Canara Robeco MF launches gold exchange traded fund

Canara Robeco gold exchange traded fund new fund offer closes 16 March 2012.

Canara Robeco Mutual Fund has launched Canara Robeco Gold Exchange Traded Fund, an open-ended scheme.

The investment objective of the scheme is to generate returns that are in line with the performance of gold, subject to tracking errors.

The new fund offer closes on 16 March 2012. The minimum investment amount is Rs5000.

The domestic price of gold is the benchmark index. Akhil Mittal is the fund manager of the scheme.

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RBI tightens screws on non-operative NBFCs

"An NBFC which is in receipt of certificate of registration (CoR) must necessarily commence NBFC business within six months of obtaining CoR:” RBI circular

The Reserve Bank tightened the screws on non-operative non-banking financial companies (NBFCs), excluding the residuary ones, by asking to commence business within six months of obtaining certificate of registration (CoR) from it, failing which their licences will be cancelled automatically. "An NBFC which is in receipt of CoR must necessarily commence NBFC business within six months of obtaining CoR. If the business of NBFC is not commenced within six months...the CoR will stand withdrawn automatically," said an RBI circular.

RBI further, said it has noted that some NBFCs obtain registration from the bank, park their funds in fixed deposits with commercial banks, but do not commence NBFI activities for several years thereafter. "It is clarified, that the RBI issues a CoR for the specific purpose of conducting NBFI activities (and that) investments in fixed deposits cannot be treated as financial assets and receipt of interest income on fixed deposits with banks cannot be treated as income from financial assets, as these are not covered under the activities mentioned in the definition of financial institution under Section 45I(c) of the RBI Act, 1934.

"Besides, bank deposits constitute near money and can be used only for temporary parking of idle funds, and/or in the above cases, till commencement of NBFI business." Under Section 45IA (1) of the RBI Act, 1934, no NBFC shall commence business or carry on the business of a non-banking financial institution without obtaining a CoR, and having a net owned fund of Rs25 lakh, which was increased to Rs200 lakh with effect from 21 April 1999.

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Ashoka Buildcon arm executes concession agreement for NHAI project

The project will carry on the business of designing, building, financing, operation and maintenance rehabilitation and upgradation of four laning of Cuttack - Angul Section of NH-42.

Ashoka Cuttack Angul Tollway, a subsidiary of Ashoka Buildcon has executed a concession agreement with National Highways Authority of India ("NHAI") on 14 March 2012, for the project to carry on the business of designing, building, financing, operation and maintenance rehabilitation and upgradation of four laning of Cuttack - Angul Section of NH-42 from Km 0.000 to Km 112.000 in the state of Orissa under NHDP Phase II to be executed as BOT (toll) on DBFOT pattern.

In the early afternoon, Ashoka Buildcon was trading at around Rs193 per share on the Bombay Stock Exchange, 1.31% up from the previous close.

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