Fidelity launches Visa debit card payment service for online customers

The facility allows customers to manage multiple accounts, check valuations, compare benchmarks and update their profile

Fidelity Mutual Fund said that it has expanded its online service offering by allowing Visa debit card holders of 27 banks to purchase Fidelity funds through Fidelity Online (www.fidelity.co.in). This facility in India has been enabled through the BillDesk platform. The Visa Debit Card payment facility is in addition to the existing Internet banking facility which is offered to customers of about 39 banks in India.

The facility allows customers to manage multiple accounts, check valuations, compare benchmarks and update their profile. Fidelity Online also has a comprehensive learning centre that offers insights on investing.

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COMMENTS

Jyoti Karmakar

5 years ago

Pls let me know where I can see the gazette by Mah Gov on drinking age 25 years.


Thanks
Jyoti
9870005754

Tata AutoComp Systems IPO likely over next two weeks

Tata AutoComp Systems has roped in JM Financial Consultants, Tata Capital Markets and JP Morgan India as lead managers to its issue

The Tata group-promoted Tata AutoComp Systems (TACO) said its Rs750-crore initial public offering (IPO) is likely to hit the market over the next two weeks.

The automobile components manufacturer had filed its draft prospectus with the capital market regulator, Securities and Exchange Board of India (SEBI) in December last year to raise Rs750-crore.

“We have received SEBI permission for the IPO. If everything goes well, we will be able to hit the capital market over the next two-weeks,” Tata AutoComp Systems’ managing director and CEO RS Thakur told PTI.

The issue will include the sale of nearly 35.63 million shares by its shareholders that include Tata Motors, Tata Industries, Tata Sons, Tata Capital and Tata Investment Corporation. The face value of the equity shares is Rs10 each.

The company has roped in JM Financial Consultants, Tata Capital Markets and JP Morgan India as lead managers to its issue.

“We plan to use the proceeds for repayment of loans, investment in TACOCL, one of our subsidiaries and general corporate purposes,” Thakur said.

Apart from Tata Motors, the company plans to increase its business from other automobile companies. Presently, Tata Motors holds a 26% stake in TACO.

“Our 50% business comes from Tata Motors and the rest from other automobile companies. Going forward, we want to increase our business from other auto majors,” he said.

With more global auto majors entering India, the company is eyeing to double its revenue over the next four years. “We want to double our revenue by 2015,” he said.

The company posted revenue of Rs2,900-crore in FY11.

On impact of hike in interest rates, Thakur said, “It (increasing interest rates) will not affect for a long-term. The industry will recover soon.”

Tata AutoComp provides products and services to the Indian and global automotive OEMs as well as Tier 1 suppliers.

Its clients include Ashok Leyland, BMW, Fiat, Force Motors, Ford Motors India and General Motors India, among others.

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Insurers with 10 years operation to tap market: IRDA

Insurance companies which have completed 10 years of operation would be eligible to raise money through public offer provided the firm meets other requirements

Insurance companies that have completed 10 years of operation and have strong financials will be allowed to access capital market, according the draft guidelines released by the regulator IRDA.

Those insurance companies which have completed 10 years of operation would be eligible to raise money through public offer provided the firm meets other requirements, the proposed regulation said.

The companies which have completed 10 years of operations include ICICI Prudential Life and HDFC Standard Life. Insurance sector was opened to private sector in 2000. The 10-year clause for public offer is also a part of Insurance Act, 1938.

No issuance and allotment of capital by an insurance company shall be, in any form other than as fully paid up equity shares, the proposed IRDA (Issues of Capital and Disclosure Requirements for Life Insurance Companies) Regulations, 2011 said.

Insurance firm planning public offer has to seek ‘formal approval’ from IRDA and then approach the Securities and Exchange Board of India (SEBI) for final approval from the capital market regulator.

“The Authority shall consider the applicant company’s overall financial position, the regulatory record and the proposal for issue of capital prior to giving its ‘formal approval’ to the proposal to get its shares listed on the stock markets or raise funds through an issue of capital,” it said.

As part of eligibility criteria, the insurance company should have maintained the prescribed regulatory solvency margin as at the end of the preceding six quarters, it said.

Besides, the insurance company should have embedded value of at least twice the paid up equity capital, it said, adding the insurance company should have been fully compliant with the corporate governance guidelines issued by IRDA.

“Only after obtaining the consent of the IRDA to make an application, the concerned insurance company may proceed with complying with various requirements as may be laid down by the SEBI under the ICDR Regulations, 2009,” it said.

The proposed regulation has also recommended the insertion of risk factors specific to the insurance companies and overview of the insurance industry in the offer document. Besides, the offer document should also contain glossary of terms used in the insurance sector and disclosure of financial statements.

IRDA has invited comments or suggestions from all stakeholders on the exposure draft by 30th June.

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