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Markets regulator Sebi on Friday asked asset management companies (AMCs) to invest in the range of 0.03 to 0.13 percentage of the asset base in their own schemes in a bid to align the interest of the fund houses with investors. The percentage that needs to be invested depends on the risk level of the scheme, which has been categorized into low, low to moderate, moderate, moderately high, high and very high. The new framework is aimed at aligning the interest of asset management companies (AMCs) with the unitholders of the mutual fund schemes. The regulator on August 5 amended mutual fund rules, requiring fund houses to invest in their own schemes depending on the risk level to ensure skin in the game. The new rules will come into force on the 270th day from the date of notification. Accordingly, it was decided that based on the risk value assigned to the scheme, AMCs will invest minimum amount as a percentage of assets under management (AUM) in their schemes. However, the regulator did not quantify the minimum amount that needs to be invested by the fund houses that time. In a circular on Friday, Sebi said in case of scheme which comes under the low risk category, an AMC will have to invest a minimum of 0.03 percentage of the AUM in the scheme, while those under low to moderate category, 0.05 percentage of the asset base needs to be invested. Further, in case of scheme which has been assigned moderate risk, 0.07 percentage of the AUM needs to be invested in the scheme, while the same for moderately high will be 0.09 percentage, 0.11 percentage for high and 0.13 percentage of the asset base for very high risk. The risk value of the scheme as per the risk-o-meter of the immediate preceding month will be considered. The investment will have to be maintained at all points of time till the completion of tenure of the scheme or till the scheme is wound up. AMCs shall, except in case of close ended scheme(s), conduct a quarterly review to ensure compliance with the requirement of investment of minimum amount in the scheme(s) which may change either due to change in value of the AUM or in the risk value assigned to the scheme, Sebi said. Further, based on review of quarterly average AUM, shortfall in value of the investment in schemes, if any, need to be made good within 7 days of such review. The regulator said that AMCs will have the option to withdraw any excess investment than what is required pursuant to such review. AMCs may invest from their net worth or the sponsor may fund the AMC to fulfil the obligations, if required. However, the AMCs will be required to make good the shortfall in the minimum networth to comply with the requirement of the MF Regulations in case of sustenance of temporary mark to market loss for two consecutive quarters, Sebi said. It, further, said that AMCs will have to ensure that such temporariness of the mark to market loss is certified by the statutory auditor. AMCs will not be required to invest in ETFs, Index Funds, Overnight Funds, Funds of Funds schemes and in case of close ended funds wherein the subscription period has closed as on date of coming into force of amended MF rules. The mandatory contribution already made by the AMCs in compliance with the applicable MF rules will not be withdrawn. However, such contribution can be adjusted against the investment required by the AMC. The compliance of the provisions of this circular will be ensured by the AMCs and monitored by the trustees. Any non-compliance in this regard, will be reported in the quarterly compliance test report and half-yearly trustee report. Details of investment by AMCs in each of their mutual fund schemes will have to be disclosed on the website of AMCs and industry body AMFI.
