The U.S. has imposed sanctions on four ranking Bosnian Serb officials for undermining a 1995 peace agreement that ended a war that left more than 100,000 dead and millions homeless
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Monday, 31 July 2023
Native American tribes in Oklahoma will keep tobacco deals, as lawmakers override governor's veto
Sunday, 30 July 2023
Idaho mom faces sentencing in deaths of 2 children and her romantic rival
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Saturday, 29 July 2023
Miami, Florida Keys getting additional area code of '645'
India cuts rice exports, triggering panic-buying of food staple by some Indian expats in the US
Nirmala Sitharaman On Plan To make India Developed Nation By 2047
Finance Minister Nirmala Sitharaman on Saturday said the focus of the government is on four Is -- infrastructure, investment, innovation and inclusiveness -- to make India a developed nation by 2047.
She said India has the necessary wherewithal to meet the goal set by Prime Minister Narendra Modi.
Besides several investor-friendly reforms undertaken by the government, she said, India has a very vibrant young population and the emphasis on skilling them to suit the requirement of the economy would yield dividend.
With the aim to build India a developed country by 2047, she said "the emphasis has been on four different issues (Is). We are looking at infrastructure (first I) in a very big way. In the last 3 to 5 years, consistently, the public expenditure for infrastructure building has been ramped up significantly and it will reach Rs 10 lakh crore in 2023-24." With infrastructure comes investment (second I), the minister said, adding that emphasis on investment will promote greater participation of both the public and private sectors.
So, she said, infrastructure is not just going to be physical such as bridges, roads, ports or airports, but also creation of digital infrastructure is given importance.
"We are looking for both public investment and private investment and creating necessary environment, the ecosystem as we often refer to for attracting private investment. And the global discussions which are going on blended finance is also something which we're looking at," she said at an event organised by CII here.
Pointing out that innovation is the third I, she said, "the government has opened up several areas inclusive of the space, nuclear energy, looking at getting out of fossil fuels. We have enough reasons to believe the youth today are giving us solutions, which are very good for the frontier technologies that we're talking about, as much as for the legacy issues which persist in India for which we need solutions." On the fourth I, inclusiveness, she said, "as we aim to reach for the developed nation in 25 years by focussing on inclusiveness, making sure that every section of India, the common man, is benefitted by everything that we do (whether) investment or reforms are trying to take schemes to the people." Talking about India's contribution to the G20 during its presidency, the finance minister said the grouping is working on contemporary issues like dealing with post-pandemic challenges and revival plan.
First agenda is how could multilateral development banks (MDBs) become nimble and address 21st century challenges and their capacity to generate and bring in more resources including from market and private sector to address current challenges expeditiously, she said.
The other issues under India's presidency are debt and debt-related distress that many countries are facing, she said, adding countries are waiting for debt resolution even 3-4 years after submitting application.
In this regard, a speedier and comprehensive approach is required whether it comes under common framework or outside, she said.
Citing example of Sri Lanka's distress, she said it required a quick redressal although outside of framework because it's a middle income country.
The third is looking at cryptocurrencies or crypto assets which are outside the central bank domain, she said, adding a collective solution or some kind of mechanism through which they can be regulated is required.
"At the moment countries tried some ways. India did not rush into coming up with regulation but we are looking at it because it's so technology driven. We think it is possible only when all countries can take a common approach. Each one can legislate upon them the way they want later within their country. There has to be a common approach in it getting some regulatory framework in place," the minister said.
The fourth agenda is Digital Public Infrastructure, and India in this regard has proven scale and also continuously bringing in newer building blocks.
So, she said, India stack is not just growing vertically but also now spreading into health, education, climate management and so on.
These are the four agenda points for G20 and there are lot of receptivity among the G7 on these issues.
Another continuing agenda is Cities for Tomorrow, Sitharaman said, adding, Japan in 2019 presidency talked about resilient infrastructure for future cities and expect constructive cooperation from G 7 Japan presidency.
