Weekly round up – CAMS 24th October 2015

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CAMS brings to you the important happenings in the BFSI segment during this week. In this weekly roundup, we will attempt to cover key events, milestones, regulatory updates that have an impact on the BFSI sector in India.

The Association for Mutual Funds in India (AMFI), the industry body for mutual funds, on Friday elected Leo Puri of UTI AMC as its new Chairman and retained A Balasubramanian as Vice-Chairman. 

Equity mutual funds witnessed an addition of over 21 lakh investor accounts or folios in the first six months of the current fiscal (2015-16), primarily because of strong retail participation.

The Income Tax Department has started a pilot project of using e-mails for sending notices, getting replies as well as carrying out tax assessments in an attempt to make sure taxpayers don’t have to visit I-T offices physically in smaller cases. 

On Tuesday CMPFO communicated its decision to the selected fund managers and gave the mandate for fund management for a period of three years beginning November 1, 2015.

India’s move to set up 11 new payments banks is expected to expand penetration of the banking sector in vast rural areas of the country, the World Bank has said. 

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The Reserve Bank of India expects its plans to set up a information technology subsidiary for checking cyber threats, to take shape in the next six to eight months, its Governor Raghuram G Rajan said on Friday. The subsidiary will have experts from the IT domain to check possible threats and also help the central bank to use technology in regulation and supervision, he said

Retirement fund body EPFO is hopeful of launching an online PF withdrawal facility by March end after the Supreme Court extended voluntary use of Aadhaar card to government schemes, including provident fund. 

CAMS has a variety of information available in its website and also share excellent inputs on Investments and Savings in our Facebook Page.

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Published by

Sudarshan Ranganthan

Breaths Investments, Suggests Wealth Creation Ideas, Lives on Law Of Attraction

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