Page 6 - Funds

Funds over Rs 25,000 cr with Sebi in focus after Subrata Roy's death

The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied. In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs). This order came after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations. After a long process of appeals and cross-appeals, the Supreme Court on August 31

Revfin looking to raise Rs 500 crore in 12 months: CEO Samir Aggarwal

Electric vehicle (EV) digital financing platform Revfin is looking to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, founder and CEO Samir Aggarwal has said. The company's expansion plans include the commercial roll-out of its battery financing services before the end of this fiscal year. The platform is also targeting to achieve a topline of Rs 90 crore this fiscal on the back of expanded portfolio, which includes two-, three- and four-wheeler financing for commercial uses, Aggarwal said. Set up in 2018 for financing electric three-wheelers, the Delhi-based digital lender has expanded the business to two- and four-wheeler financing as well as vehicle leasing and rental services. "So far, we have raised about Rs 300 crore which has been in a combination of equity and debt. And the plan is now to raise about Rs 500 crore in the next 12 months," Aggarwal told PTI. He said that the company is in talks with a number of venture capitalists and futu

COP28 looks set for conflict after negotiations on climate damage fund

Tense negotiations at the final meeting on a climate-related loss and damages fund an international fund to help poor countries hit hard by a warming planet ended Saturday in Abu Dhabi, with participants agreeing that the World Bank would temporarily host the fund for the next four years. The United States and several developing countries expressed disappointment in the draft agreement, which will be sent for global leaders to sign at the COP28 climate conference, which begins in Dubai later this month. The US State Department, whose officials joined the negotiations in Abu Dhabi, said in a statement it was pleased with an agreement being reached but regretted that the consensus reached among negotiators about donations to the fund being voluntary is not reflected in the final agreement. The agreement lays out basic goals for the fund, including for its planned launch in 2024, and specifies how it will be administered and who will oversee it, including a requirement for developing

India has significant amount of dry capital for startup ecosystem: VCs

Fintechs have been among the five best-performing sectors in terms of funding since 2018, with an exception in 2020 when it came sixth

CM Sukhu distributes Rs 8.97 cr compensation to disaster-affected families

He provided Rs 3 lakh each as the first instalment to 94 affected families whose houses were completely damaged during the disaster in the district of Bilaspur

Karnataka govt seeks Rs 17,901 crore drought relief funds from Centre

The Karnataka government on Wednesday demanded Rs 17,901.73 crore in funds from the Centre to compensate farmers affected due to drought in the Kharif season this year. Karnataka Agriculture Minister N Chaluvaraya Swamy, Rural Development Minister Priyank Kharge, and Revenue Minister Krishna Byregowda met Union Agriculture Secretary Manoj Kumar Ahuja and Home Secretary Ajay Kumar Bhalla separately and updated them about the drought situation in Karnataka. The three state ministers are also members of the Karnataka Cabinet sub-committee on drought management. Briefing the media after the meeting, Byregowda said, "We have sought a total drought relief of Rs 17, 901.73 crore as per the NDRF norms. We have requested the central government to clear the funds at the earliest. As of September 22, the state as a whole recorded 26 per cent deficit rainfall that led to an estimated agriculture and horticulture crop loss in about 45.55 lakh hectares during the kharif season, he said. The sta

Delhi's Municipal Corporation releases funds for Chhath Puja preparations

It further mentioned that the allocation of the budget has been made for the augmentation of street lighting on the approach road to Chhath Ghats

Multi-cap funds are for investors with slightly higher risk appetite: Edelweiss MF

While the large-cap component of a multi-cap fund can take care of near-term volatility, the mid and small-cap component can offer investors the upside that is likely to come in the medium term, said

Banks urge RBI to set up liquidity window for financing of startups

High mortality rates in startups a big worry

Rs 82,000 cr collected under District Mineral Foundation till August: Govt

The mines ministry on Monday said Rs 82,370.79 crore has been collected under the District Mineral Foundation (DMF) till August this year. DMF is a non-profit body working for people and areas affected by mining-related activities in such manner as may be prescribed by the state government. "The total amount of funds collected under DMF comes to Rs 82,370.79 crore and the amount utilised stands at Rs 45,150.21 crore (August)," the Ministry of Mines said. As of August, DMFs have been set up in 644 districts in 23 states/Union Territories, while 17 states/UTs have DMFs in each district, the ministry said. States and UTs that have DMFs in all district include Andhra Pradesh, Bihar, Himachal Pradesh, Kerala, Uttarakhand, Uttar Pradesh, Punjab, Haryana, Chhattisgarh, Jharkhand, and Jammu & Kashmir.

