Latest news with #NishitPatel
Time of India
01-07-2025
- Business
- Time of India
NFO Update: ICICI Prudential Mutual Fund launches Nifty Private Bank Index Fund
ICICI Prudential Mutual Fund announces the launch of ICICI Prudential Nifty Private Bank Index Fund , an open-ended index scheme replicating Nifty Private Bank Index. This scheme offers investors an opportunity to invest in a basket of India's private banks, which have delivered fundamentals and supported India's economic expansion, according to the fund house. The new fund offer or NFO of the fund is open for subscription and will close on July 14. Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sleep Apnea Ruined My Life – Then I Found This Simple Trick Health Insight Undo Also Read | JioBlackRock Overnight Fund opens for subscription. Who should invest? The investment strategy of the fund is to replicate the Nifty Private Bank TRI with a passive approach. Live Events 'Through this product, we offer investors a unique opportunity to access the strength of India's private banking sector in a simple, cost-effective manner. These banks have demonstrated high profitability, robust asset quality, and capital adequacy, making them a potential long-term investment,' said Abhijit Shah, Chief Marketing and Digital Business Officer at ICICI Prudential AMC. Private banks have shown growth in their share of the Indian credit and deposit markets over the past two decades. Loan market share rose from 13% in FY2005 to 36% in FY2025, and deposit market share improved from 11% to 32% over the same period, according to a press release. According to the fund house, why should one invest in this scheme is because it invests in India's top private banks, one of the drivers of the economy, portfolio construction mirrors the Nifty Private Bank Index methodology, Passive structure offers an efficient way to gain exposure, minimum investment of Rs 1,000, with systematic investment options like SIPs and STPs available, and will allow non demat account holders to seek exposure to private bank segment of the market. Also Read | JioBlackRock Mutual Fund: 3 NFOs open for subscription today. Should you invest? The exit load is nil. The minimum amount for daily, weekly, fortnightly, and monthly SIP is Rs 1,000 (plus in multiple of Re 1) with minimum six installments. For quarterly SIP: Rs 1,000 (plus in multiple of Re 1) with minimum four installments. The performance of the fund is benchmarked against Nifty Private Bank TRI and will be managed by Nishit Patel and Ashwini Shinde. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Hindustan Times
20-06-2025
- Business
- Hindustan Times
HC quashes suicide abetment case against city bizman
MUMBAI: The Bombay high court on Wednesday quashed a first information report (FIR) against city-based businessman Nishit Patel who was accused of instigating the suicide of his friend. Patel's wife had loaned ₹25 lakh to the deceased, who owned a shop in Bandra, and Patel was named in the FIR as the suicide note mentioned him pressuring the deceased to pay the interest. Patel, a manufacturer of electrical control panels for over 20 years, had approached the court after the Khar police filed a chargesheet against him based on the suicide note and a statement of the deceased's employee. Patel and his family had good relations with the family of the deceased, who had been running a shop in Bandra selling household articles for more than 50 years. He would often advance loans to the deceased and his son via loan agreements. On October 27, 2015, Patel's wife loaned ₹25 lakh to the deceased – though the loan was advanced without a written agreement, it was made part of an agreement in March 2017. Around three months later, in July 2017, the shop owner died by suicide. In December 2017, his wife found his suicide note, which named nine persons including Patel as responsible for his taking the extreme step. Patel was 'very harsh in collecting his interest money, did not cooperate at all,' the suicide note read. The Khar police registered an FIR against Patel based on a complaint by the deceased's wife. During investigation, the deceased's employee told the police that his boss had borrowed a large sum from Nishit Patel. 'Every time Patel visited the store, my boss repeatedly requested him to reduce the interest rate, still he did not reduce the interest rate,' the employee said in his statement. The prosecution, relying on the above evidence, filed charges of instigating the shopkeeper's suicide against the businessman. The division bench of justices Revati Mohite-Dere and Dr Neela Gokhale referred to recent judgements by the Supreme Court including in Prakash and others vs State of Maharashtra, which clarified that to attract the offence of abetment to suicide, it was important to establish proof of direct or indirect acts of instigation or incitement of suicide by the accused in close proximity to the commission of suicide. 'Such instigation or incitement should reveal a clear mens rea to abet the commission of suicide and should put the victim in such a position that he/she would have no other option but to commit suicide,' the Supreme Court had held. Mens rea (Latin for 'guilty mind') refers to criminal intent, or the state of mind statutorily required to convict an accused for a particular crime. The division bench then quashed the FIR against Patel, saying, 'We do not find that the petitioner who had given loan to the deceased by executing a loan agreement had, in any way, the requisite mens rea to instigate the deceased to commit suicide.'
