Tag: Finance

World Savings Day 2023: History, significance and theme

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

World Savings Day is observed worldwide on October 31 each year, dedicated to emphasising the importance of saving for the future. Saving money is a crucial means to prepare for financial emergencies and secure a stable income during retirement. The purpose of World Savings Day is to educate people on the significance of prudent financial planning. On this day, various educational campaigns and activities are conducted to raise awareness about the importance of saving for future needs.

History:

World Savings Day has its roots in the First International Savings Bank Congress, held from October 24 to October 30, 1924, in Milan, Italy. It was officially established as an observance on October 31, 1924, and is celebrated globally on the same date. However, in India, World Savings Day is observed a day earlier, on October 30. The primary objective of World Savings Day is to enlighten people about various saving techniques.

Significance:

Over time, World Savings Day has gained relevance and popularity, reflecting the growing importance of saving for the future. There is also a strong emphasis on instilling a savings culture among young individuals, beginning from childhood.

Theme

The global theme for World Savings Day 2023 is yet to be announced by the International Savings and Investments Congress. Nevertheless, the theme for this year is expected to align with ongoing global awareness campaigns initiated by savings banks. These campaigns play a vital role in fostering economically resilient generations, a significant objective regardless of one’s background.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Financial sector thriving, driving growth despite COVID-19 and digital disruption: PwC India’s Gayathri Parthasarathy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Gayathri Parthasarathy, Partner and Leader of Financial Services at PwC India, stated that the banking sector plays a huge role in India’s growth objectives as it has been highly resilient in the face of the COVID-19 pandemic and other challenges and has shown strong profitability in recent quarters.

Parthasarathy made this statement while talking about the current state and prospects of the financial sector in India during a PwC CEO Dialogues hosted by CNBC-TV18 which also had Zarin Daruwala of Standard Chartered Bank, Govind Singh of Utkarsh Small Finance Bank, Rajiv Sabharwal of Tata Capital, Ashwini Kumar Tewari of SBI, Prashant Kumar of YES Bank, J Venkatramu of India Post Payments Bank, Kaushik Shaparia of Deutsche Bank India, and Sanjeev Krishan of PwC in India.

According to Parthasarathy, credit growth from 2022 to 2023 has been high at 15 percent and the NPA gross or net ratio has been coming down for all scheduled commercial banks. “Digital transformation is happening all over the country and the banking sector. Innovations in payments such as UPI and UPI lite are leading to disruptive technologies that can help banks grow,” she said.

“To reach the last mile, credit inclusivity needs to come in for the bottom of the pyramid. Rural entrepreneurship needs to thrive for India’s growth to be fundamentally higher. A well-defined strategy for India and Bharat can come up through the usage of technology and data.”

She also stressed the importance of talent development and upskilling in the banking sector. She said that the talent of today may not be needed tomorrow as the sector undergoes rapid changes due to technology, customer expectations, and regulations. She said that the banking sector needs to invest in reskilling and retraining its workforce to equip them with the skills and competencies required for the future.

She also mentioned sustainability as a key factor for the banking sector. She said that while other sectors are focusing on environmental, social, and governance (ESG) aspects, the banking sector needs to come up with an integrated strategy on ESG and how it can align its business goals with social responsibility and profitability goals.

Parthasarathy concluded by saying that she is optimistic about the future of the banking sector in India and that PwC India is committed to helping its clients navigate the challenges and opportunities ahead.

Also Read: All economic indicators show India may have growth higher than 6.5% in FY23-24, says Rajiv Sabharwal of Tata Capital

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ChatGPT in financial industry — here is how this AI tool can make disruptions in the sector

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The financial sector is important to the economy because it helps money move between savers and borrowers, which is a crucial function of the sector. A variety of financial services, including banking, insurance, investments and other financial products and services, are offered by the sector. It also makes it easier to conduct commerce, allocate capital effectively, and control financial risk.

