SEBI has ordered finfluencer “Baap of Chart” (Mohammad Nasir Ansari) and associates to refund ₹17.2 crore to investors for misleading claims of assured returns and hiding ₹2.89 crore in trading losses over two years. Nasir and others face market bans, and SEBI criticized their false promises and theatrics aimed at luring clients.
PhonePe has decided to stop working with third-party payment aggregators like Juspay, instead offering direct payment integrations to merchants. This move could save merchants transaction costs while leveraging PhonePe’s size and bargaining power.
Juspay, now armed with a Payment Aggregator license, claims minimal impact and aims to compete by offering full-stack services with competitive pricing. This marks a shift in the digital payments landscape as more players focus on direct integrations.
Prosus is planning five India IPOs, including Meesho, Bluestone, and PayU India, over the next 18 months. It recently invested $80M in Mintifi (11% stake) and $100M in Vastu Finance (8.4% stake). Key businesses like PayU saw 12% revenue growth, while its credit arm surged 91%. Prosus also made $500M from a partial exit in Swiggy’s IPO and continues to hold a 25% stake in the firm.
The Finance Ministry’s draft proposal suggests allowing insurers to diversify into activities beyond insurance, such as guarantees, property management, and welfare funds, while dropping a prior proposal to distribute financial products like mutual funds.
Key reforms include composite registration for multiple insurance types, reduced capital requirements for underserved markets, increased FDI to 100%, and stricter penalties for non-compliance. Public comments are open until December 10, 2024.
