Why we are obsessed with money

What a way to exist!

For most of us, practically the whole day all we are thinking is about money and more specifically how to have more money!

As if money was the only thing in life. Unfortunately for most of us, circumstances just do not permit any other thought!

We are running behind money most of the time which is almost akin to have become obsessed with money. Everything that we are doing in life is centred around money.

Unfortunately, this is because we need money for anything and everything that we do. There’s nothing wrong and what are you doing, however the problem is that over time, it becomes a compulsive habit to keep earning more.

That’s where the danger is. The problem is that there is a point where from we chase money as an addiction, we chase money because we like to do so. If we did not chase money we would not know what to chase now because we get out identity from money and the amount of money we have.

Another thing is that right from childhood we are always taught and our minds are conditioned that everything that we are doing is going to be for the sake of earning money.

There is no one who told you that money is just a means, and then there is something greater in life to achieve. Some examples are legacy; building something, charity; to giving something / helping someone, passion; pursuing something and living; simply to enjoy life and your money

We have got addicted to this and how!

There are three reasons for this:

First, we are what we do. It is the human behaviour. I know I should exercise and I don’t. I know I should eat healthy and I don’t. I know I should spend time with my kids and I don’t. I know that, yes, money isn’t going to make me happy and I still keep trying to make money.

We live by the laws of inertia, in a pattern which is hard to break. But we have to break it. For ourselves and for the sake of people and reasons for which we are chasing money.

Secondly, we need signals of progress. Money is a measure of how far you have progressed in life. The more the money you have the more you can make sure your progress. It’s simply the logic of evolution. People need validation of their success. Bigger house, bigger car, branded goods and list goes on.

Thirdly, it’s the easy way out. It’s only human to avoid difficult things. Important things are very difficult to measure.  Have I been a good father or husband? Have I groomed my child well?  Such things take years to measure and we still don’t have answers.

So, should we not be focused on creating money for ourselves?

I’m not saying that. Definitely create. Take care of yourself for sure!! Use it to the maximum to make yourself happy!!! You need a certain amount and beyond that is extra.

The definition of their certain amount is naturally different from one person to another. If that extra is going to happen easily, without stress and without your involvement, then its fine. Basically don’t kill yourself for that extra. Be Smart.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a certified financial planner, wealth manager and financial freedom coach.

How the RBI actually helps you

RBI

Most of us in Mumbai, see this huge structure called the Reserve Bank of India and wonder what it really does. It’s also a tourist attraction!! It has so many other offices and again one wonders why they need to have so many offices. I’m going to try and highlight a very interesting part of RBI’s work and how it helps us directly on a day-to-day basis.

The RBI does a review of the monetary policy of the country at frequent intervals during the year. So how does the monetary policy help us investors to take smart decisions?

Monetary policy is a tool by which the RBI decides to raise interest rates or reduce interest rates or keep them steady.

In our country, as we’re an oil importing nation, this decision is very closely linked to Oil. Oil to a large extent contributes to inflation. We all know what happens when inflation keeps rising. We in India unfortunately do not see too much of inflation falling and things becoming cheaper.

Oil is Not Well

So when oil prices rise i.e. we see a rise in crude oil prices almost instantly we can expect rising food prices. This is because there is going to be a rising cost pressure for manufacturing & services. This rise obviously gets passed onto the retail consumers.

When this happens RBI adopts a hawkish stance, tries to pull money out of the system by raising interest rates. Now when interest rates rise no one seems to be interested in borrowing. This immediately puts a brakes on money circulation.  Less money chasing goods decreases the demand for money. This way it controls inflation.

There is yet another tool that the RBI has and that is known as the CRR or the cash reserve ratio.  This ratio in simple words means the amount of cash that the bank must maintain with the RBI as the percentage of the total assets. So when this increases banks are forced to park more with the RBI and this is also a way to control inflation.

On the other hand when things look dull, when there is a recession of sorts, the RBI comes to the rescue and gets into action to kickstart growth in the country. It does this by lowering the interest rates. This we all will understand quite easily because we see a direct benefit of this happening. We see a fall of interest outgo in our EMI’s for the home loan that we are carrying. New loans become cheaper.