She said G20 is now awaiting Volume 2 of Expert Group on strengthening MDBs, which is going to give the roadmap without doing away with the emphasis on poverty alleviation and shared prosperity.
The first volume, which was submitted at the third Finance Ministers and Central Bank Governors meeting last month, focuses on the broadening of vision, financial capacity and modalities of funding of the MDBs.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Medal of Honor recipient watches as warship bearing his name is christened in Maine
Friday, 28 July 2023
President Biden to host the leaders of Japan and South Korea for an August summit at Camp David
Authorities charge an Alabama woman who acknowledged she fabricated a story about her kidnapping, finding toddler
Thursday, 27 July 2023
Big banks will need to hold more capital to guard against risk under new Fed proposal
The nation’s biggest and most complex banks will need to hold additional capital on their balance sheets under an initial proposal by the Federal Reserve designed to help banks better withstand risks to their businesses that go beyond a recession or fi...
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Investigators say poor track conditions caused a 2021 Amtrak derailment in Montana that killed three people
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Wednesday, 26 July 2023
White House nominates Allvin as next Air Force chief
Tuesday, 25 July 2023
Weekend shootings leave at least 6 dead, 20 others wounded in Chicago
SEBI Orders Jailed Yes Bank Ex-CEO Rana Kapoor to Pay Rs 2.2 Crore
Sebi on Tuesday sent a notice to Yes Bank's former MD and CEO Rana Kapoor, asking him to pay Rs 2.22 crore in a case of mis-selling the private sector lender's AT1 bonds and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days.
Kapoor has been in jail since March 2020 in connection with the DHFL money laundering case.
The demand notice came after Kapoor failed to pay the fine imposed on him by the Securities and Exchange Board of India (Sebi) in September 2022. In a notice, Sebi directed Kapoor to pay Rs 2.22 crore, which includes interest and recovery costs, within 15 days. In the event of non-payment of dues, the market regulator will recover the amount by attaching and selling his moveable and immovable property. Besides, Kapoor faces attachment of his bank accounts and arrest.
In September 2022, the regulator imposed a penalty of Rs 2 crore on Kapoor in the matter.
The case relates to mis-selling of the bank's AT1 (Additional Tier-1) bonds to retail investors by the bank's officials. It was alleged that the bank and certain officials did not inform investors of the risk involved while selling the AT-1 bonds in the secondary market. The sale of AT1 bonds started in 2016 and continued till 2019.
In its order, Sebi stated that Kapoor was overseeing the entire operation relating to the secondary sale of AT-1 bonds, taking regular updates from the team and giving them further instructions to increase the sales, thus creating pressure on the officials to ramp up the sales.
Further, the regulator stated that Kapoor was responsible for acts of misrepresentation or suppression of material facts, manipulation and mis-spelling of AT-1 bonds of Yes Bank to individual investors. Also, Kapoor pressured officials of the private wealth management team to devise a devious scheme to dump the AT-1 bonds on hapless customers of Yes Bank.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Monday, 24 July 2023
U.N. Command's deputy commander says it has started a conversation with North Korea over detained U.S. soldier
Chinese authorities say 11 people were killed in the collapse of a gymnasium roof at a high school in the far northeast
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US Supreme Court asked to set aside ruling that blocks construction on Mountain Valley Pipeline
Sunday, 23 July 2023
National Democrats file absentee ballot lawsuit in Wisconsin ahead of state Supreme Court flip
Centre Gives Sanction To Prosecute Joint Drugs Controller In Bribery Case
The government has granted the sanction to prosecute Central Drugs Standard Control Organisation's joint drugs controller S Eswara Reddy, clearing the decks for initiating a trial against him for allegedly taking a bribe to favourably recommend Biocon Biologics' insulin injection, officials said Sunday. The CBI submitted the sanction for prosecution, accorded by the Director (Vigilance) in the Union Ministry for Health and Family Welfare, before a special court here.
