Bonuses at some of the leading companies could range from three to seven months of additional pay, said top executives. Average increments could be in the range of 10-15%, with high performers, especially in technology and product development roles, likely taking home 30-40% more, they said. Read on to know more:
The chief of the Securities and Exchange Board of India(Sebi) on Monday said there are many divergent and diverse views right now, even among the broking community. Last year in September, the National Stock Exchange had submitted a proposal to Sebi to allow an evening session, between 6 pm and 9pm, when market participants can continue trading futures and options contracts after the regular session, between 9.15 am and 3.30 pm, is over.
AIFs in India are rejecting 'early exit' requests from banks and finance companies due to new rules. They are now considering how to handle these investors as they default on 'capital calls' from funds. AIFs may impose penalties on banks and NBFCs falling short of their original commitments. They may also cap investments, make exceptions for affected investors, and preserve relationships. The RBI's recent regulations conflict with the AIF regulatory regime, creating a need for urgent resolution. Investors and AIFs are exploring ways to avoid the regulatory restrictions.
While talks with ICICI Bank, HDFC Bank, and Axis Bank are ongoing, the finalisation is pending. Among NBFCs, Tata Capital and Aditya Birla Finance are in talks, and discussions with ICICI Prudential Credit Fund and Axis Finance are underway in the credit fund space. The debt raise could be finalised by next week, the source said.
The private bank reported standalone net profit of 30.05 billion rupees ($361.7 million) in the quarter ended Dec. 31, compared to analysts' expectations of 31.94 billion rupees, per LSEG data. Kotak Mahindra Bank also made provisions of 1.43 billion rupees on exposure to alternative investment funds (AIFs) following stricter norms by the central bank, it said.
HDFC bank reported a strong October-December quarter for 2023-24, with a 33.5 per cent jump in net profit. HDFC Bank CFO in the results call revealed the bank's outlook as well, where he asserted that the bank is looking at granular deposits now and would want to replace more borrowings which brings a high cost with it. He also commented on contingent provision for the bank's AIF book after RBI's recent circular on AIFs. Here's what he said:
INDIA-SEBI/AIFS (PIX)India's market regulator proposes relaxed rules for illiquid AIF investments
The move may hinder the flow of Indian-sourced institutional capital into the start-up ecosystem, potentially affecting the government's initiatives like Start-up India.
The new guidelines could have a cascading effect on the flow of domestic capital in the country. With banks contributing a significant portion to the available capital in the ecosystem, the tightening of norms may deal a severe blow to smaller venture funds, especially debt-focused ones dependent on commercial banks for funding.
RBI has been concerned about round-tripping of potentially bad loans, rise of unsecured lending and heavier linkages between AIFs and regulated entities, all of which can “potentially build up stress in the financial sector,” said Abizer Diwanji, financial services leader at Ernst & Young India. read on to know more:
Generally, if a special purpose vehicle (SPV) operating an infrastructure project seeks a loan, the bank will insist on promoters pledging shares in the SPV as security. If an AIF is the promoter or controlling shareholder of an SPV operating an infrastructure project, this would be difficult unless the fund can pledge the shares.
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