First, Indian payroll systems break down compensation into basic salary, DA, house rent allowance (HRA), special allowances, and other parts. For PF purposes, the contribution base includes basic salary plus DA and retaining allowance. Had the organization categorized salary components inconsistently over time, it could have created problems when calculating salaries for pension purposes.
SEBI has revised the application process for mutual fund registration, replacing the earlier multi-form process with a consolidated application. At the same time, the revised framework requires prospective sponsors to provide detailed information on their financial strength, ownership, regulatory record, governance, technology and investor-protection systems. The changes follow the overhaul of the SEBI (Mutual Funds)…
Tamilnad Mercantile Bank reported a 35% year-on-year jump in June quarter net profit at Rs 412 crore against Rs 305 crore in the year ago period, backed by a 17.5% rise in total income at Rs 1901 crore. Pre-provision operating profit for the private sector lender stood 48% higher at Rs 611 crore. Its net…
Mumbai: The Securities and Exchange Board of India (Sebi) is seeking extensive disclosures from sponsors looking to set up mutual funds, including details of ownership, ultimate beneficial owners, financial strength, regulatory history and governance practices, as the regulator consolidates the registration process into a single application form. The revised application form issued on Monday, follows…
If you have ever invested in an ETF, you may have noticed that it displays two values—a market price and a net asset value (NAV). Unlike other mutual funds, where investors transact only at the NAV, ETFs are bought and sold on stock exchanges throughout the day at market prices. The NAV represents the per-unit…
Like Arjun Saluja (Hrithik Roshan’s character) in Zindagi Na Milegi Dobara, Deepak had a number in mind. Not for a business deal, but for his financial freedom. An investment banker by profession, he spent years meticulously tracking every expense, increasing his investments with each salary hike, and building a portfolio he believed would allow him…
Ceigall India shares rose as much as 3.54% to hit an intraday high of Rs 359.85 on Friday after the company received a Letter of Intent (LoI) from REC Power Development and Consultancy Limited for a major power transmission project. The order marks a significant addition to Ceigall India’s project pipeline, with the total project…