MC Insider | Hot seat blues, Diwali poker nights and a GST curveball

One of the top foreign investment banks and institutional brokers has been on the lookout for a chief investment officer to set up a mutual fund business for months now. But it seems the cream of senior fund managers are giving the offer a pass—either they’re already raking in stock options at their current gigs, or they’re worried if investment “independence” would be possible because of the firm's focus on banking mandates. Whoever grabs the hot seat will definitely be under scrutiny—because being judged is part of the package.

Diwali is still weeks away, but the party has already started in India’s venture capital circles. One prominent VC firm is kicking things off early with a glittering Diwali gala this week, while another founder and investor is hosting an intimate musical mehfil next week - part celebration, part networking play. But the most anticipated bash of them all? A Diwali party thrown by a Mumbai-based fund, where the real action happens around high-stakes poker tables. Founders, investors, and insiders gather not just for cocktails - but for cards, competition, and the kind of deal talk that doesn't make it to the pitch decks.

What happens when you seek relief, but get far more than you bargained for? That’s the irony confronting insurers after the government slashed GST on insurance products from 18% straight to zero. The industry had been lobbying for a moderate cut to 5%. Executives say they were blindsided. Now everything from IT systems to accounting and commissions needs reworking, rued one CEO. While some players rushed ahead to roll out zero-GST policies to grab an edge, many say they are still scrambling behind the scenes. The lesson? More isn’t always better.