Drugs Controller General of India (DCGI) has directed all the manufacturers of Fixed Dose Combinations (FDCs) – Cefixime + Cloxacillin, Cefixime + Cloxacillin + Lactobacillus and Cefadroxil + Clavulanic acid to manufacture and market these FDCs as per the indication approved as per the directions of Bombay High Court (HC), Nagpur Bench, Maharashtra. With regards to the FDC- Cefadroxil + Clavulanic acid, manufacturers have been directed to submit the protocol for conducting in-vitro study to prove the efficacy of this combination to this office for approval. While reviewing the directions of the Bombay HC, Nagpur bench on following FDCs which are already approved by the DCGI in specific dosage forms and strengths, Drugs Technical Advisory Board (DTAB) in its meeting held on August 27, 2019 also referred these FDCs to the Prof. Kokate Committee. As per the report of DTAB dated April 13, 2021 and recommendations of the subcommittee of DTAB as approved, the specified FDCs have been considered as rational with certain conditions. As regard to the FDC of Cefixime + Cloxacillin and FDC of Cefixime + Cloxacillin + Lactobacillus, these have been considered as rational if Cloxacillin is in sustained release form in twice daily doses schedule. The indication of the FDC should be restricted to skin and soft tissue infections. As regard to the FDC of Cefadroxil + Clavulanic acid, firms should prove the efficacy of the combination by conducting in-vitro study in Good Laboratory Practice (GLP) complied laboratory for all the approved indications with respect to the infections caused by susceptible microorganisms including S aureus. The study should compare cefadroxil alone and also in FDC form. Accordingly, the study protocol should be submitted for approval within 3 months of the notification. The copy of the notice has also been sent to the Central Drugs Standard Control Organisation (CDSCO) Zonal and Sub-Zonal offices, Drug Manufacturing Associations like
Bhavinaben Patel continued to script history as she became the first Indian to enter the final of a table tennis event in the Paralympics with a hard-fought 3-2 win over Chinas Miao Zhang in a class 4 semifinal here on Saturday. The 34-year-old Patel, who had surprised even the Indian camp in this Paralympics with her sensational show, stunned her world no. 3 Chinese opponent 7-11 11-7 11-4 9-11 11-8 in the semifinal showdown that lasted 34 minutes. She will take on world number one Chinese paddler Ying Zhou in the summit clash on Sunday. Daughter of Hasmukhbhai Patel, a small time shopkeeper at Sundhiya village in Gujarats Mehsana district, she was not considered a bright medal prospect coming into the Games but she has made her maiden Paralympics a memorable one. When I came here, I just thought that I would give my 100 per cent without thinking of anything. If you give 100 per cent, the medal will come, that was what I thought, said Patel, who was diagnosed with polio when she was a 12-year-old. If I continue with this confidence with the blessings of the people of my country, I think I will win gold tomorrow. I am ready for the final and I have to give 100 per cent in the final also. Patel, who plays in a wheelchair, lost the opening game in a tight contest. But, she made a strong recovery, claiming the next two games to take a 2-1 lead. Patel was in great touch as she needed only four minutes to wrap up the third game. In the fourth game, Zhang showed her class not giving Patel the bragging rights just yet as the match headed into the decider. In the deciding fifth set, Patel quickly raced to a 5-0 lead. But the Chinese made a strong comeback. Trailing 5-9, Zhang won three successive points to make it 8-9. In a bid to gather herself, Patel took a time-out after which there was no stopping her. Armed with two match points, she notched up the win, extending her purple patch. This was Patels first victory against the former world number one Zhang. The two players had met 11 times before. Patel will face a tough challenge from Zhou in the gold medal match. She had gone down tamely (3-11 9-11 2-11) to the Chinese player in her opening group match on Wednesday. In the quarterfinal on Friday, Patel had defeated 2016 Rio Paralympics gold winner and world number two Borislava Peric Rankovic of Serbia to clinch a medal and script history. Athletes in Class 4 category have fair sitting balance and fully functional arms and hands. Their impairment may be due to a lower spinal-cord lesion or cerebral palsy. Patel started playing the sport 13 years ago at the Blind Peoples Association at Vastrapur area of Ahmedabad where she was a student of ITI for people with disabilities. There, she saw visually impaired children playing table tennis and decided to take up the sport. She won her first medal in a competition while representing Rotary Club in Ahmedabad where she is settled now after her marriage to Nikunj Patel, who has played junior cricket for Gujarat. She reached world number two ranking in 2011 after winning a silver medal for India in PTT Thailand Table Tennis Championship. In October 2013, Patel won another silver in the womens singles Class 4 at the Asian Para table tennis championships in Beijing.
