CAMS brings you a glimpse into the key events that occurred in year 2016 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.
Early into 2016, Chinese economy displays signs of toppling markets across the world and sending currencies of emerging markets to their weakest levels in two decades.
In a dramatic turn of events , UK chooses to leave the EU in June 2016. Dubbed Brexit, the decision causes ripple effects that affect global proceedings politically and economically.
Falling in line with the anticipation of market experts around the world, the Federal Reserve hikes interest rates seeking to address issues related to labor market and inflation.
Government of India decides to merge railway budget into the main budget, indicating a strategic departure from the 92 year old practice instituted by the British. Also, budget will be presented on first working day of February, starting next year.
India’s move to demonetize Rs500 and Rs1000 notes urges consumers to go the cashless and tax compliant way.
In a move to promote and boost cashless, digital payments in the country, Niti Aayog launches ‘Lucky Grahak Yojna’ and ‘Digi Dhan Yojna’ for consumers and merchants.
In a landmark shift of stances, Indian government seeks to implement GST in 2017. GST council led by Union Finance Minister Arun Jaitley state finance ministers meets seven times to discuss amendments to be effected to GST.
Urjit Patel assumes office as the newly appointed chief of RBI in September 2016; GoI sets up Monetary Policy Committee to manage affairs concerning policy interest rates.
SEBI introduces several reforms in the past year, including relaxation of norms for start-up funding.
SEBI sources confirm registration of over 1700 fresh FPIs in the April-October quarter of the current financial year, accounting for an inflow of around Rs 2800 crore in equities alone.
Mutual fund folios reach 44 lakh mark in the eight months spanning April to November 2016 alone, with considerable amount of inflow coming from B15 regions of the country.
IRDAI mandates specific set of insurance policies to be issued in digitized, electronic form, from October 1, 2016.
The Indian Insurance industry records notable growth in year 2016, thanks to the several initiatives undertaken at the behest of the Central Government.
Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 62% of assets of the industry across 16 Mutual Funds. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading Insurance Companies, Banks, NBFCs and Alternate Investment Funds. To know more visit www.camsonline.com