Birla Sun Life Mutual Fund new issue closes on 17th February
Birla Sun Life Mutual Fund has launched Birla Sun Life Short Term FMP-Series 8, a close-ended income scheme.
The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 91 days from the date of allotment.
The new issue opens on 15th February and closes on 17th February. The minimum investment amount is Rs5,000.
Brokers would also have to keep a proper record of all the collaterals provided by their clients to ensure a proper audit trail in times of any investigations, NSE said in a circular to its members
New Delhi: Leading stock exchange National Stock Exchange (NSE) has asked its member brokers to ensure 'in-person' verification of all their clients-a move seen as part of efforts to thwart any shadow-investing by unscrupulous elements in the market, reports PTI.
Besides, the brokers would also have to keep a proper record of all the collaterals provided by their clients to ensure a proper audit trail in times of any investigations, NSE said in a circular to its members.
The NSE has made necessary amendments to its trading regulations for both capital market and derivatives segments to bring into effect these requirements.
Through another amendment, NSE has also asked all its member brokers to get their books audited in every six months by an independent entity.
Currently, all the brokers are required to prepare their annual accounts for each financial year, and furnish the same to the exchange within six months.
The new norms are said to be aimed at checking violations by brokers as also unscrupulous investors.
The brokers would also need to "get the complete internal audit done on a half-yearly basis by an independent qualified chartered accountant, company secretary or cost and management accountant, who is in practice and does not have any conflict of interest".
The audit report would also need to be reported in a time-frame and format as prescribed by the exchange, the circular said.
Besides, the brokers would also need to maintain records of collaterals furnished by their clients to ensure proper audit trail of use of the client's collateral and other related dealings.
NSE has also tightened the steps taken by brokers while signing up new clients. Currently, the brokers are required to "take reasonable steps to assess the background, genuineness, financial soundness of such person and his investment objectives by obtaining from the new client/constituent a Constituent Registration Form in such a format as may be prescribed by the exchange from time to time."
Now, prior to registering any clients, the brokers would be "to identify his constituents and to ensure 'in-person' verification of the constituents as per guidelines as may be prescribed by the exchange from time to time."
Also, any power of attorney executed by the client in favour of the broker, authorising operation of client's bank and demat accounts, would be subjected to terms and conditions prescribed by the exchange from time to time.
The brokers have also asked the brokers to give, free of charge, a copy of all the documents executed by their clients and get the clients' acknowledgement on receipt of the same.
The apex court had asked the CBI to bring under its scanner corporate houses that were beneficiaries of the 2G spectrum scam without being influenced by their status-whether they are millionaires or on the Forbes rich list
New Delhi: A Supreme Court bench hearing the second generation (2G) spectrum scam today told GSM lobby group, Cellular Operators Association of India (COAI) to obtain permission from the Chief Justice of India to transfer their plea challenging the dual technology spectrum allocation policy of the government, reports PTI.
A bench comprising Justice GS Singhvi and AK Ganguly told COAI that it could hear their plea only after the CJI permits them.
"Unless order of CJI is on that, we would not take up the case," the bench said.
COAI's plea is being heard by a separate bench comprising Justices Altamas Kabir and Cyriac Joseph. However, the lobby has asked for its petition to be transferred before the bench of Justices G S Singhvi and A K Ganguly.
The bench of Justices Singhvi and Ganguly has ordered a court-monitored probe by the Central Bureau of Investigation (CBI) and Enforcement Directorate into the alleged scam involving former telecom minister A Raja, who, according to the Comptroller and Auditor General (CAG) report, has caused a presumptive loss of Rs1.76 lakh crore to the exchequer.
During the last hearing on 10th February, the bench had asked the CBI to bring under its scanner corporate houses that were beneficiaries of the 2G spectrum scam without being influenced by their status-whether they are millionaires or on the Forbes rich list.
The COAI had approached the Supreme Court in 2009 challenging the judgement of Telecom Disputes and Appellate Tribunal (TDSAT), which upheld the Department of Telecom's (DoT) dual technology spectrum allocation policy.
It had made DoT, TRAI, RCom, Tata Tele, HFCL Infotel and others as parties to its plea.
TDSAT, on 31 March 2009, upheld DoT's dual spectrum allocation policy allowing Anil Ambani group company RCom and Tata Tele-who operated CDMA based cellular services-to get GSM spectrum for operating services.
The petition filed by COAI, Bharti Airtel, Idea Cellular, Spice Communications and Vodafone Essar said TDSAT wrongly upheld DoT's decision to enhance the criteria for allocation of additional spectrum, besides upholding the dual spectrum allocation policy.
The plea charged that TDSAT failed to appreciate that cellular operators had a vested and accrued right to receive spectrum up to 15 MHz.
COAI said the National Telecom Policy of 1999, which was the basis of a contractual settlement between cellular operators and the DoT, promised optimal and adequate spectrum to every operator and they were to get GSM spectrum up to 15 MHz at specified rates on a revenue-sharing basis.
The DoT, on 18 October 2007, amended the telecom rules, allowing CDMA players to enter the GSM mobile space.
TDSAT stated that there was nothing irregular in granting 4.4 MHz as start-up spectrum to RCom and rejected the GSM lobby group's contention that they have the right to hold spectrum up to 15 MHz.