Leisure, Lifestyle & Wellness
International news agencies boycott India-England Cricket Test series

The BCCI had withheld accreditation of photo agencies such as Getty Images and Action Images, saying that it will provide its own photographs

Ahmedabad: International news agencies on Thursday decided to boycott the high-profile Test series between India and England which began here to protest against the restrictions imposed by the Board of Control for Cricket in India (BCCI),  on some photo agencies covering the tour, reports PTI.
International agencies Thomson Reuters, Agence France-Presse and Associated Press decided to suspend reports from the tour as well as pictures. The Press Association, national agency in the United Kingdom, will not also supply photographs, according to a release issued by the News Media Coalition (NMC).
"In addition to Getty Images, Action Images and two Indian photo agencies being barred, international news agencies have decided against providing pictorial or text coverage of the tour," the NMC, a coalition of international and domestic media organisations, said.
"The lock-out of photographic agencies by the BCCI will result in cricket fans worldwide having sight of far fewer images taken by press photographers," the NMC said.
"Normally, agencies would distribute thousands of images as part of their editorial coverage to the enjoyment of fans, the curious and sponsors of teams, such as Nike and Sahara," it added.
The BCCI had withheld accreditation of photo agencies such as Getty Images and Action Images, saying that it will provide its own photographs.
Meanwhile, editors of Britain's national newspapers today added their voice to the protests against BCCI's refusal to resolve the media dispute.
London-based 'The Telegraph' stated, "Photographic coverage of the first Test will be disrupted by media protests - supported by the Telegraph - at new restrictions imposed by the BCCI regarding the use of images and the threat they pose to media freedom."
Bob Satchwell, Executive Director of the Society of Editors, said, "Editors will be angered by this decision of the BCCI and confused by the motives. They just want to do the best job they can for their cricket-loving readers by choosing from the best news material. By damaging the ability of the press to cover cricket, the good name of the game also risks damage."
Earlier, the NMC had "deplored" the decision of the BCCI "to block attendance by reputable photographic agencies" and asked the Board to rethink.
"In our view, the BCCI's move will hit fans and cricket sponsors alike. The BCCI has offered to make its own photographs available but this is no substitute for independent and objective press photography," Executive Director of the NMC, Andrew Moger said.
"Despite numerous opportunities, the BCCI has yet to explain why it is discriminating against photographic agencies or indeed whether other news sectors will be targetted next.
We deplore this move and insult to organisations which have supported cricket worldwide," Moger added.
NMC members include Thomson Reuters, Agence France-Presse, Associated Press, the international photo agency Getty Images, the Press Association, the numerous British titles via the Newspaper Publishers Association, the European Newspaper Publishers' Association (ENPA), the European Publishers Council (EPC), the World Association of Newspapers (WAN-IFRA), among others.


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A simple investment that really works

We do not know what the future holds. A good investment should be able to bring a smile on your lips for having taken the ‘right’ course in the face of uncertainty. What is this investment?

Equity mutual funds have proven to be profitable long-term investments for individuals. The best part of mutual funds is that you have to just sit back and relax while a team of professional investors does all the research and investing on your behalf. Your money is pooled with many others to take advantage of investments you normally do not have access to. Mutual funds promote good habits of savings and investments. They have protected countless individuals against costly mistakes in the stock markets. It pays to invest in mutual funds because they have a way of spreading your risks into different assets and strategies. Investing in mutual funds helps you in getting you where you want to be.

Are Mutual Funds Risky?

Every type of investment including mutual funds involves some degree of risk. Yes, mutual fund investments are subject to market risks. But, remember, risk does not mean danger—it means not knowing what the future holds. When you invest, you are not managing your today’s wealth; it is your future that you are really managing. Whether you like it or not you have to take some amount of risk. For without risk, there is no return. All mutual funds are not equally risky. You have a wide range; from very low risk to very high risk mutual funds to choose from. The investment objective, the investment pattern and its holdings determine how risky your fund is. Higher risks are usually taken with the expectation of earning higher returns. It brings along higher degree of fluctuation or volatility. If your holding period is long enough you can successfully overcome the short-term fluctuations thereby effectively managing the inherent risk. There are different levels of risk to choose from. You just have to figure out the level of risk you can comfortably take and invest accordingly.


Great Potential for Higher Returns

Mutual funds do not guarantee returns. You must invest in mutual funds because they have great potential for generating higher returns for you than something that is guaranteed. Although they do not offer fixed returns, mutual funds have been gaining popularity over the past two decades. Mutual funds have created wealth for retirees, senior citizens and generally cautious investors who seek safer investment options. It pays to invest in mutual funds because they have proven to be profitable long term investments. When investing in a mutual fund you must be sure that the investment period for the mutual funds you choose matches with your investment time horizon i.e. your investment choices in order to achieve your investment goals must match with the time horizon ideally suited for that fund.


