Kotak Mahindra Mutual Fund launches 370 days scheme

Kotak Mahindra Mutual Fund new issue closes on 17th February

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 36 (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 tenure of the scheme will be 370 days after the date of allotment of units.

The new issue opens on 15th February and closes on 17th February. The minimum investment amount is Rs5,000.

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Birla Sun Life Mutual Fund unveils 91 days scheme

Birla Sun Life Mutual Fund new issue closes on 17th February

Birla Sun Life Mutual Fund has launched Birla Sun Life Short Term FMP-Series 8, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 91 days from the date of allotment.

The new issue opens on 15th February and closes on 17th February. The minimum investment amount is Rs5,000.

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In-person verification of clients mandatory for brokers: NSE

Brokers would also have to keep a proper record of all the collaterals provided by their clients to ensure a proper audit trail in times of any investigations, NSE said in a circular to its members

New Delhi: Leading stock exchange National Stock Exchange (NSE) has asked its member brokers to ensure 'in-person' verification of all their clients-a move seen as part of efforts to thwart any shadow-investing by unscrupulous elements in the market, reports PTI.

Besides, the brokers would also have to keep a proper record of all the collaterals provided by their clients to ensure a proper audit trail in times of any investigations, NSE said in a circular to its members.

The NSE has made necessary amendments to its trading regulations for both capital market and derivatives segments to bring into effect these requirements.

Through another amendment, NSE has also asked all its member brokers to get their books audited in every six months by an independent entity.

Currently, all the brokers are required to prepare their annual accounts for each financial year, and furnish the same to the exchange within six months.

The new norms are said to be aimed at checking violations by brokers as also unscrupulous investors.

The brokers would also need to "get the complete internal audit done on a half-yearly basis by an independent qualified chartered accountant, company secretary or cost and management accountant, who is in practice and does not have any conflict of interest".

The audit report would also need to be reported in a time-frame and format as prescribed by the exchange, the circular said.

Besides, the brokers would also need to maintain records of collaterals furnished by their clients to ensure proper audit trail of use of the client's collateral and other related dealings.

NSE has also tightened the steps taken by brokers while signing up new clients. Currently, the brokers are required to "take reasonable steps to assess the background, genuineness, financial soundness of such person and his investment objectives by obtaining from the new client/constituent a Constituent Registration Form in such a format as may be prescribed by the exchange from time to time."

Now, prior to registering any clients, the brokers would be "to identify his constituents and to ensure 'in-person' verification of the constituents as per guidelines as may be prescribed by the exchange from time to time."

Also, any power of attorney executed by the client in favour of the broker, authorising operation of client's bank and demat accounts, would be subjected to terms and conditions prescribed by the exchange from time to time.

The brokers have also asked the brokers to give, free of charge, a copy of all the documents executed by their clients and get the clients' acknowledgement on receipt of the same.

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