803

Market Regulator Sebi Issues Revised KYC Norms For Foreign Portfolio Investors

New Delhi: The Securities and Exchange Board of India (Sebi) issued revised KYC norms for foreign portfolio investors (FPIs), wherein resident as well as non-resident Indians have been permitted to hold non-controlling stake in such entities.

The Sebi said that it accepted the recommendations by a panel set up to review the rules for foreign portfolio investments, amid concerns in certain quarters that overseas funds might face difficulties in ensuring compliance.

Two circulars pertaining to KYC (Know Your Client) requirements and eligibility conditions for FPIs have been issued.

709

Jack Ma Says Creating 1 Million Jobs In The US Impossible Due To US-China Trade War

New Delhi: Jack Ma, co-founder Alibaba Group Holding Ltd, said his commitment to create 1 million jobs in the United States is impossible to fulfill because of the US-China trade war. This is a setback in one high-profile effort for deeper cooperation between the world’s two largest economies.

Ma, China’s richest man said the pledge made to President Donald Trump was no longer feasible because of the unstable trade situation. Ma and Trump met in January 2017 to discuss how adding small and medium-sized US businesses to Alibaba’s platform would boost employment.

605

Sensex Rout Erodes Investor Wealth By Rs 3.62 lakh Crore In 3 Trading Days

New Delhi: Investor wealth eroded by Rs 3.62 lakh crore in three trading days as the market rout continued for the third straight session on Wednesday.

Market benchmark BSE Sensex fell further by 169.45 points to end at a near two-month low of 37,121.22, extending losses for the third straight session Wednesday. The index tanked 970 points or more than 2.5% since Monday, largely hit by rupee woes and escalating trade tensions between the US and China.

505

Shares Of BoB Tumbles While Dena Bank’s Shares Surge After Merger Announcement

New Delhi: Shares of Bank of Baroda tumbled 16 per cent, while Dena Bank surged up to 20 per cent following the merger announcement. The scrip of Bank of Baroda dived 16.03 per cent to end at Rs 113.45 on BSE. Shares of Vijaya Bank plunged 5.69 per cent to close at Rs 56.40.

Bank of Baroda’s market valuation fell by Rs 5,726.62 crore to Rs 30,013.38 crore on BSE. Vijaya Bank lost Rs 442.61 crore to Rs 7,355.39 crore in market capitalisation. On the other hand, shares of Dena Bank jumped 19.75 per cent to end at Rs 19.10 — its highest trading permissible limit for the day.

453

Jaitley Blames Global Factors Responsible For Depreciation Of Rupee

New Delhi: In a face-saving move, Union finance Minister Arun Jaitley blamed depreciation of rupee to a combination of global factors, including trade war and internal policy decisions of the United States.

After the government on Friday evening announced five-pronged strategy to deal with the slide in currency and widening current account deficit (CAD), the Indian rupee Monday plunged 67 paise to end at 72.51 against the US dollar. The rupee had plunged to a low of 72.70 to a dollar in intra-day trade. It had closed at a one-week high of 71.84 on Friday.