The government has been in discussions to promote such international financial services centres within India as alternatives to places like Singapore. IMAGE: The Interational Financial Services Centre at Gift City, Gujarat. Photograph: Amit Dave/Reuters The government has eased personal account number (PAN) requirements for foreign investors in the international financial services centre. The requirement had been an impediment for category III alternative investment funds based out of the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC). The move will help foreign investors on GIFT-based exchanges, according to an expert. A gazette notification on Tuesday said that Section 139A, which requires people to get PAN, would not apply to such investors. “The provisions of section 139A shall not apply to a non-resident, being an eligible foreign investor, who has made transaction only in a capital asset referred to in … [Read more...] about Foreigners no longer need PAN for investment in GIFT AIFs
Mubadala for financial investments
Industry players estimate the average payouts to be in the range of 50-75 per cent of the bankers' annual salaries. For the top performers, the bonuses could be 100-125 per cent. Illustration: Dominic Xavier/ Rediff.com Investment bankers are set to take home sizeable bonuses this year on the back of robust equity capital market activity in FY21, which saw record fundraising by way of qualified institutional placements (QIPs), infrastructure investment trusts (InvITs)/real estate investment trusts (REITs), and rights issues. Industry players estimate the average payouts to be in the range of 50-75 per cent of the bankers' annual salaries. For the top performers, the bonuses could be 100-125 per cent. The Covid-19 pandemic impacted the quantum of bonuses paid out last year as banks tried to conserve cash amid the bleak outlook for fundraising. "Last year, the bonuses were cut, held back or deferred owing to the uncertainty caused by the pandemic. "So, … [Read more...] about Investment bankers set to take home hefty bonuses on record fundraising
Video Player Close BEIJING, May 7 (Xinhua) -- China issued a guideline on Friday to encourage social investment in 13 major rural and agricultural sectors to boost rural vitalization. The sectors include modern planting and breeding, farm-produce processing and circulation, new type of rural services, agricultural technological innovation and rural infrastructure, said the guideline jointly released by the Ministry of Agriculture and Rural Affairs and the national administration for rural vitalization at a press conference. Efforts should also be made to create new approaches to investment, build platforms for cooperation and improve the environment of investment, according to the guideline. Stressing the advancement of rural vitalization, Liu Huanxin, vice minister of agriculture and rural affairs, urged rural and agricultural authorities to cooperate with financial institutions to provide better financial services. Along with the country's policy banks, the ministry … [Read more...] about China issues guideline on social investment in rural sectors
BOSTON (CBS) – JPMorgan Chase is in the midst of a long term $30 billion commitment to advancing racial equity in U.S. cities, including Boston. Jamie Dimon, the chairman and chief executive officer of JPMorgan Chase, talked to WBZ-TV’s Paula Ebben Thursday about how the effort will bring change to the way business is done in the city. PAULA EBBEN: JP Morgan Chase has committed $30 billion to advance racial equity, and that means investing a lot of money in Boston – why Boston? JAMIE DIMON: “Boston was my hometown for years. I went to Tufts University. I worked here with the Harvard Business School, but it’s also a great town, I love the town, it’s got huge money management here, capability. We’re opening, we have investment banking, private banking, now we have 30 branches here which is new, and we are doing quite well and then we come in and we try to do everything, which includes philanthropy, financing entrepreneurs of color, affordable housing, mortgages to Black … [Read more...] about JPMorgan Chase CEO Jamie Dimon Hopes Investing In Boston Will Improve Racial Equity
- By Shashank Singhal India's Fintech ecosystem and underlying opportunities have gained global recognition. According to a report by RedSeer Consulting, India's financial technology companies are expected to triple in value over the next five years, hitting a valuation of USD 150-160 billion by 2025. While digital payments and lending have been critical in the foundation of Indian fintech base however the strong performance of equity and mutual funds led to strengthening and entry of several Wealth management models, with ‘Wealth-tech’. The Indian Wealth-tech market is expected to expand to over $60 billion by FY25. India currently has 4 million Wealth-tech investors (FY20), which is expected to triple to 12 million by FY25 driven by rising investors, high digital platforms awareness and usage across equity and mutual fund investments, financially literate millennials etc. The Wealth-Tech Model Different players are offering different services to investors … [Read more...] about Are FinTechs building wealth for Indians?
NEW DELHI: IIFL Finance on Thursday reported a multifold jump in its consolidated net profit at Rs 248 crore in the last quarter of the fiscal ended March 2021 on healthy revenues from operations such as interest income . The non-banking financial company had posted a net profit of Rs 59 crore in the corresponding quarter of the previous financial year 2019-20. Its consolidated income during January-March 2021 jumped to Rs 1,648.62 crore as compared with Rs 1,342.19 crore in the year-ago period, IIFL Finance said in a regulatory filing. Interest income rose to Rs 1,459.25 crore during the quarter as against Rs 1,255.10 crore in the year-ago period. Also, the company's net gain on de-recognisation of financial instruments under the amortised cost category moved up by 133 per cent to Rs 43.34 crore from Rs 18.63 crore a year ago. Besides, there was income attributable to net gain on fair value changes of Rs 64 crore in the fourth quarter of 2020-21. During 2020-21, … [Read more...] about IIFL Finance Q4 results: Net profit jumps multifold to Rs 248 cr