Arjun Mohan Byju’s New CEO Cuts 4500 Jobs In Initial Days In Company

Arjun Mohan, who recently assumed the role of CEO at Byju’s, has unveiled plans to implement significant job cuts within the company. These cuts will affect both permanent and contractual employees and are primarily aimed at mitigating the burden of high fixed operating costs. It’s expected that the company’s workforce will decrease by approximately 4,000 to 4,500 employees. (Source: Economic Times)

Zerodha, on the other hand, reported robust financial results for FY23, with revenues surging to Rs 6,875 crore and profits reaching Rs 2,907 crore. The company manages an impressive asset base of Rs 3 lakh crore, with a substantial portion of its revenue originating from futures and options (F&O) trading. Zerodha, however, has flagged concerns about the excessive risks associated with F&O trading. Furthermore, the introduction of new SEBI regulations affecting financial influencers (finfluencers) could potentially impact Zerodha’s referral revenue, which currently accounts for 10 percent of its overall business. (Sources: Business Standard, Financial Express)

The Ministry of Corporate Affairs (MCA) and SEBI have engaged in discussions regarding fractional shares. These shares would enable retail investors to purchase fractions of high denomination shares. Implementing this would necessitate an amendment to the Companies Act, allowing companies to issue fractional shares or convert their existing shares into fractional ones. (Sources: Business Standard, Mint)

Disturbingly, nearly half of all reported cybercrime cases from January 2020 to June 2023 have been linked to the Unified Payments Interface (UPI). The Future Crime Research Foundation reports a growing trend in UPI-related fraud as its usage has increased. In FY21, 77,299 cases of UPI fraud were recorded, escalating to 84,274 cases in FY22, and reaching a peak of 95,402 cases in FY23. The foundation suggests that implementing multifactor authentication could be an effective strategy to combat UPI fraud.