SEBI fines IIFL Securities for violation of norms related to the client funds

Brokerage businesses handle significant client money and hence are supposed to be managed with extreme discipline. Regulations are well laid out in that regard. However, time and again we come across cases that raise doubt on this underlying presumption. Today, SEBI passed an adjudication order against IIFL Securities Limited (IIFL) for some serious violations – … Read more

Bandhan wins the bid to acquire IDFC’s mutual fund business

The bid has been won by the consortium led by Bandhan Financial Holdings Limited (BFHL) and includes GIC and ChrysCapital. Key factual points on the acquisition –  BFHL is the non-operative financial holding company of the Bandhan group. It is the promoter of Bandhan bank and currently owns ~40% stake in the Bank. IDFC mutual … Read more

buffett: Warren Buffett deepens insurance exposure with $11.6 billion Alleghany deal

Warren Buffett‘s Berkshire Hathaway has struck an $11.6 billion deal to buy Alleghany Corp, the owner of reinsurer TransRe, just weeks after the 91-year-old billionaire bemoaned the lack of good investment opportunities. Alleghany adds to Berkshire’s already large insurance portfolio, which includes Geico auto insurance, General Re reinsurance and a unit that insures against major … Read more

Saudi Arabia transfers Aramco shares worth $80 billion to wealth fund

The transfer of a 4% stake in state-owned Saudi Arabian Oil Co., known as Aramco, will support the Public Investment Fund’s plan to grow its assets under management to over $1 trillion by 2025, from about $480 billion currently, the Saudi government said Sunday. The Saudi government, which will remain the largest shareholder in Aramco … Read more

Microsoft CEO Satya Nadella joins Groww as investor, advisor

Tiger Global-backed Groww on Saturday said Microsoft chief executive officer Satya Nadella has joined the company as an investor and advisor. “Groww gets one of the world’s best CEOs as an investor and advisor. Thrilled to have @satyanadella join us in our mission to make financial services accessible in India,” Groww’s co-founder and CEO Lalit … Read more

Why SEBI suspended futures trading in agri products

The story so far: Securities & Exchange Board of India (SEBI) on Monday issued directions to stock exchanges in the commodity derivatives segment for immediately suspending trading in derivative contracts in key farm commodities, namely paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong for … Read more