RBI rejects Muthoot Finance’s proposal to buy IDBI MF
4 years, 1 month ago

RBI rejects Muthoot Finance’s proposal to buy IDBI MF

Live Mint  

The Reserve Bank of India has not cleared a proposal by Muthoot Finance Ltd to buy IDBI Asset Management Ltd and IDBI MF Trustee Company Ltd from by IDBI Bank Ltd and IDBI Capital Markets & Securities Ltd, the non-bank financier said on Tuesday. The central bank has conveyed to Muthoot Finance that “the activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC”. As on 31 March 2020, IDBI Bank owned 66.67% stake in IDBI Asset Management with IDBI Capital Markets and Securities holding a 33.33% stake. IDBI Asset Management, also referred to as IDBI Mutual Fund, managed 22 schemes during FY20, comprising 12 equity fund schemes, six debt fund schemes, two hybrid fund schemes and one each Gold Fund of Funds and Gold Exchange Traded Funds scheme.

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History of this topic

Sebi notifies mutual fund lite regulations. Here is what you should know
1 week ago

Sebi notifies mutual fund lite regulations. Here is what you should know

Live Mint  

The Securities and Exchange Board of India has notified Mutual Fund Lite regulations, allowing fund houses focussing only on passively managed schemes to get a licence with less stringent criteria. Net-worth criteria The MF Lite Regulations state that the minimum net-worth criteria for a mutual fund should be ₹35 crore. Business demerger The new rules even allow existing fund houses …

Sebi permits mutual funds to invest in overseas funds with limit on exposure to Indian securities
1 month, 2 weeks ago

Sebi permits mutual funds to invest in overseas funds with limit on exposure to Indian securities

Live Mint  

The Securities and Exchange Board of India has permitted mutual funds to invest in overseas mutual funds or unit trusts that invest a portion of their assets in Indian securities. “In order to facilitate ease of investment in overseas MF/UTs, to bring transparency in the manner of investment, and to enable Mutual Funds to diversify their overseas investments, the following …

Capitalmind receives SEBI’s in-principle nod to launch a mutual fund
3 months, 4 weeks ago

Capitalmind receives SEBI’s in-principle nod to launch a mutual fund

Live Mint  

Bengaluru-based investment management firm Capitalmind Financial Services Private Limited has received in-principle approval from the Securities and Exchange Board of India to launch new mutual fund. As of March 31, 2024, there are 74.6 crore PAN cardholders in India, but only 4.5 crore unique mutual fund investors, highlighting a considerable growth opportunity. Our goal is to serve the rapidly growing …

Mint Quick Edit | IDBI Bank’s stake sale: Progress at last
5 months ago

Mint Quick Edit | IDBI Bank’s stake sale: Progress at last

Live Mint  

The Reserve Bank of India has reportedly certified bidders for IDBI Bank as “fit and proper", paving the way for the government to sell a big equity stake in the bank. With this long-awaited clearance out of the way, the Centre will now grant qualified bidders access to confidential bank data for their assessment. This is a shot in the …

Sebi imposes limits on passive mutual funds investing in sponsor group companies; details here
5 months, 2 weeks ago

Sebi imposes limits on passive mutual funds investing in sponsor group companies; details here

Live Mint  

Capital market regulator Securities Exchange Board of India has released a circular to share the limits imposed on total investment which can be made by passive mutual funds in their sponsor group companies. This followed public consultations on the recommendations of the working group, and it was later decided to streamline the norm applicable to investments by passively managed mutual …

SEBI asks mutual fund houses to protect investors in small, midcap schemes amid surging inflow
9 months, 3 weeks ago

SEBI asks mutual fund houses to protect investors in small, midcap schemes amid surging inflow

The Hindu  

Capital markets regulator SEBI has asked mutual fund houses to put in place a framework to safeguard investors, who invested in smallcap and midcap schemes, amid a "froth building up" in these categories. In a communication to Association of Mutual Funds in India on Tuesday, SEBI asked the industry body to inform trustees of all the mutual fund houses to …

Alternative investment funds in a fix as SEBI’s demat deadline of Oct 31 looms: Report
1 year, 2 months ago

Alternative investment funds in a fix as SEBI’s demat deadline of Oct 31 looms: Report

