L&T Mutual Fund floats 91 days fixed maturity plan

L&T Mutual Fund new issue closes on 9th August

L&T Mutual Fund has launched L&T FMP-IV (August 91DA), a close-ended income scheme.

The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of debt/fixed income securities maturing on or before the maturity of the scheme. The tenure of the scheme is 91 days.

The new issue closes on 9th August. The minimum investment amount is Rs5,000.

CRISIL Liquid Fund Index is the benchmark index. Richa Sharma and Hareshwar Karekar are fund managers.

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India also at risk; may face rating downgrade: S&P

"Fiscal capacities of Japan, India, Malaysia, Taiwan and New Zealand have shrunk relative to pre-2008 level," ratings agency S&P in its report on Asia-Pacific Sovereigns. It added that if a renewed slowdown comes, it would create a deeper and more prolonged impact

New Delhi: Ratings agency Standard & Poor's (S&P) today cautioned that it could lower the sovereign ratings of countries like India, Japan and Malaysia, which are still to come out of the economic meltdown of 2008, reports PTI.

"The implications for sovereign creditworthiness in the Asia-Pacific would likely be more negative than previously experienced and a larger number of negative rating actions would follow," S&P said in its report on Asia-Pacific Sovereigns.

"Fiscal capacities of Japan, India, Malaysia, Taiwan and New Zealand have shrunk relative to pre-2008 level," it said, adding that these countries continue to bear the scars of the downturn.

The governments, it said, would be required to use their own revenue streams to support their economies and financial sector once again.

It further said that if a renewed slowdown comes, it would create a deeper and more prolonged impact.

At the time of the global financial crisis in 2008, several countries, including India, had rolled out stimulus packages facilitating monetary expansion and lower taxes to mitigate the impact of the slowdown.

At that time, India had provided three fiscal stimulus packages totalling Rs1.86 lakh crore, which helped the economy clock a growth of 8% in 2009-10, as against 6.8% in 2008-09. Prior to the crisis, the Indian economy had been expanding at a growth rate of over 9% over a three-year period.

Late on Friday, global ratings agency S&P downgraded its US sovereign rating to AA+ from AAA, with a negative outlook.

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Forex Achievements has fabricated registration certificate to fool people, warns RBI

The Chile-based company operated an MLM scheme over the past year, posting a fake Certificate of Registration that has the logo of the Reserve Bank of India on its website to fool investors

Multi-level marketing companies use different methods to fool people, particularly when it comes to establishing their credentials. While some companies like Speak Asia ignore all registration formalities and yet try to display some generic documents, there are others who create fake certificates even in the name of the Reserve Bank of India (RBI) to endorse their legal status.

The RBI has now issued a warning about one such company, Forex Achievements, saying that it has used a fake certificate of registration. Forex Achievements is an unregistered non-banking financial institution that had on its own fabricated the certificate and even put it up on its website, in order to win customers who believed it was a legally-approved entity, the RBI stated. The website is no longer functional.

In fact, this did help the company draw investors. It has been the experience that several consumer blogs contain recommendations for investment in various entities based on the certificate of registration (CoR), which in this case has turned out to be fake. There are many posts from people complaining that they have lost money and warning that the company is committing fraud.

The company that is based in Chile (South America), started a scheme in India some time in July last year, promising investors a 2% return that would be paid through electronic money transfer. Payments were also made for introducing 'down lines' in the form of referrals and binaries. Initial payments were made, but these too stopped after October 2010. As many investors lost money and trust in the company, the owner was said to be absconding, having collected crores of rupees.

The RBI stated: "The Bank would like to clarify to the general public that no company/entity by the name of M/s Forex Achievements is registered as a company under the Companies Act, 1956, which is a prerequisite for obtaining CoR from the Bank. The CoR bearing Registration No. 07.00410 dated April 07, 2010 displayed by the entity on its website is a fabricated one and not issued by the RBI to it. Members of the public are hereby cautioned not to deposit money with M/s Forex Achievements and such other unincorporated bodies. Depositing money with these unincorporated bodies would be doing so at their own risk."

The RBI has warned the public against placing money in any such company and advised investors to only deposit money in companies which are legally registered with the RBI and entitled to hold deposits. One should recheck on the RBI website for genuine certificates before falling into any attractive schemes, whose bitter truth is revealed in just a few months after its launch. Investors continue to learn their lessons the hard way!

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COMMENTS

Vaidya

5 years ago

Most of cheating schemes are widely advertised. Why can the government take action on their own and wait till masses are cheated. May be there is now law for that. Or may be there is no will to do it.

Govindan

5 years ago

Upright and honest lawyers of Vijayawada, Andhra Pradesh writes to the Editor, The New India Express

MAILBAG
(THE NEW INDIAN EXPRESS, August 11, 2011)

This is what they had to say:

MONEY SCHEMES

The article ‘Kerala is now fraud’s own country’ (NIE, Aug 4) shows the real picture of almost all the states in the country. Cheats have been deceiving our people lining their pockets with the hard-earned money. It is high time the media initiated action against such crooks in a big way.

Good that the Police have launched a drive against money circulation schemes. We, the advocates of Corporate Frauds Watch, Vijayawada, appreciate your work.

SHYAM SUNDAR,
Vijayawada.

Thank You Shyam Sundar.
Thank you New Indian Express
Thank you Moneylife.



http://expressbuzz.com/opinion/op-ed/ker...

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