Business News Highlights: RBI Approves Sashidhar Jagdishan's Re-Appointement As HDFC Bank MD & CEO
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IndiGo To Commence Flights To San Francisco Via Istanbul, Launch Part Of Codeshare Agreement With Turkish Airlines
IndiGo on Tuesday revealed its plan to commence flights to San Francisco through a route that includes a layover in Istanbul. The new flight launch is part of a codeshare connection agreement with Turkish Airlines. The flights are set to begin operating on September 25, expanding the Turkish Airlines and IndiGo codeshare network to encompass five more destinations in the United States, the airline said in a statement, reported Moneycontrol
With the introduction of the San Francisco route, IndiGo's partnership with Turkish Airlines will offer travelers access to an additional 39 destinations.
"These flights are being introduced to cater to business and leisure travellers seeking new and affordable flying options to access destinations that facilitate business development and offer tourist attractions," IndiGo said.
Wall Street Opens With Muted Response Ahead Of US Fed Meeting
Ahead of the US Federal Reserve kicking off monetary policy meeting, the US indices opened flat. According to Mint, the S&P 500 declined 0.2 per cent in early trade, while the Dow registered a 37-point drop, and the Nasdaq composite was down by 0.4 per cent.
Futures for the Dow Jones Industrial Average and the S&P 500 exhibited minimal changes, with gains of less than 0.1 per cent before the market opening, the report said.
The Federal Reserve is convening for a two-day meeting starting on Tuesday, during which it will make its decision regarding interest rates. It is widely expected that the Fed will maintain its benchmark rate at the current level.
Hindustan Copper Appoints Umesh Singh As Executive Director
State-owned Hindustan Copper has announced the appointment of Umesh Singh as Executive Director (ED) within the company. Singh officially assumed his role as ED (Mining) at the corporate office on Monday, Hindustan Copper said in a regulatory filing.
Singh holds a B.Tech (Hons) degree in Mining Engineering from the Indian Institute of Technology (IIT), Kharagpur, and boasts more than three decades of experience in mining operations, safety, and management. Before joining Hindustan Copper Ltd, he served as the Additional General Manager (Mining) at NTPC Ltd's Pakri Barwadih Coal Mining Project.
SEBI Imposes Fines MI Research Rs 35 Lakh For Flouting Regulatory Norms
The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 35 lakh on MI Research for violating regulatory norms. MI Research, with Ashish Jain as its proprietor, is a registered Investment Adviser under SEBI. SEBI's action follows an examination of MI Research's business conducted to assess its compliance with Investment Advisers (IA) regulations. The examination covered the period from November 2017 to August 2019.
In its ruling issued on Monday, SEBI determined that MI Research had amassed a total of Rs 1.95 crore from 748 clients by charging them for services rendered as an investment adviser. The fees charged for these services were deemed unreasonably high.
However, the noticee (MI Research) had failed to comply with the basic requirements of IA rules and also promised assured returns and mis-sold his services to clients and thus, failed to act honestly and in good faith with due skill, care and diligence, and adhered to a high professional standard, appropriate standards of conduct and compliance with regulatory requirements.
RBI Approves Sashidhar Jagdishan Re-Appointement As HDFC Bank MD & CEO
The Reserve Bank of India (RBI) on Tuesday approved the re-appointment of Sashidhar Jagdishan as the Managing Director and Chief Executive Officer of HDFC Bank. The private lender in an exchange filing said that the re-appointment is for a period of three years with effect from October 27, 2023, to October 26, 2026.
A meeting of the Board of Directors of the Bank will be convened in due course to give effect to the re-appointment, it added.
The RBI had first approved the appointment of Jagdishan as CEO of HDFC Bank for a period of three years from October 27, 2020, when he took charge from Aditya Puri.
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