SBI Mutual Fund on Monday (July 27) launched the SBI Nifty Midcap 150 Momentum 50 ETF Fund of Fund (FoF), an open-ended scheme that will invest primarily in units of the SBI Nifty Midcap 150 Momentum 50 ETF. The New Fund Offer (NFO) for the scheme opened on July 27 and will close on August…
India’s insurance sector has witnessed significant expansion over the past decade, with life insurance business growing 2.5–2.6 times and general insurance business rising 3.6 times, Insurance Regulatory and Development Authority of India (IRDAI) Chairman Ajay Seth said. Speaking at the Silver Jubilee Conclave of the Insurance Brokers Association of India (IBAI) in New Delhi, Seth…
Three US-based shareholder law firms have launched separate investigations into HDFC Bank over potential violations of US securities laws, following media reports earlier this year about an internal probe by the bank into alleged irregular payments. The development has drawn attention as HDFC Bank’s American Depositary Receipts (ADRs) are listed on the New York Stock…
The Central Board of Direct Taxes (CBDT) has issued a revised Guidance Note on the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), bringing crypto-assets within India’s updated tax information reporting framework in line with the OECD’s Crypto-Asset Reporting Framework (CARF). The guidance provides operational clarity on how financial institutions and…
Edelweiss Mutual Fund has launched the Edelweiss Nifty REITs & Realty Index Fund, an open-ended passive scheme that tracks the Nifty REITs & Realty Total Return Index, making it India’s first REIT-oriented index fund. Announcing the launch in a LinkedIn post, Edelweiss Mutual Fund MD and CEO Radhika Gupta said the fund is designed to…
Gold prices moved higher on Monday (July 27), supported by a weaker US dollar and lower Treasury yields, even as easing tensions in the West Asia reduced fears of a prolonged inflation spike. Spot gold was trading around $4,104 an ounce, while COMEX gold futures rose to $4,102.10 an ounce, up 0.77% in the latest…
Finance Minister Nirmala Sitharaman on Friday asked Income Tax officials to ensure convenience for honest taxpayers and firm consequences for deliberate evasion, as she urged them to focus on five priorities for responsive tax governance. Speaking at an event to mark the 167th Income Tax Day celebrations here, the minister also noted that the department’s…
The Securities and Exchange Board of India (SEBI) has issued its final order in the Axis Mutual Fund front-running case, banning 21 entities from the securities market for periods ranging between three and seven years. The capital markets regulator confirmed the disgorgement of over ₹30.55 crore in ill-gotten gains and imposed cumulative monetary penalties totalling…
India’s listed mutual fund companies reported a strong June quarter, with higher profits helped by a rebound in equity markets. But a closer look shows that much of the earnings boost came from gains on their investment portfolios rather than a meaningful improvement in their core fund management business. The results were broadly in line…
The 8th Central Pay Commission has invited Central government employee associations, federations and unions based in Delhi to interact with the Commission on August 7 and August 10 as part of its ongoing consultations on the next pay revision. The meetings are part of the Commission’s stakeholder consultation process, during which it is gathering views…
