Nitin Jain, co-founder and Chief Business Officer of OfBusiness, is set to launch his own AI startup focused on Human Capital Management. Jain is in talks with venture capital firms, including Z47, to raise capital. While still part of OfBusiness, he plans to exit after securing funding for his new venture. OfBusiness, a B2B platform for raw material procurement, is valued at $5 billion and is preparing for a $1 billion IPO within the next year.
SEBI has raised the position limits for trading members in index futures and options to ₹7,500 crore or 15% of total open interest (OI), whichever is higher, from the previous ₹500 crore. This applies to both client and proprietary trades. The new limits take immediate effect, with updated monitoring mechanisms starting from April 2025.
The RBI is requiring companies to seek government approval before granting employee stock options (Esops) to staff based in countries that share a land border with India, such as China and Pakistan. This move extends the rules from Press Note 3 (PN3), which restricts foreign investments from these countries, to Esops as a precaution against bypassing FDI regulations. While some companies argue Esops don’t lead to significant ownership, they are still subject to these rules for regulatory compliance.
The RBI’s new guidelines require banks to realign their business models, ensuring core activities like deposit mobilization and lending remain within the bank, not subsidiaries. This could impact the valuations of banks’ financial services subsidiaries, like HDB Finance and Kotak Mahindra Bank-linked entities, which offer overlapping lending services.
The guidelines aim to prevent banks from using subsidiaries to bypass restrictions. Affected banks, including ICICI, PNB, and Canara Bank, may have to consolidate lending activities within the bank, with feedback due by November 20.
What are you reading today? Drop your suggestions here 