small ticket payments in the country. E-commerce giant<a href="https://www.livemint.com/companies/news/now-you-won-t-need-otp-for-transactions-up-to-rs-2-000-on-your-flipkart-orders-11578292431388.html"> Flipkart</a> too had launched the same feature recently. But this also led to questions around security but Jain claims its safety built as per regular guidelines. “We need a one-time user consent after which the user is not required to go through the OTP authentication. It’s built as per the regulator guidelines and is based on device-based network authentication where networks like visa measure the safety of transaction on a real-time basis decide whether an OTP is required,” said Jain. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/oyo-ola-paytm-and-uber-have-laid-off-thousands-of-employees/articleshow/73466680.cms">Indian unicorns like Oyo, PayTm and now Uber are shedding flab — resulting in thousands of pink slips</a>

Paytm’s payment gateway has grown by 2400% over the last three years

Five cyber criminals have been arrested for procuring the <keyword id="61610" type="General" weightage="100" keywordseo="pan" source="Orion">PAN</keyword> Card details of 95 prominent celebrities, including Bollywood actor Abhishek Bachchan and former captain of the Indian cricket team <keyword id="6354832" type="General" weightage="50" keywordseo="ms-dhoni" source="Orion">MS Dhoni</keyword>, and getting credit cards issued in their names, an official said on Friday. According to officials, the cards were issued from Pune-based fintech startup 'One Card'. The accused used the details and duped banks of over Rs 50 lakhs Some of the other celebrities whose names and details were used by the fraudsters were <keyword id="6358615" type="General" weightage="50" keywordseo="shilpa-shetty" source="Orion">Shilpa Shetty</keyword>, <keyword id="6355846" type="General" weightage="50" keywordseo="madhuri-dixit" source="Orion">Madhuri Dixit</keyword>, Emraan Hashmi, <keyword id="333" type="General" weightage="50" keywordseo="saif-ali-khan" source="Orion">Saif Ali Khan</keyword>, <keyword id="6354267" type="General" weightage="50" keywordseo="sachin-tendulkar" source="Orion">Sachin Tendulkar</keyword>, Alia Bhatt, Sonam Kapoor, Hrithik Roshan, among others. The accused were identified as Puneet, Mohd Asif, <keyword id="110072" type="General" weightage="50" keywordseo="sunil-kumar" source="Orion">Sunil Kumar</keyword>, Pankaj Mishar and <keyword id="16696573" type="General" weightage="50" keywordseo="vishwa-bhaskar-sharma" source="Orion">Vishwa Bhaskar Sharma</keyword>. Joint Commissioner of Police (Eastern Range), Chhayya Sharma said that the accused forged government IDs of 95 celebrities and eminent persons to dupe banks of over Rs 50 lakhs. "The loophole is in documentation and backend verification which needs to be upgraded. All accused have good IT knowledge," said the top officer. On interrogation, it was revealed that they used to get GST details of these celebrities from Google. "They were very well aware that the first two digits of GSTIN are state code and the next 10 digits are PAN numbers. Since the celebrities' date of birth is available on Google, these two - PAN and date of birth - complete the PAN details," said an official privy to investigation. "They got the PAN cards remade fraudulently by putting their own pictures on them so that during video verification, their looks match the photo available on their PAN/Aadhaar card. "The accused used to apply for credit cards and during video verification, they were asked questions related to their financial activities which they answered easily as they had got all such details from CIBIL," the official added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indias-macro-stability-indicators-to-improve-in-fy24-morgan-stanley/articleshow/98386494.cms">India's macro stability indicators to improve in FY24: Morgan Stanley</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-living-on-footpaths-human-beings-too-cant-just-order-their-removal-bombay-hc/articleshow/98386789.cms">People living on footpaths human beings too, can't just order their removal: Bombay HC</a>

