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In today’s newsletter:

• Sebi's message for Fintechs
• Conditions apply: Laptop imports face restrictions
• Blinkit ropes in Flipkart's Vipin Kapooria as CFO

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Markets regulator Sebi’s whole-time member Ananth Narayan has issued a stern warning to fintech companies across various sectors.

• Speaking at the Moneycontrol India Fintech Conclave 2024, Narayan emphasised the importance of maintaining ethical standards and promptly reporting any potential malpractices

The regulator and government have been concerned about most retail investors losing money in Futures and Options (F&O) trading.

• SEBI was also worried about brokers sharing revenue with finfluencers, who were not regulated

SEBI acted on these issues after public outcry, though it had industry support.

“We would much rather hear it from you than through inspections or media or from other intelligence,” Narayan said.

Sebi's restrictions on F&O trading took effect on November 20 with initial trends suggesting a 35-40% drop in volumes.

• Futures trading has been a significant contributor—up to 40%—of revenue for discount brokers

Narayan said that entrepreneurs have a better understanding of what's happening on the ground than the regulator.

“If you have an association, that can give a unified voice, that helps us. We need trusted advisors,” he added.

Narayan wants the regulator and ecosystem players to get ahead of possible tricky situations in the future.

Dig deeper

India’s laptop import policy just got a time-out till 2025, but whispers of secret rule tweaks are keeping companies on edge. 

Although officially, the Indian government has extended unrestricted imports till December 2025, sources claim a 5% cut in import limits can still be levied.

• Oral directions have been given to companies that a 5% cut can be levied on companies not exporting IT hardware

Sources tell us that companies may earn 10% credits for exports and local manufacturing to ease import costs.

• With these credits, firms with significant exports can offset the import reduction, effectively bypassing restrictions

The lack of formal notification has left many unclear about enforcement details.

• The industry remains unsure as these nuances have not been put on paper, and have just been conveyed orally

India is pushing its Rs 17,000 crore PLI scheme to encourage local production.

• Exports of PCs and laptops surged 230.8% in FY24 

Dig deeper

A booming business, fresh capital infusion and constantly on the quest to launch something new. What does a business need next? A CFO.

Zomato-owned Blinkit, the quick commerce market leader, has hired Vipin Kapooria as its chief financial officer (CFO), we were told.

• Kapooria is Blinkit’s first full-time CFO in around two years
  
  
• Amit Sachdeva, Blinkit’s previous CFO, quit in 2022 and the post has been vacant since then 

Blinkit’s finance operations were being handled internally and overseen by CEO Albinder Dhindsa and Zomato CFO Akshant Goyal until Kapooria joined.

Kapooria has been appointed at a time when:

• Competition in the quick commerce industry has increased tremendously over the past 6 months or so
  
  
• Blinkit is looking to function like a fully-independent company, instead of operating under Zomato’s shadows, to compete more fiercely with Zepto and Swiggy Instamart
  

Blinkit is also flush with funds, thanks to Zomato’s QIP, and the company needs a finance chief to allocate the money

Kapooria’s organisational background made him the perfect match for Blinkit.

• Kapooria was earlier Vice President – Business Finance at Flipkart, which has become a top target company for all quick commerce companies looking to hire talent
  

More importantly, Kapooria has also spent time at Yum! Restaurants, the company that runs Pizza Hut, Taco Bell and KFC in India. 

• Just a few days ago, Blinkit launched Bistro, a standalone app for food delivery as the company looks to grow revenue streams
  
  
• And also compete with Zepto Cafe, Swiggy’s Instacafe/Bolt and more
  

Find out more

Abhi toh party shuru hui hai (the party has just started)... for Indians who are globetrotting once again with bookings higher than last year for top overseas destinations.

• Flight bookings for Phuket are up 168% followed by Bangkok at 166% versus 2023

In India, it is the spiritual hotspots like Varanasi with a 669% increase in flight bookings

• While airfares are up 35% and stay three times more costly, Indians are not shying away from spending on year-end travel

Read to know more

• Investment advisers (IAs) pitching client’s AI-driven investment models need to be cautious as market regulator issues norms for the use of such machine tools, experts have said.
  
  
• Apple is in talks with Tencent and TikTok owner ByteDance about integrating their AI models into iPhones sold in China.

Who needs a super app when you've got a super bot? OpenAI's ChatGPT is now dialing in to WhatsApp

• But wait, there's a catch 

While US and Canadian users can directly dial into the AI, Indians will have to scan a QR code to chat via WhatsApp

Curious to know more? Find out more

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