Consumer Issues
LPG consumers can now fill up KYC form till 15th November

Consumers in the KYC form have to gives all the necessary details like name, date of birth, father's name, mother's name, spouse name, complete address with pin-code and also an optional information about bank details

 
New Delhi: The government has extended by 15 days the deadline for filling the know your customer (KYC) form by LPG consumers to 15th November, reports PTI.
 
In a nationwide exercise to weed out multiple or ghost connections, the state-owned oil companies had previously asked their domestic cooking gas (LPG) distributors to collect and verify duly filled KYC forms from the consumers by 31st October.
 
"We have now decided to extend the deadline by 15 days to 15th November," a senior Oil Ministry official said here.
 
The drive to weed out multiple connections at same address follow last month's government decision to cap supply of subsidised LPG to six cylinders per household in a year.
 
The official said oil companies are implementing the policy of 'one household, one connection' and have asked consumers to voluntarily give up additional connections.
 
Multiple LPG connections in the 'same name and at the same address' as well as 'husband and wife' owning connections at the same address would be summarily disconnected.
 
In case of multiple connections at same address under different names, distributors have been asked to collect KYC forms to verify genuine users.
 
Consumers in the KYC form have to gives all the necessary details like name, date of birth, father's name, mother's name, spouse name, complete address with pin-code and also an optional information about bank details. They have to submit self-attested photocopies of address and ID proof along with the filled in form.
 
The official said transfer of LPG connection to family members during lifetime would be permitted, subject to certain conditions.
 
Also, transfer of LPG connections to legal heir in case of death of consumers would henceforth be done through a self-declaration by the next of kin and death certificate.
 
Previously, legal heir/succession certificate was required.
 
"All LPG consumers are eligible for three subsidised domestic cylinders during the remaining part of the current year ending 31 March 2013," the official said. 
 
New subsidised LPG connections will be issued after completion of the KYC formalities and multiple connection check.
 
There is no restriction on the number of domestic non-subsidised cylinders that consumers can avail beyond the three subsidised LPG refills to meet their genuine demand.
 
From 1st April, next year, LPG consumers can avail six domestic subsidised LPG refill cylinders in a financial year.
 
There will be no restriction on the number of domestic non-subsidised cylinders that consumers can avail, beyond the six subsidised cylinders to meet their genuine demand.
 

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LIC sells shares worth $1 billion in 15 Sensex companies

While LIC sold shares in 15 companies listed on Sensex for about Rs5,850 crore, it also bought shares worth Rs2,300 in seven companies

 
New Delhi: Booking profit in the recent stock market uptrend, state-run Life Insurance Corporation of India (LIC) offloaded its shares worth over $1 billion in half of the 30 Sensex companies, including Reliance Industries Ltd (RIL) and ICICI Bank, in last quarter, reports PTI.
 
As the markets rallied higher on the back of robust inflows from foreign investors attracted by a slew of economic reform measures, the country's largest institutional investor LIC trimmed its holding in as many as 15 Sensex companies in July-September quarter.
 
The Sensex rose by nearly 9% or about 1,500 points during this three-month period.
 
As per the latest shareholding data disclosed by Sensex companies, LIC's holding fell the most in companies like Cipla (by about two percentage points), ICICI Bank, HDFC Bank, Mahindra & Mahindra and GAIL (about one percentage point each).
 
Besides, the public sector insurer also pruned its stake in HDFC, RIL, L&T, SBI, Tata Motors, Sun Pharma, Maruti Suzuki and Tata Power by about half a percentage point during the quarter.
 
The total value of shares sold by LIC in these companies is estimated at around Rs5,850 crore (over USD 1 billion).
 
At the same time, LIC's exposure rose in seven Sensex companies -- Wipro, Bharti Airtel, Hero MotoCorp, Infosys, TCS, Bajaj Auto and Hindalco Industries.
 
LIC is estimated to have purchased fresh shares worth about Rs2,300 crore in these companies.
 
Government-run LIC, which pumped around Rs45,000 crore in stocks last year, kept its holdings almost unchanged in four blue-chips -- ITC, ONGC, BHEL and Hindalco. The shareholding patterns of two Sensex companies, Jindal Steel and Coal India, do not mention LIC as a shareholder.
 
Last fiscal, LIC had helped in recapitalisation of a slew of public sector banks, which was of help to the lenders given the weak government finances, and was the major subscriber to shares sold by the government in ONGC in March this year.
 

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Mutual fund distributor registration fees slashed by up to 80%

AMFI has also announced a small registration fee of Rs3,000 for a newly created cadre of distributors, which includes retired government employees, teachers and bankers

 
New Delhi: Taking forward the steps initiated by the government and the market regulator Securities and Exchange Board of India (SEBI) to revive mutual fund (MF) investments, the fund houses have slashed the distributor registration fees by up to 80% to boost their sales, reports PTI.
 
The revised registration fees, which mutual fund industry body Association of Mutual Funds in India (AMFI) charges to the MF distributors, would be effective from 1st November.
 
Besides, AMFI has also announced a small registration fee of Rs3,000 for a newly created cadre of distributors, which includes retired government employees, teachers and bankers.
 
SEBI, which regulates mutual funds and other segments of capital markets, recently announced a slew of measures for benefit of mutual fund industry, including provision for a new distributor cadre and incentives for reaching out to smaller cities.
 
The government has also favoured steps for encouraging investors to put their money in mutual funds, equity and insurance products, rather than in idle assets like gold.
 
As per the regulations, all mutual fund distributors are required to get registered with AMFI and get an ARN (AMFI Registration Number) for selling MF products.
 
"The revised fees will be effective from 1 November 2012 and shall be made applicable to those distributors who apply for fresh registration on or after 1 November 2012 and to the existing ARN holders whose ARNs are falling due for renewal on or after 1 November 2012," AMFI said in a circular.
 
As per the revised structure, the ARN fees for NBFCs have seen the biggest decline of 80% to Rs1 lakh (from Rs5 lakh earlier), while fees for proprietary firms have also been slashed considerably from Rs10,000 to Rs3,000.
 
The fees for individuals and senior citizens have been lowered from Rs5,000 to Rs3,000.
 
A similar fee of Rs3,000 would apply to the newly approved distributor class comprising of postal agents, retired teachers, retired government and semi-government officials, retired bank officers and other similar persons with a service of at least ten years in their organisations.
 
AMFI further said that the "fees for renewal of ARN will be 50% of the fees payable for fresh registration under respective category of distributors".
 
ARN is allotted to individual agents, brokers, and other intermediaries engaged in selling mutual funds after they pass the AMFI/NISM (National Institute of Securities Market) certification test. Besides, AMFI also allots ARNs to corporates engaged in business of selling mutual funds.
 
The ARNs allotted to mutual fund distributors are valid for a period of three years and need to be renewed thereafter.
 

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COMMENTS

Nilesh KAMERKAR

4 years ago

What has AMFI done for mutual funds distributors to deserve these fees?

disclaimer: ours is a mutual funds distribution company.

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