Insurance industry needs a regulatory shake-up
The Reserve Bank of India and Securities and Exchange Board of India have been getting a lot of flak for ‘stifling’ the development of financial firms under their remit, with their hard-line stance on regulation and compliance. But India’s insurance industry offers a good case study on what happens when a financial regulator prioritises industry development over consumer interests.

Insurance companies under IT scanner, likely to receive tax notices worth ₹25,000 crore: Report
“The CBDT is doing a reassessment of the tax paid by insurance companies in certain years before April 1, 2023. The income tax department is in the process of sending out tax notices. By March-end all the income tax notices will be sent for a quantum of approximately ₹25,000 crore," Moneycontrol quoted an official as saying. 

Shriram Life Insurance's net profit jumps 61% to Rs 50 cr in Dec quarter
Chennai: Shriram Life Insurance Company Ltd on Friday announced a net profit of Rs 50 crore in the third quarter (Q3FY24), up 61 per cent compared to Rs 31 crore during Q3FY23.  
 

Bajaj Allianz Life Assured Wealth Goal Platinum launched: From key features to benefits, all you need to know
Bajaj Allianz Life Insurance recently launched an inclusive scheme that enables policyholders to access assured early income. The latest offering, Bajaj Allianz Life Assured Wealth Goal Platinum, provides guaranteed payouts from the commencement of the second policy year. This plan empowers individuals to customise their financial strategies, facilitating the accomplishment of various life goals ahead of time, such as funding a child's education or enjoying a vacation.

LIC displaces Infosys to occupy 4th most valued firm with ₹7.01 lakh crore market cap
Life Insurance Corporation of India has toppled Infosys to 4th place in market capitalisation. The market capitalisation of LIC stood at ₹7.01-lakh crore while Infosys slipped ₹6.95-lakh crore. Only Reliance, TCS and HDFC Bank are above LIC. Aided by robust equity profits booked in bourses and strong operational performance, insurance behemoth Life Insurance Corporation of India (LIC) on Thursday reported a 49 per cent jump in the standalone net profit for the quarter ended December 31, 2023, at ₹ 9,444.41 crore (₹6,334.19 crore).

New India Assurance Q3FY24 results: Net profit falls 4.38% to Rs 715 crore

The company had posted a loss of nearly Rs 200 crore in the second quarter of FY24.

Paytm fiasco: One97 Communication forms advisory panel headed by former SEBI chairman M Damodaran
The owner of fintech firm Paytm, One 97 Communications Limited, on Friday announced the formation of an advisory committee chaired by former Securities and Exchange Board of India (SEBI) chairman M Damodaran. The committee will work closely with the Board of Directors to further strengthen compliance and regulatory matters.

After RBI curbs, EPFO bars use of Paytm Payments Bank for PF claims
New Delhi: The Employee Provident Fund Organisation (EPFO) has announced that it will, from February 23, block deposits and credits into EPF accounts linked with Paytm Payments Bank Limited (PPBL). This move of EPFO comes in little over a week after the Reserve Bank of India (RBI) announced restrictions on Paytm Payments Bank from February 29.  The central bank has prohibited any deposit, credit transactions, or top-ups in customer accounts of PPBL after February 29.

Pension funds spike as one-year equity returns jump to 29 per cent
Gaining from the bullish momentum in the equities market over the past year, pension funds have recorded an average annual return of nearly 30 per cent from their equity investments, per the latest PFRDA data, reported Business Line . 

LIC MF chalks out growth path, aims for Rs 1 trillion AUM by 2026
LIC MF, which started operation in 1989, remains a mid-sized MF player with an AUM of around Rs 30,000 crore. As per the third quarter data, the fund house was placed at the 23rd spot in the 45-player MF industry in terms of AUM.

Best mutual funds to invest right now in 2024; check list here
Investing in mutual funds has always been a popular choice for investors seeking long-term growth and diversification. While historical returns are often a crucial consideration for potential investors, there are several other factors that play a significant role in their decision-making process.

Equity Mutual Fund inflows reach to 22-month high in January
Equity mutual funds experienced a surge in inflows, marking a 22-month high in January. Sustained investments in sectoral, small- and mid-cap funds were the primary drivers, while even large-cap funds exhibited robust performance, reaching an 18-month high.

Bank of India MF aims to raise Rs 500 cr from multi-asset allocation fund in NFO period
Bank of India Mutual Fund is targeting to garner at least Rs 500 crore through its newly launched multi-asset allocation fund during the primary subscription period. The new fund offer (NFO) of Bank of India Multi Asset Allocation Fund, which opened for subscription on February 7, will close on February 21.

Sovereign Gold bonds: Earn tax-free returns from SGBs
The subscription for the last tranche of sovereign gold bonds (SGBs) for this financial year will open on February 12 and close on 16. The issue price has been fixed at Rs 6,262 per gram. The last tranche issued in December 2023 was priced at Rs 6,199 per gm. As these bonds have outperformed returns from physical gold and gold exchange traded funds (ETFs), individuals should look at investing in them to earn tax-free returns.