Private sector lender Yes Bank on Friday said it has received the Reserve Bank of India (RBI) nod to enter the equity broking business. Among the last of the banks to be granted licences, Yes Bank will invest up to R25 crore and enter the highly competitive area in early FY14, sources said. A majority of its rivals are already into the equity broking business and addition of the product will add to Yes Bank's bouquet of offerings. The banks founder MD & CEO, Rana Kapoor, said it has been granted approval by the Reserve Bank to establish a brokerage subsidiary and the timing for the same coincides with the banks thrust on retail. The composition of the low-cost current and savings account for the bank is among the lowest in the industry and it has been leveraging on the savings bank interest rate deregulation by the RBI to gain more deposits by offering higher interest rates.
Kalaari Capital closes $150-million fund
Venture capital firm Kalaari Capital on Friday said it has closed a $150-million fund, which will be invested in areas like software products and services, e-commerce, mobile and telecom services, education and healthcare. Kalaari's India advisory team consists of Vani Kola, Kumar Shiralagi, the continuing managing directors from IndoUS Advisors (IUVP), and Rajesh Raju.
Sebi imposes R30-lakh fine on trader for fraud
The Securities and Exchange Board of India (Sebi) has imposed a penalty of R30 lakh on one Sunil Kumar Mehta for indulging in fraudulent trading in shares of Asian Star Company (ASCL). According to Sebi, Mehta indulged in circular/reversal synchronised trades with the other brokers and clients in scrips of ASCL. Sebi, in an order dated September 27, said it was imposing a penalty of R30 lakh on Mehta, which will be commensurate with the violations committed by him.
EdServ up 9.88% on Alta Vista acquisition
Shares of Chennai-based education services company, EdServ Softsytems, rose 9.88% on the Bombay Stock Exchange to R17.80 on the back of the companys acquisition of UAE-based Alta Vista. The shares had opened at R16.15 . The West Asian company was bought for an undisclosed sum. The acquisition is part of the companys strategy to expand its overseas business providing online learning and career solutions through mobile and tablet platforms in Arabian languages.
IDFC-managed PE funds sell 2 cr shares of Pipavav
Two private equity funds managed by IDFC sold 2 crore shares of Gujarat Pipavav Port and the private equity company also withdrew its nominee from the port company's board of directors.With this, Gujarat Pipavav has nine directors on its board out of which four, including the chairman of the board, are independent directors.