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₹1 crore, minimum ticket size to issue securitisation notes: RBI

Banking & Finance

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As per the Master Direction – Reserve Bank of India (Securitisation of Standard Assets) Directions, 2021, exposures to securitisations that are STC (simple, transparent and comparable)-compliant can be subject to the alternative capital treatment.

Lenders can provide supporting facilities such as credit enhancement facilities, liquidity facilities, underwriting facilities and servicing facilities supporting securitisation structures.

Securitisation involves transactions where credit risk in assets are redistributed by repackaging them into tradeable securities with different risk profiles, which may give investors of various classes access to exposures which they otherwise might be unable to access directly.

The RBI emphasised that the priorities of payments for all liabilities in all circumstances should be clearly defined at the time of securitisation and appropriate legal comfort regarding their enforceability should be provided.

This is aimed at preventing investors being subjected to unexpected repayment profiles during the life of a securitisation; listing of securitisation notes, especially in respect of certain product class, such as Residential Mortgage Backed Securities, and/ or generally above a certain threshold is recommended, though not mandatory, the RBI said.

In any case, any offer of securitisation notes to fifty or more persons in an issuance would be required to be listed in terms of Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008.

To help provide investors with full transparency, all triggers affecting the cash flow waterfall, payment profile or priority of payments of the securitisation should be clearly and fully disclosed in offer documents and in investor reports, per the Directions.

Investor reports should give information that clearly identifies the breach status in respect of expected cash flows to the note holders, the ability for the breach to be reversed and the consequences of the breach.

To ensure rights and interest of the securitisation note holders are protected, definitions, policies and remedies pertaining to the contours and caveats around the performance of the underlying loans must be suitably communicated.

Further, the rights and control of the securitisation note holders must be documented to account for all circumstances, including insolvency of all entities involved in securitisation, such as the originator Special Purpose Entity.

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Concerns on banks ‘mispricing’ risks: SBI Chief

Banking & Finance

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Dinesh Kumar Khara, Chairman, State Bank of India on Friday said that mispricing of risk by banks was a cause of concern. Though banks have tightened the underwriting standards, the surplus liquidity in the system may push banks to a situation where they end up mispricing the risk.

“There is temptation on bankers to go down the risk curve and misprice the risk……we are starting to see this,” Khara said at the Financial Market e-Conclave organised by the Bengal Chamber of Commerce & Industry here on Friday.

The SBI Chairman does not feel there is any concern regarding the underwriting standards as most banks have tightened norms following the previous experience of decline in asset quality and high NPAs.

The system is flush with liquidity given the low credit offtake due to slowdown in economy on the back of Covid-19 pandemic. The funds parked with the RBI, in its reserve repo window, is estimated to be around ₹7 trillion, while the government’s cash balances with the central bank is close to ₹3.4 trillion.

Credit offtake to pick up

According to Khara there are greenshoots visible in certain sectors including commodities, iron and steel and aluminium. Credit demand is expected to pick up once investments start flowing into these sectors. “We have started seeing traction (in credit demand) from public sector enterprises and some private sector companies are also coming for fresh investments,” he said.

He said there was some stress in the retail portfolios at the end of Q1FY-22 on account of the regional lockdowns. However, things have been improving since the beginning of Q2.

On reduction of rates on new home loans, he said that the mortgage market has started showing signs of growth and banks are trying to capture the same.

‘Status quo likely’

“Inflation is mainly on account of supply side disruptions and once that is addressed we may have elbow room for keeping the rates at current level and wait for growth to come back in full force and at that point of time the central bank might think of recalibrating interest rates. But at this point of time it looks like interest rates should remain as it is,” he said.

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1 Mid Cap And 1 Small Cap Stock To ‘Buy’ By HDFC Securities For The Short Term

Personal Finance

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JB Chemicals and Pharmaceuticals-Buy for a target price of Rs. 2200

HDFC Securities is bullish on the counter of Mumbai based pharmaceuticals company that is engaged in the manufacture of pharmaceuticals formulations herbal remedies as well as APIs, JB Chemicals and Pharma. The brokerage has suggested to ‘Buy’ the scrip for gains of 19.8% and has set a target price of Rs. 2200 for the investment horizon of 3 months. Stop loss suggested for the trade is Rs. 1620.

