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Nemkumar H, IIFL Capital Services' Managing Director and member of board, has stepped down to focus exclusively on business development, and is now the designated Chief Growth Officer.
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Earlier this month, IIFL Finance reported an 8% fall in loan assets under management to Rs 71,410 crore ($8.24 billion) for the first nine months of the fiscal year that ends in March
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Mankind Pharma sealed the Rs 13,630 crore acquisition of private equity firm Advent International owned Bharat Serums and Vaccines (BSV) in July.
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The ratings agency said that the action follows lifting of the regulatory embargo on the gold loan business of IIFL Finance and said that post this, the non-bank lender is expected to regain its market share.
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The regulator had on September 19 lifted restrictions on the gold loan lender. This would allow the lender to restart its gold loan operations but brokerages expect that the lender would look at growing slowly as it will look at keeping all the compliance measures in check.
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This is not the first time that IIFL has found itself at the receiving end in terms of allegations related to governance levels. The recent past has seen both RBI and SEBI pull up IIFL for violations of the regulatory framework put in place by the banking and the capital markets watchdogs.
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The lender in the January-March quarter of financial year 2023-24 reported a 10 percent year-on-year (YoY) drop in net profit.
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Though there is no clear link between the sale of shares and the RBI action, a proxy adviser has called the move 'odd' and another said the market regulator should look into the reason behind investors' trimming stakes
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On March 4, RBI stopped IIFL Finance from sanctioning and disbursing fresh gold loans over material supervisory concerns.
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Several financial institutions, including IIFL Finance, Paytm Payments Bank, and JM Financial, have come under intense regulatory scrutiny, sparking concerns across the financial sector.
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Total income grew 33 per cent to Rs 1,599.3 crore, the company said, adding its asset quality improved with gross Non-Performing Assets (NPAs) falling to 1.8 per cent from 2.4 per cent and net NPAs improving to 1 per cent from 1.2 per cent.
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This is the fund's first investment in a supply chain finance firm, the company said in a statement without disclosing any financial details of the transaction.
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This is the largest such Employee Stock Option (ESOP) scheme for frontline employees across industries and the first in the Banking Finance Services and Insurances (BFSI) sector, the company said in a statement.
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The market regulator had conducted a thematic inspection of the books of accounts of IIFL during the period of January 30 to February 03, 2014.
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The public issue of the IIFL NCDs will open on Friday and has a base offer of Rs 300 crore.
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The structure is extremely sold in Nifty, said IIFL’s Sriram Velayudhan
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FIIs have sold equities worth almost $2 billion in the first 13 sessions of the year — probably the worst FII sell-off witnessed in January over the last two decades.
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This is IIFL fintech fund's 10th investment and first in the insuretech space, the company said, adding it has already invested 50 per cent of the Rs 210 crore corpus of the fund.
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IIFL Home Finance has recently invested Rs 50 crore senior-secured construction debt in its affordable housing township 'Riverwood Park' located in Thane, Eon said in a statement.
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Vohra, 19, has in fact become the youngest Indian and the first teenager to have personal wealth of at least Rs 1,000 crore, thanks to an over 50 percent rise in the valuation of Zepto, which he founded with Aadit Palicha in 2020, the report titled IIFL Wealth Hurun India Rich List 2022, showed. Palicha, 20, has also made it to the list.
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They bought for $6.5 billion in August, which is more than 10 times what they bought in July. In July, they had turned net buyers with $634 million, after selling relentlessly for nine months
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Europe’s losing streak continues with key bourses shutting shop in the red. Fears of more aggressive interest rate hikes from the US Fed and the ECB returned to the fore and marred investor sentiment. Stoxx 600 ended 1 percent lower, Dax skid over 2 percent, and CAC was down nearly 2 percent.
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After a corrective dip to 17,350-17,400, the market could rally to 19,500 in six to eight months, he said
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upGrad's multi-million dollar fundraise and aggressive hiring plans come at a time when edtech companies in India including some of the highest-valued unicorns like Unacademy, Byju's and Vedantu are firing hundreds of employees amid a decline in demand for their services
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Going by the sector allocation, FPIs are treading with caution. Sriram Velayudhan, VP - Alternative Research at IIFL, helps us decode their investment action.
