Hetal DalalRecent failures have given enough reason to believe that directors need to have greater awareness of their fiduciary responsibilities. Of the recent failures — several on account of corporate governance lapses — had boards with well-established directors that failed in executing their fiduciary responsibilities. The IL&FS and CG Power are cases that come quick to mind. Leave aside abject failures, but governance practices in well-established companies also raise questions on the role of independent directors.That shareholders have to vote against remuneration resolutions or stock option schemes raises questions on whether the nomination and remuneration committee (NRC) has used objective benchmarks to decide executive compensation. Whistle-blower letters that go directly to the regulator rather than through the company’s own policy and process are, to some extent, a reflection of the trust commanded by the company’s board and leadership. Related … [Read more...] about Policy | Independent directors need training, not eligibility criteria
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Shares of State Bank of India (SBI) traded in the negative territory on December 11 and looked on course to extend the losing run into the fifth consecutive session.The largest public sector lender on December 10 reported bad loan divergence of Rs 11,932 crore for the last financial year, the country's largest lender said in a notification to exchanges.SBI also reported divergence of Rs 12,036 crore in provisioning for the financial year ended March 2019.Close The gross non-performing assets (NPAs) reported by the bank stood at Rs 1.73 lakh crore as on March 31, 2019. However, gross NPAs as detected by RBI was at Rs 1.85 lakh crore for the period. related news Broker default – Only a strong deterrent can plug the gap This multiplex stock jumped 47% in 2019 despite slump in consumer spending Saudi Aramco shares to begin trading after world's biggest IPO Read more: SBI reports bad loan divergence of Rs 11,932 crore for FY19Global financial firm Morgan Stanley has … [Read more...] about SBI share in the red; brokerages question loan divergence
Following mounting pressure from investors for his ouster for the alleged irregularities under his watch, K N Neelkant, Chief Executive Officer of fraud-hit CG Power, has exited from all of the company’s subsidiaries, sources told news agency PTI.While he did confirm his resignation from the subsidiaries, Neelkant said he believed that CG Power’s investors and lenders would not want him to step down in the "best interest" of the company.Prior to this, CG Power & Industrial Solutions' board removed its founder Gautam Thapar as chairman late last month, following an investigation that brought to light a multi-crore financial fraud in the company.Close Sources told PTI that investors and lenders want a clean-up of the company, hence their decision to force Thapar out. They want a completely new management to run CG Power, for which they believe Neelkant also needs to go. related news Gautam Thapar sends legal notice to CG Power, challenges his removal: Report CG … [Read more...] about Fraud-hit CG Power CEO Neelkant resigns from subsidiaries
Erik Hon“If you always do what you’ve always done, you’ll always get what you’ve always got” – AnonymousNever, perhaps, has the pressure to change been as strong for Indian advisers as it is today. While the retail investor market in the country remains attractive, independent financial advisers (IFAs) with the traditional commissions-driven distribution business model feel that their livelihood is being threatened, both by regulators as well as zero-cost platform challengers.Close For a retail investor today, online platforms offering investments at zero or no costs have become an attractive starting point. Most platforms offer direct plans, pre-empting informed investors’ questions on commissions and bias, and also offer several tools around SIPs (systematic investment plans), fund switching, rebalancing and goal-based planning. As a result, the gamut of basic, transactional services around investments is fast being commoditised, and IFAs, … [Read more...] about How IFAs can withstand the onslaught of zero-cost platforms
The multi-cap category generated maximum wealth for the ultra-rich in 2019, data from PMSBazaar.com showed.Even though small & midcap indices recorded double-digit fall from their respective record highs, select quality names created wealth also, suggest experts.Data for PMS schemes for the period December 1, 2018 to November 30, 2019, highlighted that the multi-cap category was a winner.Close As many as 30 out of 55 schemes covered by PMSBazzar.com under the multi-cap category gained 10-27 percent in the 1-year period, data showed. related news Market Headstart: Nifty50 seen opening flat; Yes Bank, Bharti Airtel eyed What changed for the market while you were sleeping? Top 10 things to know Early on D-Street | Selling pressure could increase if Nifty fails to hold 11,844 Portfolio Management Services cater to wealthy investors. The minimum ticket size of these schemes was raised from Rs 25 lakh to Rs 50 lakh recently by SEBI. The professional fee charged by … [Read more...] about Wealthy investors made 10-27% gains from multi-cap schemes in 2019; should you bet?