EAAA Alternatives, the alternatives investment arm of Edelweiss, has returned 100% of the drawn investor capital from its ₹7,250 crore performing credit fund, ESOF III, after completing 15 of its 17 portfolio exits. The fund has realised around ₹8,700 crore through these exits, including a recent ₹950 crore exit from a global agrochemical platform, the…
The West Bengal government has constituted its Seventh Pay Commission, setting in motion a review of the pay structure, dearness allowance (DA), pensions and service conditions of state government employees. Headed by former Union Economic Affairs Secretary Atanu Chakraborty, the four-member panel has been asked to submit its recommendations within six months, though the state…
Punjab Finance Minister Harpal Singh Cheema on Thursday (July 23) directed the social security department to ensure a minimum life insurance cover of ₹60 lakh for Anganwadi workers by coordinating with the banks that disburse their salaries. Cheema, who also chairs the Cabinet Sub-Committee on employees’ issues, held meetings with representatives of five education department…
Gold prices edged lower in early trade on Friday (July 24) after witnessing a sharp decline in the previous session, as investors continued to weigh the impact of surging crude oil prices, rising US Treasury yields and growing expectations that the US Federal Reserve could keep interest rates higher for longer. COMEX gold futures were…
The Securities and Exchange Board of India (SEBI) has proposed a comprehensive overhaul of the Portfolio Managers Regulations, 2020, in a bid to widen investment opportunities, simplify compliance requirements and modernise the regulatory framework in line with the rapid growth of the Portfolio Management Services (PMS) industry. The proposals have been released through a consultation…
For decades, economists have treated income as the biggest determinant of household savings. The logic is straightforward: people save more when they earn more. But India’s experience suggests the equation isn’t that simple. Despite rising incomes and wider access to banking, millions of households continue to keep a large share of their savings in cash,…
As the July 31 deadline for filing Income Tax Returns (ITRs) draws closer, many taxpayers may be tempted to simply review their pre-filled return, click submit and assume the process is complete. The Income Tax Department’s pre-filled ITRs already include information such as salary, bank interest, dividends, tax deducted at source (TDS) and certain investment…
A 10-year SIP, a 10% annual increase in contributions and a 10% assumed annual return. The 10-10-10 SIP rule packages long-term investing into three easy-to-remember numbers. But how much of it is a rule, and how much is simply a planning assumption? Financial planners say the framework can help investors structure long-term investments, but its…
The Delhi High Court has granted interim relief to Supreme Court and High Court judges, allowing them income tax exemption on allowances including residence, leave travel concession and conveyance, following a plea that raised concerns over judicial independence. The relief came on a petition by the Delhi Tax Bar Association, which had challenged an Office…
Axis Asset Management Company (Axis AMC) has acquired the Portfolio Management Services (PMS) business of Axis Securities, a move aimed at expanding its presence in the high net-worth individual (HNI) and ultra-high-net-worth individual (UHNI) investment segment. Following the acquisition, Axis AMC said its combined PMS assets under management (AUM) will exceed ₹15,000 crore. The transaction…
