New Tatkal booking system from today

While some zones will be operating separate counters for Tatkal tickets, others will be issuing tickets from the same counters but will provide only Tatkal tickets through these counters between 10am and 10.30am

New Delhi: Amidst rising complaints about misuse of the railway's Tatkal scheme of booking tickets, a revised scheme with additional measures to check the lacunae has come into effect from Tuesday under which passengers can book Tatkal tickets from 10am instead of 8am, reports PTI.

The revised scheme comes in the backdrop of increased number of complaints from train passengers about the misuse of the scheme and involvement of touts in cornering bulk of tickets to sell them at a premium.

No authorised agents, including agents of IRCTC and others, will be allowed to book Tatkal tickets from 10am to 12am from counters as well as from Internet.

While some zones will be operating separate counters for Tatkal tickets, others will be issuing tickets from the same counters but will provide only Tatkal tickets through these counters between 10 am and 10.30 am.

The booking of Tatkal tickets under the revamped scheme will begin on 10th July and zonal railways have been instructed to make adequate arrangement at reservation counters accordingly, said a senior Railway Ministry official.

Under the new arrangement, the booking of Tatkal tickets will start at 10 am on the previous day of journey from the train's originating station instead of 8 am at present.

Measures such as installation of CCTVs in major booking centres, barring booking clerks to carry mobile phones inside counters, display of helpline numbers for complaints, raids by the vigilance squads to prevent misuse of Tatkal facility have been taken, he said.

Earlier, advance reservation period of Tatkal scheme was reduced from two days, excluding the day of journey, to one day.

Refunds are not granted on cancellation of confirmed Tatkal tickets except in case of special circumstances like late running of train by more than three hours and cancellation of trains.

Duplicate Tatkal tickets are not issued under normal circumstances. "In exceptional cases, duplicate Tatkal tickets can be issued on payment of full fare including Tatkal charges," the official said.

Railways have also initiated steps to augment e-ticket handling capacity of its website through short-term and long- term measures.

The present e-ticket capacity is being increased from existing about 3.5 lakh bookings to around 5 lakh bookings per day in about four months, which will further be increased to about 8 lakh bookings per day in the long term.

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Investors cash out Rs230 crore worth Gold ETFs in June

The prices of the yellow metal rose 34% in a year and the outflows in Gold ETF could be primarily due to profit booking

Mumbai: With gold prices soaring in June, investors preferred to make some money on their gold exchange traded funds (ETFs) with the category seeing a record outflow of Rs230 crore during the month, according to rating agency CRISIL.

"Gold ETFs witnessed monthly outflows of Rs230 crore in June, the highest in the category. According to the Association of Mutual Funds in India (AMFI), assets under gold ETFs fell by 2.2% over the month to Rs10,100 crore in June.

"The outflows from this category could be primarily due to profit booking after the price of the underlying metal rose sharply in the past one year due to global risk aversion and domestic buying," the ratings agency said in a report.

The prices of the yellow metal rose 34% in a year ended 29 June 2012, according CRISIL Gold Index.

The asset management industry saw a decline of 1.5% in assets in the month to Rs6.89 lakh crore.

"The MF industry's month-end assets under management fell by 1.5% (Rs10,500 crore to Rs6.89 lakh crore) in the reporting month, primarily due to outflows in money market funds, which witnessed cyclical quarter-end outflows due to withdrawals by corporates.

"Money market funds witnessed outflows of Rs25,100 crore primarily because corporates withdrew their short-term MF investments to meet advance tax requirements (Rs25,000-Rs30,000 crore)," the agency said.

Although the equity funds witnessed outflows during the month, its assets rose by 5.4% to Rs 1.8 trillion compared to a fall of 5.1% in May.

"The rise in month-end assets of equity funds was primarily due to mark-to-market gains from the underlying equity markets despite the category witnessing marginal outflows (Rs300 crore) in the month. The domestic equity market, rose by 7% in the month led by positive domestic and global cues," it noted.

With fund houses launching a slew of fixed maturity plans (FMPs), it wasn't surprising that the income funds saw inflows for the third consecutive month.

The category logged steady inflows of Rs1,570 crore in the month, compared with the same amount of inflows seen in May. The inflows were largely on account of FMP new fund offers, where investors are able to lock into higher yields.

"FMPs continued to garner the majority of new offers in June with as many as 55 out of the 61 new fund offers, were being FMPs, garnering Rs4,000 crore. The month-end assets of income funds rose by 1.06% to Rs3.17 lakh crore by June," it said.

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Competition Commission okays Axis AMC's 25% stake sale to Schroder

CCI pointed out that the market share of Axis Mutual Fund is insignificant along with the presence of various other players who have larger market shares in the Indian mutual funds market

New Delhi: The Competition Commission of India (CCI) has approved the acquisition of 25% stake in Axis Asset Management Company by Schroder Singapore Holding Pvt Ltd (SSHL), the asset management arm of UK-based Schroders Plc, reports PTI.

"Considering the facts on record and the details provided in the notice and the assessment of the proposed combination is not likely to have an appreciable adverse effect on competition in india and therefor the Commission hereby approves the proposed combination," the competition regulator said in its order.

CCI said that while SSHL, the investment vehicle created for the takeover of Axis AMC and Axis MF Trustee, has no presence in India, Schroder Investment Management (Singapore) Ltd (SIMSL) is present globally in the market for asset management services, portfolio management and related advisory services.

However, SIMSL has no presence in India in the asset management services and portfolio management services.

"There are more than 40 other AMCs and more than 200 portfolio managers registered in India with SEBI, implying significant competition prevailing in the market of mutual funds as well as portfolio management services. There is, therefore, ample choice available to the customers...," CCI said.

CCI pointed out that the market share of Axis Mutual Fund is insignificant along with the presence of various other players who have larger market shares in the Indian mutual funds market.

In April, Axis Bank's board has approved the 25% stake sale in its subsidiary Axis Asset Management Company to Schroder Singapore Holding Pvt Ltd. However, the financial details of the deal has not been disclosed.

The deal would provide Axis AMC access to Schroders' global distribution network as well as opportunity to advise overseas funds having investments in Indian securities.

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