GST Evasion Notice: DGGI seeks Rs 3k crore from ICICI Lombard and other insurance cos
The Directorate General of Goods and Services Tax Intelligence (DGGI) has sent notices seeking nearly Rs 3,000 crore in tax from several insurance companies including ICICI Lombard. The notices claim that these companies had not paid GST on reinsurance premiums despite receiving commissions from co-insurance companies.

Aviva India appoints Gyanendra Singh as Chief Technology Officer
According to an official release, Aviva Life Insurance, a private life insurance company, announced the appointment of Gyanendra Singh as the Chief Technology Officer.  It is believed that Singh will help to improve Aviva’s digital transformation, Product Development, innovation, R&D, Information Security and innovation initiatives. 

LIC Dhan Vriddhi single premium life insurance plan will end on September 30: Check details

The Life Insurance Corporation of India (LIC) Dhan Vriddhi, a single premium life insurance plan, will end on September 30, 2023, according to the post on LIC’s official X handle (previously known as Twitter).

GST Revenue Leak: ICICI Lombard faces ₹1,728.9 crore tax demand amid ongoing investigations
A central law enforcement agency tasked with preventing the leakage of Goods and Services Tax (GST) revenue has served ICICI Lombard with a show cause and demand notice for allegedly not paying Rs 1,728.9 crore worth of tax for five years from July 2017 till March 2022.

ICICI Lombard slips over 1% on Rs 1,728.86 crore GST notice for alleged non-payment

Shares of ICICI Lombard General Insurance Company slipped over 1% as it received a show-cause cum demand notice from the government with a tax demand of Rs 1,728.86 crore on alleged non-payment of GST.

Factors one should consider when buying critical illness insurance cove
With new diseases coming to the fore, discovery of new line of treatments and rising medical costs, the need of having a critical illness insurance cover is growing day by day.

Sebi renews licences of NSE Clearing, Indian Clearing Corp for three years
The Securities and Exchange  Board  of India (Sebi) Thursday in gazette notifications said it has renewed the licences of NSE Clearing Ltd and Indian Clearing Corporation Ltd for three years and the licences will be valid till October 2, 2026.

Sebi penalises YES Securities for wrong reporting of margin, other discrepancies
Capital markets regulator Sebi has imposed a penalty of Rs 5 lakh on YES Securities (India) Ltd for wrong reporting of margin and discrepancy in the computation of client's net worth. It has been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order.

Efforts on to make NPS available at all bank branches, post offices: PFRDA Chairman
Regulator PFRDA is working on ways to make the social security scheme National Pension System (NPS) available at all bank branches and post offices, according to its Chairman Deepak Mohanty. The efforts are to increase the penetration of pension schemes by making the NPS products easily available to the public.

New Guaranteed Pension Scheme is a hybrid model: AP FM
Hyderabad: The new Guaranteed Pension Scheme (GPS) for the Andhra Pradesh government employees is a hybrid model between the present Contributory Pension Scheme (CPS) and the Old Pension Scheme (OPS), according to its Finance Minister Buggana Rajendranath. The GPS was being introduced in view of the long-standing demand from the employees for review of CCS. However, as reversal to the non-contributory OPS was not financially feasible, the guaranteed pension system is a middle path, he said.  The gains from the investment portion of CPS were only below 20 per cent and the new systems will be ‘beneficial’ as it has a guaranteed pension component, the Minister said. 

UTI-AMC to open 29 new financial centres; shares up
UTI Asset Management Company Ltd’s shares were up by 1.01 per cent as the company is set to inaugurate 29 new financial centres (UFCs) on September 29, 2023.

Asset Reconstruction Companies want larger pie of stressed assets
Asset Reconstruction Companies (ARCs), which buy non-performing assets (NPAs) or bad loans from banks, are eying a larger pie of stressed assets.

Sebi extends nomination deadline for mutual fund unit holders to December 31

Market regulator Securities and Exchange Board of India (Sebi) has extended the deadline for nomination for mutual fund unit holders to December 31, 2023 from an earlier September 30 deadline, a Sebi circular issued on Wednesday said.

13 mutual funds multiplied lumpsum investments three times in 7 years

Many investors dream of doubling or tripling investments over a long period of time. When the markets are performing well, the dream becomes a reality. Since the markets have rewarded investors handsomely in the recent past, ETMutualFunds looked for schemes that have tripled investments in seven years. We looked at the performance of 161 equity schemes that have completed seven years in the market and found out that 13 schemes managed to multiply investors’ wealth by more than three times on lumpsum investments made on September 24, 2016.

FIIs offload ₹3,364 crore in Indian equities as US bond yields rise to 16 year-high; DIIs are net buyers
Foreign institutional investors (FIIs) continued their selling streak as Sensex and Nifty closed at four-week low on Thursday, September 28, dragged by F&O expiry and weak global cues. The domestic institutional investors (DIIs) are net buyers again and invested ₹2,711.48 crore in Indian stocks today.

Brookfield to invest up to $845 million in joint venture with Axis Energy
Brookfield Asset Management has entered into a joint venture with Hyderabad-based Axis Energy Ventures India to set up a renewable energy development platform, with the investment management company investing up to $845 million. The Indian firm will provide its existing pipeline of wind and solar power projects that are under various stages of development in the country.

Promoters sell $10 b of equities in CY23, Adani Group promoters account for 40%
 

BNP Paribas upbeat on India bonds after JPMorgan inclusion, sees 10-year rally
The recent addition of Indian government bonds to JPMorgan's emerging market bond indexes has prompted BNP Paribas Asset Management to turn "more positive" on these securities, expecting inflows of around $20 billion in domestic bonds in the next two years, an official from the fund said on Thursday.

India falls short of FTSE Russell government bond index inclusion
New Delhi: Global index provider FTSE Russell kept India on a watch list for inclusion in the FTSE Emerging Markets Government Bond Index (EMGBI), the index provider said on Friday.

HDFC Bank plans Rs 10,000 crore infra bond
Mumbai: HDFC Bank, India's largest private sector bank, has been making inquiries in the bond market about the issuance of long-term infrastructure debt worth up to ₹10,000 crore in coming weeks.

India 10-year yield crosses 7.20% as oil, US peers keep pressure on
Indian government bond yields rose on Thursday, with the benchmark bond yield crossing 7.20%, triggered by a relentless rise in oil prices and Treasury yields.

India 10-year yield posts biggest single-session rise of 2023
India 10-year yield posts biggest single-session rise of 2023

Canara Bank raises Rs 5,000-cr at 7.54% per annum
Canara Bank has, in its maiden issuance of long term infrastructure bonds, raised Rs 5,000 crore at a coupon rate of 7.54% per annum.

Why sovereign gold bonds are glittering away
How did the issue of gold bonds fare?

Sebi working to develop municipal bond market

Mumbai: The Securities and Exchange Board of India (Sebi), which earlier this year approved a liquidity guarantee for corporate debt, is taking fresh strides to develop the nascent municipal bond market and help make civic bodies more self-reliant for infrastructure development.

Govt bond yields log sharpest single-day surge for this year

Mumbai: Government bond yields surged on Thursday, registering their sharpest single-day rise in 2023, as higher crude oil prices, uncertainty over US interest rates and technical difficulties due to sudden changes in trading holidays sent participants rushing to sell securities.

Ex-Goldman Sachs, Blackstone employee charged with securities fraud for tipping friends about deals
A former employee of Goldman Sachs Group Inc. and Blackstone Inc. has been charged by federal prosecutors with securities fraud for allegedly informing his friends about more than a dozen deals, Bloomberg has reported.