Rs 6,907 cr due from GOI to West Bengal under MGNREGS: Amit Mitra

During a press conference, Mitra criticised the govt of India for not releasing the rightful dues to states, thus affecting rural employment opportunities for 25.4 mn job card holders in WB

Funds came from China to disrupt sovereignty: Police FIR against NewsClick

The Delhi Police, in an FIR filed under anti-terror law UAPA following allegations against news portal NewsClick, has alleged that a large amount of funds came from China in order to disrupt India's sovereignty and cause disaffection against the country. The Delhi Police served a copy of the FIR to the portal on Friday, a day after a city court directed it to do so. According to the FIR, a copy of which is with PTI, Chinese telecom giants have floated thousands of shell companies in India. "In furtherance of this conspiracy to disrupt the sovereignty of India and cause disaffection against India, a large amount of funds was routed from China in a circuitous and camouflaged manner and paid news were intentionally peddled, criticising domestic policies, development projects of India and promoting, projecting and defending policies and programmes of the Chinese government," the FIR says. It also alleges that the founder and editor-in-chief of NewsClick, Prabir Purkayastha, conspired w

Shah approves release of Rs 44.8 cr to provide relief to people in Sikkim

Union Home Minister Amit Shah has approved the release of Rs 44.8 crore as an advance amount from the central share of the State Disaster Response Fund (SDRF) to Sikkim to provide relief to flash floods-affected people. Following a directive from Shah, the Ministry of Home Affairs (MHA) has formed an Inter-Ministerial Central Team (IMCT), which will visit the affected areas of Sikkim soon to make an assessment of the damage caused due to a Glacial Lake Outburst Flood (GLOF), cloudburst and flash floods, according to an official statement. The home minister has approved the release of both the instalments of the SDRF's central share to Sikkim, amounting to Rs 44.8 crore, in advance for 2023-24 to help the northeastern state provide relief to the affected people, the statement said. The Centre has assured the Sikkim government of all possible help. The central government, under the leadership of Prime Minister Narendra Modi, is standing shoulder to shoulder with Sikkim, the statement

NIIF launches $600 mn India-Japan bilateral fund in collaboration with JBIC

Fund aims investments renewables, e-mobility, and circular economy

Nirma to tap into own funds, debt to buy Glenmark Life Sciences

The company had earlier informed banks that it would raise Rs 5,000 crore to Rs 7,000 crore in the current financial year for the acquisition

Hong Kong to tighten regulation of crypto after arrests linked to JPEX

Hong Kong's leader said on Tuesday that the territory will tighten regulation of digital assets after police arrested six people following allegations of fraud at an unlicensed cryptocurrency exchange in the city. The arrests on Monday followed an announcement by Hong Kong's securities watchdog last week that the exchange, JPEX, was unlicensed and did not have authority to operate its cryptocurrency trading platform in the city. The Securities and Futures Commission said it had received more than 1,400 complaints against JPEX involving more than 1 billion Hong Kong dollars (USD 127.9 million) in losses. The SFC also said some investors said complained of being unable to withdraw their virtual assets from JPEX accounts or of finding their balances were reduced and altered. The SFC and police were expected to release details on the case later Tuesday. Hong Kong's chief executive, John Lee, told reporters Tuesday that the government would step up efforts to educate investors and remi

Centre allotted Rs 862 cr: Thakur's swipe at HP govt over funds claim

Thakur also hit out at the ruling Congress government in the state for cribbing over funds crunch

UN food agency warns of 'doom loop' for world's hungriest as govts cut aid

The World Food Program warned Tuesday that humanitarian funding cuts by governments are forcing the U.N. agency to drastically cut food rations to the world's hungriest people, with each 1% cut in aid risking to push 400,000 people toward starvation. The agency said the more than 60% funding shortfall this year was the highest in WFP's 60-year history and marks the first time the Rome-based agency has seen contributions decline while needs rise. As a result, the WFP has been forced to cut rations in almost half its operations, including in hard-hit places like Afghanistan, Syria, Somalia and Haiti. In a statement, WFP warned that 24 million more people could slip into emergency hunger over the next year as a result. WFP's executive director, Cindy McCain, said with starvation at record levels, governments should be increasing assistance, not decreasing it. If we don't receive the support we need to avert further catastrophe, the world will undoubtedly see more conflict, more unrest

Multi-asset allocation fund: Invest for a diversified, low-risk portfolio

But steer clear of them if you desire complete control over asset allocation

Sebi announces new disclosure requirements for select offshore funds

The funds will have 10 days to lower their investment to below 50% to avoid the enhanced disclosures