Groww, a fast-growing technology-oriented investment platform, has signed an agreement with Indiabulls Housing Finance (IBHFL) to acquire Indiabulls Asset Management Company and Trustee Company for consideration of Rs 175 crore (including cash and cash equivalents of Rs 100 crore). With this acquisition, Groww will become one of the first fintech companies to enter the Rs 32-trillion asset management space.
Groww has more than 15 million customers and offers services like mutual fund and stock market investing. The transaction is subject to market regulator Securities and Exchange Board of India (Sebi) and other regulatory approvals. In a release, Groww said Sebi’s recent change in sponsorship criteria for fintech companies has enabled it to enter into the asset management space.
The Association of Mutual Funds in India (Amfi) has asked fund houses to include cash components and their respective yields while calculating the portfolio yield to maturity (YTM) of debt schemes. The Securities and Exchange Board of India (Sebi) had earlier expressed its displeasure at mutual fund houses depicting the portfolio yield of debt schemes by leaving out the yields on cash and cash equivalents, said people in the know. Doing so can jack up yields of debt schemes and can give an incorrect returns picture to investors, according to experts. It is clarified that cash components and their respective yields shall be included in the calculation of the portfolio YTM. It is further clarified that net receivable/payable shall be assigned the weighted average yield of cash component and also included in the calculation of the portfolio YTM, Amfi said in a letter to fund houses.
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SEBI makes dividend distribution policy mandatory for top 1,000 listed firms
The regulator has also put in place a framework in relation to applicability, constitution and role of the Risk Management Committee (RMC) and eased norms for re-classification of a promoter as a public shareholder
PTI | May 11, 2021 | Updated 21:18 IST
Sebi has amended Listing of Obligations and Disclosure Requirements (LODR) rules and the new rules have come into effect from May 5
To strengthen corporate governance practices and disclosure requirements, Sebi has notified new rules, including that top 1,000 listed firms will have to formulate a dividend distribution policy.
The regulator has also put in place a framework in relation to applicability, constitution and role of the Risk Management Committee (RMC) and eased norms for re-classification of a promoter as a public shareholder, according to a notification dated May 5.
In a consultation paper, the watchdog has also suggested streamlining the disclosures requirement of group companies. The Securities and Exchange Board of India (Sebi) has sough comments from public on the proposals till June 10. With regard to lock-in period, Sebi has proposed that if the object of the issue involves offer for sale or financing other than for capital expenditure for a project, then the minimum promoters contribution of 20 per cent should be locked-in for one year from the date of allotment in the Initial Public Offer (IPO). Currently, the lock-in period is three years. However, shares held by promoters should be exempt from lock-in requirements after six months from date of allotment in the IPO, only towards the purpose of achieving compliance with minimum public shareholding norms.