Since the financial sector has a very big influence on economic stability and prosperity, the governments frequently closely regulate it to make sure it runs safely and soundly. However, novel technology tools such as ChatGPT, with its neural network architecture and training data that has been created to learn the intricate and nuanced subtleties of human language and produce meaningful, cogent responses, can bring in disruption in the industry in various ways. 

ChatGPT has the potential to disrupt the financial industry by providing a more efficient and personalised way for customers to interact with financial institutions. It is able to comprehend and reply to client questions and requests in a way that is more natural and human-like by employing natural language processing and machine learning. The need for human customer support personnel may be lessened as a result, which might lower costs for financial institutions and enhance the customer experience.

ADVANTAGES

There are several advantages of using ChatGPT in the financial industry. A few of these are:

Better customer service

ChatGPT can offer customers a more efficient and personalised way to communicate with financial institutions. It can deliver pertinent information and recommendations in a timely manner in response to consumer inquiries and requests.

Instant assistance

ChatGPT may offer clients rapid assistance by responding to their questions and addressing their problems in real-time. Wait times may be cut down as a result, and customer satisfaction may also increase.

Personalising interactions

ChatGPT can analyse customer data and personalise its interactions to suit individual customer preferences. The link between the client and the business can be strengthened and rapport built in this way.

Supporting many inquiries at once: ChatGPT can support multiple enquiries at once, easing the pressure on customer care agents and allowing them to concentrate on more complicated issues.

Enhanced effectiveness

ChatGPT can handle a lot of client interactions at once, which can make customer support operations more effective. Financial organisations may be able to service more consumers and cut expenses as a result of this.

More effective risk management

ChatGPT can be used to examine vast volumes of data and offer perceptions of financial risk. It can spot patterns and trends in data, enabling financial firms to make better risk management decisions.

24/7 availability

ChatGPT can provide customer service and support 24/7, which can improve the availability and accessibility of financial services.

Error reduction

By utilising machine learning and natural language processing to comprehend and respond to client requests and inquiries, ChatGPT can improve accuracy while reducing errors. This can lower the likelihood of mistakes or errors and help to improve the quality of financial services.

Also Read: ChatGPT for Creators — Get ready for a bumpy ride

Banking Industry and ChatGPT

ChatGPT can benefit the banking industry by providing improved customer service, 24/7 support, reducing the workload for customer service representatives, increasing efficiency, improving security, and offering personalised financial advice through analysing customer data. These benefits lead to more efficient operations, improved customer satisfaction, and enhanced security, ultimately benefiting both customers and financial institutions. Bank marketers can use ChatGPT in a number of ways, such as:

 Marketing campaigns

ChatGPT may create unique material based on client information and preferences, improving the relevance and efficiency of marketing messaging.

Customer engagement and support

ChatGPT can be utilised to give quick, individualised answers to consumer questions, strengthening the customer experience and raising customer satisfaction.

Market research and analysis

ChatGPT can examine client information and feedback to offer perceptions and suggestions for market research and strategy creation. ChatGPT can automate low-value, repetitive tasks like data entry and email marketing. This lets human marketers focus on more difficult, high-value tasks. 

WIDE RANGE OF APPLICATIONS

 Some of the key use cases for ChatGPT in finance include:

Personalised financial advice

ChatGPT can be used to provide personalised financial advice to customers based on their individual circumstances and goals. It can analyse data about a customer’s  income, expenses, savings, and investments, and provide customised advice and recommendations.

Fraud detection and prevention

ChatGPT can be used to analyse data and detect patterns that may indicate fraudulent activity. It can also be used to monitor transactions in real-time and identify suspicious activity.

Investment management

ChatGPT can be used to provide investment management services, such as portfolio analysis and optimisation, risk management, and asset allocation.

Loan underwriting and credit scoring

ChatGPT can be used to analyse data and assess the creditworthiness of borrowers. It can analyse factors such as income, credit history, and other data to determine the likelihood of loan repayment and set appropriate interest rates.

