Top news and market movers ⚡ this week: 9th Oct’ 20

AMFI has asked SEBI to restore cut-off time for Mutual Fund transactions back to 3 PM. SEBI had changed the cut-off for same day NAV to 1 PM for non-liquid schemes and 12:30 PM for liquid schemes in April, 2020.

RBI's Monetary Policy Committee kept repo rate & reverse repo rate unchanged at 4% and 3.35% respectively with accommodative stance. RBI has also forecasted GDP to contract by 9.5% in Financial Year 2020-21.

AMFI has re-elected Nilesh Shah as its Chairman at the recently concluded board meeting. Saurabh Nanavati (CEO, Invesco AMC) has also been re-elected as Vice-Chairman.

SEBI has revised the guidelines for denoting risk level of mutual funds on risk-o-meter tool. A new risk category ‘very high’ has been added to the existing categories. Now there will be six categories of risk, from low to very high. AMCs have to implement the guideline by this year end. 

Aditya Birla Sun Life Mutual Fund & Edelweiss Mutual Fund have launched NFOs for Aditya Birla Sun Life Special Opportunities and Edelweiss Msci India Domestic & World Healthcare 45 Index. The NFOs close on 19th and 20th October respectively.

The Board of Directors of Tata Consultancy Services have approved a buyback of 5.3 Crore equity shares of the company for an aggregate amount of Rs 16,000 crore. This amounts to 1.42% of the total equity share capital of TCS, at Rs 3,000 per equity share.