Deutsche Mutual Fund new issue closes on 8th June
Deutsche Mutual Fund has launched DWS Fixed Term Fund-Series 84, a close-ended income scheme.
The objective of the Fund is to generate regular income by investing in debt and money market instruments maturing on or before the date of the maturity of the scheme.
The new issue closes on 8th June. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Index is the benchmark index. Kumaresh Ramkrishnan is the fund manager.
The striking workers are demanding the recognition of a new union-Maruti Suzuki Employees Union (MSEU)-formed by those working at the Manesar plant, besides retaining contract labourers for the two upcoming new units inside the complex
New Delhi: The country's largest car-maker Maruti Suzuki India (MSI) today said its Manesar plant has stopped functioning, resulting in a production loss of about 1,200 units so far as a workers' strike entered the third day.
"The situation remains the same as of now," a company spokesperson told PTI.
He, however, declined to share any further details.
On Saturday, about 2,000 workers employed at the plant struck work from the second shift of the day.
Striking workers are demanding the recognition of a new union-Maruti Suzuki Employees Union (MSEU)-formed by those working at the Manesar plant, besides retaining contract labourers for the two upcoming new units inside the complex.
Taking no disciplinary action against the 11 office bearers of the new union is also another demand.
According to senior officials of MSI who wished not to be named, the company has so far incurred a production loss of about 1,200 units till the first shift of operations today.
The Manesar plant rolls out about 1,200 units every day in two shifts. While the first shift operates between 7.30am and 4pm, the second shift starts at 4pm and ends at 12.30am.
The workers said the company currently has one union, Maruti Suzuki Kamgar Union, which is mainly dominated by those working at the Gurgaon facility.
"The Manesar plant is completely different and issues are also separate. So we are asking for recognition of our new union. But the management has forcibly taken written undertakings from workers that they are happy with the old union," a source had claimed.
The company's Gurgaon plant, however, is functioning as usual.
The last time the company witnessed a major strike was when workers stopped production for three months from November 2000 to January, 2001.
MSI is setting up two new units with an annual installed capacity of 2.5 lakh units each inside its Manesar facility at a total investment of Rs3,625 crore. The existing plant in Manesar can produce 3.5 lakh units annually, while the three units in Gurgaon have a combined annual capacity of 8.5 lakh units.
The company's stock was trading at Rs 1,223 apiece, down 0.86% from the previous close in post-noon trade on the Bombay Stock Exchange today.
Industry chambers Assocham, FICCI and MCX-SX have favoured listing of the stock exchanges, while NSE is of the view that listing should be allowed only after segregation of the regulatory and commercial roles of bourses
New Delhi: Asked by the government for suggestions on a new set of rules for ownership and governance of the stock exchanges, the industry has favoured listing of the bourses, reports PTI.
However, there is no unanimity among the industry bodies and the exchanges themselves on how to segregate the regulatory and commercial roles of stock exchanges.
Industry chambers Assocham, FICCI and MCX-SX have favoured listing of the stock exchanges, while NSE is of the view that listing should be allowed only after segregation of the regulatory and commercial roles of bourses.
On 23rd May, the corporate affairs ministry had held consultations with the representatives of stock exchanges, industry chambers, accounting bodies and other stakeholders on the new rules. It had sought a roadmap by 30th May for segregation of the regulatory and commercial roles of the bourses.
A Securities and Exchange Board of India (SEBI)-appointed committee chaired by former Reserve Bank of India (RBI) governor Bimal Jalan had suggested last year sweeping changes in the way stock exchanges are owned and run and strongly recommended capping their profitability and not allowing them to get listed to safeguard their front-line regulatory role.
However, the proposals met with stiff resistance and SEBI sought the government's suggestion before implementing them.
Subsequently, the ministry of corporate affairs set up a committee under joint secretary Renuka Kumar to discuss the Jalan panel's recommendations with stakeholders.
According to sources, FICCI has suggested that listing of the bourses should be allowed, as the process of segregation would take time. Assocham, too, has favoured listing and feels that segregation should be gradual and done over a period of time.
In its response, the NSE pointed out that there is an inherent conflict of interest in an exchange between the regulatory and commercial roles and this gets increased or exacerbated if you list an exchange, they added.
"NSE has recommended that segregation is a must before listing," a source said.
Implementation of the Jalan Committee's recommendations has been pending for many months now.
The committee, set up in January 2010 to review the ownership and governance norms for market infrastructure institutions, submitted its report to SEBI in November last year. The market regulator invited comments on it till 31st December.
The proposals generated intense debate and opposition was raised to proposals like non-listing of bourses and caps on profitability, terming them as anti-investor measures.
In the wake of stiff opposition to the proposals, SEBI later put the ball in the government's court.