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Former prime minister and BJP stalwart Atal Bihari Vajpayee has died at the All India Institute of Medical Sciences (AIIMS) in Delhi, the hospital said on Thursday. He was 93. The three-time prime minister was admitted to the hospital on 11 June this year in a critical condition and had been at the facility since then. Vajpayee was suffering from urinary tract infection, lower respiratory tract infection and kidney problems.
"It is with profound grief that we inform about the sad demise of Former Prime Minister of India, Shri Atal Bihari Vajpayee at 05:05pm on 16.08.2018." said AIIMS in a medical bulletin.
"Shri Vajpayee was admitted in AIIMS on 11.06.2018 and was stable in the last 9 weeks under the care of a team of AIIMS doctors. Unfortunately, his condition deteriorated over the last 36 hours and he was put on life support systems. Despite the best of efforts, we have lost him today. We join the Nation in deeply mourning this great loss." AIIMS added.(Source : Mint).
The Securities and Exchange Board of India (Sebi) is planning to limit investor's exposure to shares and equity derivatives in line with their net worth, said three people with knowledge of the development. The move is aimed at preventing individuals from going overboard on equity investments, considered riskier than bonds.
The proposal is similar to the concept of accredited investors in some developed markets. An accredited investor is one who meets requirements regarding income, net worth, asset size, governance status or professional experience. The US regulator has adopted requirements for accredited investors to protect those who may be unable to sustain the economic risk of investing in unregistered securities. The proposal, if implemented, could impact a number of equity investors. (Source : Economic Times)
Paresh Sukthankar, deputy managing director and a member of the founding team at HDFC Bank Ltd, has resigned.
In a notification to stock exchanges, the bank said that Sukthankar has tendered his resignation as Deputy Managing Director, to be effective 90 days from the close of business hours on Friday.
Sukthankar's resignation comes as a surprise as he was considered one of the front-runners to succeed MD and chief executive officer (CEO) Aditya Puri, who is set to retire in October 2020.
The Securities and Exchange Board of India (Sebi) on Friday said its new guidelines do not bar investors from holding shares in the physical form even after December 5. The clarification comes after the market regulator received several calls concerning the applicability of its directive. The regulator had said in July that the transfer of shares of listed companies had to be in the dematerialised mode from December 5.
"The new amendment does not prohibit investors from holding shares in the physical form. Investors have the option of holding shares in the physical form even after December 5, 2018." Sebi said in a statement. The new rule does not apply to transfer of title of shares by way of inheritance or succession and interchanging of the order of the name of shareholders.
Besides, the regulator said any investor desirous of transferring shares held in the physical form after December 5 can do so only after the shares are dematerialised. Shares in the demat form will help in having a transparent record of shareholding at companies amid rising concerns over beneficial ownership of entities.(Source : Mint)
India's biggest IT services company TCS has announced 18 August, 2018, as the record date for buyback of shares. TCS shareholders will be able to participate in the buyback, if they holds shares in their demat accounts as on the record date.
A buyback is a mechanism through which a company repurchases a specific amount of its outstanding shares. Buybacks help to improve the earnings per share and return on equity. "We would like to inform you that the promoter and promoter group of the company have communicated their intention to participate in the proposed buyback" TCS had said in a BSE filing.
The buyback will take place through the tender route, in which TCS will accept shares on a proportionate basis during the buyback period. According to Sebi's mandate, companies have to reserve 15% of any buyback for small shareholders with holdings of less than Rs 2 lakh. This will increase the acceptance ratio for TCS retail investors who want to participate in the buyback offer.(Source : Mint)