Live Mint  

Alternative investment funds are in a fix over the market regulator’s diktat to dematerialise units of funds with a corpus of ₹500 crore or more by October 31, reported Business Line. The industry may reach out to the Securities and Exchange Board of India seeking extension of timeline, grandfathering of existing investments and exemption for funds whose life is ending …

Old Bridge Capital gets final nod from Sebi to launch Mutual Fund business
1 year, 3 months ago

Old Bridge Capital gets final nod from Sebi to launch Mutual Fund business

Live Mint  

Old Bridge Capital Management, a premier portfolio management firm, today announced that it has received the final approval from the Securities and Exchange Board of India to commence its mutual fund operations under Old Bridge Mutual Fund. Kenneth Andrade, Founder of OBCM said "We are delighted to receive this license to commence operations for Old Bridge Mutual Fund and will …

Zerodha MF files papers with SEBI for two schemes
1 year, 3 months ago

Zerodha MF files papers with SEBI for two schemes

Live Mint  

Zerodha MF files papers with SEBI for two schemes. Zerodha has submitted draft offer documents to the market regulator for the launch of two schemes, the Zerodha Tax Saver Nifty Large Midcap 250 Index Fund and the Zerodha Nifty Large Midcap 250 Index Fund, in accordance with its mandate to establish passive schemes. The benchmark for both schemes would be …

SEBI board meet today: Here is what is on the agenda
1 year, 5 months ago

SEBI board meet today: Here is what is on the agenda

Live Mint  

The Securities and Exchange Board of India board meeting could discuss a number of controversial policies, said moneycontrol in its report. According to the news report, there are some that seek to regulate the total expense ratio charged by mutual fund houses, others that seek additional disclosures from foreign portfolio investors to verify that businesses are not in violation of …

IDBI Bank hikes FD rates up to 8.00% on 700 days tenor effective from today
1 year, 10 months ago

IDBI Bank hikes FD rates up to 8.00% on 700 days tenor effective from today

Live Mint  

The private sector lender IDBI Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. IDBI Bank FD Rates The bank is now providing an interest rate of 3.00% on fixed deposits maturing in the next 7 to 30 days, and IDBI Bank is now promising an interest rate of 3.35% on those maturing in the …

Govt Receives Multiple Bids For Majority Stake in IDBI Bank; Stake Sale Moves To 2nd Stage
1 year, 11 months ago

Govt Receives Multiple Bids For Majority Stake in IDBI Bank; Stake Sale Moves To 2nd Stage

News 18  

DIPAM Secretary Tuhin Kanta Pandey on Saturday said the government has received multiple bids for a majority stake in IDBI Bank. The government currently owns a 45.48 per cent stake in IDBI Bank, while LIC owns 49.24 per cent controlling stake in the lender. Recently, the markets regulator Sebi allowed the government’s shareholding in IDBI Bank to be reclassified as …

Sebi Allows Govt Stake In IDBI Bank To Be Reclassified As Public After Sale
1 year, 11 months ago

Sebi Allows Govt Stake In IDBI Bank To Be Reclassified As Public After Sale

News 18  

The Securities and Exchange Board of India has allowed the government’s shareholding in IDBI Bank to be reclassified as “public” after its stake sale on condition that its voting rights do not exceed 15 per cent, the lender said on Thursday. The government is looking to sell its 30.48 per cent stake in IDBI Bank, while state-backed LIC will offload …

Carlyle, Fairfax, DBS Bank may bid for IDBI Bank
2 years ago

Carlyle, Fairfax, DBS Bank may bid for IDBI Bank

Live Mint  

Carlyle Group, Fairfax Financial Holdings, and DBS Bank are considering to bid for at least 10% each in IDBI Bank as part of the government’s ongoing share sale process, two people, including a government official, said. Private equity firms Carlyle and Fairfax and Singaporean lender DBS Bank have communicated with the department of investment and public asset management, finance ministry …

IDBI Bank privatisation: Govt, LIC to sell 60.72% stake, invite bids
2 years, 2 months ago

IDBI Bank privatisation: Govt, LIC to sell 60.72% stake, invite bids

India TV News  

The government on Friday invited bids for privatising IDBI Bank and said that it together with LIC will sell a total of 60.72 per cent stake in the financial institution. The government and LIC hold 94.72 per cent stake together in IDBI Bank. Life Insurance Corporation holds 529.41 crore shares representing 49.24 per cent stake in IDBI Bank, while the …