Repeated calls made to the office phone of Reddy seeking his comments remained unanswered.
The agency has also received the sanction against Animesh Kumar, Assistant Drugs Inspector, who is a co-accused in the case, they said.
Apart from Reddy and Animesh Kumar, the CBI had also arrested Biocon Biologics' Associate Vice President L Praveen Kumar, Synergy Network India Private Limited director Dinesh Dua, who allegedly gave Reddy Rs 4 lakh as bribe, and Guljit Sethi, an alleged conduit of Biocon Biologics.
The arrests were made in June last year in the bribery case allegedly to waive the Phase 3 clinical trial of 'Insulin Aspart' injection, a product developed by the company to manage Type 1 and Type 2 diabetes.
However, Biocon Biologics, a subsidiary of Kiran Mazumdar Shaw-led Biocon, denied the allegations of bribery.
Reddy was suspended but the health ministry revoked his last year and reinstated him as the joint drugs controller. The agency had filed the charge sheet in August last year against the accused persons, but the trial had not commenced as the sanction for prosecution, a mandatory requirement before proceedings in a case against a government servant under the Prevention of Corruption Act can be initiated, was awaited, they said.
In its charge sheet filed in August last year, the agency alleged the bribe payment was made to Reddy after clearance from associate vice president of Biocon Biologics L Praveen Kumar, they said.
After the charge sheet was filed, the company had said in a statement that it follows global best practices in regulatory science which have earned it the distinction of being the only Indian company with the largest number of regulatory approvals for Biosimilars in ICH countries like the USA, Canada, EU, Japan amongst others.
"We have followed due process in seeking phase 3 waiver from DCGI for our biosimilar product Insulin Aspart, as per the current provisions and with precedence of the word 'protocol' used for such approvals. Insulin Aspart was approved by the EU and Canada respectively prior to the filing of an application before the Indian CDSCO, and this is one of the considerations for the grant of an Indian approval," the statement had said.
It said under the Indian regulations, approval for a foreign-approved drug is not an exception, as surmised by the investigating agency and is in fact, within the rules.
"The company has not made any payments to Bioinnovat Research or any other party named to facilitate the alleged bribe to the CDSCO official. We deny other allegations of wrongdoings in seeking approval for Insulin Aspart under existing provisions and precedence. We reiterate our confidence in the judicial system and have fully cooperated with the investigating agency," it had said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Saturday, 22 July 2023
Suspect in unprovoked stabbing shot to death by police in DC suburb, police say
Man convicted in stray-bullet killing of Puerto Rican Olympian's mom
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Considering Allowing Rupee For Local Transactions: Sri Lanka Minister
Sri Lanka is considering the possibility of allowing the usage of the Indian rupee for local transactions just like the dollar, euro and yen to facilitate Indian tourists and businessmen, Foreign Minister Ali Sabry said on Saturday.
Sabry was briefing the media here on President Ranil Wickremesinghe's visit to India on July 20-21, his first since assuming office last year. He held talks with Prime Minister Narendra Modi on Friday.
"We have considered the possibility of using the Indian rupees like we accept the dollar, euro and yen," he said.
Allowing its direct use would prevent the need for multiple currency conversions for Indian tourists and businessmen.
On Friday, the two countries noted that the decision to designate INR as currency for trade settlements between the two countries has forged stronger and mutually-beneficial commercial linkages, and agreed to operationalise the Unified Payments Interface-based digital payments for further enhancing trade and transactions between businesses and common people.
The two countries signed the Network to Network Agreement between NIPL and Lanka Pay for UPI application acceptance in Sri Lanka after bilateral talks between Modi and Wickremesinghe.
On an MoU signed with India on the development of Trincomalee as a regional hub for industry, energy and bilateral cooperation, Sabry saw no objections coming from China.
"We are a non-aligned state, we have only signed an MoU to identify feasible projects through a joint committee. I don't think any country would object to such open and transparent dealings," Sabry said.
Sabry said both leaders agreed on the importance of port connectivity between the two countries.
