Biz Updates: Date of application of Demat account rules extended, investment in equity mutual funds decreased by 10%
New Delhi| The Securities and Exchange Board of India (SEBI) extended till November 11 the deadline for implementing guidelines to make direct payment of securities into investors’ demat accounts mandatory. The rule was originally to take effect on October 14.
Equity mutual fund schemes saw investment of Rs 34,419 crore in September, down 10 per cent compared to August. According to Amphi, September marked the 43rd consecutive month of net inflows to equity funds.
The central government has released Rs 1,78,173 crore to the state governments keeping in mind the upcoming festivals. This includes an advance instalment in addition to the regular instalment due in October 2024. This will accelerate the capital expenditure of the states and help in their development and welfare related expenditure. Uttar Pradesh was given the highest amount of Rs 31,962 crore from the Centre. This was followed by the release of Rs 17,921 crore to Bihar, Rs 13,987 crore to Madhya Pradesh and Rs 13,404 crore to West Bengal. This transfer reflects the central government’s focus on maintaining a continuous flow of financial resources to the states. This decision of the ministry has been taken after a high-level meeting with the Finance Secretary and Secretary of the Department of Economic Affairs. Among the northeastern states, Meghalaya received Rs 1,367 crore, Tripura Rs 1,261 crore and Manipur Rs 1,276 crore. As India grapples with the complexities of global economic dynamics, the central government’s focus on providing financial assistance to states is critical.
Shares of Tata group companies saw a rise of up to 10 per cent in day trading on Thursday. Shares of Tata Chemicals and Tata Teleservices registered the highest gains. However, the lead later diminished. Shares of Tata Investments closed 5.71 per cent higher at 6,924.40 on BSE. Tata Chemicals closed 4.07 per cent, Tata Technologies 1.49 per cent and Tata Steel 0.41 per cent in gains. TCS closed 0.56 percent lower at 4,228.4.
The number of transactions through UPI in the country has increased by 52 per cent year-on-year to reach 78.97 billion in the first six months of this year (January-June). In the same half of 2023, the figure was $51.9 billion. According to the report released by Worldline on Thursday, during January-June, 2024, a total of Rs 116.63 lakh crore transactions took place through UPI in the country. This figure is 40 per cent higher than the Rs 83.16 lakh crore transactions made in the same period a year ago.
The first half of this year saw an 8 per cent decline in the average ticket size (price per transaction) of UPI transactions. The average ticket size was Rs 1,603 in the first half of last year, while declining to Rs 1,478 in January-June, 2024. PhonePe is the leading platform, GooglePe is in second place: PhonePe has emerged as the leading UPI platform in terms of both number and value of UPI transactions. Google Pay stood second and Paytm stood third.
According to the report, the five banks where the maximum money came through UPI transactions include Yes Bank, SBI, Axis Bank, HDFC Bank and ICICI Bank.