Compliance and regulatory reporting

ChatGPT can be used to monitor financial transactions and ensure compliance with regulations. It can also be used to generate reports and other documentation required by regulators.

DISADVANTAGES

Although ChatGPT offers numerous potentials uses in the financial sector, there are also a number of difficulties and restrictions that need to be taken into account. Among these difficulties and restrictions are:

Limited understanding of context

While ChatGPT is very good at generating human-like responses, it can sometimes struggle to understand the context of a conversation. As a result, the user may receive results that are irrelevant or do not address their query or problem.

Bias in training data

Because ChatGPT is trained on a vast corpus of text data, it is occasionally inaccurate or biased. When it comes to touchy subjects like race, gender, or politics in particular, this may result in comments that are biased or misleading.

Lack of emotional intelligence and empathy

ChatGPT is unable to comprehend human feelings or offer emotional assistance. This could be a drawback when clients are looking for assistance or direction on an emotional level.

Privacy issues

If sensitive financial data is handled using ChatGPT but is not properly secured, this could be a privacy issue. To protect consumer information, financial institutions must make sure they have strong data privacy and security policies in place.

The application of artificial intelligence in finance is a rapidly developing field, and there are numerous legal and regulatory considerations that must be taken into account. While utilising ChatGPT or other AI systems, financial institutions must make sure they are in accordance with all applicable rules and regulations.

By increasing productivity, boosting the client experience, and cutting expenses, ChatGPT has the potential to upend the financial sector. It may automate numerous repetitive operations and offer individualised financial advice, both of which can increase client happiness and loyalty. All revolutionary technology, however, comes with significant risks and difficulties that must be handled.

The following players play important roles in guaranteeing the security and safety of ChatGPT and other AI technologies used in the financial sector:

Government

Regulatory agencies within the government play a crucial part in assuring the security and safety of ChatGPT and other AI technologies in the financial sector. They can establish guidelines for data security and privacy and make sure that financial institutions are abiding by all applicable rules and laws. They can also seek to urge industry players to work together to handle new risks and difficulties while promoting openness and accountability in the use of AI in finance.

Customers

Customers can help to ensure the security and safety of ChatGPT and other AI technologies used in the financial sector. People should take precautions to secure their personal information and financial data and be aware of the potential hazards and difficulties related with the use of AI in finance. In addition, they can offer input on the application of AI in finance to financial institutions and regulatory organisations, which will serve to direct the creation of industry standards and best practises.

Companies

Financial institutions have a duty to safeguard the security and safety of ChatGPT and other AI technologies used in the financial sector. To protect client  information, they should have strong data privacy and security procedures in place.

Companies should also routinely monitor and review the functioning of their AI systems to find any potential problems. Companies must also cooperate with the government and other industry players to handle new risks and difficulties brought on by the application of AI in finance.

CONCLUSION

ChatGPT has a lot of potential to change the financial sector by boosting productivity, enhancing the client experience, and cutting expenses. Customer service, individualised financial advice, fraud detection, investment management, loan underwriting, credit scoring, compliance, and regulatory reporting are just a few of the many uses it may be put to.

ChatGPT may have a huge effect on conventional financial services. It has the capacity to automate a number of common processes and lessen the need for human involvement, which might result in cheaper costs for financial institutions. Yet, it may also result in employment losses in some fields, especially in back-office and customer service roles.

Looking ahead, ChatGPT has a wide range of financial future prospects. Applications like emotional intelligence, natural language comprehension, and predictive analytics could become increasingly more complex as technology advances. Additionally, there might be chances to combine ChatGPT with other cutting-edge technologies to produce even more potent financial services, such as blockchain and quantum computing.

In general, ChatGPT is a technology that has the potential to drastically alter the financial sector. Financial institutions will be well-positioned to compete in the quickly evolving world of modern finance if they can leverage the capabilities of ChatGPT and other artificial intelligence technologies.

