Despite continuously peaceful transitions of power (save for “The Emergency” from 1975 to 1977 under Indira Gandhi), India endured significant economic stagnation.

These economic issues all came to a head in 1991. After years of trade deficits, the Central Bank became unable to maintain India’s currency peg to the dollar. The Reserve Bank of India (RBI) reached a level low enough to finance merelythree weeksof imports. After emergency loans from the International Monetary Fund, India decided to float its currency, which devalued the rupee and increased the competitiveness of Indian exports.Soon after, new elections ushered in prime minister P. V. Narasimha Rao, who pursued significant reforms. Rao weakened barriers to foreign investment, privatized some of the public sector, and reduced the fiscal deficit.

Since the 1990’s the country has pursued more traditionally Western economic reforms that have transformed India into the world’s third largest economy.

Since India’s independence from Britain in 1947, its economic history has largely been a troubled one. The first Prime Minister of India, Jawaharlal Nehru, steadfastly insisted on socialist economic policy. He and his successors created a vast array of highly inefficient state-owned enterprises affecting all major industries, including telecommunications, mining, and transportation.
India suffered nothing as terrible as the Great Leap Forward, but its economy grew on average a meager 3.5% annually from the 1950’s to the 1980’s. Indian GDP per capita as a share of American GDP per capita even declined over the period. The government also instituted a currency peg that systematically overvalued the rupee, and exports struggled.

What fees can a portfolio manager charge from its clients for the services rendered by him?

SEBI Portfolio Manager Regulations have not prescribed any scale of fee to be charged by the portfolio manager to its clients.

However, the regulations provide that the portfolio manager shall charge a fee as per the agreement with the client for rendering portfolio management services. The fee so charged may be a fixed amount or a return based fee or a combination of both. The portfolio manager shall take specific prior permission from the client for charging such fees for each activity for which service is rendered by the portfolio manager directly or indirectly (where such service is outsourced).


ShareChat has raised about $264 million to date and was valued at nearly $700 million last year.

Twitter-backed Indian social network ShareChat raises $40 million

The terms of the deal could change and the talks may not materialize into an investment, the sources cautioned. Local TV channel ET Now reported last year that Google was in talks to acquire ShareChat.

ShareChat’s marquee and eponymous app caters to users in 15 Indian languages and has a large following in small Indian cities and towns. Twitter and Snap, on the other hand, are struggling to gain users beyond urban cities in the world’s second-largest internet market.

Several of these short videos apps, as well as Times Internet’s MX TakaTak (operated by MX Player), have witnessed an accelerated growth in recent quarters thanks in part to New Delhi banning ByteDance’s TikTok and hundreds of other Chinese apps last year. (Also worth pointing out: Google’s proposed check size to ShareChat is much larger than those it wrote to DailyHunt and Glance.)

Last year, Google announced that it plans to invest $10 billion in India over the course of five to seven years. Days later, the company invested $4.5 billion in Indian telecom giant Jio Platforms. Google and Facebook, which invested $5.7 billion in Jio Platforms last year, reach more than 400 million users in the country.

Google, Facebook, ShareChat, DailyHunt and Glance generate most of their revenue through ads.

The agreement should cover the minimum details as specified in the SEBI Portfolio Manager Regulations. However, additional requirements can be specified by the Portfolio Manager in the agreement with the client. Hence, an investor is advised to read the agreement carefully before signing it.

17. Is premature withdrawal of Funds/securities by an investor allowed?

The funds or securities can be withdrawn or taken back by the client before the maturity of the contract.
However, the terms of the premature withdrawal would be as per the agreement between the client and the portfolio manager.

18. Can a Portfolio Manager impose a lock-in on the investor?

Portfolio managers cannot impose a lock-in on the investment of their clients.

The Hindu Nehru included two Muslims in his cabinet but this did not succeed in stopping violence. Jinnah became convinced that Nehru could not be trusted and he called on Muslims to take “direct action” to get an independent Muslim state. Violence spread and over 5000 people were killed in Calcutta.

India descended into civil war.

Early in 1947, Atlee announced that Britain would leave India no later than June 1948. A new Viceroy was appointed – Lord Mountbatten – and he concluded that peace could only be achieved if partition was introduced. The Hindu Congress agreed with him. Mountbatten became convinced that any delay would increase violence and he pushed forward the date for Britain leaving India to August 1947.

In August 1947, the Indian Independence Act was signed.

Indians felt that he, and others in the army, had got away very lightly. The more radical Indians felt that the British government had all but sanctioned murder.

As a result of Amritsar, many Indians rushed to join the INC and it very quickly became the party of the masses.

The most vocal opponent of the idea of some form of self-rule for India was Lord Birkenhead whole was Secretary of State for India from 1924 to 1928. With such an opponent, any move to self-rule was very difficult at best, and probably impossible in reality.

In India, the 1920’s saw the emergence of three men who were to have a huge impact on the future of India:

Jawaharlal Nehru

Mahatma Gandhi

Muhammed Jinnah

Gandhi persuaded many of his followers to use non-violent protests.

Both Twitter and Snapchat have about 50 million monthly active users in India, according to a popular mobile insight firm.

In an interview with TechCrunch last year, Ankush Sachdeva, co-founder and chief executive of ShareChat, said the app was growing “exponentially” and that users were spending, on average, more than 30 minutes on the app each day.

If the deal goes through, it would be the first investment from Snapchat’s parent company into an Indian startup. Google, on the other hand, has been on a spree of late. The Android-maker last month invested in DailyHunt and InMobi’s Glance, both of which operate short-video apps.

Like the two, ShareChat also operates a short-video app.
Its app, called Moj, had amassed more than 80 million monthly active users as of September last year, the startup said at the time.

The Act introduced:

An elected Indian assembly to have a say in everything in India except defence and foreign affairs.The eleven provincial assemblies were to have effective full control over local affairs.

The nationalists in India were not satisfied with this as the act did not introduce dominion status and white dominions were allowed to control their own defence and foreign policies. Also the princes who still ruled areas of India still refused to co-operate with the provincial assemblies so the second strand of the Act would have been meaningless.

The act’s major failing was that it ignored the religious rivalry between the Muslims and Hindus. Nearly two-thirds of India’s population were Hindus and the Muslims feared that in an independent and democratic India they would be treated unfairly.

manages the funds in accordance with the directions of the client.

3. What is the procedure of obtaining registration as a portfolio manager from SEBI?

For registration as a portfolio manager, an applicant is required to pay a non-refundable application fee of Rs.1,00,000/- by way of demand draft drawn in favour of ‘Securities and Exchange Board of India’, payable at Mumbai.

The application in Form A along with additional information (Form A and additional information available on SEBI Website submitted to the at the below mentioned address

Investment Management Department – Division of Funds- 1

Securities and Exchange Board ofIndia

SEBI Bhavan, 3rd Floor A Wing,

Plot No.C4-A, ‘G’ Block,

Bandra-Kurla Complex,

Bandra (E), Mumbai – 400 051.


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