Scamsters who cracked PAN details of 95 celebs for fake credit cards, busted

Indulgence is the word that solely describes India’s rich culture and heritage. And<a href="http://www.businessinsider.in/You-Goa-trip-itinerary-must-have-Salaulim-dam/articleshow/55787460.cms"> fashion</a> from grassroots has always been an excitement for the people in urban Indian cities. However, they didn’t have much exposure to the availability of the fashion and interior items everywhere. Those were either limited to fairs and expos, or sold in boutiques, which came with expensive price tags. 
 Sensing this as a fertile ground to kick start a new venture, <keyword id="264580" type="PERSON" weightage="20" keywordseo="Shilpa-Sharma">Shilpa Sharma</keyword> and <keyword id="3251968" type="PERSON" weightage="20" keywordseo="Puneet-Chawla">Puneet Chawla</keyword> started <keyword id="3037226" type="UNKNOWN" weightage="20" keywordseo="jaypore">Jaypore</keyword>.com, an humble attempt to bring India a little closer to the world. Dedicated to creating a unique interpretation of age-old crafts, Jaypore started to partner with artisanal communities, textile designers, and independent artists (and the occasional maverick) to showcase a new, contemporary design language that comes from India and belongs everywhere on the globe. 
 
And the result is admirable. With <a href="http://www.businessinsider.in/You-Goa-trip-itinerary-must-have-Salaulim-dam/articleshow/55787460.cms">monthly transactions</a> of over 20k to 30K products, and monthly traffic of over 1.5 million with half a million registered users, it is well on its way to achieve its target growth of 200% for the year with an average revenue per year of Rs 60 -70 crore. Started with a seed funding from angel investor <a href="http://www.businessinsider.in/You-Goa-trip-itinerary-must-have-Salaulim-dam/articleshow/55787460.cms">Haresh Chawla</a>, partner at private equity firm <keyword id="256283" type="COMPANY" weightage="20" keywordseo="India-Value-Fund">India Value Fund</keyword>, early this year Jaypore has received a Series A round of funding worth $5 million in from Mumbai-based (social venture capital firm) equity investing firm Aavishkar. 
 
So how did all start? “We actually met at the <keyword id="6368640" type="COMPANY" weightage="20" keywordseo="Leela">Leela</keyword>. As in all businesses - not only ours - in the initial days we really didn’t know what we were building. We had some sort of an idea of what we wanted to do but had no clue about how to go about doing it,” Puneet <keyword id="6329" type="PERSON" weightage="20" keywordseo="Chawla">Chawla</keyword>, co-founder and CEO of Jaypore told exclusively to <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword>. 
 
The first few weeks were a lot of brainstorming and experimentation about who the target audience was, what they were looking for and where they could found. 
 
Sourcing was a challenge “<keyword id="6360500" type="PERSON" weightage="20" keywordseo="Shilpa">Shilpa</keyword> and I took our first sourcing trip to Jaipur in March 2012. We met a lot of people and they weren’t too keen on coming on board because they didn’t want to consign product to us. They wanted us to buy the product outright. It took a lot of effort to convince them and the early vendors were actually people Shilpa and the team had relationships with – people they had worked with in the past. Convincing people to give product to us and on consignment was the toughest thing in the beginning,” said Chawla. 
 
CEO = delivery man 
“I did a few deliveries in<a href="http://www.businessinsider.in/You-Goa-trip-itinerary-must-have-Salaulim-dam/articleshow/55787460.cms"> south Delhi </a>for no other reason but to meet the customer and visualise who these people are. The challenge with an online medium, unlike brick and mortar is that you don’t have any physical interaction with the customer, which is extremely essential. I did these deliveries primarily to meet them, to understand their preferences, what kind of clothes they wear, the houses they live in. These helped us in shaping our voice, how we communicate on social media, our newsletter,” added Chawla. 
 
“I also used to do customer service before we hired someone. It’s really the best way to get insights. I knew for instance that people used to ask us why we didn’t have cash on delivery in the early days, the problems they had with courier, with returns. It helped us design our returns process and communication. I also used to manage our social media pages. In fact, some of the people I used to speak to in the early days still shop from us.” 
 
 
 
Competition 
“Yes there are boutiques and curators and there are retailers but there isn’t anyone who is doing this at the national level or a cross country level in terms of showcasing the best of India without geographical constraints as well as constraints on the physical space available – we would like to be the largest platform with the best that India has to offer,” said Shilpa Sharma, co-founder and head of product, sourcing and design of Jaypore. 
 