— The author, Nikhil Jain, is a serial technology entrepreneur and an IIT-Bombay alumnus. The views expressed are personal.  

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

International Day of Mathematics: Importance of the ‘study of numbers’ in fund management

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

As a maths-loving fund manager, I have always been intrigued by the fusion of mathematics and finance. The ability to use mathematical models and tools to analyse and interpret financial data is what attracted me to this field. With the increasing complexity of financial markets, the importance of mathematics in fund management cannot be overstated. Those who possess a strong grasp of mathematical concepts and tools are well-positioned to succeed.

Jim Simons, the founder of Renaissance Technologies, is a prime example of the potential of mathematics in fund management. Simons is a mathematician and former codebreaker who established a quantitative hedge fund that uses advanced mathematical models to make investment decisions. His firm has consistently outperformed the competition, with his flagship Medallion fund delivering impressive annual returns between 1988 and 2018. Renaissance’s investment approach is grounded in the belief that markets are not perfectly efficient, and that patterns and trends can be detected and exploited using mathematical models.

Also Read:  The International Day of Mathematics — a worldwide celebration 

Simons’ accomplishments have motivated a new generation of maths enthusiasts to pursue careers in fund management. As the financial industry becomes increasingly complex, the role of mathematics in fund management will become even more crucial. Those who can apply mathematics to the world of finance will undoubtedly be at the forefront of this exciting and ever-evolving field.

Mathematics plays a vital role in fund management. Fund management is a process of investing money in various securities with the aim of achieving a certain rate of return while managing risks. To achieve this, fund managers need to use mathematical tools and techniques to analyse, model, and make decisions about investment portfolios. In this blog post, we will discuss the role of maths in fund management.

Quantitative Strategies

Quantitative strategies involve the use of mathematical models to make investment decisions. These strategies rely heavily on mathematical tools such as statistical analysis, econometric models, and machine learning algorithms to identify patterns and trends in the market.

Quantitative strategies have become increasingly popular in recent years due to the growth of big data and the availability of powerful computing resources. 

Risk Analysis and Management

One of the primary roles of maths in fund management is risk analysis and management. Investors want to achieve high returns while minimising risks. Therefore, fund managers need to analyse and manage risks associated with investment portfolios. This involves using mathematical models to identify potential risks and their impact on the portfolio.

For example, fund managers use statistical models to calculate the probability of a particular investment experiencing a decline in value. They also use tools like Value at Risk (VaR) to calculate the potential loss in the portfolio under different scenarios. By using these mathematical tools, fund managers can make informed decisions about the composition of their portfolios and how to manage risks.

Portfolio Optimisation

Another important role of maths in fund management is portfolio optimization. Portfolio optimization involves selecting a mix of investments that will maximise returns while minimising risks. This requires fund managers to use mathematical models to analyse the performance of different investment portfolios and to determine the optimal allocation of assets.

For example, fund managers may use mathematical models to identify the correlation between different investments and to determine the optimal weightings of each investment in the portfolio. They may also use optimization algorithms to select the best mix of investments based on various criteria such as expected returns, risk tolerance, and liquidity requirements.

Performance Evaluation

Mathematics also plays a crucial role in evaluating the performance of investment portfolios. Fund managers need to use mathematical tools to measure the performance of investment portfolios and to compare them against relevant benchmarks. This involves using statistical models to analyse the returns of the portfolio over a specified period and to calculate performance metrics such as Sharpe Ratio, Treynor Ratio, and Jensen’s Alpha.

These performance metrics allow fund managers to evaluate the portfolio’s performance relative to its risks and to compare it against other investment opportunities. By using mathematical models, fund managers can make informed decisions about whether to maintain or adjust their investment strategies.

