Things we are reading today - May 14th, 2024

Fund managers of AIFs must now pass the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination to be eligible to run such funds, according to a new regulation. At least one key personnel from the investment team must be certified, and this certification must be renewed every three years.

The new rule eliminates the five-year experience requirement, which was seen as subjective and problematic. This change aims to facilitate skill-based approvals and objectivity in fund manager eligibility.

Fund managers must also have relevant professional qualifications or a CFA charter. This regulation was approved by SEBI to enhance transparency and competence in managing AIFs.

Zomato surrenders it’s Payment Aggregator license

The MSCI indices review on May 15 is expected to increase India’s stock count in the MSCI Standard and Emerging Market indices from 136 to around 150, potentially attracting $2 billion in inflows.

India’s weight in the MSCI Emerging Market Index is near 18% and may exceed 20% by late 2024, driven by standardised foreign ownership limits, strong midcap performance, and weaker performance by other EMs like China.

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