A wary govt adopts 2-stage process for IDBI stake sale
2 years, 2 months ago

A wary govt adopts 2-stage process for IDBI stake sale

Live Mint  

The government may take a two-stage approach to privatize IDBI Bank, examining the eligibility of potential bidders in the first stage, followed by a second stage where transaction advisers will take charge of the sale. The government is also cautious following legal troubles in the strategic disinvestments of Pawan Hans, Central Electronics Ltd and HLL Lifecare. The strategic sale of …

IDBI Bank Privatisation: Govt Seeks Easing of Public Holding Norms, Here's What We Know So Far
2 years, 3 months ago

IDBI Bank Privatisation: Govt Seeks Easing of Public Holding Norms, Here's What We Know So Far

News 18  

The government is reaching out to the capital market regulator Sebi for a two-year relaxation in complying with the public shareholding norms in the case of IDBI Bank, according to an ET report. IDBI Bank is already listed now but after the privatisation, it will have to meet the minimum public shareholding norms within three years. The government currently owns …

IDBI Bank Stake Sale: Govt Might Invite Preliminary Bids Next Month, Says Report
2 years, 3 months ago

IDBI Bank Stake Sale: Govt Might Invite Preliminary Bids Next Month, Says Report

News 18  

The government is likely to invite preliminary bids next month to sell its stake in state-owned IDBI Bank and the talks with the Reserve Bank of India are in final stages, according to a PTI report. Shares of IDBI Bank have jumped 6.3 per cent in the past 12 months, raising its market valuation to about Rs 42,470 crore. In …

Govt Considering To Sell At Least 51% Stake In IDBI Bank: Report
2 years, 4 months ago

Govt Considering To Sell At Least 51% Stake In IDBI Bank: Report

News 18  

The government is planning to sell at least 51 per cent of state-owned IDBI Bank, according to a Bloomberg report. The report also said officials in the government and state-owned LIC, which together own nearly 94 per cent stake in IDBI Bank, are discussing the quantum of shares to sell. In its IPO filings in March this year, LIC had …

IDBI Bank puts properties of Great India Tamasha Co on sale for non-payment of loan dues
2 years, 6 months ago

IDBI Bank puts properties of Great India Tamasha Co on sale for non-payment of loan dues

India Today  

Properties of Great Indian Tamasha Company -- corporate guarantor of Great Indian Nautanki Company -- have been put up for sale for non-payment of loans taken from IDBI Bank, HDFC Bank and Bank of Baroda. "IDBI Bank invites bids/offers in sealed covers for sale of the property of Great Indian Tamasha Company under the provisions of the Securitisation and Reconstruction …

Explained | What must LIC IPO investors keep an eye on?
2 years, 10 months ago

Explained | What must LIC IPO investors keep an eye on?

The Hindu  

The story so far: The Life Insurance Corporation of India filed its draft red herring prospectus with capital markets regulator SEBI last Sunday. The main types of risks that could impact LIC and as a result shareholder returns relate to regulatory requirements, competition, the pandemic effect, the Government still retaining majority control, as well as specifics such as the segregation …

WhiteOak Capital MF files for its first scheme
2 years, 10 months ago

WhiteOak Capital MF files for its first scheme

Live Mint  

WhiteOak Capital Asset Management Ltd Ltd) has applied for WhiteOak Capital Global Emerging Market Fund with the market regulator Securities and Exchange Board of India. This would be the first scheme that WhiteOak Capital MF has applied for after it changed the name from YES Mutual Fund in January 2022. WhiteOak Capital Global Emerging Market Fund is an open-ended equity …

Budget 2021: Centre likely to announce sale of IDBI Bank, stake in LIC, say sources
3 years, 10 months ago

Budget 2021: Centre likely to announce sale of IDBI Bank, stake in LIC, say sources

India TV News  

The Centre is likely to announce the sale of a 10% to 15% stake in state-run Life Insurance Corp, the country's biggest insurer, in the upcoming Union Budget, as part of a privatisation push to improve public finances, news agency Reuters reported citing two government sources. Finance Minister Nirmala Sitharaman's plans to divest government control of large companies such as …

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