The Joint Drafting Committee, which held a three-hour meeting today, agreed on a number of basix principles and to meet more regularly
New Delhi: The negotiations on a draft Lokpal Bill gained momentum on Monday with the government and civil society members agreeing on a number of basic principles for the proposed anti-corruption law and deciding to meet more regularly.
Emerging from a three-hour meeting, union minister Kapil Sibal expressed confidence that the draft Lokpal Bill would be ready by 30th June, as announced in a government notification, in time for introduction in the monsoon session of Parliament. The meeting was chaired by finance minister Pranab Mukherjee, reports PTI.
A few days ago, Shanti Bhushan, co-chairman of the committee, had raised the issue of slow progress on drafting the bill and he expressed doubts whether the 30th June deadline would be met. He said that there was consensus on about half the 40 points brought to the table by Anna Hazare’s five-member team and that the discussions on these issues would continue when the Joint Drafting Committee meets again on 30th May.
Including the higher judiciary and the prime minister within the ambit of the Lokpal are sticking points and these are also expected to be discussed at the next meeting.
Mr Hazare’s team has presented a set of suggestions on the Lokpal Bill, from various civil society groups, which include recommendations for public hearings on the issue to be held at various places across the country. Mr Sibal said suggestions from other civil activists were also welcome.
He said there was complete agreement on the issue that the authority of the Lokpal should be independent, without any interference from the government.
Index ETFs try to outperform the market, through various methods to time the market, which they should not do according to rules of ‘passive’ trading
Religare Mutual Fund has announced the launch of Religare Nifty Exchange Traded Fund, an open-ended exchange traded fund.
The new fund offer opened for subscription on Monday and will close on 6 June 2011. The investment objective is to generate returns which closely correspond to the returns generated by securities as represented by S&P CNX Nifty Index, subject to tracking error, if any.
Each unit will have a face value of Rs10 and will be approximately equal to 1/10th of the value of S&P CNX Nifty. The minimum application amount is Rs10,000 and in multiples of Re1 thereafter. Religare filed an application with the Securities and Exchange Board of India (SEBI) for this fund in August 2010.
Investors should be careful in selecting a new fund because one needs to look at whether they are really selling a new fund or just selling old wine in a new bottle. As of today, there is no NFO worth investing in. Rather an investor should pick an existing scheme which has been performing well over the years.
More and more fund companies are launching passive mutual funds, also called index funds. Among the passive fund products, after launching index funds which are supposed to replicate the underlying index with 'passive' management, fund houses are now trying their hands at exchange traded funds (ETFs).
Similarly, Birla Sun Life Mutual Fund had also filed a draft offer document with SEBI to launch an open-ended Nifty exchange traded fund (ETF) that will also track the stocks represented in the S&P CNX Nifty.
So, what is an investor supposed to do? To consider investing in an ETF, you need to know about ETFs. They are like index funds in that they represent the index. But they are different in the way they are created, bought and sold. In the case of normal mutual funds, investors put a cheque which, in turn, buys the index stocks which constitute the fund. For ETFs, the initial participants create a basket of stocks and get units in exchange. They then sell these units to investors just like a distributor does. The units are listed on the stock market and are available for trading. ETFs are sold through brokers and investors pay brokerage instead of an entry load.
Clearly, the fund managers handling these schemes are trying to outperform the index by playing with the weights of their portfolio or by trying various methods to time the market which they are not supposed to do according to passive investment policy. Most shockingly, in spite of running high tracking error and the fact that running these funds is cheap (no research or trading costs), Religare still charges an average fee of 1.50%.
The project is scheduled to be completed in 36 months
Pratibha CRFG JV, a joint venture between Pratibha Industries as the lead partner and China Rail First Group, has won an order of Rs467 crore from Delhi Metro Rail Corporation for two segments of the underground metro being built by DMRC. The project is scheduled for completion by May 2014.
The scope of work for this project includes designing, engineering, and construction of two sections of underground twin tunnels for the Metro Phase 3 project of Delhi Metro Rail Corporation's (DMRC) MRTS project. One section is from Janpath to Mandi House and the second section is from Janpath to Central Secretariat, including the construction of one station at Janpath and extension of a station at Mandi House.
The field construction is expected to commence in the first week of July 2011 and the project is scheduled to be completed in 36 months.
On Monday, Pratibha ended 0.72% down at Rs55 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.82% to 17,993.33.