The government has received as many as 3,763 complaints against banks with respect to credit card charges as of 1 July 2013, minister of state for finance Namo Narain Meena informed the parliament. The government received complaints against banks and financial institutions for their deficient services and practices related to credit cards like undue penal charges, late payment charges, issue of unsolicited cards and harassing telephone calls.
“Complaints on non-adherence by banks to the instructions of RBI on ATM/debit/credit card operations are considered under the RBI’s banking ombudsman scheme,” he said in a written reply to the Lok Sabha. A total of 7,744 such complaints were received in 2012-13, and 5,146 complaints in 2011-12, he said.
HDFC Mutual Fund recently announced the acquisition of the schemes of Morgan Stanley Mutual Fund
HDFC Mutual Fund today announced the signing of a definitive agreement for it to acquire all the eight schemes of Morgan Stanley Mutual Fund in India. Morgan Stanley has been into the business for nearly a decade and has at present eight schemes with the average assets under management equalling Rs3290 crores. HDFC Mutual Fund has been among the top asset managers and has the largest assets under management.
According to a press release by the company, “The agreement is subject to regulatory approvals as required.” Mr. Milind Barve, Managing Director of HDFC Asset Management Company Limited said, “HDFC Mutual Fund has acquired a portfolio of strong performing domestic mutual fund schemes from Morgan Stanley and this acquisition is another step towards expanding our mutual fund customer base. We look forward to welcoming the investors in the eight schemes of Morgan Stanley Mutual Fund into the HDFC family.”
Morgan Stanley has done reasonably well as a fund house, and out of the 47 fund houses in existence, it has been among the better half of fund houses in terms of performance of its equity schemes. However, with the heavy outflow of assets over the recent few years, many fund houses have found the business unviable. Last year, we saw Fidelity Mutual Fund exiting the business selling its assets to L&T Mutual Fund. The regulator has tried hard to induce new fund inflows but has failed in its efforts. Over the past 12 months equity mutual funds have registered a net outflow of Rs12,949 crore.
Moneylife has been constantly highlighting declining sales of mutual funds which has a lot do with the attitude of both fund companies and the regulator. The actions of the Securities and Exchange Board of India (SEBI) have been consistently ill-informed and capricious. After the regulator abruptly banned upfront commissions in August 2009, SEBI has been trying to tinker around with the rules without any clue about how the buyers (investors) and the sellers (distributors) perceive equity funds.
The Special Court termed the purchase of the flat by Citi Limousine chief Masood as 'proceeds of crime', who was involved in money laundering by defrauding the hard earned money of gullible investors
A Special money laundering Court in New Delhi has ordered attachment of a flat worth over Rs22 lakh belonging to Sayed Mohammed Masood, chairman of Mumbai-based ‘City Limousine' that has duped thousands of investors through its money-circulation scheme.
The case had shot to prominence last year after the Enforcement Directorate (ED) got a first-time access to freeze Swiss bank accounts of Masood, whom the agency is probing for floating illegal ponzi (fraud investment plans) schemes by promising extraordinary returns which were not honoured.
The agency is probing the case under the Prevention of Money laundering Act (PMLA) alongside the Economic Offences Wing (EOW) of Mumbai Police.
Subsequent to pressing these laundering charges, the ED provisionally attached a flat in Pune’s Wakad area in the name of Ryewood Retreat Motels, which has Masood as its Additional Director.
The Adjudicating Authority, under Chairman K Ramamoorthy, for PMLA offences termed the purchase of the flat “as proceeds of crime” and that it is involved in money laundering by defrauding the hard earned money of gullible investors.
The probe agencies had filed a charge sheet in this case last year stating that close to 28,000 complaints from the investors were received by them in this regard and Masood’s companies had cheated investors to the tune of more than Rs500 crore.