Japanese fund house Noumra may become the 10th foreign asset management company to exit the crowded Indian MF market in the past seven years if it calls off the five-year joint venture with state-run insurance giant LIC as is widely speculated.
Facing mammoth NPAs, PSU banks Wednesday said the problem of poor asset quality "may continue" for another 2-3 quarters as the Finance Ministry took stock of issues, including the alleged Rs 6,100-crore black money remittance case involving Bank of Baroda, facing them.
Capital market regulator SEBI Wednesday said that 'unappropriated shares' held with Trusts, which is not backed by grants but has been acquired through secondary acquisition, need to be offloaded on the stock exchanges in the next four years.
Extending losses for the second straight session, the rupee Wednesday fell by another 7 paise to to end at 65.12 against the US dollar on persistent demand for the American currency from banks and importers despite sustained foreign capital inflows.
Rationalisation of tax rules and introduction of uniform KYC were some of the steps which were suggested by the domestic financial institutions (FIs) to promote ease of doing business and encourage retail participation in the securities market.
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