Individuals are motivated to go out and make purchases, whether it is for a washing machine or a piece of real estate. Businesses are motivated to go out and borrow to buy more machinery, to expand capacity, to hire more staff and manpower and basically do everything that will add to the growth of business.

Economic growth results as a result of all this. It is also during this time that stock market rises, we see a rally in stock prices and mutual fund NAV’s jumping higher and higher each day. There is prosperity all around.

Critical Role

As you can see that the central bank of the country has a very very important role to play.  If it makes a mistake, things can go really wrong.  Imagine like the USA or Japan if our interest rates were very low; everyone would run to borrow, they would borrow more than they require because it would be cheap and easy to borrow. And that is very individuals would run into what is known as the debt trap, because someday you’ll have to pay back.

Each day the central bank attempts to make sure that everything in our country remains stable and financially there’s nothing that goes wrong dramatically.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

The year of the bond, once again!

We are not talking of James Bond, we are talking of investment bonds.

We are in a situation where the fixed deposit rates are at a general low and there is a lot of discontent among depositors of fixed deposits.

Whenever we see a situation like this, one way or the other, the bond markets come to the rescue. It comes to the rescue of smart depositors, who are agile to move their money from fixed deposits to bond funds.

Let’s understand what is happening and why.

What Exactly is Happening in the Bond Markets?

It is likely that in this year, investors of bond funds will make handsome gains. Bond prices may rise and there may be capital gains. Investors of bond funds not only earn the rate of interest, but also earn capital gains. So that way, they make more than the return they would make on fixed deposits. The returns could be a high single digit or sometimes as high as double digits.

Over three years, this will become practically tax free or the tax would be a very small amount. So, basically, I am thinking that a rally will happen in the bond market. There are three main reasons for this — reduction in government borrowing (which is favourable), recovery of trading losses (which is favourable) and no change in monetary policy (which is neutral).

A word of caution, however, that such bond market investments are also subject to bond-market volatility and should be considered ideally with the help of a financial expert.

Before proceeding further, let us, therefore, quickly explain a bond, bond fund and bond market. We need to do this because few people understand the bond markets and even fewer invest in the bond markets.

Bond is nothing, but a commercial transaction where the borrower is issuing a bond to the lender and the lender will earn a certain rate of interest. When interest rates fall, everyone becomes interested in owning that bond.

As a result, the demand for the bond increases, the price of the bond increases and the bondholder makes capital gains.

A bond fund is a fund where ordinary investors pool in their money and a fund manager buys them a portfolio of bonds.

Moving onto the Reasons For a Rally in Bond Funds…

Now, the fundamental reason for a rally is reduction in interest rates as it stimulates economy and growth.

Firstly, the government is a massive borrower of funds. So a reduction in government borrowing reduces the demand for money in the economy. As a result, prices of bonds rise and this contributes to capital gains for bond holders.

Secondly, the Reserve Bank of India (RBI) recently announced that the commercial banks and RBI, which are the largest lenders to the government, will have another year to offset losses they have incurred on account of buying government bonds in the past. This action will lead to a rise in the price of bonds and this contributes to capital gains for bond holders.

Lastly, on one side due to the rise in oil prices, there is more inflation and thus more money is needed for circulation in the economy. On the other side, many government bonds are maturing, which will provide money supply. So, it is likely that we see a neutralising effect and thus RBI will take no action. This inaction here will support capital gains as explained above. Hence, this year might be a year of good gains for the bond investors.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

Five new financial goals for you this summer

I am going to try and explain to you why the summer holidays of April and May are great months to get a lot of things started, financially speaking.

This time period in a way resets the financial clock. You also have the option to hit the reset button on everything you have done so far; financially speaking of course and hope to do better things better than you did last year.

Let’s look at some of the new and unusual things to do in April.

  • Make a learning budget

Learn something about money or anything you like. The best way to make money is to learn something about money. Just like if you wanted to learn cooking you will get into the cooking class. If you wanted to learn swimming you would enrol in the swimming class. If you find learning about money is too daunting task than learn something which is close at to your heart or related to your work. If you learn something new, there’s a possibility that you will use your new ideas to generate new income and in turn that will generate new wealth for you.  So make a budget, enrol somewhere and spend that budget. How about a % of your annual income? Spend it for sure!