Here are six of the things that can make mutual funds work for you.

  1. Have a plan and stick to it

Why should you invest? One of the most compelling reasons is to create lasting wealth for yourself. Investing is essential in getting you where you want to be. How should you go about investing your hard-earned savings? Have a plan and stick to it. Design a portfolio you are not likely to trade. Build a portfolio you can live with. You must have a clear idea of reasonable returns you can expect to achieve over the period of your investments and the level of risk you can comfortably take. As H Stanley Judd said “A good plan is like a road map, it shows you the final destination and usually the best way to get there.”


Steadfastly hold on to your investments till you achieve your goals. Investing in absence of an investing policy reduces decision making to an event-driven process of chasing short term results. The absence of a plan steals attention away from your investment objective thereby giving up on the prospects of profitable longer term returns on invested capital. Look before you leap.

  1. Asset Allocation: The secret for wealth creation

How should you balance the risk versus reward equation? Asset allocation is all about spreading your investments across equity, debt and cash in order to suit your risk profile, investment objective and time horizon. Asset allocation is the single most important determinant of your investment success. It is the very foundation for constructing and managing your portfolio. A study of 82 large multi-asset US pension funds found that asset allocation accounted for 91.5% of their portfolio returns.


Basic Asset Allocation Model



Table I: The Nature of Annual Returns








































Table II: The Power of Asset Allocation

Value of Rs.100,000 invested . . .

Allocation %

Equity / Debt

5 yrs


5 yrs


10 yrs


100 / 0




75 / 25




50 / 50




25 / 75




0 / 100




For Table I & Table II
Equity = Nifty Index, Debt = I-Sec Sovereign Bond Index
Please Note: This is historical data for illustration purpose only.
Past performance may or may not be sustained in future.
  1. Returns expectation

Any investment programme is likely to work better if you expect normal and average returns. As Benjamin Graham, one the greatest investors ever said, “To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”  It pays to have normal and reasonable expectations from your mutual funds. The biggest pitfall for you as a mutual funds investor is to demand more than average returns from your mutual funds. It is a trap which shall take you down the wrong path with undesirable results. You can happily accept “above average” returns if they were to happen in the course of your investments. But, have a clear understanding that such high returns do not go on forever. Remember, in every mutual fund advertisement the following warning appears. “Past performance is no guarantee of future results.” Please believe in it.

  1. Invest, only for the long-term

Mutual funds have proven to be profitable long-term investments.  Be ready to commit for five years or more. The odds are against you in the short-term, but, in the long run, time plays a vital role of reducing risk and enhancing your returns. The average long-term experience in investing is never surprising. But, the short-term experience is always surprising. Once you have paid for the risk, it is always a good idea to stay on for the returns. Moreover, as a long-term investor, the “Power of Compounding” is your best friend. (Albert Einstein described it as “man’s greatest discovery”). It can most certainly create lasting wealth for you.

  1. Periodically review your portfolio

It pays to periodically review the progress of your mutual funds portfolio against your investment goals. However, it is not advisable to closely monitor your mutual funds on a very frequent basis. Remember, your mutual funds are not going to perform any better just because you are tracking them very closely. But, on the contrary, it is easy to be unnerved by short-term fluctuations. You commit mistakes by taking impulsive decisions.

Frequently chopping and changing works against your investment objective to allow returns to compound over time.

  1. Rebalance your portfolio

Equity funds and debt funds perform differently at different times. Thus the proportion of debt and equity in your portfolio keeps on changing. It pays to rebalance your portfolio by selling the asset class that has done well and buying the asset class which has suffered a price decline in order to restore your asset allocation back to desired levels. Review your asset allocation every six months or once in a year.


Here’s wishing you Happy Investing! & Many Happy Returns!!


Also, read Best Mutual Funds for any Season

(Nilesh Kamerkar is the managing partner of Capital Partner)




4 years ago

This is in deed a good article.
It is meant for serious,long term,limited risk taking persons.He is not expected to check NAV,returns and NW of his investment on daily or weekly basis.More over he is a non financial person.And want his investment to grow reasonably well.

Suiketu Shah

4 years ago

MF best to be avoided.Lot fdo good long term shares to buy who can give 10 times of MF returns.MF is all nonsense where the agent and wealth management companies make more money than the investors.Stay far fart away from MF.