Maharashtra on Tuesday reported 4,196 fresh coronavirus positive cases and 104 fatalities, including the highest 43 in the Pune region, while 4,688 patients recovered, a health department official said. The new additions pushed the tally of the infections to 64,64,876, the death toll to 1,37,313 and the number of recoveries so far in Maharashtra to 62,72,800, leaving the state with 51,238 active cases, the official said. Maharashtras case recovery rate now stands at 97.03 per cent while the fatality rate is 2.12 per cent, he said. Eight districts namely Jalna, Hingoli, Parbhani, Akola, Wardha, Bhandara, Gondia, and Chandrapur and five municipal corporations of Jalgaon, Parbhani, Nanded, Akola, and Amravati did not report any fresh COVID-19 case during the day. The official said the Ahmednagar district reported the highest number of 780 cases in Maharashtra on Tuesday, followed by Pune with 579 infections. Among districts, the Pune district reported the highest number of 15 fatalities in the last 24 hours, the official said. Of the eight regions in Maharashtra, the Pune region saw the highest 1,789 new cases followed by 898 infections in the Nashik region. Mumbai region reported 705 fresh infections, Kolhapur 548, Latur 190, Aurangabad 32, Akola 23 and Nagpur 11, the official said. Of the 104 fatalities reported from the eight regions, the highest 43 were from the Pune region, followed by 32 deaths in the Mumbai region. Notably, Akola and Nagpur regions did not report any fresh fatalities due to COVID-19 infection. Mumbai region saw 15 deaths, Latur seven, and Nashik six. Aurangabad district reported one COVID-19 death, the official added. Mumbai city witnessed 323 new cases and one death while Pune city saw 277 fresh infections and one fatality, he said. Among the 51,238 active patients in Maharashtra, the Pune district has the highest number of 13,515 such cases, according to the official. Of the 62,72,800 recovered patients in the state, the highest number of 10,85,920 recoveries have been reported from the Pune district. With 1,64,059 new tests, the number of samples tested so far in Maharashtra reached 5,39,76,886, the official said. A total of 2,91,701 people are in the home quarantine in the state and 2,121 patients are in institutional quarantine, according to the official. Coronavirus figures for Maharashtra are as follows: Total cases 64,64,876, new cases 4,196, total deaths 1,37,313, fresh deaths 104, total recoveries 62,72,800, active cases 51,238, total tests conducted 5,39,76,886.
By Dr. Jaskiran Arora and Avleen Kaur, In fact, management programs and the relevance of studying the MBA program is thriving in this VUCA (Volatile, Uncertain, Complex and Ambiguous) crazy world. Covid-19 has transcended the management education to higher planes by freeing up space for Creativity and Innovation, explored and exploited by the B-Schools around the world to optimally utilise their limited resources for maximum productivity and satisfaction among students. Diffusing classroom walls : With the uncertain outbreak of covid-19, Educational Industry adapted itself by moving away from the four walls of classrooms to a larger extent of a globalised network. This online transition possesses a silver lining for the B-Schools to embrace the merits of globalisation and enjoy the access of globally available resources. Be it the Harvard Case Studies, virtual tutoring by the corporate honchos, video conferences for global \/ national discussions on economic trends in the world, online learning softwares, virtual assessments across boundaries, quizzes or even the simulation games where an MBA student can learn how the create budgets by role playing as the marketing head, a significant surge is witnessed in the Educational Technology since covid-19. This not only motivates MBA students to have a global perspective and growth mindset for the industrial revolution 4.0, but to be more progressive and open towards the digital transformation that is imminent. Enhanced variations in MBA program : With the Covid-19 outbreak bringing ambiguity to many facets of life, B-Schools are offering more flexibility towards education. Unstructured MBA is meant to assist those who are keen to learn but cannot afford to take the whole course ranging from two to three years in one go or are time constrained because of any given reason. Many institutions around the world have started offering online MBA programs catered to student Recorded sessions and Extra classes are also arranged for the students to build a much flexible structure. This helps in focusing on the importance of imparting a Student Oriented MBA Program where students could embrace the opportunities to build a program that is going to be the best for them. Cross Cultural Sensitization: In the traditional setting, where the peer learning was limited to the learning from the classmates, now, skys the limit! The progressive institutions are collaborating with international MBA schools for having students work on common group assignments virtually. In its truest form the pandemic has opened doors for anyone across the globe in your classrooms. The protagonists of the case studies, the authors of the books etc, can share their perspective in person. This is making the participants relate much better to the characters in their case studies, thus making them more intuitive and empathetic. While MBA institutions have a long road to travel, channelising the resources to witness the power of technology in response to the pandemic is just a stepping stone. (The authors are Dr. Jaskiran Arora (Dean, SOM) and Avleen Kaur (MBA 2021-2023 Student), BMU Munjal University. Views expressed are personal and do not reflect the official position or policy of the Financial Express Online.)