In conclusion, maths plays a critical role in fund management. Fund managers need to use mathematical tools and techniques to analyse, model, and make decisions about investment portfolios. By using maths, fund managers can identify potential risks, optimise their portfolios, and evaluate the performance of their investments. Therefore, a strong foundation in maths is essential for anyone looking to pursue a career in fund management.

— The author,  Sonam Srivastava, is the smallcase manager & Founder of Wright Research.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Kansai Nerolac Paints net profit falls 13 percent to Rs 108.97 crore in December quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Kansai Nerolac Paints Ltd on Friday reported a 13 percent decline in consolidated net profit at Rs 108.97 crore in the December quarter, impacted by higher expenses.

The company had posted a consolidated net profit of Rs 125.32 crore in the year-ago period, it said in a regulatory filing.

Also read | Explained: What is circuit breaker and what happens when a stock hits upper or lower circuit?

Consolidated revenue from operations during the quarter under review stood at Rs 1,826.81 crore as against Rs 1,810.35 crore in the corresponding period last fiscal, it added.

Total expenses were higher at Rs 1,684.74 crore as compared to Rs 1,648.39 crore in the same quarter last year.

“The quarter witnessed good demand in automotive coatings. Demand in decorative was impacted on account of early Diwali, extended monsoons and higher than normal channel stocking due to price increases during October 21 and November 21,” Kansai Nerolac Paints Managing Director Anuj Jain said.

Raw material prices showed a decline during the quarter, which continued to witness a high exchange volatility with the rupee sharply depreciating further, he added.

Jain said the company was able to conclude the price increases with all its key OEMs during the reported quarter which will help partly offset the high inflation witnessed over the last two years.

Looking forward, he said, “It is expected that demand would remain healthy in the short to medium term.” Kansai Nerolac Paints said the size of the domestic paint industry is estimated at around Rs 60,000 crore as of March 2022. The good growth in infrastructure, core sector as well as automobile and real estate is likely to have a positive effect on the overall demand of paint for the industry in the long run.

Also read | Apple CEO Tim Cook hopes to sell more iPhones in India — What gives him the confidence

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

G20 International Financial Architecture Working Group meeting to begin on Monday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The first G20 International Financial Architecture Working Group meeting will start on Monday, where participants will discuss ways to enhance stability and cohesion of the global financial architecture and how to make it fit to address the global challenges of the 21st century.

The meeting will also focus on exploring ways to provide maximum support to poor and vulnerable countries, Anu P Mathai, economic advisor, department of Economic Affairs, told the media here on Sunday.

Also read | Budget 2023 expectations | From higher purchasing power for common man to competitive corporate tax structure

Around 100 delegates from the G20 countries, invitee countries and international organisations will be participating in the two-day meeting.

Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar and Minister of Food Processing Industries Pashupati Kumar Paras will inaugurate it, she said.

Discussions during the meeting will be jointly steered by the ministry of finance and the Reserve Bank of India along with France and Korea who are the co-chairs of the International Financial Architecture Working Group.

“The meeting will discuss ways to enhance the stability and cohesion of the international financial architecture and how to make it fit for addressing the global challenges of the 21st century,” she said.

On the sidelines of the meeting on Monday, a G20 side event titled ‘Central Bank Digital Currencies (CBDCs): Opportunities and Challenges’ will also be held.

The event is aimed at sharing countries’ experiences and developing a deeper understanding of the macro prudential implications of CBDCs, she said.

India assumed the G20 presidency for one year on December 1, 2022. The G20, or Group of 20, is an intergovernmental forum of the world’s major developed and developing economies.

It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).

Also read | India looking for solutions for many other countries: UN General Assembly President

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Yubi, axio tie up to facilitate quick and easy credit access

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Yubi, formerly CredAvenue, has tied up with digital consumer finance company ‘axio’ to facilitate quick and easy credit access to under-served retail customers, the companies said on Wednesday.

