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Markets regulator Sebi on Tuesday came out with a framework on associations between market intermediaries and unauthorised financial advisors, especially with regard to specified digital platforms. This came after Sebi in August amended rules aimed at regulating associations between intermediaries, like stock exchanges, clearing corporations and depositories, and entities providing financial advice or making performance claims. The rule restrains intermediaries, their agents, or associated persons from having direct or indirect ties with any entity that provides investment advice or recommendations without being registered or permitted by Sebi or makes performance or return-related claims unless specifically authorised by the regulator to do so. However, if these interactions occur through specified digital platforms, they will not be subject to these restrictions. In its circular on Tuesday, Sebi said the framework allows associations through "specified digital platforms", which t
Air-conditioner maker Blue Star Ltd on Wednesday said Oman's WJ Towell & Co LLC has increased claim to Rs 461.74 crore from it in their ongoing arbitration proceedings at International Chamber of Commerce. In April this year WJ Towell & Co LLC (WJT) had filed arbitration proceedings against Blue Star with International Chamber of Commerce (ICC) claiming OMR 103,18,000 (approximately Rs 223.6 crore) plus an interest of 7 per cent on the total claim amount, the company said in a regulatory filing. "In the statement of claim received by the company on October 1, 2024, the claim amount has been revised to OMR 2,11,80,748 (approximately Rs 461.74 crore) plus interest of 7 per cent on the total claim amount," it added. "The company reiterates that the claims filed by WJT are frivolous, unsubstantiated, premised on fundamental factual misstatements and contrary to the overwhelming facts and evidence," Blue Star said. Based on its assessment, the company said the claims made by WJT ...
Jio Financial Services on Sunday said it has formed a joint venture with BlackRock Advisors Singapore Pte Ltd to undertake investment advisory business. Jio BlackRock Investment Advisers Private Limited was incorporated on September 6 to carry on the primary business of investment advisory services, subject to regulatory approvals, Jio Financial Services said in a filing. The company will invest Rs 3 crore towards an initial subscription of 30,00,000 equity shares of face value Rs 10 each, it said. The Certificate of Incorporation was received from the Ministry of Corporate Affairs on September 7, 2024, it added. Jio Financial Services Ltd, the demerged financial services arm of billionaire Mukesh Ambani's Reliance, had earlier announced a joint venture for asset management and wealth management with BlackRock. Last month, Jio Finance Ltd, an NBFC arm of Jio Financial Services, said it is in the advanced stages of launching home loans, which have been rolled out in beta mode. Bes
Finance Ministry would consider capital infusion in three loss-making public sector general insurance companies based on their financial performance of nine months. The infusion if required would be made in the fourth quarter of the current financial year, sources said. According to sources, the finance ministry last year asked three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company -- to chase bottomlines rather than topline and underwrite only good proposals. The financial review would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. The government last year provided Rs 5,000 crore capital to three insurers -- National
Veteran banker and former managing director and CEO of HDFC Bank, Aditya Puri has joined Deloitte Touche Tohmatsu India LLP (Deloitte) as a senior advisor. "Puri will leverage his unparalleled expertise and experience to help Deloitte drive transformation across industries," Deloitte said in a statement on Wednesday. "He also has a personal vision to champion initiatives aimed at boosting affordable healthcare and financial inclusion across India," it said. Puri was the founding CEO of HDFC Bank. He was appointed as CEO of the bank in 1994 and retired after 26 years of service, consistently being named as one of the top business leaders globally. Commenting on his new role, Puri said, "At Deloitte, I see an opportunity to work with talented professionals having reach and expertise across industries. As businesses and industries transform and thrive, we must ensure that everyone in India and especially the underserved communities have access to affordable credit and healthcare ...