"To reach the next level, we need investments. We discussed ways which would be mutually beneficial to both countries. The tie-ups between not only the two governments but between the private sector were emphasised," Sabry said.
He said the possibility of Sri Lanka benefiting from the vast economic development in the South Indian region was considered.
"The two leaders agreed for connectivity between the ports for this purpose", Sabry said.
The need for port connectivity between Colombo and Trincomalee and the South Indian region was agreed between the two leaders.
He said the necessary studies on building a bridge for land connectivity or continuing with the existing ferry services would be soon undertaken. Getting an Indian university on board to help in Sri Lanka's digitalisation was also discussed, he added.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Train derailment in northern Montana spills freight, but hazmat car safe
Friday, 21 July 2023
Judge orders man charged with killing 2 teenage girls to remain at northern Indiana prison
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Thursday, 20 July 2023
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Wednesday, 19 July 2023
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Tuesday, 18 July 2023
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Pennsylvania woman who used bullhorn to direct Capitol rioters is convicted of Jan. 6 charges
Monday, 17 July 2023
Roman Catholic diocese announces bankruptcy filing amid sexual abuse lawsuits
India Needs Average Annual 7.6% GDP Growth To Become Developed By 2047: RBI
India could become a developed country by 2047 with an average annual real GDP growth of 7.6 per cent over the next 25 years, said an article published by the Reserve Bank in its July bulletin.
The task, however, may not be easy, given the current level of capital stocks, infrastructure and skill sets of the people, said the article titled 'India @ 100'.
Addressing the nation on August 15, 2022 -- the 75th year of India's independence -- Prime Minister Narendra Modi laid down a vision for the next 25 years to become a developed nation by 2047.
"India's real GDP needs to grow at 7.6 per cent annually over the next 25 years to achieve the per capita income level to become a developed economy," the article, authored by Harendra Behera, Dhanya V, Kunal Priyadarshi and Sapna Goel, said.
The authors are from the RBI's Department of Economic and Policy Research.
The central bank said the views expressed in the article are those of the authors and do not represent its views.
During 2022-23, India recorded a growth of 7.2 per cent. The RBI's projection for GDP growth for the current fiscal year is 6.5 per cent.
The article, the authors said, provides an indicative road map for enabling India to become a developed country by 2047-48.
"India must rebalance its economic structure by strengthening its industrial sector so that its share in GDP rises from the current level of 25.6 per cent to 35 per cent by 2047-48.
"Agriculture and services activity would have to grow at 4.9 per cent and 13 per cent per annum, respectively, in the coming 25 years with their sectoral shares in GDP at 5 per cent and 60 per cent, respectively, in 2047-48," the article said.
It also said that to become a developed country by 2047, India's per capita GDP needs to rise by 8.8 times from the current level. In other words, the current per capita GDP of USD 2,500 needs to rise to to USD 22,000.
"This article explores the potential drivers of growth over the next 25 years and the challenges that may crop up necessitating timely and targeted policy responses to tackle them effectively," it said.
Further, the article said the sustainable path to development requires investment in physical capital and comprehensive reforms across sectors covering education, infrastructure, healthcare and technology to raise productivity.
Collaboration between the government, private sector, civil society and citizens is essential for driving this transformation.
No unique criterion is used to define a country as a 'developed' one. The World Bank classifies countries as low-income, lower-middle-income, upper-middle income and high-income based on Per Capita Income (PCI).
As per World Bank classification, a country with a per capita income of USD 13,205 or more in 2022-23 is classified as a high-income country.
The International Monetary Fund (IMF) classifies countries into two major groups: Advanced Economies (AEs) and Emerging Market and Developing Economies (EMDEs). This is based on three criteria -- per capita gross domestic product, export diversification and global financial integration.
According to the article, achieving high growth over a long time is not a rarity in economic history and that episodes of sustained high growth phases are more recent and highlight the importance of technology and globalised markets in sustaining high growth.
