SEBI is contemplating allowing foreign individuals to directly invest in Indian stocks, currently accessible via the FPI route. This proposal, still under consideration, aims to broaden the ownership base but faces hurdles like KYC compliance and money laundering risks. While most major markets permit direct foreign retail investment, Indian authorities are proceeding cautiously.
IndusInd Bank has appointed EY to conduct a forensic audit into a 600 crore discrepancy related to interest income in its microfinance portfolio, flagged during the statutory audit. This investigation aims to identify any lapses and determine accountability. It is separate from the ongoing Grant Thornton Bharat probe into forex derivatives portfolio irregularities.
The NSE Nifty gained 1.2%, or 273.90 points, to finish at 24,125.55. The BSE Sensex moved 1.1%, or 855.30 points, higher at 79,408.50. Both indices have surged up to 6% each in the past five trading sessions.
A recent Sebi circular mandating a higher reporting structure for company secretaries and chief compliance officers (CCOs) has sparked debate. While compliance heads welcome the move, listed companies fear potential disruptions to internal hierarchies and pay scales. Some CCOs are seeking parity with CFOs, prompting calls for clarification from the market regulator regarding the circular's intent.
In a significant move, Bangladesh's election body has locked the National Identity Cards of deposed Prime Minister Sheikh Hasina and nine of her family members, rendering their NIDs unusable for any services. This action follows Hasina's exile in India after widespread protests led to the collapse of her 16-year rule.
The final testament of the Pope specified that Francis wanted to be buried "in the ground, without particular decoration" but with the inscription of his papal name in Latin: Franciscus.
