BSE proposes index for climate change

The objective of the index is that it will help to build up expertise in analysing the risks and opportunities face associated with climate change, and with carbon regulation. This will also increase the information available to Indian companies and investors about these topics

Mumbai: Leading bourse Bombay Stock Exchange (BSE) on Thursday began the consultation process for launch of a carbon index, a move that will help investors mitigate their exposure to financial risks associated with the climate change, reports PTI.

The exchange yesterday released a concept note on its ‘Carbon Indexing Project’, marking the first-ever attempt to create a Carbon Index in an emerging economy.

The objective of this initiative is that it will help to build up expertise in analysing the risks and opportunities face associated with climate change, and with carbon regulation. This will also increase the information available to Indian companies and investors about these topics.

“The idea is that such an index will be used by investors to mitigate their exposure to financial risks associated with climate change,” the BSE said in a statement.

The concept note was jointly unveiled by Gregory Barker, the british minister of state for climate change and energy and Sachin Ahir, Maharashtra’s minister of state for environment.

Speaking at the launch, Mr Barker said, “We all, developed and developing countries have a responsibility for tackling carbon emissions, although coming to the issue from different starting points. But to develop this as an agenda compatible with growth we must understand what business can do.”

“A Carbon Index will help to understand how growth can happen on a lower carbon trajectory and the role that business can play. The index will highlight opportunities to companies as to how to improve both their financial and environmental performance,” he added.

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MF investors to now get consolidated details of transactions

The mutual fund industry has decided to issue Consolidated Accounts Statement (CAS) on monthly basis for transaction starting October. The CAS will be in addition to the individual account statements that investors get from their mutual fund houses

Mumbai: Mutual fund investors will now get a monthly consolidated statement of all of their transactions in different fund houses, reports PTI quoting the Association of Mutual Funds in India (AMFI).

The mutual fund industry has decided to issue Consolidated Accounts Statement (CAS) on monthly basis for transaction starting October, AMFI said in a statement.

“This is an investor-friendly initiative to allow investors a single-window view of all their transactions in mutual funds,” chief executive of AMFI HN Sinor said.

CAS will be issued as a monthly statement to investors, if there are any transactions during the month, he added.

The consolidation of folios is on the basis of PAN provided by the investors.

The decision follows amendment in the Securities and Exchange Board of India (SEBI) Regulations with regard to issuance of monthly Consolidated Accounts Statement.

The CAS will be in addition to the individual account statements that investors get from their mutual fund houses.

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Finance ministry gives nod to FDI in multi-brand retail

“Finance ministry has given concurrence to the proposal of the Department of Industrial Policy and Promotion (DIPP) on allowing FDI (foreign direct investment) in multi-brand retail sector,” a senior ministry official said today

New Delhi: The finance ministry has given its consent to the draft Cabinet note on opening the multi - brand retail to foreign investment, reports PTI.

“Finance ministry has given concurrence to the proposal of the Department of Industrial Policy and Promotion (DIPP) on allowing FDI (foreign direct investment) in multi-brand retail sector,” a senior ministry official said today.

The DIPP had earlier circulated a draft Cabinet note to seek inter-ministerial views on the politically sensitive issue.

The note was in line with the recommendations of the high-level Committee of Secretaries (CoS), headed by cabinet secretary Ajit Kumar Seth.

The CoS had recommended 51% FDI in the sector with several riders. These included a minimum foreign investment of $100 million.

The decision on FDI in the sector has been delayed in view of concerns that it would adversely impact neighbourhood kirana shops, which account for over 90% of $590 billion retail trade. These concerns have been voiced by several political parties and traders’ unions.

Besides, the government is also contemplating to hike the ceiling of FDI in single-brand retail. At present, the country allows 51% FDI in single brand retail, 100% in cash and carry (wholesale) business, but bars it completely in multi-brand retail.

Several global retailers like Wal-Mart and Tesco are waiting in the wings to entry into India’s multi-brand retail segment.

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