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The NSE's Nifty Bank index surged 1.9% on Monday, boosting the gauge to record highs, scaling the highs last made on September 26. The broader NSE Nifty surged 1.15% to 24,125.55 points while the BSE Sensex was up 1.09% to 79,408.50 points.
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SEBI is contemplating allowing foreign individuals to directly invest in Indian stocks, currently accessible via the FPI route. This proposal, still under consideration, aims to broaden the ownership base but faces hurdles like KYC compliance and money laundering risks. While most major markets permit direct foreign retail investment, Indian authorities are proceeding cautiously.
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IndusInd Bank has appointed EY to conduct a forensic audit into a 600 crore discrepancy related to interest income in its microfinance portfolio, flagged during the statutory audit. This investigation aims to identify any lapses and determine accountability. It is separate from the ongoing Grant Thornton Bharat probe into forex derivatives portfolio irregularities.
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