In todays world, last-mile delivery has become a business by itself. While there are numerous digital services or aggregators for just about any product, the ease of such services is eventually lost. Thats where Whide steps in, a ride and delivery app that offers many services in a mobile application without surge pricing. Heres what Whide is all about. Earlier, when companies were growing, partners were growing with them. Today, they are worth billions of dollars, but their partners cannot even make their ends meet now. The big corporations wanted to eliminate the middleman. Instead, they became the middle man. So, we wanted to be the change. With this vision, Whide started the first Ride Delivery App to empower businesses without levying heavy commissions that kill businesses and their margins. The Bhagavat Gita says, We didnt create anything. Nothing belongs to us. We are part of creation, and everything else is part of creation. No idea is original. It is just a mix of existing ideas. If someone tries to take a part of creation and claims it as their own, they are not living the truth. We are looking to raise the first round after a decent number of transactions. To date, we have invested around 3.2 crores in the business. Lastly, we have 30 employees, which we are looking to increase periodically. How does the company earn revenue if it doesnt charge commission? We work on a nominal subscription to our total addressable market and the market opportunity is much bigger than competitors because of the unique model of our business. Mostly, they charge a nominal Monthly Subscription from just INR 299 to INR 1999. Now, the underdogs can compete with the technology giants of the world. Please elaborate on the services offered by the company? Is it safe to assume that Whide is more of a logistics company? Whide is a Subscription-based Mobile App and Web Platform for individuals and enterprises, which enables them to directly do business with their customers. For our end customers, like you and me, Whide is a Single app for Ride, Hire-Driver, Self-Drive, Parcel Food Delivery Shopping. How has the response been so far? Are you guys present on Android as well as Apple platforms? Whide has only launched RIDE, Anything from Anywhere Hire-Driver Service currently. We are present on both Android as well as Apple platforms. The response has been phenomenal, customers love that there is NO Surge Pricing, You get to choose and ride your favourite driver and that fares are lower but transparent and the same at all times. Drivers enjoy getting more money for the same ride. The customer pays less, the driver makes more. Even the key data points like users mobile numbers email ids are masked from the people having access to the databases. This is done using cloud-based databases with views of critical data. Every user can only access the systems by using a VPN Firewall, while all activities are logged at all times. Looking to move to electric if you guys already arent using electric vehicles? If yes, by when. We are vehicle agnostic, the founder is very conscious about the environment so we will encourage EV when the time is right. The fleet, does Whide own it, or do they have delivery partners who bring their vehicles? Whide doesnt own any fleet, drivers own the vehicles. We provide the service for the customers.
