&w=3840&q=100)
As MFs gear up to launch SIFs, distribution takes the centre stage
Abhishek Kumar Mumbai
Listen to This Article
With the specialised investment fund (SIF) licence in their bags, and scheme approvals in sight, the first set of entrants in the SIF space has started working on the distribution puzzle.
Five fund houses — SBI, Edelweiss, Quant, Mirae, and ITI — say they have initiated discussions with key distribution verticals, including wealth management firms, banks, and national and individual MF distributors (MFDs).
'We are proactively engaging with all key distribution segments, including banks, MFDs, and wealth managers. Among them, MFDs and wealth managers are well-positioned to drive SIF distribution. They already cater to a sizable base of high networth
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
11 hours ago
- Time of India
Mumbai businessman accused in bank fraud and money laundering case denied bail
Mumbai: Observing that the Enforcement Directorate (ED) collected sufficient material to prima facie conclude that the applicant was actively involved in the offence of money laundering, a special PMLA court on Friday rejected the bail plea of businessman Vijay Gupta. He is accused in a Rs 764.44 crore fraud involving the State Bank of India (SBI). Gupta, founder of the Vindhyavasini Group of Companies, which operates in steel manufacturing, real estate development, and infrastructure services, remains in judicial custody. The ED strongly opposed the bail, submitting that Gupta is a "habitual economic offender" actively involved in money laundering. Given the gravity and seriousness of the offences, the court concluded that Gupta is not entitled to bail. While the defence claimed that the accused was in jail for over 12 months, the court noted that he was arrested in the money laundering case only in March this year. The court said that the period of custody in the predicate offence cannot be considered since the offence under section PMLA is a different and distinct offence. The ED's case stems from six FIRs registered by the CBI and EOW, Mumbai, against six companies of the Vindhyavasini Group. It is submitted that these companies, promoted and managed by Gupta, are accused of defrauding the SBI's Eastern Express Highway Branch in Thane of approximately Rs 764.44 crores. According to the ED, the accused used 57 shell entities and 117 bank accounts for the placement, integration, and layering of the proceeds of crime. The ED detailed a systematic scheme of fraud, including the submission of fabricated and inflated Memorandums of Understanding (MOUs), Technical Economic Viability (TEV) reports, and highly inflated valuation reports of mortgaged properties to secure maximum loan sanctions from SBI. It was further alleged that the accused colluded with Vishwas Kadam, a then relationship manager for Medium Enterprises (RMME) at SBI, Thane branch, and loan consultant Vijay Patil, to process and approve loans based on these forged documents. The ED claims Gupta paid a bribe of Rs 59 lakh to Vishwas Kadam. It was further submitted that there was a diversion of approximately Rs 164 crore from cash credit limit accounts of group companies to Gupta's personal accounts and shell entities owned by him and his brothers, Ajay Gupta and Sanjay Gupta. These funds were allegedly routed multiple times for unauthorised purposes. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai The ED also submitted that around Rs 42.77 crore were withdrawn in cash from August 2010 to July 2013 from the bank accounts of the Vindhyavasini Group, shell entities, and personal accounts of family members. Allegations include the purchase of flats in Borivali and Kandivali using illicit funds, with one flat reportedly purchased in the name of his children's caretaker. It was also alleged that Gupta siphoned off a significant portion of Rs 13.20 crore received as compensation from NHAI for land acquisition, some of which was already mortgaged with SBI. Gupta's lawyer argued that he was falsely implicated and that the case was lodged with ulterior motives. It was also contended that the transactions are civil in nature, with recovery proceedings already initiated by SBI pending before civil courts. It was also submitted that sufficient collateral was provided to the bank, and the remaining dues of Rs 321 crores (out of a total loan of Rs 805 crores, with Rs 486 crores already recovered) could be covered by auctioning mortgaged properties, including the Solaris Building at Powai, valued at approximately Rs 400 crore in 2013. The defence highlighted Gupta's incarceration of over 12 months and the unlikelihood of a speedy trial given hundreds of witnesses and over fifty thousand pages of documentary evidence.
Indian Express
15 hours ago
- Indian Express
MacBook Air M4, ROG Strix G15, and IdeaPad Slim 5: Croma announces Back to Campus sale on laptops
Croma, the Tata-owned electronics retailer, has announced its 'Back to Campus' sale. As part of the sale, the e-commerce and physical retail chain is offering huge discounts on laptops like the Apple MacBook Air M2. If you are looking to buy a new laptop for work, study or play, here are some of the best deals you can get right now. The MacBook Air M4 is Apple's most lightweight and powerful laptop to date. Powered by the company's newest chipset, the laptop has a 13.6-inch Liquid Retina display and runs on macOS Sequoia. Available in four colourways – Sky Blue, Midnight, Silver and Starlight- the MacBook Air M4 comes with up to 24GB RAM and 512GB storage. However, the base variant of the laptop that sports 16GB RAM and 256GB storage is currently selling for Rs 94,990. Croma is also offering Rs 10,000 instant discount for Kotak, SBI and ICICI bank credit card owners, bringing the price down to Rs 84,990. At this price, this is undoubtedly one of the most powerful MacBooks you can buy right now. Launched back in 2022, the MacBook Air M2 is still one of the best budget Apple laptops you can buy this year. Sporting a 13.6-inch Liquid Retina display, the base variant of the laptop comes with 16GB of what Apple calls Unified Memory backed by a 256GB SSD. The laptop runs on macOS Sequoia and also supports Apple Intelligence, the company's AI feature suite. It also happens to be one of the most lightweight laptops on the market, weighing just 1.24kg. The Apple MacBook Air M2 is currently available for Rs 81,990, but Croma is offering a flat Rs 8,000 discount for Kotak, SBI or ICICI bank credit card owners. This brings the effective price down to 73,990. If you are on a tight budget and want to buy a laptop for browsing, light gaming and watching movies, the Lenovo IdeaPad Slim 3 15AMN8 can be a good choice. Powered by the AMD Ryzen 3 7320U processor, the laptop comes with a 15.6-inch screen with FullHD (1080p) resolution. Running on Windows 11 out of the box, the IdeaPad Slim 3 comes with a 512GB SSD and up to 16GB of RAM. You also get an AMD Radeon 610M GPU, which lets you enjoy lightweight games like Counter-Strike 2 and Valorant at respectable settings. It is available in a single colourway – Arctic Grey and starts from Rs 32,490, but you can avail Rs 3,000 instant discount using ICICI, Axis and SBI credit cards. Want a gaming laptop under Rs 50,000? The ASUS ROG Strix G15 G513IH-HN081T might be the way to go. Sporting a 15.6-inch LCD IPS display with FullHD resolution, the laptop is powered by the 4th generation Ryzen 7 4800H processor. It comes with Windows 10 out of the box, but you can easily upgrade it to Windows 11. The laptop also features a dedicated NVIDIA GeForce GTX 1650 GPU with 4GB VRAM, which is enough to run competitive titles like Valorant at a respectable frame rate and settings. The base model that comes with 8GB RAM and 512GB storage can be purchased for Rs 46,990. This may be a pretty old model, but the powerful processor, decent graphics card and military-grade toughness make it a good deal. Looking for a laptop with great battery life under Rs 1 lakh? Check out the Lenovo IdeaPad Slim 5 14Q8X9, a Snapdragon-powered laptop that can easily get you through a day without having to plug it in. The laptop has a 14-inch WUXGA IPS LCD screen and is powered by the Snapdragon X Plus X1p-42-100 processor. This Copilot+ AI PC comes with Windows 11 and is backed by Qualcomm's Adreno graphics. Weighing just 1.48kg, the Lenovo IdeaPad Slim 5 14Q8X9 is available in a single variant that has 16GB of RAM and a 1TB SSD. Without offers, it is available for Rs 79,990, but you can get a Rs 10,000 instant discount with Axis, SBI and HDFC bank credit cards.
Mint
15 hours ago
- Mint
Canara Bank employee in Karnataka fails to speak Kannada, furious customer asks, 'why is she here?'
A video recorded inside a Canara Bank branch in Chikkamagaluru, Karnataka, has gone viral, once again sparking discussions about language use in public services. The clip shows a Kannada-speaking woman confronting a bank employee who could not assist her in the local language. In the footage, the woman- who says she doesn't know English - questions why a Malayalam-speaking staff member is handling the counter. She asks, 'Why is she here if she can't understand Kannada?' Meanwhile, the branch manager is seen speaking in Malayalam to another employee, as the customer demands an explanation for money being deducted from her account without any prior notice. 'She wasn't even cordial with me,' the woman says in the video. 'When I tried asking, she started making weird faces.' The bank official, who steps in during the dispute, replies, 'You were not cordial either." The video has divided opinion online. Some users supported the customer, while others accused her of creating unnecessary drama for social media attention. One person commented, 'What do you want, information or a viral video?' Another wrote, 'Someone is already assisting her in Kannada. What's the problem then?' However, many users backed the woman's concerns and raised questions about the bank's recruitment practices. One user posted, 'As customers, we expect to be served respectfully and in a language we're comfortable with. After all, it's our money that keeps the bank running. Public sector banks like Canara Bank were nationalised to serve all citizens, not just a few.' Phrases like 'Why aren't locals being given job opportunities?' and 'If you're operating in Karnataka, you must be able to serve in Kannada' were repeated by several users. Responding to the criticism, Canara Bank's official X (formerly Twitter) account shared a statement reaffirming its commitment to Kannada and its customers. The statement read, 'Kannada is our foundation, your support is our strength. For Canara Bank, Karnataka is not just a state, it is our birthplace. Kannada is not merely a language to us, it is a feeling, a pride. We are committed to providing services in the local language at every branch in the state.' The bank further added that while staff members may come from various parts of India, 'our heart always resonates with our customers.' This incident follows another viral video from SBI's Surya Nagar branch in Bengaluru (Anekal Taluk), where a branch manager reportedly refused to speak Kannada with a local customer. Karnataka Chief Minister Siddaramaiah called the behaviour 'strongly condemnable' and praised the bank for taking prompt action.
