ESIC adds around 1.88 mn new members in Dec, 47% youth, shows govt data

Around 23,347 new establishments were registered and brought under the social security umbrella of ESIC in December, ensuring more coverage, the labour ministry said in a statement.

IRDAI proposes increasing free-look period to return insurance policies
 

Axis Bank, Max Life say got all approvals for stake buy; fraud allegations “unfounded”
Mumbai: In response to a public interest writ petition filed in connection with Axis Bank’s stake acquisition in Max Life Insurance, the private sector lender clarified that it has obtained all necessary regulatory approvals and that the allegations are “unfounded”.

Star Health receives GST demand notice for Rs 170 crore, penalty of Rs 8.7 crore
Star Health and Allied Insurance Company Ltd on Thursday announced that it has received a tax demand order for Rs 170 crore, along with a penalty of Rs 8.7 crore on non-payment of GST liability on the re-insurance commission received by the company during the period April 2018 to March 2019.

Sebi mulls mandatory registration of PMS distributors with industry body APMI
Markets regulator Sebi on Thursday proposed promoting collective oversight of PMS distributors by making registration with the Association of Portfolio Managers in India (APMI) mandatory for them and facilitating ease of digital onboarding process for portfolio managers’ clients. The proposals are aimed at promoting ease of doing business initiatives for portfolio managers.

Canara Robeco Mutual Fund launches fund on manufacturing theme
Sectors like cement, industrial, automobile, speciality chemicals, renewables, defence, and pharma will also be a part of the universe. As per the fund house, the manufacturing theme seems set to deliver at least in the coming 10-20 years as several long-term drivers are in place.
 

Mutual fund investor grievances decline in H1 FY24: AMFI
Source Credit: The Economic Times

The number of grievances/complaints from investors and distributors for the half-year ending September 30, 2023, was a mere 485 complaints. Out of these, 428 complaints were received directly from investors/distributors and 57 complaints were received through SEBI, according to a press release by the Association of Mutual Funds in India (AMFI).

Cash levels in smallcap mutual fund schemes swell as valuations turn lofty

At the end of January, the top 10 schemes had over Rs 12,160 crore in cash, compared to Rs 8,700 crore in August 2023. These top 10 schemes together have Rs 2 trillion in assets under management (AUM). Cash accounted for 6.1 per cent of it as of the end of January, 60 basis points higher than the August level, according to an analysis of smallcap portfolios.  
 

Investors must opt for an asset allocation strategy, says Palka Arora Chopra of Master Capital Services
 

Swan Energy to raise ₹4,000 crore via QIP to be launched in Feb
Swan Energy, which took management control of Reliance Naval and Engineering in January under a bankruptcy proceeding, plans to raise around ₹4,000 crore through a qualified institutional placement of shares that will be launched around February 20, sources said.

Protect volatile equity market gains with 10-15% investment in gold
Equities, which are trading at high valuations and have also been volatile lately, pose the risk of periodic sell-offs. In this environment, experts recommend diversifying portfolios. That puts the focus on gold, which can act as an effective diversifier.

InCred Alternatives Investments launches PE fund
Bengaluru: InCred Alternatives Investments, part of InCred Group’s diversified financial services enterprise, has launched its maiden Category-II AIF in the private equity space, called InCred Growth Partners Fund-I (IGPF-I). This is the third alternatives strategy from InCred. The other two are Structured Credit Fund and Liquid Quant Fund strategies.

Carlyle Group sells 1.4% stake in YES Bank via open market for over Rs 1,000 crore
Carlyle Group sells 1.3% stake in Yes Bank for Rs 1,057 cr via open market

SC junks electoral bonds scheme
The Supreme Court on Friday struck down the electoral bonds scheme, which provides blanket anonymity to financial contributions made to political parties, and declared amendments made to the law allowing rich corporations to make unlimited political donations “unconstitutional and manifestly arbitrary”.

India bond yield edge lower as US peers fall after Fed comments
Indian government bond yields were lower on Thursday, tracking a decline in U.S. peers, following comments from a Federal Reserve official about the timing of possible interest rate cuts. India’s benchmark 10-year yield was at 7.0872% as of 10:20 a.m. IST, following its previous close of 7.1110%.