"It may be stated that India must surpass its preceding record to achieve the nominal per capita GDP of 9.1 per cent growth target," it said.
On the challenges, the authors said India's path to a developed nation by 2047 would crucially depend on developing both physical and human capital.
"India could become a developed country by 2047 with an average annual real GDP growth of 7.6 per cent sustained over the next 25 years," the article said.
Analysis presented in the article shows it is feasible that India could become a developed country by 2047, powered by the growth augmenting impact of policy focus on structural reforms, investments, logistics and digitalisation of the economy, upskilling the labour force, and sectoral policy initiatives covering manufacturing, exports, tourism, education, and health.
India needs to follow a multi-pronged approach for engaging the large pool of labour force productively and harnessing growth opportunities in knowledge-oriented sectors, it added.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Sunday, 16 July 2023
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Saturday, 15 July 2023
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Friday, 14 July 2023
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Thursday, 13 July 2023
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Wednesday, 12 July 2023
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28% GST Decision "Will Wipe Out Entire Industry": Online Gaming Firms
Online gaming companies on Tuesday said that levying of 28 per cent GST will limit their ability to invest in new games, impact cash flows as well as business expansion.
The GST Council has agreed to impose a 28 per cent tax on online gaming, casinos and horse racing. The tax would be levied on the full face value.
The All India Gaming Federation (AIGF), which represents companies like Nazara, GamesKraft, Zupee and Winzo, said the decision by the council is unconstitutional, irrational, and egregious.
"The decision ignores over 60 years of settled legal jurisprudence and lumps online skill gaming with gambling activities. This decision will wipe out the entire Indian gaming industry and lead to lakhs of job losses and the only people benefitting from this will be anti-national illegal offshore platforms," AIGF CEO Roland Landers said.
He said that when the central government has been supporting the industry, it is unfortunate that such a legally untenable decision has been taken, ignoring the views of most GoM states who studied this matter in detail.
Online gaming players have repeatedly urged the government and the GST Council to levy 18 per cent GST on their segment instead of 28 per cent that was recommended by Group of Ministers (GoM).
"The implementation of a 28 per cent tax rate will bring significant challenges to the gaming industry. This higher tax burden will impact companies' cash flows, limiting their ability to invest in innovation, research, and business expansion," IndiaPlays COO Aaditya Shah said.
He also said that skill-based games and apps engaged in betting or casinos should not be treated in the same manner.
E-Gaming Federation (EGF), whose members include Games 24x7 and Junglee Games, said that a tax burden where taxes exceed revenues will not only make the online gaming industry unviable but also boost black market operators at the expense of legitimate tax-paying players.
"It is in addition to the loss of employment opportunities and the huge impact on marquee investors who are heavily invested in this sunrise sector," EGF Secretary Kumar Shukla said.
EGF claimed that online gaming is different from gambling, and the Supreme Court and various High Court decisions have reaffirmed the status of online skill-based games as legitimate business activity protected as a fundamental right under the Indian constitution.
"While the industry was quite optimistic with the new developments including amendments to the IT rules and implementation of TDS on net winnings, all this will be moot if the industry is not supported by a progressive GST regime," Shukla said.
"RIP - Real money gaming industry in India. If the govt is thinking people will put in Rs 100 to play on Rs 72 pot entry (28 per cent gross GST); and if they win Rs 54 (after platform fees)- they will pay 30 per cent TDS on that - for which they will get free swimming pool in their living room come the first monsoon - not happening !" Grover tweeted.
He said it is time for startup founders to enter politics and be represented.
"It was good fun being part of the fantasy gaming industry - which stands murdered now. USD 10 billion down the drain in this monsoon," Gorver said.
PlayerzPot Co-Founder & Director Mitesh Gangar said the higher burden will also impact the country's massive gaming industry and deter new players from entering the industry. "The rising gaming economy will take a big hit and trigger economic stress, restrict job creation and curtail economic growth within the sector," Gangar said.