Through the partnership axio (formerly Capital Float), aims to disburse Rs 1,500 crore in co-lent loans over the next 12 months. This would add to axio’s growth trajectory of having tripled its customer base to six million in the last 12 months.

axio would also leverage Yubi’s co-lending platform to continue expanding its retail credit business.

Yubi Co.Lend will enable axio to partner with leading banks and non-banking finance companies on its platform through which axio will continue to build its portfolio via co-lending, the companies said in a joint statement here.

Also Read: Bajaj Healthcare begins trial run for new opium processing line in Gujarat

“The co-lending model has the potential to optimise the debt leverage in the economy, which at present, is severely underleveraged…this partnership with axio will enable us to further this impact by unlocking credit for direct and retail consumers, which will have a compounding effect on access to credit,” Yubi founder and CEO Gaurav Kumar said.

Yubi’s digital platform allows for scalable co-lending, such that non-banking finance companies can grow without putting pressure on the balance sheets and help build sustainable businesses.

axio co-founder and MD Sashank Rishyasringa said, “We recently celebrated the milestone of six million credit customers and are on our way to cross 10 million credit customers by mid-2023. Our partnership with Yubi will further strengthen our desire to democratise credit in India by offering affordable and responsible credit to our customers.” “We are excited about the possibilities of this alliance, through which we will be growing our co-lending business by 25 percent,” he noted.

Also Read: Marine Electricals signs revenue sharing agreement for EV charging stations

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

COVID-19 pandemic increased the investment appetite of organisations: Survey

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

WNS (Holdings) Limited, a provider of global Business Process Management (BPM) solutions, on Monday announced the release of the 2022 Global CFO Survey report titled Separating Chatter from Reality by Everest Group, supported by WNS.

According to WNS, the survey polled 300 CFOs and their direct reports from large global enterprises across eight different industries to assess how the roles and business imperatives of CFOs have evolved since the previous study conducted in 2020. The survey also highlights the differences between aspirational themes and those initiatives currently taking place across the global Finance & Accounting (F&A) landscape.

“In 2020, the study concluded that the COVID-19 pandemic had created the need to accelerate transformation journeys to build future-ready enterprises. The top organisational challenges included ‘adapting to customer demands’ and ‘supply chain continuity.’ However, in 2022, challenges such as ‘cost and pricing pressures,’ ‘increasing risk exposure,’ and ‘talent shortage’ have moved to the forefront as a result of the current macroeconomic environment. Today, 68 percent of organisations are adopting cloud infrastructure, while 61 percent are re-assessing compliance, controls and policies to make the F&A function more agile and resilient in responding to these challenges,” read a statement from the company.

ALSO READ: As inflation rises and IIP shrinks, economists warn India might struggle to hit 6% GDP next year

“CFOs’ top priorities, including driving agility and resilience, and creating a future-ready finance function, are now becoming an imminent reality. However, these leaders must adopt an end-to-end approach toward transformation in order to drive business growth, optimise stakeholder experience, and scale business initiatives over the long term,” said Keshav R. Murugesh, Group CEO, WNS.

The COVID-19 pandemic has substantially increased the investment appetite of organisations to create a future-proof F&A function. WNS also added that close to 70 percent of the organisations surveyed in 2022 indicated an ability to invest, as compared to less than 50 percent two years ago. Additionally, more than 70 percent of CFOs now recognise the need to leverage digital technologies to improve efficiency, effectiveness, and stakeholder experience as their top priority.

ALSO READ: Govt may raise Rs 100 bn via Bharat Bond ETF by December 2022: Report

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sebi allows AIFs and VCFs to invest in overseas investee companies but with riders

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Sebi on Thursday came out with new guidelines for Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) for making investment abroad, under which overseas investee firms won’t need to have an Indian connection.

Under the rules, AIFs can invest in securities of companies incorporated outside India. Besides, VCFs are allowed to make investments in off-shore venture capital undertaking, subject to certain conditions.

One of the conditions was that such overseas investments were allowed only in those companies which had an Indian connection. Like, a company has a front office overseas, while having its back office operations in India.

