1. Indian markets experienced their longest winning streak in 31 years, with Sensex closing at 82,365 and Nifty at 25,235 while bonds continue to soften.
- RBI launched ULI, a tech platform aimed at transforming the credit appraisal process by providing seamless access to digital data, particularly benefiting agriculture and MSMEs.
- As of July, MSME credit grew by 15%, and credit to industry rose by 10.2%. However, credit to the services sector moderated to 15.4% due to reduced lending to NBFCs.
- UPI continues to grow, with plans for global linkage to reduce remittance costs, though challenges remain, particularly from U.S. perspectives on global payment interlinking.
- SEBI proposed mandating UPI-based block mechanisms for secondary market trading, similar to the ASBA facility in the primary market.
- SEBI tightened criteria for stocks in the derivatives segment, aiming to enhance liquidity and prevent market manipulation.
- SEBI proposed revamping rules for merchant bankers, including increasing net worth requirements and prohibiting conflicts of interest.
- Govt. eased listing requirements for companies in IFSC, reducing the minimum public shareholding to 10%.
- India's GDP growth slowed to 6.7% in Q1 FY25, while Moody’s revised India's growth forecast upwards, citing strong growth prospects and a revival in rural demand and Fitch reaffirmed India’s rating.
- The Cabinet approved the creation of 12 industrial smart cities under the National Industrial Corridor Development Programme.
- PE/VC investments reached $20 billion in Jan-Aug 2024, though down from the previous year.
- Report projects 14% CAGR growth for Indian family offices, with increased allocations to AIFs.
- The Delhi High Court ruled in favour of Tiger Global, allowing them to benefit from the India-Mauritius DTAA, enhancing investor confidence in India's tax system.
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