New Delhi: As a solution eludes monitoring of data transmitted through the BlackBerry phone, India today said it would not risk national security, especially when answers to the problem have been found elsewhere in the world, reports PTI.
"These concerns have been addressed in other parts of the world, I see no reason why the Indian government and agencies should take any risk at all as far technology is concerned," minister of state for communication and IT Sachin Pilot told reporters here.
The government has asked the BlackBerry phone maker Research In Motion (RIM) to provide access to data such as e-mail sent through the phone by 31st August or face ban on its data services.
However, Mr Pilot made it clear that the government was not in the business of shutting down services. "We are not in the business shutting down services," he said.
BlackBerry is a smartphone that allows users to send and receive data like e-mail through servers located overseas.
The home ministry had told the telecom ministry that if the security concerns were not addressed, the service should be stopped immediately.
In a bid to break the logjam, the smart phone maker had offered to provide information on a deferred basis. But the government had asked RIM to provide a "master key" to gain access to encrypted corporate information on a real time basis.
RIM yesterday had said that company does not have a master key to gain access to encrypted corporate information.
Mr Pilot, however, expressed hope that the matter would be resolved. "The discussions are going on; we hopeful we will come up with resolution," he said.
The smart-phone-maker has a subscriber base of one million in India.
New Delhi: The coal ministry will seek Cabinet nod next month on the bill to set up a coal regulator for pricing of the dry fuel and monitoring the sector, reports PTI.
The authority bill is likely to be sent for Cabinet Committee of Economic Affairs' (CCEA) approval by 15 September, 2010, the Coal ministry has said.
"As per the ministry of coal's Result Framework Document (RFD) for 2010-11, the final Cabinet Note with draft bill is likely to be submitted by 15 September, 2010 for the CCEA approval," said a report of the Parliamentary Standing Committee on Coal and Steel.
As per the draft bill, the regulator will have the responsibilities like allocating coal-mines, price fixation and revision, setting and enforcing standards of performance among others.
Currently, the coal prices are determined by the ministry in consultation with the country's largest producer Coal India and other coal sector companies.
The regulator will also look after the pricing of coal washing, washed coal and by-products generated during the process, says the proposed bill.
The government has proposed it to be a five member body comprising chairman and four members - technical, legal, administration, and finance.
Finance minister Pranab Mukherjee in budget 2010-11, had reiterated the need for a dedicated coal regulator to create a level playing field in the sector.
Coal minister Sriprakash Jaiswal, too, had recently said that the government is going to appoint a coal regulator shortly to monitor various issues including pricing of coal.
The Parliamentary panel while talking about 59 coal projects, held up in want of forest clearance said that talks were on between coal and forest ministries to expedite clearances.
The market seems poised for a correction; small-cap stocks may not be a good bet
Reliance Mutual Fund has floated a new fund offer (NFO) called 'Reliance Small Cap Fund' which opens for subscription today. The NFO closes on 9 September 2010.
The scheme aims to generate long-term capital appreciation by investing in small cap companies. To generate steady returns the scheme will also invest in debt and money market instruments.
The fund carries 2% exit load if redeemed before one year and 1% if redeemed before two years. The fund will invest 65% of its corpus in equity and 35% in debt. The scheme will also invest up to 5% in pre-IPO placements.
The scheme will be benchmarked against the BSE Small-cap Index. It is being launched at a time when the market is bound for some correction and may hit
small-cap stocks hard. Small and mid-cap scrips tend to be more volatile than large-cap stocks. The BSE Sensex has climbed 85% from 9,424.24 to 17,464.81 during January 2009 to December 2009 while the BSE Small-cap index has advanced 150% from 3,339.05 to 8,357.62. However, the Sensex tumbled 45% from 17,648.71 in January 2008 to 9,647.31 in December 2008 while the BSE Small-cap index plunged 64% from 10,124.42 to 3,683.11 between the same period. Currently the S&P Nifty is trading at 5,477 while the BSE Sensex is trading at 18,226. Market watchers are predicting a correction in the short run.
"The valuations are stretched currently and markets have reached those levels where the margin of safety is very low on the valuations front. Therefore, we expect the market to correct. The valuations of small-cap stocks are stretched a lot compared to their peers," said Jintendra Panda, senior vice president & business associate, Motilal Oswal Financial Services Ltd. Currently there are 18 small- and mid-cap funds in the market.
Sundaram BNP Paribas Select Midcap Fund launched in July 2002 has been the top performer. The fund posted a 26% compounded annual growth rate (CAGR) return over the last five years while its benchmark climbed just 15%. The fund has equally performed well over one-year, three-year and five-year periods.
Birla Sun Life Mid Cap Fund (the second top-performing fund), launched in October 2002 has yielded 24% CAGR return over a five-year period while its benchmark CNX Midcap posted 20% return during the same period. The fund has outpaced its benchmark over one-year and three-year period too.
No prices for guessing the worst-performing fund. JM Mid Cap Fund has posted 12% CAGR over a five-year period while its benchmark CNX Midcap has gained 20%. The fund was launched in July 2004. The fund has fallen flat over one-year and three-year periods too. Similarly, JM Small & Mid-Cap Fund launched in May 2007 has given a net asset value (NAV) return of -16% while its benchmark CNX Midcap grew 17% during the same period.