Destimoney Securities appoints Sudip Bandyopadhyay as president

A charted accountant by profession Sudip Bandyopadhyay has over 23 years of experience in the financial sector

Destimoney Securities has appointed Sudip Bandyopadhyay as the president. Destimoney Securities which was earlier wholly owned by the reputed PE Fund, New Silk Route (NSR), is undergoing a restructuring exercise and Mr Bandyopadhyay, erstwhile MD of Reliance Money is expected to lead the company in its next phase of growth.

As part of the restructuring exercise, the company plans to infuse around Rs40crore through new investors, including Dhanlaxmi Bank. Dhanlaxmi Bank proposes to invest Rs13 crore for a 15% stake, subject to regulatory approvals. The strategic investment is expected to reinforce the bank's commitment to be an integrated financial solutions company.  

Mr Bandyopadhyay will build and lead a new team comprising new and existing resources. The new team will be expected to expand and grow the business by adding new customers and expanding in new locations.  

Mr Bandyopadhyay has over 23 years of experience in the financial sector; he has been responsible for building Reliance Money into the country's largest broking and distribution house. He has also been instrumental in taking Reliance Money international through various innovative tie-ups and acquisitions.  

A charted accountant by profession, Mr Bandyopadhyay started his career as a management trainee with HLL and has worked across multiple assignments in the area of capital market, money market and current market operations. Prior to this, he also had a stint as head, Centralized Treasury and Investments at ITC.

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Abhay Bongirwar takes charge as MD & CEO of IDBI Capital Market Services

A distinguished banker and having around three decades of experience Abhay Bongirwar joins as MD & CEO of IDBI Capital Market Services

IDBI Capital Market Services Ltd has appointed Abhay L Bongirwar, CGM-IDBI Bank has the managing director & CEO of the company. Accordingly, Mr Bongirwar has taken over charge from Nagendra Bhatnagar with effect from 31st December.

Mr Bongirwar is a distinguished banker and has a wide experience of around three decades in IDBI Bank in project appraisal, investment banking, corporate banking at large with particular experience in infrastructure, retail banking, corporate debt restructuring and HRD/Training etc. His rich experience in these fields will definitely be immensely useful for the future growth of IDBI Capital.

Mr Bongirwar is a post graduate in Maths and an AICWA, management graduate from JBIMS and CAIIB and has maintained a meritorious academic record right through. He has been entrusted with this position to take the present business of IDBI Capital to much higher heights to realise the position as one of the leading investment bank in the country. This is in line with focus of IDBI Group to strengthen its position in all financial services sector such as investment banking, broking, mutual fund, insurance and IT services by providing a complete basket of products to both its retail and corporate customers.

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Personal finance Monday

DWS Investments launches 15 months scheme; Axis MF floats Fixed Term Plan-Series 11 (371 days); BNP Paribas MF unveils Fixed Term Fund-Series 20 A

DWS Investments launches 15 months scheme

DWS Investments has launched DWS Fixed Term Fund Series 78-a 15-month close-ended debt fund.

The fund is a fixed maturity plan offering investors the benefit of indexation to get tax efficient returns, relatively low interest rate sensitivity and low credit risk. The new issue opens for subscription on 4th January and closes on 17th January. The objective of this close-ended debt fund is to generate regular income by investing in debt securities and money market instruments maturing on or before the maturity of the fund.

DWS Fixed Term Fund Series 78 would be listed on the National Stock Exchange (NSE). The investments would be locked in for the scheme's tenure; however, the units held in dematerialised form can be traded on the stock exchange(s).

No exit load will be applicable. An investor can start investing with a minimum of Rs5,000. Under the scheme, growth and dividend (payout) options are available. The asset allocation pattern for the fund is 100% investment in domestic debt instruments including government securities, money market instruments and securitised debt.

CRISIL Short Term Bond Index is the benchmark index. Kumaresh Ramakrishnan is the fund manager.

Axis MF floats Fixed Term Plan-Series 11 (371 days)

Axis Mutual Fund has launched Axis Fixed Term Plan-Series 11 (371 days), a close-ended income scheme.

The plan(s) of the scheme will endeavour to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective plan(s).

The new issue opens on 3rd January and closes on 12th January. The minimum application amount is Rs5,000. Benchmark index for the scheme is CRISIL Short Term Bond Fund Index. The fund managers of the scheme will be Ninad Deshpande and Sivakumar.

BNP Paribas MF unveils Fixed Term Fund-Series 20 A

BNP Paribas Mutual Fund has launched BNP Paribas Fixed Term Fund-Series 20 A, a close-ended income scheme.

The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme.

The new issue opens on 3rd January and closes on 11th January. The minimum application amount is Rs5,000.

Benchmark index for the scheme is CRISIL Short Term Bond Fund Index. The fund managers of the scheme will be Alok Singh.

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