Federation of Indian Fantasy Sports (FIFS) said the decision will shift users to illegal betting platforms leading to user risk and loss of revenue for the government.
Deloitte India, Partner, Shilpy Chaturvedi said the council has proposed to increase the tax rate to 28 per cent rate and that too on the entry amount particularly for real money games.
"Moreover, the GST Council has recommended to remove the critical distinction between game of skill and game of chance, which has always been a determining factor in applying rate of tax and valuation.
This distinction had its fair share of challenge, not only for the GST but under regulatory laws as well," Chaturvedi said.
"It appears that the distinction between games of skill and chance has been done away with. This is a setback for Indian gaming industry as they were expecting that at least the levy will be on the margin and not on full face value," Shardul Amarchand Mangaldas and Co Partner Rajat Bose said.
Taxmann, Lead, Indirect Tax, Kishore Kumar, said the blanket proposal to levy GST on full face value on online gaming will possibly put an end to the sub-judice debate of 'game of skill' versus 'game of chance'.
"This change will bring the game of skill at par with wagering contracts which are in the nature of gambling and betting," Kumar said.
Earlier, Additional Solicitor General N Venkataraman had said that putting money on uncertain events amounts to wagering.
He had also said that some states are making a mistake in trying to distinguish between a game of skill and a game of chance in the context of wagering.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Monday, 10 July 2023
Republican's hold on nominations leaves Marines without confirmed leader for 1st time in 100 years
Sunday, 9 July 2023
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Saturday, 8 July 2023
Fire that killed 2 aboard a cargo ship in New Jersey is expected to burn for days
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In Talks With Kalanithi Maran: SpiceJet Officials Over Interest Payment
A day after the Supreme Court refused to give more time to SpiceJet in connection with interest payment related to an arbitral award, an airline official on Saturday said it is confident of resolving through talks the issues with Kalanidhi Maran and his Kal Airways. On Friday, the Supreme Court declined to extend the time for making payment to media baron Kalanithi Maran and his Kal Airways in pursuance of an arbitral award of Rs 578 crore related to a share-transfer dispute.
The case and the final order are still pending before the Delhi High Court, the official said, adding that Rs 380 crore is only the deposit amount.
The official also claimed that the airline is engaged in talks with Kalanithi Maran and KAL Airways for a full and final settlement of the interest amount.
The airline is confident of resolving this to the satisfaction of both sides, as done successfully with many of its partners, through talks, the official said.
Earlier in the case, the Delhi High Court, on June 1, had directed SpiceJet to deposit "forthwith" Rs 75 crore that has to be paid to Maran and his Kal Airways towards interest on the arbitral award.
In a statement on Friday, the airline said the matter relates to the payment of interest on a principal amount of Rs 578 crore that has already been paid. The airline remains committed to finding an amicable settlement, it had said.
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Iowa Republicans set Jan. 15 for their caucuses the first election-year contest as the GOP picks a presidential nominee
Friday, 7 July 2023
Caribbean leaders seeking discounted oil criticize US sanctions against Venezuela
Caribbean leaders seeking discounted oil criticize US sanctions against Venezuela
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SEBI Announces Regulatory Framework For Mutual Fund Sponsors
Capital market watchdog Sebi on Friday came out with a regulatory framework for private equity funds sponsoring a mutual fund house as well as for self-sponsored Asset Management Companies (AMCs).
Under the framework for private equity (PE) funds, Sebi said the applicant is required to have a minimum of five years of experience in the capacity of fund manager and an experience of investing in the financial sector. It should have managed, committed and drawn-down capital of at least Rs 5,000 crore.
The mutual fund sponsored by the PE would not participate as an anchor investor in the public issue of an investee company, where any of the schemes and funds managed by the sponsor PE has an investment of 10 per cent or more or a board representation.
"The experience, track record, and eligibility regarding the fit and proper criteria of any applicant PE to become a sponsor of a mutual fund shall be ascertained through its conduct in the respective home jurisdiction," Sebi said in a circular.