Microsoft will be launching a new range of computing devices based on recently unveiled Windows 11 at the September 22 Surface hardware event. Rumour mill says that Microsoft will be unveiling smartphones Surface Duo 2 and also bring a successor to last years Surface Book 3 laptop and a refreshed Surface Pro. Incidentally, the Redmond, Washington-based company will release its Windows version in a fortnight. Microsoft has already made the announcement that the Surface event will take place at 8.30 IST on September 22. Media-invites are also being sent for the virtual event which suggests that the company will talk about devices and Windows 11. According to preliminary reports Surface Duo 2 comes with Android-powered , dual-screen smartphone and with much upgrade from original Surface Duo unveiled in October 2019. The phone was priced at $1,399 (roughly Rs. 1,02,200). The Surface Duo 2 is expected to come with dual-screen design, two OLED displays and a 360-degree hinge mechanism like its predecessor. The new phone can come with significant software-level improvement and according to Geekbench will have a Qualcomm Snapdragon 888 SoC, 5G support, and Android 11. Microsoft is expected to bring Surface Book 4, the successor to the Surface Book 3 in the launch event. The upgraded version will be the actual surface Laptop Pro. Changes in the moniker can be redesigned to include a non-detachable 14-inch display both for 13.5- and 15-inch versions. The new Surface Pro model is expected to be ready for the September 22 event. It could include some improvements over the Surface Pro 7 and Surface Pro 7+. Windows 11 will be made available from October 5. Company will have some of its in-house Surface range available with Windows 11 to offer when Microsoft brings the new Windows experience for the general public. But the ongoing chip and components shortage can deter the availability of the new devices to global markets.
A federal court in Washington has set timelines for responses to be filed to an Indian government petition seeking dismissal of a suit by Britains Cairn Energy that sought enforcement of a USD 1.2 billion arbitral award. Judge Richard J Leon of the US District Court for the District of Colombia has given Cairn time till September 10 to file a response to the governments Motion to Dismiss petition. Thereafter, the Indian government can file a reply in support of its motion by October 1. This can be countered by Cairn by October 20 and a further two months have been granted to the Indian government to file its reply in support of its motion, according to an August 25 order of the court. The British firm had in May asked the US federal court to force Air India to pay the USD 1.26 billion arbitration award the firm had won in December. The government on August 13 filed a Motion to Dismiss petition saying the district court lacked subject matter jurisdiction in the dispute between Cairn and the Indian tax authority. The move came within days of the government enacting a legislation to scrap a tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. That rule had been used to levy a cumulative of Rs 1.10 lakh crore of taxes on 17 entities, including Rs 10,247 crore on Cairn. Officials said rules for withdrawal of such tax demands are in the process of being framed. One of the requirements for the dropping of the retrospective tax demands is that the parties concerned have to give an undertaking for withdrawal all cases against the government\/tax department. So, while all this is in process, the government is obligated to respond in any legal matter where there is a time bar for doing so, an official explained. Cairn had challenged the Rs 10,247 crore tax demand before an international arbitration tribunal, which in December last year overturned the same and ordered the government to refund the money collected. The government initially refused to return the USD 1.2 billion, forcing Cairn to take action to recover that money through seizure of Indian assets overseas. In May, it took flag carrier Air India Ltd to court in the US. Last month, it got a French court order to seize real estate assets belonging to the Indian government in Paris. It had contended before the US court that Air India is controlled by the Indian government so much that they are alter egos and the airline company should be liable for the arbitration award. In response, the government filed a dismissal motion citing protections afforded by the US Foreign Sovereign Immunities Act of 1976. India, in the filing, said the court lacks subject-matter jurisdiction under the Foreign Sovereign Immunities Act (FSIA) because India never waived its sovereign immunity and, likewise, never offered – let alone agreed – to arbitrate the present dispute with Petitioners. India also never clearly and unmistakably excluded judicial review or delegated exclusive competence to decide these questions to an arbitral tribunal, implying that Cairn could not satisfy any exception to sovereign immunity under the US law, the filing said. Cairn had asked the US court in February to recognise and affirm the December 2020 award against India from the Netherlands-based Permanent Court of Arbitration.
