Rs 30,000 crore tax heist? The modus operandi of insurers, agents and banks
A meticulous web of transactions was used to evade nearly Rs 30,000 crore in income tax by insurance companies and their intermediaries since July 1, 2017, the Income Tax Department has claimed. The companies allegedly suppressed income and showed fake expenditure, ET has reported based on information from a source in the I-T Department. The department is sending tax demand notices to these companies.

IRDAI objects to IndusInd holdings’ pledging plan to buy Reliance Cap
 

‘We are registering robust growth in tier-2, 3 cities’: Vibha Padalkar, MD & CEO, HDFC Life
Private sector life insurance firm HDFC Life Insurance was able to grow its number of policies sold by 10% in the first half of this fiscal, while the premium category below Rs 5 lakh grew around 17-18%, said managing director and chief executive officer Vibha Padalkar. In an interview with Mithun Dasgupta, Padalkar said that the insurer’s annualised premium equivalent (APE) should grow by mid-teens in the current financial year. Edited excerpts:

Bharti Group to acquire AXA’s 49% stake in Bharti AXA Life Insurance
Mumbai: Bharti Group has signed an agreement with its partner AXA to acquire the latter’s 49 per cent stake in Bharti AXA Life Insurance. Bharti Life Ventures, the group’s holding company for Bharti AXA Life Insurance, will become the sole owner of the life insurance post the stake sale, it said in a release. The transaction, expected to be completed by December 2023, is subject to receipt of regulatory approvals.

LIC policy: Put Rs 296 per day in this insurance policy and get Rs 60 lakh at maturity; check details

The Jeevan Labh saving plan from LIC is a non-linked, participating individual life assurance plan that combines savings and protection elements in an appealing way.

HDFC Life Q2 Results: Net profit rises 15% YoY to Rs 378 crore

HDFC Life on Friday reported consolidated net profit of Rs 378 crore for the second quarter ended September 2023, which is higher by 15%, compared with Rs 329 crore posted in the same quarter last year.

Kerala launches insurance cover for MSME sector
Kochi: In a big support to the State’s robust MSME sector, Kerala government has launched a comprehensive insurance scheme covering the entire spectrum of micro small and medium enterprises (MSMEs), protecting them from various risks and boosting their confidence to flourish in a competitive business ecosystem. The Department of Industries and Commerce entered into MoU with four public sector insurance companies. Under the scheme, 50 per cent of the annual premium will be reimbursed to the MSMEs. Industries Minister, P Rajeeve also launched a web portal of the scheme http://msmeinsurance.industry.kerala.gov.in/ on the occasion.

Five ways to understand green auto insurance
In a world where environmental consciousness is paramount, it is no surprise that the automotive industry is making a significant shift towards sustainability. This shift is evident not only in the proliferation of electric vehicles but also in the emergence of green auto insurance. Green auto insurance, also known as electric vehicle (EV) insurance, is a specialised coverage designed for electric vehicles and hybrid cars. As the adoption of EVs continues to grow, understanding green auto insurance becomes crucial.

Health insurance: Can you transfer ‘no claim bonus’ or ‘waiting period’ while porting your policy?

There are many health insurance benefits such as renewal benefit, additional sum insured for loyalty and coverage of preexisting disease after waiting period that you get with a health insurance plan provided you continue with the policy for several years. But what happens when you decide to change your insurer? Can you transfer these benefits to the new policy? Does it make sense to go for a new policy if these additional benefits are not completely transferred to the new insurer when making the shift?We tell you here how it works.

Explained: New rules for foreign portfolio investors – SEBI’s move to slice through corporate layers
The Securities & Exchange Board of India (SEBI) recently issued a circular amending the Foreign Portfolio Investors (FPI) Rules, in terms of additional granular disclosures to lift the veil off the Ultimate Beneficial Owners (UBO). The entities have only 90 days to comply with the mandates, which will be closing around November 2023. It is pertinent to understand the stipulations, the regulator’s intent, and the significance for stakeholders to abide by the new directives. 

Sebi’s master circular on KYC norms: What does it mean for the investors?
The Capital markets regulator Securities Exchange Board of India (Sebi)  released a set of  KYC (Know Your Customer) rules for investors via a master circular released on Thursday. 

SEBI tweaks anti-money laundering guidelines
New Delhi: The Securities and Exchange Board of India (SEBI) on Friday tweaked guidelines pertaining to anti-money laundering standards, whereby partners holding a 10 per cent stake in a firm will come under the definition of beneficial owners. Earlier, the requirement was 15 per cent. The development comes after the government amended the Prevention of Money Laundering (Maintenance of Records) Rules or PMLA rules in September.

New Small Cap Fund from Quantum AMC: Know how it plans to make money, address liquidity challenge
Quantum AMC has announced the launch of a new fund offer (NFO) – Quantum Small Cap Fun, which is an open-ended equity scheme predominantly investing in Small Cap Stocks. The scheme will open for subscription on Monday, October 16 and close on Friday, October 27, 2023. It will be co-managed by Chirag Mehta – Chief Investment Officer and Abhilasha Satale.  

Mukesh Ambani's Jio Financial Services, Nithin Kamath's Zerodha may disrupt India's fund distribution, says Edelweiss
New entrants in India’s asset management industry including Reliance Industries Ltd.’s financial services unit and Zerodha Broking Ltd. can only disrupt distribution of mutual funds, not pricing or product offerings, according to Edelweiss Asset Management. 

B30 cities contributing almost 17% of SBI MF's AUM: Joint CEO
DP Singh, DMD & Joint CEO, SBI MF, says while B30 cities have been an area of concern for everybody, and B30 is from where, at least we are getting much better business than everybody else, thanks to the brand and the distribution network of SBI. SBI has 22,000 branches. The brick and mortar of SBI and also the brand name help. People have a lot of trust in it, and they have a door to knock at whenever there is any issue. We have used it to penetrate into the B30 towns, and these towns today are contributing almost 17% of the AUM.

Mirae Asset Nifty IT ETF is open for subscription. Should you invest?

Mirae Asset Mutual Fund has launched Mirae Asset Nifty IT ETF, an open-ended scheme replicating/tracking Nifty IT Total Return Index.

G-Sec yields nudge up despite lower September inflation reading
Mumbai: Lower retail inflation reading for September notwithstanding, yields of Government Securities (G-Sec) nudged up as US Treasury yields rose, crude oil prices surged, and the possibility of RBI conducting open market operation (OMO) sale of G-Secs hung like a sword of Damocles on the market. 

State-run banks to lower bond purchases as liquidity tightens, say treasury officials
India's state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said.