Also Read: FTA provisions to prevail in case of conflict over Rules of Origin on imported goods, says CBIC

“The requirement of the overseas investee company to have an Indian connection has been done away with,” the Securities and Exchange Board of India (Sebi) said in a circular.

As per the fresh guidelines, AIFs or VCFs will be allowed to invest in an overseas investee company, which is incorporated in a country whose securities market regulator is a signatory to the International Organization of Securities Commission’s (IOSCO) Multilateral Memorandum of Understanding or a signatory to the bilateral Memorandum of Understanding with Sebi.

Besides, AIFs or VCFs will not invest in an overseas investee company, which is incorporated in a country identified by Financial Action Task Force (FATF) as a jurisdiction having a strategic anti-money laundering or combating the financing of terrorism deficiencies to which counter measures apply.

Also, such entities have been prohibited from making an investment in a country that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with FATF to address such deficiencies. AIFs or VCFs will have to file an application before Sebi for allocation of overseas investment limit in the format.

“If an AIF/VCF liquidates investment made in an overseas investee company previously, the sale proceeds received from such liquidation, to the extent of investment made in the said overseas investee company, shall be available to all AIFs/VCFs for reinvestment,” the regulator said.

Further, AIFs or VCFs will sell the investment in overseas investee companies only to the entities eligible to make overseas investments.

Also Read: GST body issues guidelines on summons, arrests, bails — experts welcome move

AIFs or VCFs will have to furnish the divestment details of the overseas investments to the capital markets regulator in a specified format within three working days for updating the overall limit available for overseas investment by these entities.

Also, all the overseas investments sold or divested by them till date, will also be reported to Sebi within 30 days.

AIFs are funds established or incorporated in India for the purpose of pooling in capital from Indian and foreign investors for investing as per a pre-decided policy, while VCF is an AIF which invests primarily in unlisted securities of startups, early-stage venture capital undertakings mainly involved in new products, new services, technology or intellectual property right based activities or a new business model.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PVR clocks over Rs 1,000 crore in movie revenue as people flock to the cinemas again

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

From Pushpa’s fire to RRR’s roar, the box office has spoken.

With cinemas opening up after two years of the pandemic, and more and more Indians flocking to catch their favourite flicks, it has translated into good business for mulitplex chains — PVR Limited, India’s largest multiplex operator, has reported more than Rs 1,000 crore in revenue from movie exhibition and distribition on Thursday, marking one of its best ever quarters. 

According to its quarterly earnings report, PVR’s revenue from movie exhibition was at Rs 984.04 crore, while Rs 25.34 crore came from movie production, distribution, and gaming, etc..

In the corresponding quarter the previous fiscal, the company had reported a net loss of Rs 219.44 crore. In the June quarter, PVR reported a revenue from operations of Rs 981.4 crore.

Also read: CEAT net profit skids big time on high raw material prices 

The company’s gross earnings rose to Rs 341.6 crore and the consolidated net profit stood at Rs.53.38 crore. Its quarter-on-quarter revenue was up by 82.70 percent, from Rs. 537.14 crore reported in the fourth quarter of the 2021-22 fiscal.

Ajay Bilji, Managing Director of PVR, said they have a 70 percent gross margin on food and beverages (F&B) compared to pre-pandemic level, with F&B spends per head increasing by 32 percent. He also added that the cinema circuit is well spread, with 40 percent of the screen portfolio being in South India. 

In an investor presentation, the management said that it has 14 screens across three properties opened so far, 82 screens currently under fitout and is entering nine new cities.

It also stated that it is on track to open 125 screens in the ongoing financial year.  Indian audiences are waiting for several movies in the pipeline, like Ek Villain Returns, Brahmastra Part One, Shamshera, etc, the company said.

Also read: RBL Bank back in black, logs Rs 201.2 crore net profit in first quarter

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow