Over Rs 1 lakh crore worth of mutual fund investments may be frozen by SEBI due to non-compliance with FATCA. The Act, meant to curb tax evasion, requires mutual fund houses to know if investors have residency or pay taxes in another country. Funds are requesting SEBI to freeze rather than shut down these accounts on August 31. ET
The Rs 22,913 crore planned by the government into ailing PSU banks such as SBI won't aid growth, analysts say. The amount being provided according to sources is more of a bailout, and would encourage banks to clean up their NPAs. BS
The Advanced Enzyme IPO has hit markets with a price band of Rs 880-896 per equity share. The firm is the second largest enzyme company in the country. FE
The Jignesh Shah promoted 63 Moons Technologies (formerly FTIL) is seeking legal recourse after the Mumbai Police attached Rs 2000 crore worth of assets. Firstpost
Photo of the Day: A ranger surveys a new lava field in Congo, near Africa's most active volcano. NatGeo