Technical observations:

• Stock price has broken out from the downward sloping trendline on the daily chart with higher volumes.

• Stock price is forming bullish higher top higher bottom formation on the weekly chart.

• The counter is trading above its 5,20 and 50-day EMA and this shows short and medium term trend of the stock is positive.

• Oscillators including RSI and MFI is placed above 60 and rising upwards, which indicates strength in the current uptrend

• Plus, DI is trading above -DI while ADX line has started sloping upwards, indicating momentum in the current uptrend, adds the brokerage research report.

Stock Last traded price Target Upside Horizon
JB Chemicals and Pharmaceuticals Rs. 1835.8 Rs. 2200 19.80% 3 months

Kajaria Ceramics:

Kajaria Ceramics:

For the short term of 3 months, brokerage house HDFC Securities recommends on buying Kajaria Ceramics scrip for a target price of Rs.1490, implying gains of 19.95% from the last traded price of Rs. 1242.15

Technical observations:

• The company’s stock price has breached the earlier top resistance of Rs. 1229

• Stock price has been finding support on its 34 days EMA

• Primary trend of the stock is bullish with higher tops and higher bottoms

• On the weekly charts the stock has broken out from bullish “Flag” pattern.

• Price breakout is accompanied with jump in volumes.

• Stock has been holding levels above its medium to long term moving averages Indicators and oscillators have turned bullish on daily and weekly charts, adds the brokerage.

The ceramics and granite sector entity is the largest manufacturer of vitrified or ceramic tiles in the country. The company’s annual aggregate capacity stands at 70.40 mn. sq. meters, which spans across eight plants located in different states including UP, AP, Gujarat and Rajasthan.

Stock Last traded price Target Upside Horizon
Kajaria Ceramics Rs. 1242.15 Rs. 1490 19.95% 3 months

Disclaimer:

Disclaimer:

Investing in equities poses a risk of financial loss. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. The above article is for informational purposes only.

GoodReturns.in



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CBDT Issues This Order To Regularise ITRs Verified Through EVC During 7th June To 30th September

Personal Finance

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Taxes

oi-Vipul Das

|

Owing to technical problems in the new e-filing portal of the Income Tax Department, the Central Board of Direct Taxes (CBDT) has issued a directive on Friday to regularise Income Tax Returns (ITRs) verified using EVC instead of DSC as required under IT Rule 12 during 07/06/2021 to 30/09/2021. CBDT has said in a statement that “Due to technical issues in the e-filing portal, certain returns of income furnished electronically under Section 142(1), 148, 153A and 153C of the Income-tax Act, 1961 (the Act) during the period from 07/06/2021 to 30/09/2021, were/are being allowed to be verified through Electronic Verification Code (EVC) though these are otherwise required to be verified through Digital Signature (DSC) as per Rule 12 of the Income-tax Rules, 1962.”

CBDT Issues This Order To Regularise ITRs Verified Through EVC

Because the aforementioned income returns were not submitted and verified in compliance with Rule 12, the Assessing Officers may regard them as not there; absent causing inconvenience to the taxpayers. On the basis of the aforementioned, CBDT IN exercising its powers under Section 119(2)(a) of the Act has declared that all returns of income filed electronically under Sections 142(1), 148, 153A, and 153C of the Act during the period from 07/06/2021 to 30/09/2021 and verified using an Electronic Verification Code rather than a Digital Signature will be deemed to have been filed and verified in accordance with Rule 12.

CBDT has also further added that “The regularisation of such returns shall be immediately brought to the notice of the Assessing Officers concerned, through ITBA by DGIT (Systems) so that such returns are not treated as non-est.”

The Income Tax Department has also declared on Friday via its Twitter handle that Gross Direct Tax collections for FY 2021-22, as on 22.09.2021, at Rs. 6.46 lakh crore register a growth of 47% over collections of the corresponding period in the preceding year. Net Direct Tax collections at Rs. 5.71 lakh crore have grown at over 74% in the same period. Cumulative Advance Tax collections for FY 2021-22 are at Rs. 2,53,353 crore, showing growth of about 56% over collections of corresponding period of preceding year. Advance Tax collections for 2nd quarter of current fiscal, at Rs. 1.72 lakh crore, are up by 51.50% over FY2020-21, for more information click here.