In a bid to boost the penetration of the industry, and to facilitate new types of players to act as sponsors of mutual funds, an alternative set of eligibility criteria is introduced.
This is to facilitate the flow of capital into the industry, foster innovation, encourage competition, and provide ease of consolidation, and ease of exit for existing sponsors.
Currently, any entity that owns 40 per cent or more stake in a mutual fund is considered a sponsor and is required to fulfill the eligibility criteria.
Also, Sebi said "Self Sponsored AMCs" can continue the mutual fund business. This is subject to AMCs fulfilling certain conditions. The move would give the original sponsor flexibility to voluntarily disassociate itself from the MF without needing to induct a new and eligible sponsor.
According to Sebi, an AMC can become a self-sponsored subject to certain conditions --the AMC should have been carrying on business in financial services for at least 5 years, should have a positive net worth in all the immediately preceding five years, and net profit of Rs 10 crore in each of the immediately preceding five years.
Any sponsor proposing to disassociate should have been a sponsor of the concerned mutual fund for at least five years and the shareholding proposed to be reduced by a sponsor should not be under any encumbrance or lock-in.
Any sponsor proposing to disassociate can reduce shareholding below 10 per cent within 5 years in the case of listed AMC, while the same will be three years in the case of unlisted AMCs.
After the disassociation of any sponsor from an AMC, all the shareholders of such AMC will be classified as financial investors and the upper limit of shareholding for such financial investors will be below 10 per cent.
A self-sponsored AMC will have to maintain the minimum net worth requirement continuously.
However, Sebi said that disassociated sponsor or any new entity can become a sponsor of a mutual fund in certain conditions- If the AMC fails to meet the criteria of a self-sponsored AMC.
Further, a cure period of one year will be provided within which, the AMC would be required to meet the criteria for self-sponsored AMCs.
In addition, Sebi came out with guidelines on the deployment of liquid net worth by AMC.
AMCs will have to deploy the minimum net worth required either in cash, money market instruments, Government Securities, Treasury bills, Repo on Government securities, or in listed AAA-rated debt securities without bespoke structures, credit enhancements, or embedded options, Sebi said.
In case of a change in control of an existing AMC due to the acquisition of shares, the sponsor will have to ensure that the positive liquid net worth of the sponsor is to the extent of aggregate par value or market value of the shares proposed to be acquired, whichever is higher.
The new rules would come into force from August 1, while those related to the deployment of liquid net worth by AMC will be applicable from January 1, 2024, the Securities and Exchange Board of India (Sebi) said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Thursday, 6 July 2023
The United States will provide cluster munitions to Ukraine as part of a new military aid package: AP sources
Hackers claim responsibility for sending hoax email claiming UConn president had died
Wednesday, 5 July 2023
Trump posted what he said was Obama's address prosecutors say. An armed man was soon arrested there
Suspect in fatal shooting of Georgia sheriff's deputy arrested
Powder found in White House's West Wing lobby tests positive for cocaine
Tuesday, 4 July 2023
Amtrak train with 198 passengers derails after hitting truck on tracks in Southern California
Monday, 3 July 2023
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"Aim To Double Every Four Years": HDFC Bank Managing Director After Merger
Having successfully executed the merger with parent HDFC, HDFC Bank's managing director and chief executive, Sashidhar Jagdishan, said on Saturday that the country's largest lender aims to double every four years.
In a letter to the over 4,000 employees from HDFC who joined the bank's rolls on Saturday, Jagdishan said the future is bright and the work on realising the potential of the merger starts now.
"The runway for financial services and mortgages, which are so underserved and under-penetrated, is going to be very large. HDFC Bank, the combined entity, with a large and growing distribution and customer franchise, more than adequate capital, healthy asset quality, and profitability, will be best positioned to capture growth. At the pace at which we aim to grow, we could be creating a new HDFC Bank every 4 years," he said.