Targeting “We didn’t start with doing a lot of paid targeting. In the early days all our targeting was organic - through either <keyword id="6354576" type="CITY" weightage="20" keywordseo="Facebook">Facebook</keyword> or <keyword id="939877" type="COMPANY" weightage="20" keywordseo="Pinterest">Pinterest</keyword>. People got to know us through Facebook and that became our biggest brand building platform. Word of mouth kicked in later. In the first year or so we didn’t spend any money on marketing but we did a few smart things,”Chawla told Business Insider. 
 
“It was a lot of hustle because we were bootstrapped and didn’t have any money. I would personally send emails to about 50 people a day,” recalled he. 
 
Profit margin 
“We were making fairly healthy gross margins but at the net level we weren’t making that much money because the cost of logistics and managing a US office for returns was very high. Though it seemed like we were working on <a href="http://www.businessinsider.in/You-Goa-trip-itinerary-must-have-Salaulim-dam/articleshow/55787460.cms">high margins</a>, at the net level we weren’t. Which is when we realized that it made far more sense to focus on India,” said Chawla. 
 
(Image credit: Facebook)

Young India is hungry for everything ethnic -- success of
this young start up is the proof

Wondering if the markets are closed on October 30th and 31st, 2024, on account of Diwali? Well, here's a ready reckoner for you to figure out when the markets are open and closed this week. Both NSE and BSE will be open and will be functional as usual between 9:15 am and 3:30 pm on Wednesday, October 30, and Thursday, October 31, 2024. On Friday, i.e., November 1, 2024, the NSE and BSE will remain closed on account of Lakshmi Poojan. However, a special, symbolic 1-hour muhurat trading session will take place on this day, between 6 pm and 7 pm. During this time, the markets will open for trading, marking the onset of the new calendar year in Hindu tradition, or Samvat 2081. Traditionally, it is considered auspicious to make new investments during this window since it is believed that they will bring them wealth and prosperity in the long term. The day after, i.e., November 2, is a Saturday, which is a weekly holiday; the markets will be closed. India will celebrate Diwali-Balipratipada on this day. Post Diwali, the stock markets (both BSE and NSE) will have only 2 holidays remaining for the year, namely Gurupurab on November 15, 2024, and Christmas on December 25, 2024. <h2>All you need to know about muhurat trading</h2> Muhurat trading on NSE and BSE will commence between 6 p.m. and 7 p.m. on November 1, 2024. There will be a special pre-open session for stocks of companies taking the IPO route. This will last between 5:45 p.m. and 6:30 p.m. Trade settlement will take place on a regular T+1 basis. For investors and traders planning their activities, remember that the markets will be volatile. However, muhurat trading has historically brought about positive returns for investors. For instance, in 2023, muhurat trading during Diwali 2023 yielded returns of about 0.52%. For 2022, this stood at 0.88%. Over the last 10 years, i.e., between 2014 and 2024, Nifty50 has generated negative returns only twice in 2016 (0.14%) and 2017 (0.63%). Says Puneet Sharma, CEO and Fund Manager at Whitespace Alpha, "Muhurat trading is more than just a trading session—it's a ritual of optimism. The one-hour session, steeped in tradition, typically attracts low volumes and less volatility, making it a great opportunity for tactical positioning rather than frenzied trading." Sharma suggests opting for the butterfly trading strategy to get through the muhurat trading session. Think of this strategy as a calculated dance where you’re limiting your risk but still positioning yourself for some upside. "Muhurat trading is not the time for big moves, and that’s where the butterfly spread excels. You’re betting on the market staying within a range, which is typically the case during this session. It’s like planning a party where you already know most guests won’t make a scene," he adds. The butterfly strategy works best in a market that is expected to trade flat, and the security prices won't be very volatile. This setup lets you profit if the market stays stable, which is highly likely during muhurat trading.

Stock market holiday on Diwali: Is the stock market open or closed on the 30th and 31st October?

Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="21083306" type="General" weightage="20" keywordseo="futures-and-options" source="keywords">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of <keyword id="20023089" type="General" weightage="20" keywordseo="financial-risks" source="keywords">financial risks</keyword> to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="100" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both NSE and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </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;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </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;">64,36,03,951.51 </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;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </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;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </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;">2023-24 </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;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody></table> Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town <keyword id="21913092" type="General" weightage="20" keywordseo="margin-requirements" source="keywords">Margin Requirements</keyword>: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how of it

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </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;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </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;">64,36,03,951.51 </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;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </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;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </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;">2023-24 </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;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

<ul><li><keyword id="19912128" type="General" weightage="20" keywordseo="chandra" source="keywords">Chandra</keyword> hit upon the idea to launch a TV channel after he saw big hotels showing CNN via satellite dishes during the Gulf War.</li><li><keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> was India’s first private TV channel and had pioneered many superhit TV shows, reality shows and kickstarted the careers of many media barons.</li><li>Chandra entered the infrastructure business and planned a hostile takeover of IVRCL which failed.</li><li>By the mid-2010s, his new ventures had piled up a huge debt which pushed him to sell stake in crown jewel, Zee.</li></ul>Remember Hum Paanch? <keyword id="20328693" type="General" weightage="20" keywordseo="zee-antakshari" source="keywords">Zee Antakshari</keyword>? Phillips Top 10? These shows, now shared around social media by nostalgia lovers, were the first taste of Hindi TV programmes for many millennials. The generation saw the country move away from one or two channels with very limited entertainment programming; with the entry of private companies into satellite programming, forcing Indians to buy TVs that needed remotes. The man who made this revolution possible was Subhash Chandra, a bright young man from Hisar. Born into an Agrawal Bania family, Chandra entered into business early in his life, and in the 70s before TV wasn’t around in India. After his family business fell into debt, he had to abruptly leave college, go back to Haryana and work on repaying debts. He started off running a pulse polishing mill with moderate success, but his fortunes improved as he supplied grains to Food Corporation of India (FCI). By late 80s and early 90s, he was exporting rice and soybeans to Russia, and had also started a packaging company. It was all running smoothly, until one election season he saw that politicians were renting out vans with projectors and screens for their roadshows. He later learnt that Five-Star Hotels owned satellite dishes and were telecasting CNN during the Gulf War. That’s when the idea of broadcasting content with ads in between came to him, he told Outlook Business in <a href="https://www.outlookbusiness.com/specials-34/secret-diary-of-an-entrepreneur_2018/live-in-the-present-dont-recount-and-regret-the-past-4353">Secret Diary of Subhash Chandra</a>. <div type="image" title="hum paanch twitter" msid="107136147" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X) &amp;lt;/p&amp;gt;"></div> The realm of reality TV As he went about it, he was laughed off by DD executives, who coolly told him that they employ hundreds of people and equipment worth thousands of crores. He then intended to lease a transponder in Hong Kong and broadcast from there. STAR’s Li Ka-shing was not so receptive to the idea of broadcasting business in India. After many twists and turns, he rented a transponder; and India’s got its first Hindi channel in the Star bouquet in 1992. Initially there was only three hours of programming, with reruns of old DD serials. But it soon branched<a href="https://www.livemint.com/Opinion/JV7xB6PWkkl5q2Glq8tT8K/The-zee-story-turns-20.html"> out with chat shows </a>like Chakravyuha. Many media barons like Ronnie Screwala who produced the chat show started their careers at Zee. Pritish Nandy also had a show on it called Fiscal Fitness. The hugely popular Aap Ki Adalat, which now airs on India TV, also debuted on Zee. Rajat Sharma, its popular interviewer, also expanded the group’s political vista. The Union Minister Smriti Irani was briefly a stringer for Zee News which was launched later by the group. She, however, also became the star of Star Plus’ super hit TV show Kyunki Saas Bhi Kabhi Bahu Thi in early 2000s. In addition to comedy shows, Zee diversified into drama shows like Neena Gupta starring Parampara in addition to <keyword id="20328692" type="General" weightage="20" keywordseo="zee-horror-show" source="keywords">Zee Horror Show</keyword>. Its hugely popular Antakshari show was hosted by stars like Renuka Shahane, Pallavi Joshi and Annu Kapoor. <div type="image" title="annu kapoor" msid="107136187" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X)&amp;lt;/p&amp;gt;"></div> Bags of fan mail In spite of growing success, Chandra had to convince advertisers to shift from print and outdoor ads to TV advertising. He did it by lugging along bags of fan mail sent by viewers of his shows. By the time other players saw how valuable reaching all over India with Hindi shows was, he was miles ahead. He added more channels across movies, music