Padmaja Reddy backs away from microfin, goes for gold
Microlending veteran Padmaja Reddy is exiting unsecured business by fiscal end to focus on gold loans, transitioning her firm Keertana Finserv to a 94% secured portfolio. Citing a “structural crisis” in microfinance, Reddy aims for Keertana to be a fully secured lender with gold loans comprising 95% of its assets under management by FY25.
Sebi brass opposes public disclosure of financial details
Sebi’s senior management is opposing a proposed rule mandating public disclosure of their assets and liabilities, citing privacy concerns and potential speculation. A panel recommended these disclosures for officials at chief general manager rank and above to boost transparency. Over 100 officers have raised objections, fearing unwanted attention and scrutiny.
Indices hit new highs but again fail to hold gains on FII sales
Indian equity indices touched fresh lifetime highs before closing marginally lower on Monday. The market faced headwinds from a weakening rupee and uncertainty surrounding the US-India trade deal. Persistent foreign institutional investor selling and a depreciating currency are limiting the ability of indices to sustain record levels.