HDFC Bank began the day after the merger with a rebranding exercise, wherein it is putting up its colours at all the over 500 branches and offices of HDFC Ltd.
The erstwhile HDFC's corporate headquarters at Ramon House already sports the HDFC Bank branding, and officials estimated that the entire exercise will be over in the next 24 hours.
It can be noted that dedicated teams have been put in place to make the merger as seamless as possible, right since its announcement on April 4 last year. As part of the USD 40 billion all-share deal, the biggest in Indian corporate history, HDFC Bank committed to absorb all the over 4,000 employees of its parent.
"Our work starts today, in realising the potential of what this merger holds for us," Jagdishan wrote.
To realise its growth aims, Jagdishan said the bank will be adding about 1,500 branches every year for some years to better serve the middle class and upper segment of the country.
It will continue investments on the digital front as well, which, Jagdishan said, will make HDFC Bank a 'technology company into banking", and added that the same will get unveiled over the next three years.
The bank will be assessing its people on the basis of how they conduct governance and compliance, teamwork, and their ability to delight customers, he said.
The canvas being offered to the HDFC Ltd employees is large, both professionally and personally, the email said, adding that an external expert was appointed to arrive at the right formula for inducting people into the bank and deciding their role in the hierarchy.
Jagdishan said the cost-to-revenue ratio of HDFC at 0.04 percent was the lowest for any mortgage company in the world, and thanked its leadership, including Deepak Parekh, Keki Mistry, and Renu Karnad, for creating such an institution.
He said that from a customer perspective, the home loan is a very emotional product that establishes a great bond between the financier and borrower, and he added that HDFC Bank would like to harness the same bond.
"The penetration levels of the home loan product in its (HDFC Bank's) customer base and the extent to which the distribution has been leveraged are quite low. This is an opportunity! The runway for growth is going to be large for a long time to come," Jagdishan said.
HDFC Bank will move from a sales management model to a relationship management model because of the opportunity to cross-sell that exists within the franchise after the addition of mortgage finance, insurance, and asset management subsidiaries, Jagdishan said.
"The velocity of product sales and the reduced touch points to serve the customer will be a game changer with this 'power of bundling'," he added.
HDFC Ltd, the parent of the country's largest private sector lender, merged into HDFC Bank on Saturday, with the boards of both entities clearing the plan first presented on April 4 last year. HDFC Ltd, the largest pure-play home financier, ceases to exist 44 years after it was founded.
The USD 40-billion merger, the largest such deal in Indian corporate history, was driven by a changing regulatory landscape, which limited the advantages of HDFC continuing as a non-bank lending entity.
Post-merger, HDFC Bank will become the fourth most valued lender in the world, and narrow the gap by asset size with state-owned SBI to become the second-largest Indian bank.
The total business of the merged entity stood at Rs 41 lakh crore at the end of March 2023. With the merger, the net worth of the entity would be over Rs 4.14 lakh crore.
The combined profit of both entities was to the tune of about Rs 60,000 crore at the end of March 2023.
With the deal becoming effective, HDFC Bank will be 100 percent owned by public shareholders, and existing shareholders of HDFC will own 41 percent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
The board of directors of HDFC Bank, in consultation with the board of directors of HDFC Limited, has fixed July 13, 2023, for determining the shareholders of HDFC Ltd. who would be issued and allotted the shares of HDFC Bank, it added.
Besides, July 13 has been fixed for the continuation of warrants issued by HDFC Limited in the name of HDFC Bank.
The board has fixed July 12, 2023, for the transfer of non-convertible debentures and July 7 for the transfer of commercial papers of HDFC Ltd. in the name of HDFC Bank.
The merged entity brings together significant complementarities that exist between both entities and is poised to create meaningful value for various stakeholders, including respective customers, employees, and shareholders of both entities, through increased scale, a comprehensive product offering, balance sheet resiliency, and the ability to drive synergies across revenue opportunities, operating efficiencies, and underwriting efficiencies, a statement said.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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