Weekly News 25th July 2022

1. Weekly
News
25th July 2022
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SEBI Registered Investment Adviser (INA200006628)

2. Snapshot
Prashant Jain quits
HDFC AMC after 19
years
After $30 bn exodus,
foreign funds trickle
back into Indian
equities
IRDAI gives insurers
freedom to empanel
hospitals for cashless
treatment
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© RightFocus Investments Pvt. Ltd.
SEBI Registered Investment Adviser (INA200006628)
Sebi proposes rules for
platforms providing
execution-only services
in mutual funds' direct
plans

3. After a 19-year-stint with the HDFC Mutual Fund, star fund manager
Prashant Jain has decided to quit the mutual fund house.
- One of the world’s longest-serving fund managers, Jain was responsible for overseeing assets under
management of over Rs 4 trillion as the CIO of the fund house and directly managed about `1 trillion
under equity schemes.
- Jain has been managing HDFC Flexi Cap fund since June 2003 and HDFC Top 100 since January
2002, according to data tracker Value Research. These schemes have returned 18.3% and 18.7%,
respectively.
- He has also managed HDFC Balanced Advantage Fund (earlier HDFC Prudence Fund) since February
1994. It is one of the largest equity-oriented funds in India with assets of Rs 43,079 crore as of June 30
and has returned 17.8% since inception.
© RightFocus Investments Pvt. Ltd.
SEBI Registered Investment Adviser (INA200006628)

4. Foreign funds are showing signs of a return to Indian equities as
recent declines in oil prices and the dollar bring some reprieve for
emerging markets.
- Overseas investors have bought a net $1 billion of local stocks in the first three days of this week,
according to the latest available exchange data compiled by Bloomberg.
- As a result, that puts them on course for the first weekly purchases since April. They dumped almost
$30 billion of shares in the year.

5. The Insurance Regulatory and Development Authority of India (IRDAI)
has modified the 'Guidelines on Standardisation in Health Insurance'
to give effect to the new norms.
- Insurance regulator IRDAI on Wednesday allowed general insurers to choose network providers or
hospitals that meet their standards, thus easing norms for expanding cashless facilities in the country.
- Earlier, only those network providers which were registered in the Hospital Registry ROHINI
maintained by Insurance Information Bureau (IIB) could be empanelled by the insurers.
- IRDAI further said the boards of insurers should consider the minimum manpower and healthcare
infrastructure facilities before empanelling a hospital. The regulator has also asked the insurers to focus
on the delivery of quality healthcare services while taking on board hospitals for cashless facilities.
© RightFocus

6. Markets regulator Sebi on Friday proposed a separate framework for
platforms providing execution-only services in direct plans offered by
mutual funds.
- At present, there is no specific framework available for technology or digital platforms to provide
execution-only services in direct plans of Mutual Fund (MF) schemes and obtain data feeds with
respect to such transactions.
- Execution-Only Providers (EOPs) may provide both financial services such as purchase and redemption
of mutual fund units, and non-financial services like change of email id and contact number.
- Since EOPs mainly operate through digital or technological platforms, additional requirements related
to cyber security and other relevant parameters for EOPs would need to be prescribed under the rules
by AMFI or stock exchanges, as per the consultation paper. Sebi has proposed that EOPs are required
to have adequate infrastructure to provide financial and non-financial services.
© RightFocus

7. Other News
- 5 per cent GST on pre-packaged food items.
- Abhijit Sen, Sanjay Bhandarkar and Vineet Nayar set to join NSE board
- Pramod Rao takes charge as Sebi's executive director
- RBI imposes restrictions on four co-op banks, caps withdrawal. In view of their deteriorating financial
positions, the RBI has imposed withdrawal restrictions.
- Droupadi Murmu takes oath as 15th President of India
- Southeast Asian crypto exchange Zipmex suspends withdrawal.
- iFast India Holdings, an associate company, has decided to exit its onshore platform service
business in India.

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© RightFocus Investments Pvt. Ltd.
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