Top Indian Insurance Industry News & Updates - 29 Feb 2024,Thursday
🏭 Industry
Good response to road shows, ahead of likely GIC Re OFS
The government kick-started the process for additional stake sale in General Insurance Corporation (GIC Re), with roadshows in key global financial hubs including New York, Singapore, Hong Kong, Dubai and London.
📝 Nagaland CM Neiphiu Rio for review of FMR, plans life insurance for all
📝 NBFCs bet on insurance in bid to boost topline
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🗎 Life Insurance
ICICI Prudential Life witnesses greater traction for retirement plans through proprietary channels
Kolkata: Private sector insurer ICICI Prudential Life Insurance is witnessing a greater traction for its newly-launched retirement plans through proprietary channels. “I should say early responses are good for our newly-launched retirement products. The early response seems to be in the right direction. For these products, we are seeing comparatively greater traction from our proprietary channels,” ICICI Prudential Life Insurance chief bancassurance officer Vinod H told businessline.
📝 Future of life insurance in Digital India: Kayzad Hiramanek, Edelweiss Tokio
📝 Shriram Life Insurance launches new flexible ULIP
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🗎 General Insurance
Securing your big day: The what, how, and why of wedding insurance
Indians are known for their absolute obsession with the concept of big fat weddings, a sentiment echoed in popular Bollywood films and online shows like Band Baaja Baaraat, Shaandaar, Veere Di Wedding, and Made in Heaven. Weddings are not mere unions, they are extravagant displays of luxury and significant investments in a booming industry.
SBI to list payments and general insurance subsidiaries, says Chairman Khara
The next 12 to 18 months could see bonanza capital market issuances from the State Bank of India. Dinesh Khara, Chairman of State Bank of India, speaking exclusively to businessline, indicated that the listing of SBI Payments Limited and SBI General Insurance Company Limited may hit the street. While he did not indicate any specific timelines for listing, sources in the industry say talks of an initial public offering for the two businesses have been ongoing in recent months.
📝 Travel insurance on a budget: Tips and tricks for affordable coverage
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🏦 SEBI
SEBI mulls relaxing disclosure norms for FPIs
The Securities and Exchange Board of India (SEBI) is planning to relax the enhanced disclosure norms for certain foreign portfolio investors (FPIs) in a bid to promote ease of doing business.
SEBI issues confirmatory order against Brightcom Group for fraudulent practices
The market regulator has affirmed its directives concerning 20 out of the 25 entities involved in the Brightcom Group case.
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🗎 Mutual Funds / AMCs
Nudged by SEBI, AMFI asks mutual funds to moderate small, mid-cap fund inflows
Mumbai: Taking cue from SEBI, the Association of Mutual Funds in India has directed Trustees of the asset management companies to put in place measures to protect investors interest in mid- and small-cap funds due to the froth building up in this segment of the mutual fund schemes. In a communication addressed to mutual funds, AMFI said a froth is building up in the small and mid-cap segments of the market, and there have been continuous flows in these schemes of mutual funds.
Canara Robeco Manufacturing Fund NFO: Should you invest?
Canara Robeco Manufacturing Fund is a new fund offer (NFO) and it is open till March 01, 2024. The open-ended, actively managed scheme will invest in companies engaged in the manufacturing theme and will be benchmarked to S&P BSE India Manufacturing TRI.
AMFI asks MFs to limit inflows in small, mid-cap funds amid a buildup of ‘froth’
Association of Mutual Funds in India (AMFI) has written to mutual fund houses to take measures to protect the interest of investors of small and mid-cap schemes, which have seen heavy inflows in the recent past.
As small cap valuations enter dangerous territory, Sebi tells fund houses to get cautious. Details here
As small cap stocks have run up too much, thus entering the dangerous territory, mutual fund houses and market regulators have started to get circumspect.
📝 Sebi wants heat shield for mutual fund investors
📝 Do not believe there is bubble or trouble in the market: Harish Krishnan, ABSL AMC
📝 Direct vs regular mutual funds: Which one is better?
📝 Aditya Birla Sun Life Mutual Fund merges target maturity index fund and corporate bond fund
📝 Bandhan Mutual Fund files draft document for Nifty Midcap 150 Index Fund
📝 Kotak Mutual Fund launches long duration fund
📝 As sectors rotate, tap funds that catch business cycles early
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🗎 Equities, Pvt. Equity / Hedge Funds
Kedaara close to raising $1.7 billion for India's biggest PE fund, sources say
Kedaara Capital is set to raise $1.7 billion for what would be India's biggest-ever private equity fund, two people with direct knowledge of the matter said, highlighting huge interest in the country's fast-growing economy amid a shift away from China.
PE/VC exits surge 36% to $24.8 bn in 2023 amid declining investments
Open market exits, comprising 52 per cent of the total exits, reached a record high of $12.8 billion, while buoyant capital markets enabled the second-best year for PE-backed initial public offerings (IPOs).
SBICAP Ventures to manage MEA’s ₹1,000-crore Trilateral Development Cooperation Fund
ABC Impact lifts India investment with fund 2
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🗎 Govt Securities / Bonds
India's Tata Capital plans to raise $750 million in debut foreign funding next fiscal year
Tata Capital plans to raise $750 mn in debut foreign funding next fiscal yr
State govt bonds to yield better returns under new investment regime
Treasury officials said while the central government paper would continue to have the largest share in the portfolio, the state government bonds would give comfort of better returns to manage any pressures from adjustments in the months ahead.
📝 Air India refinances loans with SBI and BoB at near G-Sec yields
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