ICRA puts IL&FS on ratings watch after its recast.
MUMBAI: Infrastructure Leasing and Financial Services (IL&FS) has been placed on rating watch with developing implications by rating agency ICRA, following its restructuring exercise. The company has embarked on a business reorganisation, wherein it would evolve as a holding company and farm out in-house businesses into subsidiary companies. ...

Regulator puts rider for pension fund managers.
Byline: Priti Patnaik NEW DELHI: In a move intended to keep newly-appointed pension fund managers (PFMs) on their toes, the pension regulator has decided to put in a rider by which PFMs will have to bid every year to manage the corpus under New Pension Scheme (NPS)....

LIC first to set up pension fund company.
MUMBAI: Life Insurance Corporation of India (LIC) has been the first off the block to set up a pension subsidiary. The new company has been promoted to manage the New Pension System (NPS) which will initially target government employees. In future, the company will have schemes for voluntary contributions...

Eleven firms in race to manage UTI MF's IPO.
Byline: Partha Sinha MUMBAI: Eleven top merchant banking firms are in the race to manage public offer of India's first asset management company, UTI Mutual Fund. The list includes names like Goldman Sachs, Enam, JP Morgan, Morgan Stanley, Kotak Mahindra Capital Company, Lehman Brothers, SBI Caps, DSP...

Govt wants UTI Bank to raise funds first.
Byline: Shaji Vikraman & Mayur Shetty MUMBAI: The government, which controls the principal shareholders of UTI Bank, wants the private bank's management to first go for a public offering in the local markets before tapping the global markets to raise capital. The Specified Undertaking of...

UTI Bank to appoint CEO search panel.
MUMBAI: The board of UTI Bank is likely to appoint a search committee to shortlist a candidate for the chief executive position at the bank. This follows a communication from UTI Bank CMD PJ Nayak that he would not like to stay beyond his present term, which ends in...

PFRDA appointing managers for NPS.
Byline: Debjoy Sengupta KOLKATA: The Pension Bill may still be hanging fire, but the Centre is set to introduce reforms sought in the Bill, at least for central and state government employees covered under its New Pension Scheme (NPS). The Pension Fund Regulatory & Development...

StanChart eyes 49% in UTI Securities.
Byline: Partha Sinha MUMBAI: Standard Chartered Bank is leading the race to pick up a 49% strategic stake in UTI Securities from Securities Trading Corporation of India (STCI), which owns 100% of the financial services firm. The deal could be announced in about 10 days. ...

UTI Bank turns Axis on royalty demand.
MUMBAI: UTI Bank has decided to stop piggybacking on the UTI brandname and has decided to carve a new identity for itself by rebranding itself as "Axis Bank". The rebranding follows a demand of royalty payment from UTI AMC over the brand use. The bank board which met on...

Yearly bids must for pension fund mgmt.
Byline: Priti Patnaik NEW DELHI: In a move intended to keep newly-appointed pension fund managers (PFMs) on their toes, the pension regulator has decided to put in a rider by which PFMs will have to bid every year to manage the corpus under New Pension Scheme (NPS)....