Employees’ Provident Fund Organisation has decided to use ratings of securities and bonds by credit rating firm Brickwork Rating India for investing its funds
Retirement fund body Employees' Provident Fund Organisation (EPFO) has decided to use ratings of securities and bonds by credit rating firm Brickwork Rating India for investing its funds.
"The ratings carried out by Brickwork for various securities and bonds issued by borrowers shall be treated and qualify for investment made by EPFO at par with the other Securities and Exchange Board of India (SEBI) approved rating agencies," an EPFO official order said.
At present, EPFO investments are made on the basis of ratings provided by credit rating agencies recognised by market regulator SEBI, which include ICRA, CARE, Fitch and CRISIL.
The EPFO has a huge corpus of over Rs3 trillion with a subscriber base of 4.71 crore.
The EPFO's existing fund managers, including ICICI Pru, HSBC AMC, Reliance Capital and SBI, use the ratings of SEBI-recognised credit rating agencies for investing the retirement money in various securities or bonds.
Brickwork provides ratings, grading and research services. Rating services include issue ratings, fixed deposit ratings, corporate governance ratings and issuer ratings.
The company also provides initial public offer grading, research and analytical services to various stakeholders like exchanges, regulators and government entities.
Brickwork Ratings' corporate office is in Bengaluru, with regional offices at New Delhi, Mumbai, Chennai, Hyderabad and Pune.
Mumbai’s real estate market continues to be robust despite a minor blip in February when flat sales clocked a 2.40% decline
Mumbai's real estate market continues to be robust despite a minor blip in February when flat sales clocked a 2.40% decline, a leading industry body said.
The city reported a marginal decline in flat registrations at 16,341 in February as against 16,743 registrations in the year-ago period, data from the Maharashtra Chamber of Housing Industry (MCHI) showed.
"There has been no sharp decline in Mumbai's real estate market-there has only been a marginal decline in sales figures of residential apartments," MCHI said in a statement.
The decline in flat sales in the first two months of this year is not severe, MCHI's president Sunil Mantri said, admitting, however, to a small dip in the same during the period. "Although it is a fact that flat sales did decline in the first two months of the current year, the extent of fall is not that severe as is being made out to be by some," Mr Mantri said.
In 2010 (January-December), Mumbai clocked a total registration of 2,17,466 compared to 1,94,885 in the previous year, MCHI data showed.
Reliance Mutual Fund new issue closes on 29th March
Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XIX-Series 10, a close-ended income scheme.
The investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility. The tenor of the scheme is 370 days.
The new issue closes on 29th March. The minimum investment amount is Rs5,000.
Amit Tripathi is the fund manager. Crisil Short Term Bond Fund Index is the benchmark index.