in addition to news, across languages to his bouquet. By the time the world entered the new millennium, he had captured a large chunk of India’s eyeballs, not to mention hearts. The deal with Richard Li, son of Li Ka-shing also included an option to buy 25% stake in the venture within a year. By the time he realised it was good business, the option had long expired. Chandra refused to sell him the stake, took his company public, and the issue was subscribed 60 times over. The goatee-sporting man had become one of India’s first media barons and a billionaire. A failed hostile takeover By 2004, his media conglomerate was running steady, but Chandra, true to himself, was already hunting for the next big bet. The sector he chose was infrastructure. Back then, India was building roads, adding power generation as well as distribution assets, and setting-up ports and airports with a renewed fervour. Many small regional players like GMR and GVK became national companies after they won large-scale airport projects. It seemed like a good business. However, by the time Chandra entered it in 2008, the sector was showing signs of fatigue, due to credit crunch and more. Players were seeing the effects of adding heavy debt onto books. One such company was Hyderabad-based IVRCL which had a good set of projects, sizeable orderbook but was crushing under debt, in 2012. It was borrowing money for working capital purposes, and projects were moving ahead slower. Chandra believed that a hostile takeover of the company would catalyse its infra business which was executing a few highway projects. He went in and acquired a tad over 12% stake in the company when IVRCL too changed track. It stopped bidding for new projects, started monetising its projects and paring down its debt. Eventually Chandra had to sell off his stock at a loss. Takeovers are a high stakes game. Though the financials were never disclosed, the assumption, based on the company’s market cap at that time, he might have spent ₹200 crore on it. On the other hand, its own infrastructure business never scaled up later on, and continued to report deep losses for the next few years. It was a strategy gone wrong, as he later admitted in his open letter. Politics to pledging In 2016, Chandra made his political debut to become a Rajya Sabha MP representing BJP in Haryana. The close contest between him and the Congress candidate R K Anand was also interesting in other ways too. Chandra was declared winner after 14 votes were made invalid as they used the wrong pens. In 2022, Chandra changed his ‘native home <a href="https://www.newslaundry.com/2022/06/08/why-subhash-chandras-rajya-sabha-dreams-are-now-congresss-nightmares">town’ to Rajasthan</a> and filed his nomination as an independent candidate backed by BJP. He however accepted defeat after he fell short of over 40 votes. On the other end, his business was branching out into many businesses, with varying successes, soaking in capital. It entered financial services, acquired Peerless Mutual Fund, investment banking, private equity and much more. It went into education with a chain of K-12 schools, gold refineries in addition to related media businesses like Fun Cinemas and Dish TV. He also had plans for a wellness company. These expansions came at a cost, and a huge debt. The group soon had 87 operating companies which had straddled debt to the tune of ₹17,000 crore, as per estimates. How was so much money raised? The promoters had to pledge their shares in listed entities like Zee Entertainment, Dish TV, Zee Media Corporation, SITI Networks, <keyword id="19960022" type="General" weightage="20" keywordseo="zee-learn" source="keywords">Zee Learn</keyword> and Shirpur Gold refinery. Reports suggest that <a href="https://www.thequint.com/amp/story/news%2Fbusiness%2Fdoes-zee-news-need-a-commercial-bank-subhash-chandra#read-more">anywhere between 60-90% of their </a>shares in these companies were pledged with lenders in the mid-2010s. The chickens however came to roost in 2018 when the<a href="https://economictimes.indiatimes.com/markets/stocks/news/ilfs-crisis-spilling-beyond-finance-chandras-zee-feeling-the-heat/articleshow/67734787.cms?from=mdr"> NBFC IL&amp;FS bankruptcy spooke</a>d the markets, making it tough for him to rollover debt. The loss of crown jewel Soon, the promoters were forced to sell the stake that they had pledged. Zee’s promoter shareholding fell from 42% to a dismal 4% in its crown jewel, Zee Entertainment. In the meanwhile, its flagship Zee’s earnings also started dwindling, worrying analysts and investors; that led the market regulator to look into it. Between 2021 and 2023, its profits slid by 48%. In 2021, for the second time in two years, Chandra admitted to his mistakes that led to default. He announced <a href="https://economictimes.indiatimes.com/industry/media/entertainment/media/subhash-chandra-claims-91-debt-with-43-lenders-settled/articleshow/85007881.cms?from=mdr">that he had settled</a> 91% of his debts with 43 lenders. “I have no regrets for parting with a substantial ownership in the business and specially in the jewels of the crown,” he said in an open letter. Apart from the promoter crisis, the businesses were moving at a slow pace too. Satellite pay TV has become less attractive to viewers now used to streaming. Dish TV, owned by his brother, has been losing steam as well. Edtech is facing its own existential crisis. His digital ventures of Zee5 progressed but at a slow rate due to heavy competition. There are no updates on his plans for its metaverse venture, oddly named Maayaverse. On top of it, Zee’s plans to merge with Sony fell through, after two years of negotiations. Sony is also seeking a $90 million termination fee, which Zee intends to contest. That means more legal troubles, barely a year after it settled a dispute with J C Flowers, an asset reconstruction company. Chandra and his son Puneet Goenka are now part of a <a href="https://www.ndtv.com/india-news/sebi-subhash-chandra-punit-goenka-sebis-flowcharts-explain-how-zee-bosses-allegedly-faked-loan-recovery-4119857">probe by market regulator SEBI</a>, to see if money was siphoned off from the listed entities. That would be a tough spot to any businessman, let alone one who is devoid of crown jewels and without a seat in the parliament. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/webstories/subrata-roys-journey-from-lucknows-sahara-shahar-to-londons-grosvenor-house-to-tihar-jail/slidelist/105234003.cms">Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail</a>

