|Sebi eyes e-tail for mutual funds|
The Securities and Exchange Board of India (Sebi) is set to hold a board meeting in the first half of January 2016. This would be a break from the tradition of one meeting every quarter (90 days), as this meeting has been scheduled within 45 days of the last. According to people in the know, this meeting would go heavy on reforms for the mutual fund sector and would include electronic Know Your Client (e-KYC) on a priority basis. An e-mail to the regulator did not get a response till the time of press.
RBI panel for direct transfer of cash, abolishing farm subsidy
A Reserve Bank of India (RBI) committee on financial inclusion has suggested that the government should transfer cash directly to persons instead of giving subsidies, and should replace interest subvention on agriculture loans with affordable universal crop insurance scheme. The committee on medium-term path on financial inclusion, headed by RBI executive director Deepak Mohanty, also recommended linking credit accounts with unique identification number, or Aadhaar number, and share information with credit information companies to enhance stability of the credit system and improve access.
Rupee rules firm at 66.19 vs. dollar, up 2 paise
Rising for the eighth straight session, the rupee on Monday gained two paise to close at 66.19 against the American currency on sustained selling of dollar by banks and exporters amid robust foreign capital inflows.Strong equities boosted the rupee against the dollar. The benchmark BSE Sensex ended higher by 195.42 points or 0.76 per cent to 26,034.13.The rupee resumed higher at 66.10 as against the last Wednesday’s closing level of 66.21 at the Interbank Foreign Exchange (forex) market.
Bond Investors appetite for risk on the fire.
There may not have been too many defaults on the bond market in 2015 — Amtek Auto was a big one — but the sharp jump in fund-raising by companies rated between AA and BBB- during the year suggests investors are willing to take some calculated risks. Prime Database estimates such companies mopped up close to Rs 1.60 lakh crore this year, a jump of 25% over 2014. Interestingly, close to Rs 28,700 crore was mobilised at coupon rates of 13% and above; that’s twice the quantum mopped up at these rates in 2014.
Professionals updates SEBI RBI and Finance
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