  • Plan a unique holiday 

When you’re by yourself and without your mobile phone you will have the opportunity to think! When you have time to think, suddenly good ideas will come to your mind.  You may think this is silly but you can be sure that you will be amazed if your drivers experiment just once. So it might be a good idea to go for a holiday just by yourself. If you find that too intimidating, join a group of strangers. You can combine that with the adventures experience if you like.  Be extra careful if you’re going with your special buddies. Do this only if they are going to be in a position to help you discuss your idea and make it bigger. They must play the role of complimenting your thoughts. So make a schedule to do this holiday and obviously make a budget to make it happen. Think & create new ways of making wealth.

  • Make a prediction and make it happen

Be brave. Let’s aim to grow and multiply net worth by 50% by the time you come to the end of this financial year. This is not a joke and it is easier than you can imagine.  I’m speaking about NETWORTH and I’m not talking about return on investment. If your networth is Rs. 100 today, all I’m saying is that let’s aim to make this a 150 by the end of this year. This networth comprises of all your savings till date. This can be achieved by simply saving aggressively every month for the next twelve months. Just put this into a recurring deposit or liquid fund so you don’t spend it.  We just have to prove to ourselves that this is possible. Where and how we will invest this money will think about that later.

  • Eliminate a negative belief 

I want to give you an exercise here. Write down all your negative beliefs you have about money and wealth. Most people are not able to achieve the desired level of wealth because they think about wealth negatively. So even if you are earning a good amount of income you will never see yourself becoming wealthy. Examples are money causes problems, money causes a fight, managing money is complicated etc. Then for each negative thought, you have written down the positives i.e. the opposite for a few months. Soon negatively biased feelings will evaporate.

  • Make a new investment; something you have not done before

Again here you do not have to be a financial expert. The idea is to learn something new. There are hundreds of investment options. Our objective here is to learn something new. Talk to your advisor and seek his or her guidance. Just a word of caution here; don’t do anything which is speculative or is something that you just can’t understand. Do what do find easy you understand and do that then.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

Seeking financial freedom? The time is NOW!

John Lewis famously remarked, “If not now, then when? If not us, then who?” This is so appropriate in the current financial world that we live in.

That statement will leave to rest every other argument that is conservative and against the idea of wealth creation. We are often faced with the situation where there is no option but to create wealth. Read on to know why!

Interest rates are painfully low. For all those diehard fans of guaranteed investment returns, there’s hardly any place to go to. Thinking of fixed deposits? Feeling happy with 7%? And fully taxable? That period is over. Period.

That doctrine of investing into pure fixed deposits and similar instruments is unfortunately standing challenged. There is no option but to sprinkle it with a combination of a little something that will add to the returns earned from fixed income type of securities. In fact this category of investors are in a way, best placed in terms of the current tax laws.

They can earn about 9-10% with minimal or near zero tax over about five years and more. Starting to generate rate of return above the inflation level of 7% is starting to create wealth. So there it is; there is no option but to move in the direction of creating wealth.

For more evolved investors, who invest in equities and who and still sitting on the sidelines tend to run out of patience every now and then. They are sometimes waiting for the right time, sometimes waiting for correction, sometimes waiting for valuation and sometimes waiting for just nothing. Sometimes, just too busy to take action!

I totally understand not wanting to lose hard-earned money. But if the money does not move it will stagnate. That’s the problem with money.

Hit the Ground Running

Inaction and inactivity kills it. Makes it costly to hold. Makes us lose opportunities, sometimes small and sometimes significant. I know of many people including my dad, who just kept investing into equities and holding forever. No doubt they were hugely (big HUGELY) better off then the people in the same time zone. I think they could have done far better with some smart lessons on asset allocation. This is because if they compare the growth rate of their holding over a period of 20 or maybe 30 years the compounded rate of return earned is often not impressive.

It is just marginally better or a few percentage points above the fixed deposit rate. Hence the need for asset allocation, which simply put is not to have all eggs in one basket at any given point in time. These sections of investors anyways create wealth, and, asset allocation is the tool that ensures that the process of wealth creation continues uninterrupted. So again there it is; even for this section there is not option but to start enhancing their wealth creation activities, else returns will continue to remain forever mediocre.

