Weekly News 28th Nov 2022

1. Weekly
News
28th Nov 2022
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SEBI Registered Investment Adviser (INA200006628)

2. Snapshot
G-20 Summit 2022
Budget 2023 Wishlist - CII
Sensex Reshuffle
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Weekly Market News
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Other News
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MFs – Interest on Redemption & Dividend
Payments

3. Weekly Market News
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SEBI Registered Investment Adviser (INA200006628)
Index % Change
Nifty 50 1.94%
Nifty Midcap 150 2.32%
Nifty Small Cap 250 2.46%
Nifty IT 3.76%
Nifty Bank 1.14%
Nasdaq 100 -0.30%
S&P 500 1.51 %
Dow Jones 2.20%

4. Payment of Interest on delay in Redemption & Dividend
payment
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SEBI Registered Investment Adviser (INA200006628)
 In case of delay beyond the stipulated period, mutual fund houses have to pay interest for the period
of delay in transfer of redemption or repurchase or dividend to unitholders at the rate of 15% per
annum along with the proceeds of redemption or repurchase or dividend.
 The payment of dividend to the unitholders shall be made within seven working days from the record
date.
 The transfer of redemption or repurchase proceeds to the unitholders shall be made within three
working days from the date of redemption or repurchase.
 For schemes investing at least 80% of total assets in permissible overseas investments, the transfer
of redemption or repurchase proceeds to the unitholders shall be made within five working days from
the date of redemption or repurchase.

5. G-20 Summit 2022
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SEBI Registered Investment Adviser (INA200006628)
 17th Annual summit of G-20 was recently hosted by Indonesian presidency in Bali.
 It was under the theme “Recover Together, Recover Stronger”.
 Outcomes of G-20 were Condemning Russia Aggression, Focus on Global
Economy, Food Security, Climate Change, Digital Transformation & Health.
 Challenges before G-20 Summit were Impact of Russia-Ukraine War, Impact of
rising Inflation, Slowdown of major economies, Rising Geo Political rifts.
 G20 was formed in 1999 to secure global financial stability by involving middle
income countries.
 Now. India has assumed the charge of 18th Summit in 2023.

6. Budget 2023 Wishlist - CII
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SEBI Registered Investment Adviser (INA200006628)
 Confederation of India Industry (CII) has pitched for a cut in personal Income taxes
and increase in public spending
 Raising of capital spending to 3.3-3.4% of GDP in FY24 from current 2.9%.
 Has stressed on the need for revitalizing the investment as well as consumption
demand.
 Also, president of CII has urged to have a fresh look at the capital gains taxes with
respect to its rates and holding periods to remove complexities.
 Increasing outlays on green infrastructure along with traditional infrastructure like
roads, railways and ports has also been suggested.
 For financing infrastructure, CII has proposed deepening of corporate bond markets
(including infrastructure bonds), prioritizing a package for large play of urban
municipal bonds, among others.

7. Sensex Reshuffle
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SEBI Registered Investment Adviser (INA200006628)
 TATA Motors will replace pharma stock, Dr. Reddy’s Laboratories in Sensex with effect from December
19th.
 There is also an announcement in BSE 100 Index, which will lead to the replacement of Adani Total
Gas and HPCL. With Adani Power and IHCL.
 Sensex Next 50 index, will also witness the exit of Adani Total Gas and HPCL and the entry of Adani
Power and IHCL.
 There are no changes to the S&P BSE Sensex 50 & S&P BSE Bankex indices.

8. Other News
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SEBI Registered Investment Adviser (INA200006628)
• HSBC MF & L&T MF merger is effective from 26th Nov 2022.
• Centre sees economic growth in FY23 at 6.5%. Expects external shocks and high interest rates to hit
economy.
• The unemployment rate for people aged 15 years and above in urban areas declined to 7.2% in the
September quarter from 9.8% a year ago, - the National Statistical Office (NSO).
• IRDA makes changes to investment norms & solvency ratios to strengthen policyholders, insurance
companies & distributors to facilitate insurance for all by 2047.
• Amazon to shut its food delivery business in India from Dec 29th.

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