Stocks
BSE launches SME index

The index will be constituted by 11 companies listed on the BSE SME platform

 
Mumbai: The Bombay Stock Exchange (BSE) on Friday launched an Small and Medium Enterprise (SME) index that aims at tracking the current primary market conditions in the Indian capital market and measure the growth in investors' wealth over a period, reports PTI.
 
The index will be constituted by SMEs listed on the BSE SME platform. So far, there are 11 companies listed on the SME platform and this index will have features similar to the BSE IPO index.
 
"This index will help to track and measure the growth of the companies over a period. Through this, the authorities can recognise the viability of the company.
 
"And based on the report, people can invest in these companies, which will not only help the organisations to grow their businesses but also create employment," Minister of State (Independent Charge) Ministry of Micro Small and Medium Enterprises KH Muniyappa said here at the launch of the index.
 
Typically, SME companies in the country have had to rely on debt financing from banks or non-banking financial institutions as equity capital was largely inaccessible to them.
 
"This time, the government, Sebi and the stock exchanges have put in a lot of efforts to make the third attempt a success. But with the SME platform, companies will not have to rely on loans from banks, but can raise funds through the market and play an important role in contributing to the economic growth of the country," he said.
 
Out of the 11 companies listed so far, 10 are trading above their issue prices, while one is below its IPO price.
 
Small and medium enterprises (SMEs) in India constitute an important segment of Indian economy. Currently, the contribution of SMEs alone has been greater than 7% to GDP and 45% to industrial production. It is also the second largest provider of employment after agriculture.
 
SMEs also contribute to 40% of total exports directly and a significant amount of exports indirectly through large trading houses or third parties.
 

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PMO asks ministries to take up direct cash transfer scheme on war footing

PMO has asked ministries to organise camps to fast pace enrolment under Aadhaar and also have to ensure the beneficiaries have bank accounts linked with Aadhaar numbers

 
New Delhi: Prime Minister's Office (PMO) has asked ministries to take up implementation of direct cash transfer scheme on a "war footing" before the launch of the programme on 1st January, reports PTI.
 
It has also asked them to organise camps to fast pace enrolment under Aadhaar for the purpose.
 
Primary activity of all the Ministries implementing schemes in the coming weeks will be to complete enrolment of Aadhaar for all beneficiaries.
 
They also have to ensure the beneficiaries have bank accounts in which Aadhaar numbers will also be mentioned, besides compilation of beneficiary databases.
 
"This has to be addressed on a war footing. The best approach may be a Camp approach," the PMO said in a statement.
 
Centre plans to provide direct cash transfers of benefits in 34 schemes in the selected 51 districts.
 
Also, Planning Commission has been asked to finalise dates for a one-day meeting of the Collectors of the concerned districts (excluding Gujarat and Himachal Pradesh) between 10-15th December.
 
"Collectors will need to be given clear instructions on how to do this when they come for the meeting next week. Planning Commission will coordinate the necessary preparations for this," the PMO said.
 
Following the directions of the National Committee on Direct Cash Transfers chaired by the Prime Minister last month, the Executive Committee held a meeting for follow-up action on DCT.
 
The Committee, chaired by the Principal Secretary in the PMO, discussed in detail the core objective of how direct cash transfers of benefits in the selected 43 districts (excluding, till the end of the election process, 8 districts in Himachal Pradesh and Gujarat), will be implemented as per the timelines.
 
The PMO further said banks would also be authorised to be Registrars for Aadhaar numbers and will be enabled to enrol beneficiaries for Aadhaar at the locations where camps are to be held and otherwise as well.
 
The PMO further said that all implementing ministries will launch publicity, information and instruction campaigns in the 43 districts immediately and in the 8 districts of Himachal Pradesh and Gujarat after 20th December.
 
Planning Commission will organise a video conference with Chief Secretaries/Finance Secretaries of the participating States to assess preparedness for commencing the rollout of the scheme.
 
Also, all members of the Executive Committee will be informed and would be encouraged to participate personally in the video conference, the PMO added.
 
It futher said standardised formats for the basic data to be collected for entry of Aadhaar numbers and Bank account details will be finalised by Department of Financial Services (DoFS).
 
This will be done in consultation with UIDAI, banks and implementing Ministries and sent to Planning Commission for circulation to all concerned.
 
The format will contain the minimum essential data that will be needed for effecting Aadhaar-enabled direct cash transfers, it added.
 
"Department of Expenditure will work out, in consultation with DoFS, UIDAI, Planning Commission and other implementing Ministries, the process for fund flows and any changes that need to be made to current instructions on Utilisation Certificates, etc. so that all these meet government accounting and reporting requirements," PMO said.
 
The PMO further said that for centrally sponsored schemes, ministries will continue to transfer funds through states as at present.
 
"For Central Sector schemes, the direct cash transfers will be directly to beneficiary from GoI Ministries," it said.
 
For schemes where the beneficiary is a minor, PMO said there would be a joint bank account, preferably with the mother. Under it, the Aadhaar of the child would be used for beneficiary identification purposes and mother's Aadhaar would be needed for operating the bank account.
 

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COMMENTS

M G WARRIER

4 years ago

This bull-dozer approach to schemes affecting mostly poor people with low literacy levels is unwelcome. Since independence, several schemes have been implemented for the benefit of less privileged class. In this case alone there is an undue haste bordering craziness. None of the linkages necessary for implementing ‘cash-transfer’ smoothly is in place. Issue of AADHAR cards, opening of bank accounts, identifying beneficiaries assessing the funds needed in respective areas are all going to be done, it seems, in ‘MELAs’. Feeling a little embarrassed to ask even God to save India!

SEBI seeks 'well-defined' norms for money collecting schemes

SEBI has written to the Government seeking a well-defined framework for regulating money raising schemes like multi-level marketing schemes, timeshare schemes, emu farming, gold purchase schemes, goat farming and deposit collection for real estate development

New Delhi: Market regulator Securities and Exchange Board of India (SEBI) has approached the union government seeking a "well-defined" framework for regulating various money raising schemes such as multilevel marketing (MLM) and goat farming, reports PTI.

 

"SEBI has written to the Government seeking a well- defined framework for regulating money raising schemes like multi-level marketing schemes, timeshare schemes, emu farming, gold purchase schemes, goat farming and deposit collection for real estate development," Minister of State for Finance Namo Narain Meena told the Rajya Sabha in a written reply.

 

The Minister said the proposal sent by SEBI "requires extensive consultations with different Departments/Ministries in the Government of India and no time-frame can be estimated for concluding the decisions that may emerge from this process".

 

Recently, a company promising returns on investments made for rearing goats had come under the scanner of SEBI. Claiming to have large goat-rearing farms in northern parts of the country, Beetal Livestock & Farm (P) Ltd had solicited investments from the public with a promise of 2% monthly returns, and doubling of money in 3-4 years.

 

Meanwhile, Corporate Affairs Minister Sachin Pilot informed the Lok Sabha that plan to publish the names of multi-level marketing (MLM) companies that have come to adverse notice of the Ministry, is under consideration.

 

"Decision to publish names of multi-level marketing companies which come to adverse notice of this Ministry is under consideration of this Ministry," Pilot said in a written reply.

 

Public can view the names of the companies registered under the Companies Act, 1956, and documents filed by any company on MCA-21 portal by paying a nominal fee of Rs50, the Minister noted.

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COMMENTS

Vaibhav Dhoka

4 years ago

There no dearth IDEAS these cheats have,if government regulates one scheme they are ready with alternate for same.

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