Then there are skeptics and there is nothing much for skeptics of everything, except that they need a serious dose of financial education. Perhaps what if needed is a proof of concept and for that, which better country to live in other than India where financial transparency in investments is so high that I sometimes feel, it comes from another planet.

 Your Money Needs Action

Today, there is a whole lot of variety to choose from and we have never been more spoilt for choice. But the most important thing in all this is to understand that your money needs action. It needs activity and for that the time is now!

And furthermore, if you asked me this question 10 years ago; I would have said that, the Time is NOW. If you ask this question 10 years hence, I will still say the Time is NOW. Any time is the right time to start the process of creating wealth. All that is important is that you take your first step; then continue it all the way with zeal and determination… till you have the level of wealth that you desire. And if you accumulate more than you need, still do it and share it with the world.

If you want your financial freedom; then the Time is NOW!

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager and Financial Freedom Coach.

Young Turks: Here’s the success story of venture fund Aspada

Venture fund Aspada was co-founded by Kartik Srivatsa and Thomas Hyland in 2012 and has made 17 investments so far across Fin-tech, agriculture, health and edu-tech startups.

Young Turks takes a look at their investment thesis, their differentiated VC model and meet three of their portfolio companies – Capital Float that underwrites unsecured loans to startups and SMEs; Dunzo, a hyper local concierge and delivery player that is also Google’s first direct startup investment in India; WayCool, a Chennai-based agriculture-tech startup.

Future Group-Reliance deal gets Sebi nod

The Securities and Exchange Board of India (Sebi) on Wednesday granted approval to the deal between Kishore Biyani-led Future Group and Reliance Retail, an arm of Mukesh Ambani-led RIL.

Biyani had entered into the Rs 24,713 crore deal with Reliance Retail in August 2020. Under the agreement, Future Group was to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Retail Ventures (RRVL).

In its letter of approval, the regulator listed a number of conditions in accordance to the Composite Scheme of Arrangement and also referred to the apprehensions raised by Amazon.

“Company shall ensure that the shares of the transferee entity issued in lieu of the locked-in shares of the transferor entities is subjected to lock-in for the remaining period post scheme,” the regulator said.

“Company shall ensure that proceedings pending before SEBI against the entities part of the promoter/promoter group or are directors of the companies involved in the scheme, should be highlighted in the scheme document filed before National Company Law Tribunal (NCLT),” it said.

“Company shall ensure that any future disputes, complaints, regulatory actions or proceedings, or orders issued therein involving the draft scheme if any, shall be brought to the notice of shareholders prior to the approval by NCLT.”

74.2 percent of the business value of the Future Enterprises Limited post amalgamation of all the Transferor companies is getting transferred to Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited and these two companies would not be seeking listing post the scheme of arrangement.

“The company is advised that the observations of SEBI/Stock Exchanges shall be incorporated in the petition to be filed before the National Company Law Tribunal (NCLT) and the Company is obliged to bring the observations to the notice of NCLT,” it added.

The company should ensure that suitable disclosure about the latest financials of the companies involved in the scheme being not more than 6 months old is done before filing the same with the National Company Law Tribunal.

“Company is advised that the observations of SEBI/Stock Exchanges shall be incorporated in the petition to be filed before National Company Law Tribunal (NCLT) and the company is obliged to bring the observations to the notice of NCLT.”

(DisclaimerReliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)

Competition Commission of India approves Axis-Max Life deal

The Competition Commission of India (CCI) on Wednesday has given its long awaited approval for the Axis Bank-Max Life transaction. Through its twitter handle, the competition watchdog informed that it has approved acquisition of stake in Max Life Insurance Company by Axis Bank, Axis Capital and Axis Securities.

On January 7, CNBC-TV18 had reported on CCI’s approval being in final stages for the Axis Bank-Max Life transaction. It has been a long road for the Axis Bank-Max Life transaction.

Also read: Flipkart-Aditya Birla Fashion deal gets CCI nod

In the last six months since announcement, the deal has already hit many regulatory roadblocks forcing the promoters to make multiple tweaks to the contours. But, finally, with the CCI approval, the wait could come to an end. As per the proposed transaction, Axis entities which comprise of Axis Bank, Axis Capital and Axis Securities will be acquiring a total 19 percent stake in Max Life Insurance.

