Companies & Sectors
Dubai regulator suspends Man Industries securities

Dubai Financial Services Authority suspended the securities of Man Industries from its official list from yesterday without giving any specific reason

 
Dubai: The Dubai Financial Services Authority (DFSA) has suspended the securities of Man Industries (India) Ltd from its official list, reports PTI.
 
"The DFSA hereby notifies the market that it has suspended the securities of Man Industries (India) Limited from the Official List of Securities of the DFSA under Article 35 (1) of the Markets Law 2012," the Dubai regulator said in a statement.
 
No reason for the suspension has been given.
 
The suspension has taken effect from yesterday and will remain in place until further notice, it added.
 
Global depository receipts (GDRs) of the company were admitted in the Nasdaq Dubai bourse on 24 March 2006.
 
The Rs1,750-crore Man Industries (India) is into manufacture of pipes for the oil & gas sector.
 

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Reliance MF launches portfolio SIP

The company says its customers can choose to invest in desired set of Reliance MF schemes across all asset classes like equity, debt and gold through portfolio systematic investment plan

 
Mumbai: Reliance Mutual Fund (MF) has launched portfolio systematic investment plan (PSIP) that will enable retail customers to invest in multiple schemes run by the company and said it aims to raise Rs1,000 crore through this route in the first year of launch, reports PTI.
 
"The portfolio SIP...will provide an opportunity for retail customers to invest systematically in multiple RMF schemes," a company release said.
 
According to the company, customers can choose to invest in desired set of Reliance MF schemes across all asset classes like equity, debt and gold.
 
"Portfolio SIP empowers customers to build diversified portfolio across asset classes. Through this mode, investors can leverage benefit of investing in multiple schemes with single payment," Chief Executive, Reliance Capital AMC, Sundeep Sikka said, adding investors can start investing in multiple schemes with a minimum of Rs6,000 by way of SIP.
 
The company, which is the part of Reliance Capital, intends to sell 1 lakh portfolios in the next six months and is hopeful of raising Rs1,000 crore in the first year of launch.
 

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Bajaj Allianz launches life assure insurance plan

Bajaj Allianz's Life Assure is a unit-linked endowment plan which also offers three riders, accelerated critical illness, super premium waiver and extra cover benefit for enhanced protection

 
Mumbai: Private insurer Bajaj Allianz Life Insurance has launched a new market-linked life assure insurance plan that offers the benefit of protection along with financial planning, reports PTI.
 
Life Assure is a unit-linked endowment plan available at a minimum monthly premium of Rs1,000, which is the lowest in the industry, Bajaj Allianz Life said in a release issued here.
 
The plan offers two variants - Life Assure 'Sure' and Life Assure 'More' to cater to varying risk appetites of different customers.
 
It also offers three new unique riders to choose from for enhanced protection - accelerated critical illness, super premium waiver and extra cover benefit.
 
"We believe small savings on a regular basis is the best way to achieve a long-term financial goal, and this is the thought behind Life Assure Insurance Plan. The plan is ideal for those looking to invest in market-linked financial instruments but may not have large surplus funds or the investment know-how," Bajaj Allianz Life Insurance Head of Market Management Rituraj Bhattacharjee said.
 
"With a low monthly premium of only Rs1,000, we believe it will become more accessible to those who may have been apprehensive about doing so earlier," he said.
 
The minimum entry age for the plan is one year and 18 years in case of additional rider benefits, while the maximum entry age is 65 years and 50 years in case of accelerated critical illness rider benefits.
 
Similarly, the minimum age at maturity is 18 years and maximum age at maturity is 75 years in accelerated critical illness rider benefits.
 
The policy term is 10, 15 and 20 years and also provides tax benefits, it added.
 
Bajaj Allianz is a joint venture between Germany's Allianz SE and Bajaj Finserv (recently demerged from Bajaj Auto).
 

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