Business: The Securities and Exchange Board of India (SEBI) has proposed to standardize the opening of mutual fund folios and the first investment process. Its objective is to ensure that investors’ folios are created only after ‘Know Your Client’ (KYC) verification. Currently in some cases folios are opened even before verification by KYC Registration Agencies (KRA), causing operational issues. On Thursday, SEBI said in relation to its proposal that asset management companies (AMCs) first conduct internal KYC checks and then send the documents to KRAs. If any discrepancy is found later, the folio is declared ‘non-compliant’. This leads to difficulty for investors in transacting new folios, receiving redemption amounts or dividends, while AMCs face hurdles in communication and payments, leading to increased unclaimed amounts. To overcome these problems, SEBI has proposed that AMCs create folios only after verification of KYC documents. Only after this the KRAs will do the final verification and only when the folio is registered as ‘KYC Compliant’, the first investment will be allowed. Investors will be informed about every step through email and mobile. SEBI has sought suggestions from all concerned parties on these proposals by November 14.

Two-year ban on First Overseas Capital
In another important decision, SEBI has barred First Overseas Capital from entering and transacting in the securities markets and taking any new orders for two years. Also imposed a fine of Rs 20 lakh for various violations including furnishing of false information and underwriting limits. SEBI found that First Overseas was not complying with the net worth requirements since 2018-19. SEBI conducted the inspection from April, 2021 to March, 2022.

Indian potatoes are increasing their penetration in South East Asian countries
The country’s processed potato products are expanding penetration into Southeast Asian markets. This is due to the increasing demand for snacks in those countries and the rapid development of infrastructure for this sector in states like Gujarat and Uttar Pradesh. GTRI said, potato exports have increased from $ 11.4 million in 2021-22 to $ 63 million in 2024-25. It has become the fastest growing processed food export category. Exports of other processed potato products include flour, starch, chips and ready-to-eat products.

Delay in 12 projects of Coal India
South Eastern Coalfields Ltd., a branch of Coal India. (SECL)’s 12 coal mining projects are behind schedule due to reasons such as delays in environmental clearance and land acquisition. According to company reports, the cost of three of these mines is Rs 500 crore and above. The cost of five mines is Rs 150 crore and above but less than Rs 500 crore.

Maruti Jimny 5-door exports cross one lakh
Maruti Suzuki India’s compact SUV Jimny 5-door has crossed the export mark of one lakh units. Exports of the Jimny 5-door were set to begin in 2023, soon after its introduction in India, the company said on Thursday. It is being exported to more than 100 countries including Japan, Mexico and Australia. In Japan it is exported as Jimny Nomad.

Colgate will give dividend of Rs 24, profit reduced
Colgate Palmolive has made a profit of Rs 327.51 crore in the September quarter. This is 17 percent less than the same quarter a year ago. The decline came in a quarter with a high growth base due to GST-related disruptions, the company said. The company has declared a first interim dividend of Rs 17. Sales declined by 6.33 percent to Rs 1,507 crore.

HUL will pay dividend of Rs 19, profit increased by 3.8%
Hindustan Unilever Ltd. (HUL) has made a profit of Rs 2,694 crore in the September quarter. This is 3.8 percent more on annual basis. Sales have increased by 2.1 percent. The company has declared a dividend of Rs 19 per share. The company said, revenue increased to Rs 16,034 crore in the September quarter. Total expenditure increased by 3.32 percent to Rs 12,999 crore.

Foreign investors increased purchases of domestic government bonds by 46 times
Foreign investors have increased the purchase of Indian government bonds by 46 times this week. This shows that the confidence of foreign investors in the Indian market is increasing. According to the Clearing Corporation of India, global funds bought debt funds worth Rs 55.51 billion available to foreigners last week. Last week it was Rs 1.21 billion. This purchase has been seen at a time when RBI is continuously taking steps to strengthen the rupee. Due to this, an increase of about one percent was seen in the rupee against the dollar on Wednesday. After the intervention of RBI, the rupee is continuously strengthening from its record low level. Due to this the returns on Indian bonds are also increasing. This will be the second consecutive month that Indian bonds have outperformed other emerging market peers. The interest on bonds with a tenure of 10 years is around 6.5 percent, which is the highest in the Asian region.