Time of India
21-05-2025
- Business
- Time of India
NFO Monitor: ICICI Prudential Mutual Fund launches Nifty200 Quality 30 Index Fund
ICICI Prudential Mutual Fund announces the launch of the ICICI Prudential Nifty200 Quality 30 Index Fund , an open - ended index scheme replicating Nifty200 Quality 30 Index. This strategy is built on the 'Quality' factor, one of the foundational pillars of factor investing, which emphasises investing in financially sound businesses with strong fundamentals. The new fund offer or NFO of the scheme is open for subscription and will close on June 4. Also Read | NFO Insight: Can Motilal Oswal Services Fund help you gain stability and long-term growth potential? Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » Factor investing in general targets key performance drivers such as quality, momentum, low volatility, value, and size to optimise returns while managing risk. This new scheme aims to provide investors with access to a curated portfolio of 30 companies from the Nifty 200 universe that scores high on key quality parameters, including return on equity, a low debt-to-equity ratio, and stable earnings growth. 'Through this product, we aim to offer investors a scheme that brings together the core principles of quality investing—resilience, efficiency, and relative stability. This scheme is suitable for those looking to build long-term wealth using a transparent, rule-based approach that has historically performed well during market downturns,' said Abhijit Shah, Chief Marketing and Digital Business Officer at ICICI Prudential AMC. Live Events The exit load is nil. The minimum amount for SIP investment is Rs 1,000 with minimum six installments. The scheme will be benchmarked against Nifty200 Quality 30 TRI. The scheme will be managed by Nishit Patel and Ashwini Shinde. Also Read | 27 equity mutual funds offer over 25% CAGR in both 3 and 5 years. Have you added any to your portfolio? The Scheme provides investors an opportunity to build long-term wealth by owning a portfolio of fundamentally strong companies, particularly at a time when quality stocks are available at reasonable valuations. It follows a passive, rules-based strategy that replicates an index which selects 30 high-quality stocks from the Nifty 200 universe, ensuring transparency and discipline in portfolio construction.
Time of India
25-04-2025
- Time of India
Gujarat man using fake Portuguese passport to travel to UK since 2009 held in Delhi
Ahmedabad: A man from Gujarat's Kheda district who had been travelling to the United Kingdom using forged documents and a fake Portuguese passport since 2009 was apprehended at the Indira Gandhi International (IGI) Airport in Delhi early this month. The man stole the identity of an Indian with Portuguese roots and was travelling between India and London via Nepal for the past 15 years, said the police FIR. The accused, Nishit Patel , is a resident of Chaklasi town in Kheda district. According to the FIR registered at IGI Airport Police Station, Patel was arrested on April 5 during an immigration check after arriving in Delhi. He was carrying an Indian voter identity card. During questioning, immigration officers found irregularities in his travel history and documents. The investigation revealed that Patel first travelled to the United Kingdom on Sep 10, 2009, using his Indian passport. Later, he obtained a Portuguese passport by forging the identity of one Ritesh Bicu, who was born in India but had Portuguese roots. Patel used Bicu's identity to obtain documents and travelled between London and India using the counterfeit Portuguese passport several times. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like In Gelnhausen steigt das Interesse an diesem Männer-Booster Welness Today Online Learn More Undo To avoid Indian immigration scrutiny, Patel had been using the Nepal route since 2009. He would travel from India to Nepal using his voter ID card and then continue his onward journey from Nepal to London using his Portuguese passport. This time, however, he entered India through a legal route via Delhi, where he was caught. The FIR also mentions that Patel forged documents, including a marriage certificate that falsely showed Ritesh Bicu was married to Khushbu Patel — who is actually Nishit Patel's wife. Patel was booked under various sections of the BNS for forgery, cheating, and misuse of identity documents, along with charges under the Passports Act. The case was registered after immigration officials filed a formal complaint. Officials have seized several documents, including the fake passport, voter ID, boarding pass, marriage certificate, and a Nepal visa, for further examination.
