Goldman Sachs gets RBI nod for primary dealership biz

Reserve Bank of India has authorised Goldman Sachs to undertake primary dealership business in the country’s government debt market from 18 April 2011

The Reserve Bank of India today authorised Goldman Sachs to undertake primary dealership business in the country's government debt market from 18 April 2011.

"The RBI has authorised Goldman Sachs (India) Capital Markets Private Limited to undertake primary dealer business with effect from Monday, April 18, 2011," the apex bank said in a release.

Primary dealers are banks, brokers, dealers or other financial institutions that deals in government securities.

In India, Goldman Sachs operates out of offices in Bangalore and Mumbai and is into investment banking, global investment research, operations and technology practices.

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Kotak Mahindra Mutual Fund launches 370 days fixed maturity plan

Kotak Mahindra Mutual Fund new issue closes on 18th April

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 44 (370 Days), a close-ended income scheme.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. The tenor of the plan is 370 days.

The new issue closes on 18th April. The minimum investment amount is Rs5,000. Deepak Agrawal and Abhishek Bisen are the fund managers. The benchmark index of the scheme shall be CRISIL Short Term Bond Index.

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HDFC Life introduces ‘most important document’ for customers

Most important document is a one-page questionnaire on HDFC Life’s key product features to be filled by customers, acknowledging full understanding of the product features at the time of filling up proposal forms

HDFC Life has rolled out 'Most Important Document (MID),' a one-page questionnaire on HDFC Life's key product features to be mandatorily filled by customers in full and sign across, acknowledging full understanding of the product features at the time of filling up proposal forms.

The MID has been rolled out across all its main distribution channels with effect from 8 April 2011. The roll out of MID is a proactive initiative from HDFC Life to ensure that customers understand products well before making a decision to purchase it.

Amitabh Chaudhry, MD and CEO, HDFC Life said, "The objective of MID is to enhance product understanding among our customers and minimise mis-sale. All our main distribution channels would follow the process of submitting MID along with proposal forms."

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