From A to Zee: Subhash Chandra’s spectacular rise and fall

<ul><li><keyword id="1809141" type="PERSON" weightage="20" keywordseo="enormous">Enormous</keyword> conceptualises ‘<keyword id="11602845" type="UNKNOWN" weightage="20" keywordseo="girl-power-is-gold-power">Girl Power is Gold Power</keyword>’ campaign for <keyword id="11602844" type="UNKNOWN" weightage="20" keywordseo="kotak-karma">Kotak Karma</keyword>.</li><li>The campaign celebrates the spirit of all the women athletes representing India at the games.</li></ul><keyword id="1301220" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-Bank-Limited">Kotak Mahindra Bank Limited</keyword> (<keyword id="2271941" type="ORGANIZATION" weightage="20" keywordseo="KMBL">KMBL</keyword>) and <keyword id="3149038" type="PERSON" weightage="20" keywordseo="Pullela-Gopichand-Badminton-Foundation">Pullela Gopichand Badminton Foundation</keyword> (Gopichand Academy) launches ‘Girl Power is Gold Power.’ The campaign has a special message for India's most talented women athletes, as well as all young girls who aspire to follow in their footsteps. The campaign video features badminton doubles specialists, <keyword id="202688" type="PERSON" weightage="20" keywordseo="Ashwini-Ponnappa">Ashwini Ponnappa</keyword>, a Gold Medal winner at the Commonwealth Games 2010 and N. Sikki Reddy, Gold medalist at the South Asian Games 2016. The one-minute film not only honours the young women who follow their dreams, but also celebrates the people that lend their support to young dreamers – thereby paving the way for a generation of champions. <div type="Youtube" id="viQs2Tkta_Q" title="Kotak Karma | Girl Power is Gold Power" thumbUrl="https://i.ytimg.com/vi/viQs2Tkta_Q/mqdefault.jpg"></div> Commenting on the campaign, Ashish Khazanchi, Managing Partner, Enormous says “In Indian households, saving gold for a daughter's future or marriage is a widespread tradition. Her marriage is not just a familial duty but also seen as a social responsibility. The campaign's idea was about girls of today who are forging new routes for themselves and pursuing their dreams in order to achieve anything in life. As a result, you won't need to save gold for your daughters' future; they'll be able to earn it on their own. They will win the gold with their commitment, honesty, and hard work.” Rohit Rao, Joint President &amp; Group Chief CSR Officer, Kotak Mahindra Bank Limited said, “Every empowered child is a product of an enlightened ecosystem – comprising family, friends and acquaintances who have extended their support. With the world’s biggest sporting event upon us, this is a good time to remind us all that investing in the dreams and aspirations of the next generation can give us returns beyond measure.” Kotak Karma is the Corporate Social Responsibility (CSR) identity of the Kotak Mahindra Group. Under its CSR Projects on Sports, KMBL has collaborated with the Pullela Gopichand Badminton Foundation based in Gachibowli, Telangana to develop a state-of-the-art badminton training facility with advanced infrastructure and amenities, and international standard coaches that will help India produce more world-class players. Both the athletes featured in the film train at the Pullela Gopichand Badminton Foundation. Agency Credits: Creative Head: Ashish Khazanchi (Managing Partner, Enormous) Creative team: Purva Ummat, Ajeet Shukla, Sachin Sharma, Meghna Mitra Account Management team: Mansi Jain, Anuj Aras Production House: Useful Garbage Creations Director: Puneet Prakash Producer: Chandra Mani

