J&K govt simplifies business establishment process, opens door for investors

To revive the business sector and boost investor confidence with a business-friendly environment, the administration has approved a series of measures for simplifying business establishment process, an official spokesman said on Sunday.

As per the decision taken by the Administrative Council (AC), which met under the chairmanship of Lieutenant Governor Manoj Sinha here on Saturday, the pre-requisite ‘no objection certificates’ (NoCs) or approvals have been relaxed for setting up of a business unit, the spokesman said.

He said the Udyog Aadhaar memorandum as per the condition of the Government of India would be the only requirement for a business unit to be set up.

Earlier, as many as 15 NoCs or clearances were required for a business unit to be established, which have now been reduced to a bare minimum.

“These bare minimum NoCs/approvals shall be required subsequently, for which two sets of single-window committees have been established one for business units coming up within industrial estates and another committee for units outside the industrial estates,” the spokesman said.

He said these committees would ensure time-bound issuance of the NoCs or approvals

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Edelweiss Financial Services reports Rs 63 crore loss in third quarter

Limited on Saturday reported a consolidated net loss of Rs 63 crore for the third quarter ended in December 2020.

It had registered a net profit of Rs 35.32 crore in the same quarter last year. Sequentially, the loss widened from Rs 56.12 crore in quarter ended September 2020.

The company’s total income during Q3FY21 also fell to Rs 2,191.34 crore as against Rs 2,649.56 crore in the same quarter of 2019-20, Edelweiss said in a regulatory filing.

The company said its fee income during the quarter at Rs 477 crore was back to the pre-Covid level and there is strong traction across wealth management, asset management and ARC (asset reconstruction company).

Customer assets grew by 17 per cent from a year ago at Rs 2.65 lakh crore.

“We had a calibrated approach on the book growth in our NBFCs which led to lower revenue from credit. All our other businesses continue to do well,” Edelweiss said.

There were robust recoveries in asset reconstruction of Rs 2,200 crore in Q3FY21, even with IBC suspension, it said.

Edelweiss Group

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How is investment & wealth management adapting with technological advancements?

Thanks to digital innovation and the rise of fintech, the financial marketplace continues to evolve at a rapid rate.

Make no mistake; this evolution is gradually changing the way in which investment and wealth management firms operate and the services that they offer to clients.

In the case of service providers such as WH Ireland, there’s also a drive to change the way in which city bonuses are paid and the perception of the industry as a whole. This company is committing to paying bonuses out of earned profits, rather than total revenues generated within a specific period of time.

With this in mind, there’s no doubt that firms are striving hard to remain accessible and relevant in the modern age. But how exactly are investment and wealth management companies adapting to change in the digital age?

What Technologies are Prominent in the Financial Industry?

According to figures, an estimated 68 per cent of financial services respondents have claimed that learning about new technologies and implementing these represents their biggest challenge.

Not only this, but 69 per cent are concerned about their ability to stay relevant in the eyes of younger investors and Millennials, which is why the successful

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