Irdai ups scrutiny of broking deals, approvals take longer

The Insurance Regulatory and Development Authority of India (Irdai) has increased scrutiny on the ultimate beneficiaries in the transfer of shares within the insurance broking sector. This increased diligence has led to an extension in the approval timelines, with the three-four month period stretching (on average) to beyond nine months.

LIC Jeevan Utsav: New life insurance plan launched with lifetime guaranteed returns

Life Insurance Corporation of India (LIC) has launched a special scheme, named Jeevan Utsav. LIC’s Jeevan Utsav is a non-linked, non-participating, individual, savings, whole life insurance plan.

Bajaj Allianz to focus on NRI’s for their insurance solutions
 

‘Chola MS has grown across lines of business’: V Suryanarayanan, MD, Chola MS

Cholamandalam MS General Insurance Company Ltd (Chola MS), a joint venture between Murugappa Group and Japan’s Mitsui Sumitomo Insurance Group, ended H1 of this fiscal with doubled profit after tax (PAT) and double-digit growth in gross written premium (GWP). It aims to surpass industry growth going forward. V Suryanarayanan, Managing Director, Chola MS, spoke to BusinessLine about the general insurance industry, the company’s re-entry into the crop insurance business, and the transition to a digital set-up.

Edited excerpts from the interview:

Mint Healthcare Summit: ‘Fear, not awareness, driving health insurance buying post-covid'
The covid-19 pandemic sparked a welcome change in the insurance industry as people bought health insurance plans proactively to secure themselves in case of sudden hospitalisation. However, Dr. Bhabatosh Mishra of Niva Bupa Health Insurance said during a panel discussion on health insurance at the Mint Healthcare Summit 2023 that fear, not increased awareness, drove people to buy health insurance during and after covid. That said, health insurance very much remains a push product in India.

PPFAS Mutual Fund to host 10th unitholders' meet on December 2
PPFAS Mutual Fund will host its 10th Unitholders' Meet on December 2 in Mumbai. The event will provide unitholders with an opportunity to interact with the PPFAS MF team, gain insights into the company's investment philosophy, and ask questions about their investments, a press release stated.

Distressed loans: AIF route for global funds
On Tuesday, Sebi issued draft regulations paving the way for SSFs to buy and sell bad loans. While foreign funds are expected to enter this space, they may negotiate for higher discounts, recognising that investors in these funds are high-risk takers and willing to accept capital losses.

The opening up of the bad loan market for Sebi-regulated stressed asset funds (SSFs) will have another implication. Asset reconstruction companies - RBI-regulated entities that buy bad loans from banks - will find it more difficult to sustain their model as they face competition from foreign funds.

RBI had opened the doors for SSFs to invest in its regulations two years ago, but this was subject to Sebi coming out with a regulatory framework for them. In the absence of regulations, SSFs participated in the distressed loan business through ARCs. Once Sebi's final guidelines are in place, they can do business on their own.

"The entry of Special Situations Funds will bring in more distressed capital and will help broaden the marketplace. However, regulatory asymmetry between ARCs and AIFs must be addressed to usher in a level playing field...," said Hari Hara Mishra, CEO, Association of ARCs in India.
https://timesofindia.indiatimes.com/business/india-business/distressed-loans-aif-route-for-global-funds/articleshow/105605137.cms

Franklin Templeton appoints Janakiraman as CIO, Emerging Market Equities – India
Franklin Templeton Mutual Fund said Janakiraman Rengaraju, currently the deputy CIO & Senior Portfolio Manager, will assume the role of Chief Investment Officer, Emerging Market Equities – India. Janakiraman will take over from Anand Radhakrishnan, CIO, Emerging Market Equities – India, who will leave the firm effective January 12, 2024, to pursue other opportunities, said a press release.

Munger was the epitome of wisdom: S Naren of ICICI Prudential AMC
Charlie Munger, who passed away yesterday night, had many fans in the Indian mutual fund industry. The respect these successful fund managers had for the straight talking Munger was enormous. Several fund managers, very successful in their own right, refused to share their thoughts about this great teacher because they felt inadequate to the task. Munger, who was often described as the sparring partner of Warren Buffett of Berkshire Hathaway, was known for his straight forward nature and deep insight into investing. He is also credited with steering Buffett away from Benjamin Graham style of value investing to a more robust investment style. Together these two legends created a company that is valued more than many multinational companies.

Axis Mutual Fund launches Axis India Manufacturing Fund
Axis Mutual Fund has launched Axis India Manufacturing Fund, an open-ended equity scheme representing the India manufacturing theme. The new fund offer or NFO of the scheme will open for subscription on December 1 and it will close on December 15.

Birla MF garners ₹800 crore via logistics fund NFO

It presents a wide investing universe, encompassing over 20 industries and more than 200 businesses. The transportation theme includes sectors such as automobiles and auto ancillary while logistics theme includes sectors like ports, warehousing/supply chain, e-commerce and allied sectors. The sectors common to both themes would be shipping, railways, infrastructure and airlines.

Axis MF aims to garner ₹2,500 crore via manufacturing NFO
 

WhiteOak Capital MF launches large- & mid-cap fund
WhiteOak Capital Mutual Fund on Wednesday announced the launch of their new fund offer (NFO) - ‘WhiteOak Capital Large & Mid Cap Fund’.  The NFO will be open from December 1 to December 15. WhiteOak Capital Large & Mid Cap Fund is an open-ended equity scheme investing in both large-cap and mid-cap stocks.

12 equity schemes have a portfolio turnover of over 200%

Around 12 equity schemes had a portfolio turnover ratio of more than 200% , an ETMutualFund analysis of portfolios showed. A higher portfolio turnover indicates constant buying and selling of stocks or churning by the fund manager. Continuous buying and selling by the fund manager increases the costs and drags down returns.

Indian equity market enters coveted USD 4-trillion m-cap club for first time ever
The combined market valuation of all listed companies on the leading stock exchange BSE reached the USD 4-trillion milestone for the first time ever on Wednesday.

Bank of Baroda to issue infrastructure bonds worth ₹5,000 crore today
The Bank of Baroda (BoB) plans to raise infrastructure bonds worth ₹10,000 crore, with a base issue of ₹2,000 crore and a green shoe option of ₹8,000 crore, it has informed the exchanges. The bonds will be tenured for up to 7 years, it added.

Sovereign Gold Bonds: From advantages to eligibility; all you need to know
Sovereign Gold Bonds (SGBs) are a unique investment avenue that combines the attributes of gold with the convenience of bonds. These bonds are issued by the Reserve Bank of India, aiming to provide individuals with an opportunity to invest in gold without physically owning it. 

SEBI urges municipal corporations to enhance transparency for urban infrastructure bonds
Sebi chairperson Madhabi Puri Buch on Wednesday asked municipal corporations to display higher levels of transparency by creating digital escrow accounts to ring-fence certain cash flows and obtain credit ratings to burnish the allure of their bonds, adding that investor appetite for quality securities remains strong.

Azure Power looks to buy back $60-M offshore bonds at par

Mumbai: Azure Power Global has proposed to buy back a portion of its offshore bonds at par to signal its willingness to repay debt, said people with knowledge of the matter.

Corporate bond issuances rebound in November as market gains stability

Estimates suggest that Indian companies might have raised Rs 82,590 crore as of November 28, according to market sources, against Rs 33,148 crore in October.

Global bonds head for best month since 2008 financial crisis
Global bonds are soaring at the fastest pace since the 2008 financial crisis.