Money & Banking
Cash withdrawal racket busted in Arunachal

The accused said that they collected unsuspecting SBI customers' ATM card details, including passwords, by visiting ATM counters in Itanagar

Itanagar: A racket allegedly involved in unauthorised withdrawal of cash from State Bank of India (SBI) customers' accounts through online transaction has been busted by the police here and four persons were arrested from Assam's Barpeta district in this connection, reports PTI.

 

The police arrested Mukibul Islam, Habib Ahmed, Razzaqul Islam and Rafikul Islam on Sunday, two months after the arrest of Shariful Islam, another accused, on 25th September, capital SP Surinder Kumar said.

 

A laptop, a mobile handset and two memory cards were seized from the house of one of the arrested, the SP said.

 

Kumar said that the arrests followed several complaints of unauthorised withdrawal of money to the police a few months ago from SBI customers.

 

The accused said that they collected unsuspecting SBI customers' ATM card details, including passwords, by visiting ATM counters in Itanagar.

 

After collecting the ATM card details, they used to sent an SMS containing the data to their associates at Barpeta who in turn made withdrawals by ordering electronic goods through various online payment gateways.

 

The accused sold the electronic goods at discount from their shops at Barpeta.

 

Till now Rs12 lakh from around 20 SBI customers have been looted, the SP said.

 

The arrested were produced before the judicial magistrate yesterday, who remanded them to seven days police custody.

User

FIR filed against top officials of Bharti Airtel

According to the FIR, a practising advocate in Karnataka High Court been receiving "obscene,...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
'Direct plans likely to bring down costs for MF investors'

Under the new directives from SEBI, MF products will be sold to investors without the involvement of intermediaries, a move which is likely to reduce expenses incurred by investors under marketing and commissions heads paid to distributors


Mumbai: As mutual fund (MF) houses gear up to provide direct plans in their existing and new schemes from January, total expense ratio for investors is likely to fall in different schemes, reports PTI quoting industry officials.

 

"The move to implement direct plans will help in reduction in total expense ratio under a scheme by around 60-70 basis points," Quantum Mutual Fund Chief Executive Jimmy A Patel told PTI.

 

As per a recent directive of the market regulator Securities and Exchange Board of India (SEBI), fund houses will have to offer direct plans to investors from next month onwards in their existing and new schemes.

 

Under the offering, MF products will be sold to investors without the involvement of intermediaries, a move which is likely to reduce expenses incurred by investors under marketing and commissions heads paid to distributors.

 

Patel, however, said total expense ratio will vary from scheme to scheme and will be different for fund houses.

 

Another official from a fund house promoted by a mid- sized public sector bank said while expense ratio will be lower for investors coming through direct plan route, it is difficult to ascertain the total expense ratio as of now.

 

"While the total expense ratio will be lesser by around 40-75 basis points in equity schemes, it will be around 5-20 basis points lower in case of debt funds. However, it is difficult to give an exact number as it will vary for fund houses," he said.

 

He said different NAVs (net asset value) will be calculated for direct plans.

 

About the impact of direct plans on distributors, the official said it will not be much. "Though institutional investors with the expertise will go for direct plans, retail investors are likely to take the assistance of distributors to make an informed decision."

 

Direct plans are likely to reduce the role of intermediaries in the MF industry, which has been struggling even since the ban on entry load by SEBI two years ago.

 

On the impact on distributors, a fund manager of a large MF house said, "it is difficult to determine how it is going to impact distributors as of now."

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)