Out of the 19 percent stake, Axis Bank will be acquiring 9 percent stake, Axis Capital and Axis Securities would be acquiring 2 percent and 1 percent stake respectively in Max Life Insurance.

Since the transaction has been formulated under the automatic route, it would not require any further approval from the Reserve Bank of India (RBI) to proceed further.

Also read: CCI finalises its investigation report on complaints against Maruti Suzuki

After the CCI approval , the only regulatory go ahead needed would be from the Insurance Regulator (IRDAI). Sources tell CNBC-TV18 that IRDAI is on board with the various contours of the transaction between Max Life and Axis Bank and CCI approval was the only pre-requisite which the insurance regulator was waiting for.  Sources in IRDAI added that now when the CCI approval has been received, final approval from IRDAI should be granted within a week’s time.

Journey for the Axis Bank-Max Life merger

On April 28, Axis Bank and Max Financial Services had first announced the deal under which Axis Bank proposed to acquire 29 percent stake in Max Life Insurance for Rs 1,592 crore at an agreed price of Rs 28.61 per share. Also, the transaction provided for a ‘Put option’ under which Axis Bank could sell all its shares to Max Financial Services at Rs 294 per share if value creation option was not consummated.

On June 26, CNBC-TV18 had reported on the Insurance Regulator seeking clarification from Max Life Insurance on some deal contours. Queries sent by IRDAI were regarding the valuation and ‘Put option’ involved in the deal structure.

Also read: SPEED TAKE: Cement cos unfazed by cartelization charges; but valuations may hurt

On July 23, Max Financial and Axis Bank decided to make some crucial changes to the value creation option in the deal. According to sources, the changes which led to the removal of the ‘Put option’ were made after resistance from the insurance regulator.

On August 25, Axis Bank again tweaked the deal structure and announced that it would be acquiring only 17 percent stake in Max Life Insurance, this against 29 percent stake agreed by the bank earlier.

This wasn’t the end to the tweaks as on October 30, Axis Bank and Max Financial Services announced another change in the deal contours. This time, Axis Bank said Axis entities comprising of Axis Bank, Axis Securities and Axis Capital would be acquiring a total of 19 percent stake in Max Life Insurance and the deal structure would be in compliance with RBI regulations.

Also, under the latest deal structure, if Axis Bank wishes to sell out its stake in Max Life Insurance it will have to do it at a fair market price. This will beneficial for Max Life Insurance as it won’t be compelled to make any commitment towards value creation.

Joe Biden takes oath as 46th US President amidst unprecedented security

Joe Biden was sworn in as the 46th President of the United States on Wednesday in a historic but scaled down ceremony under the unprecedented security umbrella of thousands of security personnel, who transformed the Capitol into a fortress to prevent any breach by pro-Trump extremists. The 78-year-old veteran Democratic leader was administered the oath of office by Chief Justice John Roberts at the West Front of the Capitol – the traditional location for presidential inaugural ceremonies.

The inauguration was held under the unprecedented security umbrella of more than 25,000 National Guards, who have transformed the capital into a garrison city, mainly because of the threat of more violent protests by the supporters of outgoing President Donald Trump, who became the first president to skip his successor’s inauguration since Andrew Johnson in 1869. Biden, who is the oldest president in American history, took the oath by placing his left hand on his 127-year-old family Bible, which was held by his wife, Jill Biden. He used the same Bible during his swearing in as vice president and seven times as senator from Delaware.

Catch all the updates from the Joe Biden and Kamala Harris’ inauguration here. 

The ceremony was attended by former presidents Barack Obama, George W Bush and Bill Clinton. Former first ladies Michelle Obama, Laura Bush and Hillary Clinton were also present. Biden enters the White House with the top challenge to lift the country from the devastation of a raging pandemic that has killed more than 400,000 Americans and thrown millions into economic distress. Revival of the economy, which has been badly bruised by the pandemic, is another challenge that he faces.

Need to increase private investment to GDP ratio: NITI Aayog

Rajiv Kumar

After a historic contraction of almost 24 percent in the June quarter, the Indian economy is on the road to recovery with the contraction narrowing to 7.5 percent in Q2.

