CAMS brings you a weekly glimpse into the key news in the BFSI sector, both in India and abroad. Regulatory updates or important news, here are some which might have had an impact on the sector…
Deputy Crown Prince Mohammed bin Salman overseeing Saudi Arabia’s economy and revealed his ambitious plans to end the kingdom’s over dependence on oil. He wants to transform it into a global investment power. Riyadh would raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion) and would sell up to five percent of shares in state oil giant Aramco.
The Union government has changed its mind on the interest rate cut on Employees’ Provident Fund (EPF). The organized sector employees will earn an 8.8% interest on their EPF for 2015-16 after removing the prior cut by 10 basis points to 8.7%.
Reserve Bank of India (RBI) governor Raghuram Rajan told there should be only “bare minimum regulation” to encourage start-ups. He added that start-ups are key to creating employment in the country and they have the potential to grow into bigger businesses to keep creating employment
All banks have moved to marginal cost of funds-based lending rate (MCLR); a new lending rate system. MCLR-linked home loans are at least 10 basis points (bps) cheaper than base rate-linked home loans. Read further to understand changes coming with MCLR.
SEBI is proactively taking steps to ease the norms on the redemption limits imposed by asset management companies (AMCs). This will in turn enable retail investors to freely withdraw their money from mutual fund schemes.
The Securities and Exchange Board of India (SEBI) has sought an explanation from National Stock Exchange of India Ltd (NSE) on a report by the SEBI technical advisory committee (TAC) which has mentioned that some traders on the exchange had unfair access to market data and trading systems. The expert panel of SEBI has recommended action against the NSE for violating norms of fair access.
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