Daiwa Mutual Fund floats Government Securities Fund-Short Term Plan

Daiwa Mutual Fund new issue closes on 30th March

Daiwa Mutual Fund has launched Daiwa Government Securities Fund-Short Term Plan, an open-ended gilt fund.

The scheme seeks to generate income and capital appreciation by investing predominantly in sovereign securities issued by the central government (including treasury bills) and/or by state governments, with maximum average portfolio maturity of three years.

The new issue closes on 30th March. The minimum investment amount is Rs10,000.

I-Sec Si-bex Index is the benchmark index. Killol Pandya is the fund manager for the scheme.


Bharti AXA Life Insurance undertakes new initiatives on the service front

Bharti AXA Life Insurance has added new service initiatives to assist its customers

Bharti AXA Life Insurance, the private life insurance joint venture between Bharti Enterprises and AXA, has added new service initiatives to assist its customers.

Bharti AXA Life, in October 2010, launched a service "Release of Fund Value within 48 hours of claims intimation." The new service initiative provides the customer with a guarantee that the claims will be processed on priority and aims to alleviate his fears around this process. The guarantee is further backed by a penalty of 1% of the fund value, for every day of delay that would be paid to the customers. The focus on the principal moment of truth, claim settlement, was aimed at linking Bharti AXA Life with 'trustworthiness', 'speed' and 'simplicity'.

Living up to this guarantee, as it has settled 296 claims (99.66%) and none are pending from the 301 intimations received till date. On an average, claimants have been informed about settlement through SMS with cheque numbers in 28.23 hours, while cheques have been disbursed on an average in 30.26 hours.

Bharti AXA Life has developed a customer charter that outlines the cutting edge services they offer. The first initiative under the new customer charter has been the launch of an e-Self Service module where policy holders can manage their policies online. They can check their fund values, make fund switches, pay premium, reinstate their lapsed policies and download premium receipts or fund statements. The self service module is also available for the policy holders on their mobile phones.

In addition, Bharti AXA offers a wide array of premium payment options to customers including multiple online payment options, mobile payment, payment on IVR, cash/cheque payments at branches and retail partner outlets with 1 lakh plus points of presence across the country as well as auto-debit to bank account or credit card facility.


Hassan Ali remanded in judicial custody; says he is being framed

Enforcement Directorate tells court that it has completed its questioning of the accused in an income-tax evasion and money-laundering case

Mumbai: Pune stud farm owner Hassan Ali Khan today alleged that he was receiving threats from Kolkata businessman Kashinath Tapuria, a co-accused in the money-laundering case. He said this to journalists as he was being taken away from court, after he was remanded in judicial custody till 8th April by the Sessions Court.

Mr Khan also alleged that he was being framed in the case by Mr Tapuria, his alleged associate in money-laundering activities, who was arrested by the Enforcement Directorate (ED) yesterday, reports PTI.

Clad in white kurta-pyjama, Mr Khan (53) was produced before principal sessions judge Swapna Joshi, who remanded him in judicial custody after ED counsel Ujjwal Nikam submitted that the directorate did not require his custody at the moment.

Mr Nikam contended that the ED reserved the right to press for Mr Khan's custody at a later date. This was opposed by Mr Khan's lawyer IP Bagadia. The judge said that this could be decided later, and that now the accused was being remanded in judicial custody for 14 days.

Mr Khan was taken into custody by the ED on 17th March, after the Supreme Court cancelled the bail granted to him by a trial court. On 21st March, the apex court ordered he remain in the custody of the ED for an additional three days.

Mr Khan faces an income-tax demand notice for up to Rs70,000 crore. The ED is said to have questioned him about his trips to various countries and his business dealings in India.

The ED had informed the apex court that it was in the possession of incriminating evidence against Mr Khan that revealed he has stashed huge amount of black money in various banks abroad. It also alleged that Mr Khan had withdrawn about $60,000 from a Swiss bank and cited communications from Swiss official sources to back its allegation.

Mr Tapuria was arrested in Mumbai yesterday after presenting himself for questioning over three days. He has denied any links with Mr Khan. He was also produced before the Sessions Court, which remanded him in ED custody till 30th March. 


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