With the worst of the pandemic behind us, and the economy fully opened up, the hope is the recovery will accelerate further.

Monthly goods and services tax (GST) collections are back above the one lakh crore rupee mark. Purchasing Manager’s Index (PMI) for manufacturing and services is also showing steady improvement.

All eyes are now on union finance minister Nirmala Sitharaman as she gets ready to present the Union Budget 2021. Industry is hoping for more measures to boost growth, and give the manufacturing sector a further fillip.

In an interview with Shereen Bhan, Rajiv Kumar, vice chairman of NITI Aayog said, “Infrastructure will be the focus of government spending going forward. Expansion of government capex on infrastructure would perhaps be the key to crowd in some private investment and to push the recovery forward.”

Kumar said, “We need to pay extra attention to the private investment which is not showing the sort of buoyancy that we would expect or desire. So we need to put much more attention on, how to improve the overall private credit to GDP ratio.”

Speaking on GDP he said, “I feel that we will get a small but certainly a positive print on GDP growth in Q4FY21. I think it will be the beginning of an upcycle for not just 2021-2022 but also for 2022-2023 and 2023-2024.”

“I think that we will soon do a real GDP growth of 11 percent or more in FY22 and nominal growth of 15 percent and then continue to grow at 7 or 8 percent in the subsequent years”, Kumar said.

Co-Win glitches continue to affect COVID-19 vaccination drive in Maharashtra

Technical glitches and vaccine hesitancy have kept the COVID-19 vaccination numbers low in Maharashtra.

Maharashtra Health Minister Rajesh Tope said that problems being encountered with Co-Win is one of the main reasons for slow vaccination numbers in the state.

Only 24 out of 40 vaccination units were operating in Mumbai owing to CoWin glitches. In fact, the city has reduced the per day vaccination target to just 2400.

On Wednesday, only 52 percent healthcare workers turned up for vaccination in Mumbai, Brihanmumbai Municipal Corporation (BMC) officials said. On Tuesday, the civic body managed to administer vaccines to only 50 percent of the targeted number.

Earlier on Saturday, the Maharashtra government announced the suspension of the COVID-19 vaccination drive till Monday owing to problems in the software application.

Meanwhile, the state recorded 3,015 new cases of COVID-19 on Wednesday, taking its tally to 19,97,992, while 59 more deaths pushed the toll to 50,582, the state health department said.

Out of the 3,015 new cases, Mumbai city reported the maximum – 501.

IRDAI panel not in favour of standardisation of cyber insurance

motor third party insurance

An IRDAI working group has opined against standardisation of cyber liability insurance as it might impede innovation and hinder adaptation to evolving industry needs.

In October last year, the Insurance Regulatory and Development Authority of India (IRDAI) had set up the working group to study cyber liability insurance and suggest among things, possibility of developing standard coverages, exclusions and optional extensions for various categories.

Cyber insurance policy is a risk transfer mechanism for cyber risks. The panel, as per its report published by the regulator, examined various aspects relating to cyber insurance in India, including coverage issues, sector wise exposures, underwriting/ pricing methodology, and claims response and management to come to an informed conclusion on standardisation.

“The Working Group believes that early standardisation of cyber insurance in India, might impede innovation and hinder adaptation to evolving industry needs. It may lead to price-based competition instead of developing competencies for agility to design new products suitable to new environments,” the report said.

It further said that while standardisation of cyber insurance policy seems to be a very good approach, at present it faces many challenges. Cyber insurance is a response mechanism to cyber risks which are dynamic and evolving.

Standardisation may not be able address all the emerging risks and is likely to limit innovation, said the report on which IRDAI has invited comments by February 9.

“Cyber insurance, at present, is much dependent upon support of reinsurers who instead of a standardised wording may prefer to use coverage and exclusions as per the latest developments in the market,” said the report, and added that cyber insurance, being a relatively new product, calls for flexibility for gaining traction.

The report also noted that cyber insurance policies, currently available, address the requirements of individuals reasonably well. But, there are some areas in the product features and processes which need improvement.