Story first published: Saturday, September 25, 2021, 11:24 [IST]



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CBDT Issues This Order To Regularise ITRs Verified Through EVC During 7th June To 30th September

Personal Finance

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Taxes

oi-Vipul Das

|

Owing to technical problems in the new e-filing portal of the Income Tax Department, the Central Board of Direct Taxes (CBDT) has issued a directive on Friday to regularise Income Tax Returns (ITRs) verified using EVC instead of DSC as required under IT Rule 12 during 07/06/2021 to 30/09/2021. CBDT has said in a statement that “Due to technical issues in the e-filing portal, certain returns of income furnished electronically under Section 142(1), 148, 153A and 153C of the Income-tax Act, 1961 (the Act) during the period from 07/06/2021 to 30/09/2021, were/are being allowed to be verified through Electronic Verification Code (EVC) though these are otherwise required to be verified through Digital Signature (DSC) as per Rule 12 of the Income-tax Rules, 1962.”

CBDT Issues This Order To Regularise ITRs Verified Through EVC

Because the aforementioned income returns were not submitted and verified in compliance with Rule 12, the Assessing Officers may regard them as not there; absent causing inconvenience to the taxpayers. On the basis of the aforementioned, CBDT IN exercising its powers under Section 119(2)(a) of the Act has declared that all returns of income filed electronically under Sections 142(1), 148, 153A, and 153C of the Act during the period from 07/06/2021 to 30/09/2021 and verified using an Electronic Verification Code rather than a Digital Signature will be deemed to have been filed and verified in accordance with Rule 12.

CBDT has also further added that “The regularisation of such returns shall be immediately brought to the notice of the Assessing Officers concerned, through ITBA by DGIT (Systems) so that such returns are not treated as non-est.”

The Income Tax Department has also declared on Friday via its Twitter handle that Gross Direct Tax collections for FY 2021-22, as on 22.09.2021, at Rs. 6.46 lakh crore register a growth of 47% over collections of the corresponding period in the preceding year. Net Direct Tax collections at Rs. 5.71 lakh crore have grown at over 74% in the same period. Cumulative Advance Tax collections for FY 2021-22 are at Rs. 2,53,353 crore, showing growth of about 56% over collections of corresponding period of preceding year. Advance Tax collections for 2nd quarter of current fiscal, at Rs. 1.72 lakh crore, are up by 51.50% over FY2020-21, for more information click here.

Story first published: Saturday, September 25, 2021, 11:24 [IST]



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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India, in exercise of powers vested in it under Sub-Section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS), had, in the public interest, issued Directions to Hindu Cooperative Bank Limited, Pathankot, Punjab, from the close of business on March 25, 2019. The Directions have been extended from time to time the validity of which was last extended upto September 24, 2021. These Directions shall continue to apply to the bank for a further period of one month from September 25, 2021 to October 24, 2021, subject to review. A copy of the Directions dated September 24, 2021 is displayed at the bank’s premises for interested members of public to peruse. Reserve Bank of India may consider modifications in Directions depending upon the circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will be able to undertake banking business with restrictions till its financial position improves.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/931

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CBDT: Gross Direct Tax Collections Spiked By 47% For The Financial Year (FY) 2021-22

Personal Finance

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Taxes

oi-Vipul Das

|

The Central Board of Direct Taxes (CBDT) unveiled the figures of Gross Direct Tax collections, Net Direct Tax collections, Advance Tax collections, and refunds for the FY 2021-22. Direct Tax collections for the Financial Year 2021-22 as of 22.09.2021 showed overall collections of Rs. 5,70,568 crore, up from Rs. 3,27,174 crore in the prior Financial Year, i.e. FY 2020-21, reflecting a 74.4 percent raise. The net collection as of September 22, 2021 in FY 2021-22 increased by 27% over FY 2019-20, where the net collection was Rs. 4,48,976 crore in the same period.

