PhonePe is planning to enter the stockbroking business
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PhonePe intends to tap its existing customer base to leapfrog established players Zerodha and Upstox and new rivals Paytm Money in the stockbroking business.
ETtech
PhonePe’s plans to enter India’s retail stockbroking market comes at a time when it has been asked to moderate its volume on UPI to comply with NPCI’s new rules for third-party applications. (Illustration: Rahul Awasthi/ETtech)
Mumbai:PhonePe, India’s second largest digital payments company, is planning to enter the stockbroking business, a move that will intensify the battle for market share in the super competitive industry.
Essential confusion
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E-commerce firms have appealed to both the
Maharashtra and central governments to lift the state’s ban on delivering non-essential goods. And yesterday evening, authorities in Mumbai clarified that food delivery platforms could continue to operate after 8 pm. Small mercies.
Also in today’s letter:
PhonePe takes stock
E-commerce firms petition govt on Maharashtra curbs
E-commerce firms are appealing to the Maharashtra government and the Ministry of Home Affairs (MHA) to reverse the state government’s order on Tuesday that banned non-essential e-commerce deliveries until May 1.
What’s going on?
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Equity MFs see Rs 9,115 crore inflows; debt funds record Rs 52,528 crore outflows
For the financial year 2020-21, equity fund flows remained net negative as outflows persisted from July 2020 to February 2021. The outflows were triggered by a bounce-back in the market post Covid crash that drove investors to book profits or rebalance their portfolios
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Equity mutual funds recorded inflows of Rs 9,115 crore in March, breaking eight-month losing streak, as investors may have entered equities on dips. Barring two - Multi Cap Fund, Contra Fund rest of the equity categories received positive flows. While it s too early to draw conclusions, it seems equity investors waiting on the sidelines for a market correction, have started making allocations taking a long-term investing view in equities, as should be the case. Additionally, the quantum of redemptions were lower for the month, suggesting profit booking/reallocation to other asset classes slowed down, says Kau
Trust Mutual Fund launches liquid fund
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Last Updated: Apr 06, 2021, 05:00 PM IST
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The NFO will be open for subscription from April, 8 to April, 22. The fund will be managed by Anand Nevatia.
Trust Asset Management Company has announced the launch of its New Fund Offer – Trust MF Liquid Fund. It is an open-ended liquid fund predominantly investing in debt & money market instruments. The NFO will be open for subscription from April, 8 to April, 22. The fund will be managed by Anand Nevatia. This is the second launch from Trust Mutual Fund after its maiden NFO of Trust MF Banking & PSU Debt Fund in January 2021.