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3Novices : SBI ETF pips HDFC Equity to become country’s largest equity scheme

SBI ETF Nifty 50, an exchange traded fund, has nudged past HDFC Equity to become the largest equity scheme in the country, a position the latter had held for more than three years. SBI ETF Nifty has assets worth Rs 19,377 crore compared with Rs 19,093 crore managed by HDFC Equity, data from Value Research shows. Managed by India’s highest-paid fund manager Prashant Jain, HDFC Equity has been around for more than 22 years and has consistently featured among the top five largest equity schemes in the past decade. SBI ETF Nifty 50, on the other hand, was launched less than two years ago, making it perhaps the fastest growing equity fund in the history of the Indian fund industry. SBI ETF has benefited from inflows from Employees’ Provident Fund Organisation (EPFO) which has been steadily increasing its allocation to equities. It has also got significant money from a clutch of exempt provident funds, said sources. “Change in EPFO regulation as well as investors’ preference towards passive http://ift.tt/2rV23XWTwitter 3Novices

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3Novices : Appointments Board interviews candidates to head 4 financial institutions

The newly set up Appointments Board for selection of chiefs at four key financial institutions held the first round of interview on Thursday, to recommend a pick among 32 shortlisted candidates. The board was set up after the refusal of the Banks Board Bureau (BBB) to recommend on heads for two of the four institutions.The candidates shortlisted after eligibility and vigilance clearance include people from public sector banks (PSBs) and even the Reserve Bank of India, officials said. Four of them will be finalised after the second round of interviews on Friday to head the Export Import Bank (EXIM Bank), India Infrastructure Finance Company (IIFCL), Small Industries Development Bank of India (Sidbi) and IFCI.The board will recommend heads for all four financial institutions from a common pool. Ultimately, the selection will be made by the Appointments Committee of the Cabinet (ACC). It was formed after the BBB said that it was not its mandate to appoint non-banking financial … http://ift.tt/2rW4ezoTwitter 3Novices

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