CBDT: Gross Direct Tax Collections Spiked By 47% For The FY 2021-22

Corporation Tax (CIT) at Rs. 3,02,975 crore (net of refund) and Personal Income Tax (PIT) comprising Security Transaction Tax (STT) at Rs. 2,67,593 crore makes up the net direct tax collection of Rs. 5,70,568 crore (as on 22.09.2021). Before adjusting for refunds, the gross collection of direct taxes for FY 2021-22 was Rs. 6,45,679 crore, up from Rs. 4,39,242 crore in the previous financial year’s indicated period, representing a 47 percent increase over collections for the FY 2020-21. In FY 2021-22, gross collection (as of 22.09.2021) increased by 16.75 percent over FY 2019-20, up from Rs. 5,53,063 crore.

Corporation Tax (CIT) of Rs. 3,58,806 crore and Personal Income Tax (PIT) comprising Security Transaction Tax (STT) of Rs. 2,86,873 crore makes up the total gross collection of Rs. 6,45,679 crore. An advance tax of Rs. 2,53,353 crore, Tax Deducted at Source of Rs. 3,19,239 crore, Self-Assessment Tax of Rs. 41,739 crore, Regular Assessment Tax of Rs. 25,558 crore, Dividend Distribution Tax of Rs. 4,406 crore, and Tax under other minor categories of Rs. 1383 crore makes up the minor head-wise collection.

Amid the tough economic start to the fiscal year 2021-22, the Advance Tax collection in the second quarter (1 July 2021 to 22 September 2021) of FY 2021-22 is Rs. 1,72,071 crore, up 51.50 percent over the previous period in FY 2020-21 when the Advance Tax collection was Rs. 1,13,571 crore. As of 22.09.2021, cumulative Advance Tax collections for the first and second quarters of FY 2021-22 totaled Rs. 2,53,353 crore, compared to Advance Tax collections of Rs. 1,62,037 crore of the preceding Financial Year, i.e. 2020-21, indicating a 56 percent increase.

Furthermore, the total Advance Tax collection of Rs. 2,53,353 crore as of 22.09.2021 FY 2021- 22 is a 14.62 percent increase over the same period in FY 2019-20 when the cumulative Advance Tax collection cumulative was Rs. 2,21,036 crore. As of September 22, 2021, the Advance Tax collection was Rs. 2,53,353 crore, with Corporation Tax (CIT) at Rs. 1,96,964 crore and Personal Income Tax (PIT) at Rs. 56,389 crore. So far in the fiscal year 2021-22, refunds of Rs 75,111 crore have been granted.

Story first published: Saturday, September 25, 2021, 10:13 [IST]



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Indiabulls Housing Finance sells stake worth Rs 251 cr in OakNorth, BFSI News, ET BFSI

Personal Finance

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Indiabulls Housing Finance has sold stake worth Rs 251 crore in OakNorth Holdings, and the proceeds from the sale will be added to its equity capital, according to a regulatory filing. “Indiabulls Housing Finance Ltd has sold a portion of its stake in OakNorth Holdings Ltd (the wholly owning parent company of OakNorth Bank plc) for approximately Rs 251 crore.

“The sale proceeds will be accretive to the regulatory net worth and the CRAR (capital-to-risk weighted asset ratio) of the company and will be added to the regulatory equity capital of the company,” Indiabulls Housing Finance said in a regulatory filing on Friday.

During the same month last year, the company had sold stakes in the UK-based OakNorth in two portions, and raised Rs 1,070 crore.

OakNorth Bank was launched in September 2015, in which Indiabulls Housing Finance had invested Rs 663 crore in November 2015 for a 40 per cent stake in the bank.

Shares of Indiabulls Housing Finance Ltd on Friday closed at Rs 225.70 apiece on BSE, down 1.76 per cent from the previous close. PTI KPM HRS hrs



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Indiabulls Housing Finance sells stake worth Rs 251 cr in OakNorth, BFSI News, ET BFSI

Personal Finance

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Indiabulls Housing Finance has sold stake worth Rs 251 crore in OakNorth Holdings, and the proceeds from the sale will be added to its equity capital, according to a regulatory filing. “Indiabulls Housing Finance Ltd has sold a portion of its stake in OakNorth Holdings Ltd (the wholly owning parent company of OakNorth Bank plc) for approximately Rs 251 crore.

