Doha Bank looks at collaboration with Wipro

Wipro will provide software solutions to Doha Bank improve its e-commerce and small and medium enterprises (SME) systems

Qatar's Doha Bank has said it is keen to engage Indian IT major Wipro to provide software solutions to improve its e-commerce and small and medium enterprises (SME) systems, among others.

A statement from the bank, following a meeting of its senior officials with Wipro chairman Azim Premji, said both sides will focus on a stronger alignment that leverages Wipro's global and regional expertise.

Wipro is the third largest IT company in India and Azim Premji, according to Forbes, is currently the third richest Indian, with a personal wealth of $17 billion in 2010.

Premji, who was named for the Padma Vibhushan this year, holds a 74% stake in Wipro.

Presenting the strategic information technology needs of the bank to Premji, and his regional team, Doha Bank CEO R Seetharaman said, "The bank expects value addition from Wipro on its e-commerce gateway."


FM asks exporters to gear up for harsh budget

Overseas shipments have already touched $164.7 billion during April-December 2010-11 and according to commerce ministry's assessment they may well touch $215-$220 billion

New Delhi: Ahead of the budget, finance minister Pranab Mukherjee today said exporters will have to "fight" their own battle and stop expecting fiscal incentives from the government, reports PTI.

"Government only can play its part. Ultimately, exporters will have to compete and fight their own battle in the overseas markets," Mr Mukherjee said here adding "they have to stop looking towards the government for sops".

Unveiling a report that listed measures for cutting export transaction costs, the finance minister said the country's exporters must innovate and become more productive.

The government will present the Union budget on 28th February.

However, the finance minister expressed optimism that India would be able to achieve the $200 billion export target this fiscal.

Overseas shipments have already touched $164.7 billion during April-December 2010-11 and according to commerce ministry's assessment they may well touch $215-$220 billion.

Referring to high transaction cost for exports, estimated at 7%-10% of the cargo value, Mr Mukherjee said the government was committed to help reduce the same.

With exports entering negative zone in October 2008 due to the economic slowdown, the government had given several fiscal sops such as 2% interest subsidy and incentives for exporting products to select markets.


Kotak PMS: Among the worst in the business?

More than half the complaints about portfolio management services filed with SEBI, involve Kotak Securities’PMS

Portfolio Management Services (PMS) could be injurious to your wealth, and it can be especially injurious if you entrust your money to Kotak Securities.

In response to a Right to Information (RTI) query, the Securities & Exchange Board of India (SEBI) has said that Kotak PMS offered by Kotak Securities Limited accounts for 50% of the total complaints with regard to poor PMS services.

Rajan Manchanda, the investor who asked for details on the PMS schemes offered by Kotak, received the response from SEBI on 4 February 2011. It said that the regulator had 28 pending complaints about PMS services at the end of January 2011, half of which are complaints pertaining to Kotak group entities.
SEBI said it had received 49 complaints about the PMS services provided by Kotak Securities over the past 24 months, and that 35 of these had been resolved. Thirty-seven of the complaints were received in the past 12 months. Fourteen complaints pending involve a sum of Rs4.19 crore.

One of these complaints was against Kotak Mahindra Capital Company and it was resolved a year ago. (This matter is most likely from last year, as the reply is dated 1 February 2010.) On whether the company is functioning or has become defunct, SEBI refrained from giving an answer, saying that this "was in the nature of seeking an opinion from SEBI". It is unclear how a question about whether a company is functioning or not becomes a matter of opinion. Similarly, SEBI said that Kotak Investment Advisors is not registered with the regulator.
Mr Manchanda, who has himself been a victim of Kotak PMS asked: "Shouldn't SEBI warn investors (about these complaints) like it did with Sahara?" He also wondered how Kotak received so many awards when there have been serious problems about its services over the past three years. Interestingly, while SEBI has not taken any effective action against Kotak, the institution boasts that no penalty has been levied against it.

This situation is explained quite simply. SEBI chooses to tinker with regulations rather than offer comprehensive information to investors. Performance data on PMS services needs to be reported to a statutory database, which is overseen by the regulator. Instead, SEBI merely requires this information to be put up on the service providers' own database (this too has been enforced only after persistent follow-up by Moneylife) and on their application forms. This is just a beginning in terms of information dissemination and a lot more needs to be done.

A Moneylife survey on investor satisfaction with PMS services, conducted recently, indicated that complaints filed with the regulator do not capture all the complaints regarding PMS losses. In fact, Moneylife has helped mitigate losses to an extent in a couple of cases, where no complaint was filed with the regulator at all.

Read the following reports on Moneylife: Do Indian regulators need a hearing aid?-III

Kotak dupes investor of Rs2.27 crore through bogus claims

Portfolio Management Schemes leave investors with a big hole in their pocket



nn bala

6 years ago

None of these PMS guys ( not only Kotak) have knowledge about the various investment and tax savings avenues available. They are not adequately qualified also to advise you.

They just know about their own company's products. especially the mutual funds or more risky investments such as futures & options.

All of them are highly biased towards pvt sector banks like kotak, icici, hdfc etc and they advise the clients to close the a/c with PSU banks. In fact PSU Banks are far more committed to customer service than pvt sector banks. One PMS guy told me that it is not possible to transfer money thro RTGS between PSU banks. This is the state of their 'knowledge'

Keep away from these guys.


6 years ago

Also look at the share price of the issues managed by Kotak Mahindra Capital Company, in the last two years. Kotak is the worst performing BRLM in the world.

p y k

6 years ago

the article as given by mr bala is really good. one has to be aware of the risk..and then invest with pms. better to invest in mutual fund sip style and relax..check the perfirmance once in while..

R Balakrishnan

6 years ago

Please read this.

We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



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)