In Reply to Suiketu Shah 4 years ago

Mr. Shah thank you for your comments, please permit me to respond.

1) 100% agree with you that Mutual funds are not for those who can invest directly in shares and are satisfied with their results. – Mutual funds are for those individuals who do not have the time, inclination and knowhow to invest to their own. It is like a chauffer driven passenger vehicle for the convenience of those wish to avail of its services. And not for people who wish to drive on their own.

2) Also agree with you that investment in shares can give manifold returns as compared to mutual funds. But, as a percentage, successful stock investors would be in a minority when compared to the total number of individual that invest directly on their own, As the great American stock investor Philip Fisher has said “Great stocks are extremely hard to find. If they weren’t, then everyone would own them.” Because mutual fund managers find it difficult to consistently turnout good performance; it may not be right to conclude that ordinary individuals can do a better job of investing than professional fund managers.

3) Investing in mutual funds is pretty simple. It is not required to avail the services of an agent/adviser if you can do it on you own.

4) There have been instances when agents / advisers have made more money than the investors – these abuses have been identified but unfortunately those guilty of such gross misconduct have gone unpunished. These intermediaries have brought a bad name to the profession though it is a case of rotten apples in a basket full of apples. But it would be unfair to say that the entire basket is rotten.

5) If you are disenchanted with mutual funds you have every right to feel aggrieved but would like to bring to you notice that in the Indian context, mutual funds especially equity funds have created wealth for investors who have stuck with them for the long term. Sir please do take a look at the ten years history of most of the equity funds and am sure you will agree.

Hope this clarifies

Suiketu Shah

In Reply to Nilesh KAMERKAR 4 years ago

We agree to disagre.Good long term stocks are easy to pick by relying on reliable moneylife.in

It is the agents who mislead and confue investors thereby making "good stocks hard to find"

Some of good picks long term:-
2)ICICI Bank
4)M and M

Also I stick to my point of view that MF are most undesirable compared to the right shares at the right price.Most agents/brokers push their shares to earn illegal commission.The returns one can expect investing in good shares at the right time is far far higher than any mfunds.Donot compare the index with MF return.Compare the main mlue chip stocks with MF returns.The answer of the hugh discrepancy in returns lies within.

We agree to diagree.Good stocks are easy to find.

Sweena Jain

4 years ago

SEBI has messed up and played dirty with Mutual fund Industry.SEBI dare not touch bankers who have played rot with thier clients in name of managing their assets.

mam chand aggarwal

4 years ago

Regarding Mutual Funds it is not true.Present N A V is lower than the NAV of five years back.M F s have exhausted the public money.MF companies have been enjoying on public hard money.They put the investers in dolldrum.



In Reply to mam chand aggarwal 4 years ago

If you invest ‘only’ in the upper ranges or at the peak of a long bull run in an equity fund or in a sector specific equity fund (eg Infrastructure or Real Estate). Then it is very much normal to have current NAV lower than the NAV of five years back. Though it is easy for people like us to advise patience, it is extremely difficult for investors like you to go through this period of agonizing pain of marked to market losses.

Mutual Fund investors will never find themselves in doldrums if they were to follow asset allocation; periodically rebalance their portfolio and invest only for the long term.

In most of the times, 5 years is long term and good enough to generate positive returns; but in your case these five years has coincided with the peak of the bull-run which was followed by two major economic tsunamis viz. sub-prime crisis and the Eurozone crisis in quick succession.

For other issues raised by you, please refer my reply to Mr. Shah above. Thank you for your comments.


In Reply to Nilesh KAMERKAR 4 years ago

One will find defensive reason everytime for non performance.


In Reply to Nilesh KAMERKAR 4 years ago

Mr. Nilesh whether it is market or MF timing is the utmost importanat thing , so if you invested at wrong time you are sure to loose.


In Reply to Rajhans 4 years ago

Yes, non-performance does bring along justification. As an investor, it is important for you to analyse and find out what went wrong in order to avoid repeating the same mistake. In case there are valid reasons for non – performance, there’s no reason to complain.

As an equity investor you must be prepared for wide price fluctuations. You can lose, only when you choose to sell at prices that are lower than your purchase price. But, if you refuse to sell and hold on steadfastly – you just cannot lose. Problem is people normally sell because they lose patience or panic at the prospects of further fall in prices. As Benjamin Graham said “How your investments behave is much less important than how you behave.”

Timing is not so important to the investor who is willing to wait but it is extremely crucial for the speculator / trader who cannot wait for a year or two to make profits. . .

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