MUMBAI: HDFC Bank has submitted two names in order of preference to RBI for appointment as its next managing director and CEO, setting in motion the succession process ahead of Sashidhar Jagdishan’s exit at the end of Oct.Alongside the CEO shortlist, the board also approved a revamp of its senior management by elevating chief credit … Read more
MUMBAI: Markets regulator Sebi on Saturday proposed to make some changes to the recently introduced Closing Auction Session’s (CAS) timings and to the derivatives pricing mechanism. Launched on Aug 3, CAS had created controversy in the market with traders and investors pointing out that it increased volatility in stock prices and index values.Last week, Sebi … Read more
Leaders pose for a family photo during the Brics summit in New Delhi (Picture credit: Reuters) There is currently no proposal to introduce a common Brics currency, while discussions on settling bilateral trade in local currencies will continue as a way to reduce transaction costs, Sudhakar Dalela, secretary (economic relations) in the ministry of external … Read more
Food delivery platform Zomato has introduced a separate charge for cash-on-delivery (COD) orders, with the fee varying across users and order values, checks on the company’s app showed on Saturday.The charge, listed as a “Pay on Delivery Fee” in the order bill, applies when customers choose to pay in cash at the time of delivery. … Read more
Sebi proposes 2 options for expiry settlement The closing auction session (CAS) could see a change in how its closing price is used for settling index and stock derivative contracts on expiry, with markets regulator Sebi proposing two alternative methodologies after reviewing the newly introduced framework.Sebi’s consultation paper released on Saturday seeks stakeholder views on … Read more
Clubbing of income is a provision under the Income Tax Act. Can a minor child’s interest income lead to an income tax notice for the father? The Income Tax Appellate Tribunal (ITAT) Delhi has held that a father cannot be subjected to a Rs 12.83 lakh penalty under Section 270A when the income declared in … Read more
Anthropic plans massive IPO Anthropic is planning what could be the biggest IPO in history, with the artificial intelligence giant looking to raise as much as $100 billion at a valuation of around $2 trillion. Nvidia is in talks to become a major early investor in the offering, according to two people familiar with the … Read more
Canada’s tariff war with US is boosting local businesses The US and Canada are embroiled in a tariff war, and it may “will come at a cost” for Ottawa as the Canadian PM Mark Carney had warned. But the fight is proving a win for at rather unusual sectors: from the ice-cream counter and gift … Read more
US diesel prices soar past $6 a gallon US farmers are facing a bigger fuel bill as diesel prices hit record highs just as the corn and soybean harvest gets underway, pushing up the cost of running combines, tractors and trucks. The national average price of diesel reached $5.85 a gallon on September 4, the … Read more
MUMBAI: NPCI Bharat BillPay has proposed a centralised digital infrastructure to connect invoices, payments, reconciliation and financing, to fix the biggest constraints faced by MSMEs – the difficulty of turning sales into cash and cash flows into credit. The system could help address the MSME sector’s Rs 60 lakh crore formal credit gap, while reducing … Read more