By Shrikant Chouhan The benchmark indices witnessed a spectacular rally rallying over 200\/600 points and hit a fresh all-time high of 17153.50 On Tuesday, post muted opening the market hovering in the range of 16915\/55676 to 16995 But in the afternoon the Nifty successfully clear 17000\/57200 psychological mark and after that intraday breakout, it rallied over 150\/600 points. Among sectors, Consumption, Metal and IT witnessed buying interest whereas, some selling pressure was seen in Media and selective Auto stocks. Technically, post-breakout the market continues the bullish continuation formation which is broadly positive. But in the last three trading sessions, the Nifty rallied over 580\/2300 points, and due to an overstretched rally, the day traders may take a caution stance near the 17200\/58200 resistance level. We are of the view that, as medium term trend is still into the positive side and likely to continue in the near future. Hence the ideal strategy for day traders would be to buy on dips and sell on rallies. 16980\/57100 would be a sacrosanct support level for the swing traders, above the same uptrend momentum likely to continue up to 17200\/58200 further upside may also continue which could lift the index up to 17275 On the flip side, a strong possibility of one quick intraday correction up to 16900\/56800 is not ruled out if the index succeeds to trade below the 16980\/57100 support level. Technical stocks to buy Tech Mahindra BUY, CMP: Rs 1,447.65, TARGET: Rs 1,520, SL: Rs 1,414 The stock had presented a remarkable up move with the bullish continuation chart patterns continuously, after a breather of few trading sessions the counter is ready for further upward movement from the current levels. Grasim Industries BUY, CMP: Rs 1,500.4, TARGET: Rs 1,575, SL: Rs 1,470 Post formation of the double bottom chart pattern, the reversal is evident in the counter with rising volume activity on the daily chart, additionally, the stock has given a breakout of the sloping trend line which validates reversal of the trend for further up move. Bharat Forge BUY, CMP: Rs 767.2, TARGET: Rs 805, SL: Rs 750 The counter has formed a drop base and rally structure from its demand zone with the increasing volume; moreover, close above the short term moving averages on the daily chart are suggesting a bullish trend in the coming horizon. Tata Chemicals BUY, CMP: Rs 844.65, TARGET: Rs 888, SL: Rs 825 Post recent correction from the highs of around 890 the stock went into a consolidation phase, eventually, it has formed a rounding bottom chart formation with rising volume and retreated from the lower levels for a fresh leg of uptrend in coming trading sessions. (Shrikant Chouhan is the Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author Please consult your financial advisor before investing.)
Foreign Secretary Harsh Vardhan Shringla called on United States Secretary of State Antony Blinken here on Thursday during which they discussed bilateral ties, regional and global issues including the current situation in Afghanistan. This was the first high-level discussion between the officials of the two countries after the American withdrawal of troops from Afghanistan on August 31. Discussions touched on bilateral ties and the situation in Afghanistan, Ministry of External Affairs Spokesperson Arindam Bagchi said in a tweet after the meeting. Shringla, who arrived here a day earlier from New York, had a series of meetings throughout Thursday, including with his American counterpart Deputy Secretary Wendy Sherman. Excellent interaction this morning with Blinken and Sherman, tweeted Indias Ambassador to the US Taranjit Singh Sandhu, who attended the meetings along with Shringla at the Foggy Bottom headquarters of the State Department. Shringla and Sherman discussed a broad range of shared priorities, including continued coordination on Afghanistan, strengthening Indo-Pacific cooperation through the Quad, addressing the climate crisis and the COVID-19 pandemic, and preparations for upcoming dialogues, such as the 2+2 Ministerial, said State Department Spokesperson Ned Price. The two diplomats agreed to remain closely coordinated on shared goals and priorities to deepen the US-India partnership, Price said in a readout of the meeting. The US-India relationship is defined by our shared democratic values. I look forward to continuing to coordinate closely on global challenges, tweeted Uzra Zeya, Under Secretary of State for Civilian Security, Democracy, and Human Rights, after the meeting.