Irdai rejection raises more questions for Hinduja-led IIHL on source of funds for RCAP acquisition
The RBI-appointed Administrator of debt-ridden Reliance Capital (RCAP) has written to Hinduja Group firm IndusInd International Holdings Ltd (IIHL), the successful bidder for acquiring RCAP, raising questions on the source of funds and business plan, sources said. The letter went from the Administrator after Insurance Regulatory and Development Authority of India (Irdai) rejected IIHL's proposal to raise funds for the RCAP acquisition by creating a pledge over the shares of Reliance General Insurance (RGIC) and Reliance Nippon Life Insurance (RNLIC), sources said.

ESIC added 19.42 lakh new members in August
New Delhi: The Employees’ State Insurance Corporation (ESIC) added 19.42 lakh new subscribers in August, according to provisional payroll data. “The provisional payroll data of ESIC reveals that 19.42 lakh new employees have been added in the month of August, 2023,” the Ministry of Labour & Employment said on Friday. According to the data, around 24,849 new establishments have been registered and brought under the social security umbrella of the Employees’ State Insurance Corporation in the month of August, 2023, thus ensuring more coverage.

Data revealed that more jobs have been generated for the youth of the nation, as out of the total 19.42 lakh employees added during the month, 9.22 lakh employees up to the age group of 25 years constitute new registrations, which is 47.48 per cent of the total employees. Gender-wise analysis of payroll data indicates that net enrolment of female members has been 3.73 lakh in August, 2023. The data shows that a total 75 transgender employees have also got registered under ESI Scheme in August, 2023.

RCap seeks revised plan from IIHL after IRDAI objects to pledging insurers’ shares
Mumbai: IRDAI has objected to the Hinduja Group creating a pledge on the shares of the insurance subsidiaries of Reliance Capital (RCap) in order to raise funds for the resolution proceeding.

Groww applies for corporate agent insurance licence
Financial services platform Groww has applied for a ‘corporate agent’ licence, which allowed the company to partner with only three insurance companies per category, from the Insurance Regulatory and Development Authority of India (IRDAI), according to the people in the know. The firm had applied for the licence a few months ago, the sources added.

LIC scheme: Invest Rs 45 per day in this policy and get up to Rs 25 lakh, here's how
Life Insurance Corporation (LIC) offers a wide range of schemes suitable for people of all ages, each with its unique benefits, making it a popular choice among investors. One such scheme is the Jeevan Anand Policy, a well-known favorite among investors. This policy allows you to secure an impressive return of Rs 25 lakhs with a minimal investment of just Rs 45.

New cover story: 30% commission cap likely in credit life policies

Mumbai: Life insurance companies are close to agreeing to impose a 30% cap on commissions paid to corporate agencies, including banks and non-banking financial companies, for credit life policies, said people with knowledge of the matter.

Niva Bupa raises Rs 800 crore, Paragon Partners along with Temasek and Motilal Oswal PE Fund key investors
Niva Bupa has raised Rs 800 crores from a consortium of investors. Confirming the news, Siddharth Parekh , senior partner & co-founder of Paragon Partners, in a post on social media, outlined that Paragon Partners is now one of the investors im in Niva Bupa Health Insurance as a part of the Rs. 800 crores equity capital alongside Temasek and Motilal Oswal PE fund.

Overseas Indian start-ups call on SEBI, FinMin for India listing
Mumbai: A clutch of start-ups incorporated overseas have knocked on the doors of the Finance Ministry and the Securities and Exchange Board of India (SEBI) to allow them to list in India.

Prepared for Sebi’s new babies?
 

How Navi Mutual Fund forces its users to share their contact lists
Systematic investment plans in mutual funds have become immensely popular—so much so there has been a spurt in fintech apps selling all sorts of financial products. Some of these apps, however, want users to part with their phone book. And they will go to any lengths to get these contacts—even if it means barring access to its existing users. A case in point is Navi Mutual Fund.

HDFC AMC’s ‘near perfect’ Q2 a big hit
Shares of HDFC Asset Management Co. Ltd (HDFC AMC) scaled a new 52-week high of ₹2,910 apiece on Friday. The September quarter (Q2FY24) results have brought cheer. Kotak Institutional Equities analysts point out, “HDFC AMC’s Q2FY24 results were near perfect, with both headline/core earnings up 20% year-on-year along with strong operating metrics such as fund performance, customer addition, SIP flows and yield expansion." HDFC AMC’s Q2 profit stands at ₹438 crore.

SIPs in active equity MFs: A crowded trade?
 

FPIs take out Rs 9,800-cr in October on rise in US bond yields, geopolitical uncertainties
Foreign investors have pulled out nearly Rs 9,800 crore from Indian equities this month so far owing to a sustained rise in US bond yields and the uncertain environment resulting from the Israel-Hamas conflict. This came after Foreign Portfolio Investors (FPIs) turned net sellers in September and pulled out Rs 14,767 crore. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period. This inflow was largely due to the reduction in US inflation from 6 per cent in February to 3.2 per cent in July.

RV Capital gets ₹500 cr, to focus on ‘dislocations’
 

An Index entry that comes with its own exits
New delhi : Late last month, a much-awaited milestone in the development of India’s financial markets was reached, when JP Morgan announced it would include a set of Indian government bonds in its widely-tracked global bond index.

10-yr yield at 7.5% is like a goldilocks level: Parul Mittal Sinha, head-financial markets, India at Standard Chartered Bank

The Reserve Bank of India is wary of complacency in the domestic bond market, given the volatility in international markets, said Parul Mittal Sinha, head-financial markets, India at Standard Chartered Bank. In an interview with Bhaskar Dutta, she said the Indian rupee will be relatively better performing despite the strengthening US dollar.

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Vivriti mops up Rs 1,700 crore, to deploy in bonds

Mumbai: Vivriti Asset Management has completed raising ₹1,700 crore to invest in bonds and loans. The credit asset manager has promised investors returns ranging between 10% to 15%. The fund has deployed ₹1,400 crore across 40 companies across sectors such as airports, infrastructure, renewable energy, logistics, and managed office space companies.