Kotak Karma's latest campaign questions the widespread tradition of saving gold for daughter's marriage; says girls can win gold themselves

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> Web Services (<keyword id="291131" type="ORGANIZATION" weightage="20" keywordseo="AWS">AWS</keyword>) is expanding its infrastructure footprint in India by launching a new cluster of data centers in Hyderabad. </li><li>This will be the second AWS region within India after Mumbai, and is expected to go live by mid-2022. </li><li>AWS investment is the largest FDI in the history of Telangana worth ₹20,761 crore ($2.77 billion). </li></ul>Amazon Web Services is expanding its footprint in India by launching a second hub within the country, this time in Hyderabad, Telangana. This marks Telangana’s largest-ever FDI worth ₹20,761 crore ($2.77 billion). <div type="twitter" handle="KTRTRS" handlename="KTR" image="http://pbs.twimg.com/profile_images/1321443744126660610/Yz5Ou0F1_normal.jpg" favoritecount="1077" retweetcount="203" status="Happy to announce the largest FDI in the history of Telangana! After a series of meetings, AWS has finalized invest… https://t.co/oPLlJROxE8" createdat="1604642547000" id="1324592966212612096"></div> “Hyderabad met the most rigorous requirements that we have for data centers,” said Puneet Chandok, the President of Commercial Business at AISPL India and South Asia. The region is expected to be up and operational by mid-2022. While the company did not disclose the financial details of the deal, Chandok highlighted that the impetus continues to be on creating highly skilled and well-paid jobs in the local economy. “The kind of roles we’re hiring for today includes data center engineers, support engineers, engineering operations managers, security specialists and many more,” he said. Three new AWS availability zones The new cluster of data centers will add another three availability zones to the three that already exist in India under the AWS Mumbai region. “This will fulfill the long term capacity needs of a country like India,” said Chandok. A region is a physical location where data centres are located. Availability zones, on the other hand, are the actual technology infrastructure in separate and distinct geographical regions. Three new availability zones mean that three different locations within Hyderabad will be scouted for setting up data centers. “Each availability zone is a fully isolated partition of the AWS global infrastructure. This means it is physically separate from any of the other availability zones by a meaningful distance,” explained Chandok. Why did AWS choose Hyderabad? Chandok highlighted that AWS chose Hyderabad for its new hub because of Telangana’s policies specifically targeted at the growth of IT and IT services in India. “Hyderabad is the city that’s home to several startups and enterprises with a skilled workforce today,” he said. It’s also about the location itself. The company explains that Hyderabad fits the parameters of latency, cost, availability, security and scalability. “There will lower latency to address the South India market,” said Rahul Sharma, the President for Public Sector at AISPL across India and South Asia. The <keyword id="10230214" type="UNKNOWN" weightage="20" keywordseo="aws-hyderabad">AWS Hyderabad</keyword> region will be the 11th region for the company in Asia. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/aws-expands-india-footprint-with-plans-for-a-second-cluster-of-data-centers-in-hyderabad-by-2022/articleshow/79075220.cms">AWS pumps $2.7 billion into India to set up a second cluster of data centers in Hyderabad by 2022</a> <a href="https://www.businessinsider.in/defense/news/india-and-china-slated-to-hold-8th-round-of-military-level-talks-as-troops-gear-up-for-ladakhs-sub-zero-winters/articleshow/79074473.cms">India and China slated to hold 8th round of military-level talks as troops gear up for Ladakh’s sub-zero winters</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-pay-upi-rolls-out-while-google-pay-phonepe-have-already-got-the-first-sting-with-the-npci-cap/articleshow/79075049.cms">WhatsApp Pay UPI is now live while Google Pay, PhonePe have already got the first sting</a>

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