FTIL has sought extension till March 2012 as it is in the process of divesting the stake in the Multi Commodity Exchange through an initial public offer (IPO) of the commodity exchange
New Delhi: Financial Technologies India (FTIL) has approached the consumer affairs ministry seeking extension by six months to dilute its stake in the commodity exchange MCX to 26%, reports PTI.
The deadline for dilution of the stake expired on 30th September.
"FTIL has sought extension till March 2012 as it is in the process of divesting the stake in the Multi Commodity Exchange (MCX) through an initial public offer (IPO) of the commodity exchange," a senior consumer affairs ministry told PTI.
FTIL, the promoter of MCX, holds 31% in the commodity exchange.
The company has to dilute its stake to 26% in MCX to conform with the new guidelines prescribed by the commodity markets regulator Forward Markets Commission (FMC) on the equity structure for the national commodity exchange.
Last month, MCX had received the approval of the market regulator Securities and Exchange Board of India (SEBI) for its Draft Red Herring Prospectus (DRHP) for an IPO.
MCX has got 12 months time from the date of the clearance of the DRHP by SEBI to launch an IPO.
Under the offer, some existing shareholders of MCX, including FTIL, plan to sell 6.4 million shares, constituting 12.6% of the company's paid-up equity capital.
MCX holds a market share of over 75% of the Indian commodity futures market. It offers futures trading in both agriculture and non-agriculture items.
Rajiv Vastupal’s focus would be to affiliate with more local management associations
All India Management Association (AIMA), the apex body of the management profession announced the appointment of its new president, Sr vice-president, vice president and treasurer. After 20 years, once again, AIMA's newly elected president, Rajiv Vastupal, is from Gujarat. AIMA has witnessed a good leadership of Gautam Thapar and now Mr Vastupal will lead the organisation's mission by working with a highly experienced and dedicated team of senior officials that will further help building managerial excellence in India.
Rajiv Vastupal is chairman & managing director of Rajiv Petrochemicals Pvt Ltd, a flagship company of Rajiv Group, involved in various manufacturing products of woven sacks, electrical lighting, panels and specialty chemicals. In addition to that he also heads an agency house that imports and exports the PE, PP & PVC products, being an agency of Haldia, Finolex, LG, Jindal etc. It has offices & plants at multi-locations.
Mr Vastupal is a philanthropist and he contributes to several charities in Gujarat. He has been a president of the Ahmedabad Management Association and founder member of YPO, Gujarat. Rajiv Vastupal, President-AIMA, said, "My focus as AIMA President would be on enhancing and building the AIMA brand by consolidating its inherent strengths while establishing new avenues and platforms to augment reach. I would also make concerted efforts to strengthen the AIMA LMA network by increased interactions and simultaneously develop and affiliate with new Local Management Associations."
While speaking at a press conference at Ahmedabad, Mr Vastupal announced the launch of the first computer based test of the AIMA's much awaited Management Aptitude and Skills Test (MAST). With this launch AIMA has expanded its portfolio and presence in the management domain. The first MAST, held on 25 September 2011 across the country, promises to be an enterprising example of providing a level playing field for management students.
AIMA has developed MAST in consultation with HR departments of many renowned companies, including Maruti Suzuki, Nokia, Tata Communications, Moser Baer, and Max India. The test has been endorsed by top companies including Britannia, Nokia, SBI Life, Religare, CMC, HDFC Standard Life, JK Cement, Parle, Suzlon, Moser Baer, Wills Lifestyle and Triveni Engineering.
The other new office bearers of AIMA include D Shivakumar who takes over as senior vice president of AIMA and Dr Preetha Reddy as Vice President of AIMA.
Mr Vastupal shared that AIMA has started the process of setting up a national network of AIMA Centres. The organization has opened its first AIMA office outside Delhi in Bengaluru. He revealed that AIMA plans to set up centres in Pune and Kolkata soon, to have a presence in all regions. These centres will work with the regional industry, Institutes and governments to improve the management standards and practices in their catchment areas, he added.
DWS Fixed Term Fund Series 91 closes on 18th October
DWS Investments has launched DWS Fixed Term Fund Series 91, a close-ended debt fund.
The objective of this close ended debt fund is to generate income by investing in debt and money market instruments maturing on or before the date of maturity of the scheme. The tenure of the scheme is 3 years.
The new issue closes on 18 October 2011. The minimum investment amount is Rs5,000. CRISIL Short Term Bond Index is the benchmark index.