It has recommended that there should be flexibility with regards to insistence of an FIR at the time of claims. It also suggested there should be clarity in exclusion language relating to compliance with reasonable practices.

Flipkart-Aditya Birla Fashion deal gets CCI nod

Competition Commission of India on Wednesday said it has approved the acquisition of 7.8 per cent minority stake in Aditya Birla Fashion by Flipkart Investments Private Ltd (FIPL). Aditya Birla Fashion had in October last year approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group.

“Commission approves acquisition of a 7.8 per cent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd,” the regulator said in a tweet. With this infusion, Flipkart Group will own a 7.8 per cent equity stake in ABFRL on a fully diluted basis. The promoter and promoter group companies of ABFRL will hold about 55.13 per cent upon completion of the issuance, ABFRL said in a regulatory filing earlier.

Aditya Birla Fashion and Retail Ltd (ABFRL) is engaged in the business of manufacturing and retailing branded apparels, footwear and accessories, through its retail stores, multi-brand outlets, departmental stores, online retail platforms and e-commerce marketplaces, across India. FIPL is a wholly-owned subsidiary of Flipkart Private Limited (FPL), and FPL belongs to Walmart Group.

Walmart Group undertakes various business activities in India, such as wholesale trading of products, providing e-commerce marketplace services, and digital payments services. Separately, the fair trade regulator cleared Ares SSG Capital Management (Singapore) acquisition in Altico Capital India.

“Commission approves acquisition of Altico Capital India by Ares SSG Capital Management (Singapore),” it said in a tweet.

Tamil Nadu: Doctors advise peers to take Covishield, not Covaxin

At the Government Medical College located on Chennai’s Omandur Estate, final year MBBS student Veena (name changed, on request) sits, waiting her turn at the vaccination room. “I intern at the hospital here, and we’re getting the vaccine,” she says, “This vaccination centre stocks only Covishield. So, I don’t have a problem getting a shot. If my only option was Covaxin, I’d prefer waiting till the Phase-3 results are out.”

Veena’s views reflect the overall sentiment among Chennai’s healthcare workers turning up for COVID-19 vaccine shots, in the first four days of the world’s largest inoculation drive. There is a clear present preference for Covishield as opposed to Covaxin. Some doctors are more vocal about this preference than the others.

Also read: Maldives to get Covishield from India, first nation in neighbourhood to receive the vaccine

Four days ago, Dr K Senthil, president of the Tamil Nadu Government Doctors Association became the first individual in Tamil Nadu to receive a COVID-19 vaccine shot. Just hours later, the association released an internal advisory urging its members to insist on receiving only Covishield and not Covaxin.

“We don’t have a problem with Covaxin as a product,” said Dr Senthil to CNBC-TV18, “The uncertainty surrounding the vaccine itself is causing some anxiety for doctors, and we have recommended that until Phase-3 results are out, it is better that doctors opt for Covishield and not Covaxin.”

It’s the same story at the Karnataka Association of Resident Doctors, which has written to the government of Karnataka, demanding that only vaccines with public Phase-3 trials be administered to candidates. The letter from the association further adds that healthcare workers, now vaccine candidates, must be given the right to choose which of the vaccines they would like to take.

Also read: Covishield not to be taken by people severely allergic to any of its ingredients: Serum Institute

However, not all candidates are hesitant about Covaxin. Second year MBBS student, Rohit from Chennai, another vaccine candidate, said that he did not have a problem with which of the two vaccines were being administered. “It (Covaxin) is an Indian vaccine made by an Indian company, and I doubt it would have received necessary clearance if it didn’t pass requisite safety checks,” he said.

As of Wednesday evening, Tamil Nadu had vaccinated 25,908 candidates, of which 9,446 were vaccinated on Tuesday. The target for the day in question was 19,000. Covaxin also accounted for 628 shots administered on Tuesday, which is a four-day high.

The Thought League: Here’re the defining trends for the new decade

The Thought League – a show which presented the top thought leaders of the world with their ideas for change. A dozen big ideas over the last few months, which are going to be the defining trends for the new decade.

As the first season of the show comes to a close, Nisha Poddar reflects on the top highlights with Cyril Shroff, managing partner at Cyril Amarchand Mangaldas.

Watch video for more.