FTIL founder-promoter Jignesh Shah would no longer hold any executive or managerial position the company
Jignesh Shah, the promoter of Financial Technologies (India) Ltd (FTIL) has stepped down as managing director and chief executive of the company. Shah would be replaced by Prashant Desai, who was working as president in FTIL's investor relations and merger and acquisition division.
FTIL, in a regulatory filing said, its Board has invited Shah to be its chairman-emeritus and mentor. Shah will no longer hold any executive or managerial position the company, it added.
In addition, Dewang Neralla, another founding member, and Manjay Shah will also exit from the FTIL board and would head group companies. Neralla will become MD and CEO of Atom Technologies and Manjay Shah will lead Tickerplant, the filing said.
FTIL said, it expanded its board by including Jigish Sonagra and Rajendra Mehta as executive directors and Nisha Dutt, Sunil Shah and Miten Mehta as new independent, non-executive directors.
The re-constituted board of 12 members will have five non-executive and independent directors, four executive directors and three non-executive directors.
The PIL seeks to quash recent circulars by RBI regulating the number of free ATM transactions in six metros from 1st November
The Madras High Court has issued notices to Reserve Bank of India (RBI) and Indian Banks' Association (IBA) over the recent limitations on automatic teller machine (ATM) transactions.
Hearing a public interest litigation (PIL), a division bench comprising Justice V Dhanapalan and Justice VM Velumani ordered notice to RBI's Principal Chief General Manager and the Chief Executive of the IBA returnable within three weeks.
The PIL filed by Tamizharasan, an advocate seeks to quash the recent circulars by the central bank regulating the number of free ATM transactions in six metros from 1st November.
In his petition, Tamizharasan, submitted that at a time when the customers started using 1.60 lakh ATMs across the country, leading to drop in the crowd in bank branches, RBI had issued the circular based on representation from a few banks without considering the benefit for the public at large.
The change, as per circular issued by RBI on 14 August 2014 (with clarifications on 10 October 2014), would limit the total free transactions, including non-financial, at other bank ATMs to three from the existing five. However, if the transactions were carried out in places other than the six metros, the number of free transactions would continue to be five.
By passing the above circulars, the RBI had taken a stand in support of select banks. The rationale behind installing more ATMs was to help the common man, the petitioner said.
Besides ensuring better and quality service, the banks would also immensely benefit as their service is availed by the customers and flow of money is healthy.
The circulars affected professionals, disabled persons, destitute and elderly people. It would also affect the banks' deposits as the customers would withdraw more money in limited transactions through ATMs, Tamizharasan contended.
"As we lived in a fast paced society with increasing mobility and unexpected demands, the banks should help the customers. The circulars were a regressive step and need to be quashed," he submitted.
The RBI's new guidelines are applicable for bank customers in six metros of Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore.
Birla Sun Life Equity Savings Fund has an investment strategy similar to Monthly Income Plans (MIPs). Should you invest?
Arbitrage schemes are not as risky as equity-diversified schemes since they take advantage of mispricing in the spot and derivative market of equities. In other words, they do not take straight exposure to equity. The returns on these schemes are in line with those of liquid schemes and, therefore, they are considered an alternative to low-risk liquid schemes. These schemes turned attractive after the Budget 2014, which modified the capital gains taxation norms for non-equity schemes—including debt schemes and liquid schemes—stripping away their tax advantage. Monthly Income Plans (MIPs) which invest a less than 65% in equities were adversely affected after the change in tax norms. Not to say they were any good earlier.
The fund houses have come up with an alternative: ‘Equity Savings Funds’. These take a hedged exposure (for arbitrage opportunities up to a maximum of 60%-75% of the portfolio) and will invest 20%-50% in stocks.
Birla Sun Life Equity Savings Fund and open ended equity scheme, follows the same concept. The scheme will invest over 65% of its portfolio in equities. Of which, a part of the portfolio will be managed using the arbitrage strategy (20%-60%) by taking advantage from the price differentials / mis-pricing prevailing for stock / index in various market segments. Net long equity exposure will range between 20% and 45%.
These schemes are neither here nor there. They do not add any value to your portfolio.