Provident Financial News

Mitshi India on December 21 informed the exchanges that it has accepted the resignation of Rinku Niket Patel from the post of Chief Financial Officer (CFO) in the company. The company also enclosed Patel's letter which was written on school notebook paper in its official statement.

The fintech that has been winning bid after bid in the state-run retirement plan market, Vestwell, just got an additional $125 million in funding.

Day trading guide for today: Indian stock market witnessed a healthy bounce back on Thursday after a sharp selloff seen on Wednesday. Nifty 50 index ggained 104 points and closed at 21,255 levels, BSE Sensex shot up 358 points and ended at 70,865 mark whereas Bank Nifty index finished 394 points higher at 47,840 levels. Broad market indices rose more than the Nifty 50 index even as the advance decline ratio rose sharply to 3.66:1.

The latest release of sovereign gold bonds (SGBs) has attracted a surge of eager investors, both online and offline. The continuous growth of gold prices surpassing the current inflation rate has prompted individuals to invest their funds in gold.

Before indulging in the festivities and joy of the upcoming year, it would be highly beneficial to assess the magnitude of any lingering debt from the current year.

AMC Repo Clearing, the tri-party repo company the Finance Ministry launched in July, has waived transaction charges for three months and is set to increase the size of orders on its platform as it looks to draw in more participants in India's relatively shallow corporate bond market. «They (the AMC Repo) have waived the transaction charges for three months starting from December 11 for tri-party repos in corporate debt securities and there is a plan to increase the size of orders from ₹50 crore at present to ₹200 crore going ahead,» a source aware of the developments said. «By increasing the order size it brings down operational costs because an entity which wishes to execute a deal worth ₹200 crore for example will not have to pay multiple transaction costs,» the source said. AMC Repo's officials did not comment on the matter. Finance Minister Nirmala Sitharaman had on July 28 launched the Tri-party Repo in corporate bonds offered by the AMC Repo, which is focused on establishing a market for short-term borrowing against corporate debt. The operationalisation of the firm is a step towards the government's long-standing aim of deepening the corporate bond market. A tri-party repo is a type of contract that includes a third party which acts as an intermediary between two entities looking to lend and borrow funds through a repo operation.

Securities and Exchange Board of India (Sebi) is inquiring into the open offer made by Religare's largest shareholder, the Burman family, to the public shareholders of the financial services company, which triggered a spat with the current Religare management. In a December 20 letter reviewed by ET, Sebi asked Religare for «complete details and sequence of events, starting from the time of first discussion regarding the open offer transaction till the stock exchange announcement dated September 25, 2023.» It has also sought personal and official details of all the persons involved in discussions, along with «documentary evidence.»

Top news stories of 2023

Byju’s founder Byju Raveendran to ensure full transparency about company financials and the latest state of affairs at the edtech firm at its annual general meeting, according to people present at the meeting. Investors made it clear that full clarity on what is going on in the company needed to be communicated to the shareholders and only with this transparency, trust could be built for them to support the firm in any manner going forward, according to an investor.

New York City Mayor Rudy Giulion Thursday filed for bankruptcy in New York's southern district court, CNN reported. This comes just days after a jury ordered him to pay nearly USD 150 million to two former Georgia election workers for defamation.

Spain’s Central Bank says the number of licensed crypto-related firms in the country grew by 50% in 2023.

The time-honoured 60/40 asset allocation debate is alive and kicking as we head for the turn of the year.

The insurance industry wants to be carved out of a Massachusetts proposal that targets “junk fees” in product sales, a stance that echoes their opposition to a Department of Labor investment-advice proposal that also has been promoted as a way to combat “junk fees” related to retirement-savings recommendations.

European Union finance ministers have sealed a deal to reform the 27-nation bloc’s fiscal rules after France and Germany finally adhered to a compromise

Here’s what to know about the issue, and what to do if it happens to you.

The Federal Trade Commission is proposing sweeping changes to a decades-old law that regulates how companies can track and advertise to children, including turning off targeted ads to kids under 13 by default

The NHL and Diamond Sports Group, the largest owner of regional sports networks, have reached an agreement that will keep local broadcasts for 11 teams on Bally Sports through the end of this season

The federal government has closed railroad crossings in two Texas border towns, raising concerns about the potential impact on cross-border trade

Electric scooter company Bird Global announced Wednesday that it has filed for bankruptcy protection in an attempt to stabilize its wobbly finances

South Korea’s top court has ordered two Japanese companies to financially compensate more of their wartime Korean workers for forced labor

The European Union has paid the final tranche of a multibillion-euro support package to Ukraine to help keep its war-ravaged economy afloat this year