“The sale proceeds will be accretive to the regulatory net worth and the CRAR (capital-to-risk weighted asset ratio) of the company and will be added to the regulatory equity capital of the company,” Indiabulls Housing Finance said in a regulatory filing on Friday.

During the same month last year, the company had sold stakes in the UK-based OakNorth in two portions, and raised Rs 1,070 crore.

OakNorth Bank was launched in September 2015, in which Indiabulls Housing Finance had invested Rs 663 crore in November 2015 for a 40 per cent stake in the bank.

Shares of Indiabulls Housing Finance Ltd on Friday closed at Rs 225.70 apiece on BSE, down 1.76 per cent from the previous close. PTI KPM HRS hrs



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2 Mid Cap Funds Rated 1 By CRISIL With 1 Year Returns Around 100%

Personal Finance

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PGIM India Midcap Opportunities Fund Direct Growth

This mid-cap mutual fund scheme was launched by the fund house PGIM India Mutual Fund in the year 2013 and thus has been in existence for the last 8 years. According to Value Research, PGIM India Midcap Opportunities Fund Direct-Growth returns over the previous year have been 100.47 percent, with an average annual return of 21.91 percent since its debut.

The fund’s expense ratio is 0.34 percent, which is lower than the expense ratio charged by most other funds in the same category. CRISIL has given the fund a 1-star rating, Value Research has given it a 5-star rating, and Morningstar has given it a 4-star rating, indicating the fund’s potential to provide positive returns. The fund has a major equity allocation across the Financial, Healthcare, Engineering, Technology, Construction sectors.

Max Healthcare Institute Ltd., Mphasis Ltd., MindTree Ltd., Max Financial Services Ltd., NIIT Technologies Ltd. are the fund’s best 5 holdings. As of 23rd September 2021, the Net Asset Value (NAV) of the fund is Rs 47.01 and the Asset Under Management (AUM) of the fund is Rs 2,709.09 Cr.

PGIM India Midcap Opportunities Fund charges an exit load of 0.5% if units more than 10% of the purchased value are withdrawn within 90 days of the investment date. With a minimum amount of Rs 1000 one can start SIP in this fund.

BNP Paribas Mid Cap Fund Growth

BNP Paribas Mid Cap Fund Growth

This fund was launched in the year 2006 by the fund house BNP Paribas Mutual Fund and thus the fund has been active for the last 15 years. According to Value Research, BNP Paribas Midcap Fund-Growth returns over the last year have been 75.36 percent, with an average annual return of 12.17 percent since its commencement.

The fund’s expense ratio is 2.24 percent, which is much higher than the expense ratio of comparable mid-cap funds. CRISIL has given the BNP Paribas Mid Cap Fund a 1 or 5-star rating, Value Research has given it a 3-star rating, and Morningstar has given it a 4-star rating. Most of the equity sector allocation of the fund is diversified across Financial, Healthcare, Chemicals, Engineering, Technology sectors. Voltas Ltd., Bharat Electronics Ltd., Gujarat Gas Ltd., Mphasis Ltd., Apollo Hospitals Enterprise Ltd. are the fund’s top 5 holdings as of now.

The fund’s Net Asset Value (NAV) is Rs 58.63, and its Asset Under Management (AUM) is Rs 1,060.02 Cr as of September 23, 2021. The fund charges an exit load of 1% if purchased units more than 10% of the investment amount are withdrawn within 1 year of the purchased date. One can start SIP in this fund with a minimum amount of Rs 1500.

2 Mid Cap Funds Ranked 1 By CRISIL

2 Mid Cap Funds Ranked 1 By CRISIL

Based on the ratings granted by various agencies as discussed above, here are two mid-cap mutual funds that have delivered strong returns in the last year.

Funds 1 mth returns 6 mth returns 1 yr returns 3 yr returns 5 yr returns
PGIM India Midcap Opportunities Fund 10.12% 38.84% 100.47% 34.16% 22.06%
BNP Paribas Mid Cap Fund Growth 7.34% 26.11% 75.36% 22.32% 15.53%

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates, and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in



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