NSE launches CNX Smallcap Index today

National Stock Exchange has launched a new index series CNX Smallcap Index today

National Stock Exchange (NSE) has launched a new index series CNX Smallcap Index today. The move is aimed at developing an index that would meet the requirements of market participants.

The index is designed to reflect the behaviour and performance of the small capitalised segment of the financial market, according to a statement by India Index Services & Products Ltd (IISL), a joint venture of NSE and CRISIL.

The index is calculated using free float market capitalisation methodology, the total cost of buying all the shares in the open market, with a base date of 1 January 2004 indexed to a base value of 1,000, it added.

The company, which would be inducted in the Index, must have a three years track record of operations with positive net worth.

Besides, the firms must have demonstrated a trading frequency of at least 90% in the last six months and all constituents of the CNX Smallcap Index must have a minimum listing record of six months, it said.

The Bombay Stock Exchange had introduced a similar index called BSE Smallcap index in 2005.
 

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ICICI Prudential Mutual Fund floats one year fixed maturity plan

ICICI Prudential Mutual Fund new issue closes on 5th April

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 54-1 Year Plan B, a close-ended scheme.

The investment objective of the plan is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments which mature on or before the date of maturity of the plan. The tenor of the plan is one year.

The new issue closes on 5th April. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.

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SBI alone to manage EPFO’s Rs 3 lakh crore fund till 30th June

EPFO turned down the proposal to give three month extension to its other existing fund managers-ICICI Pru, HSBC and Reliance Capital-as their term was to expire on 31st March, and in an interim arrangement decided that SBI would manage the funds for a further three-month period

New Delhi: Retirement fund body Employees Provident Fund Organisation (EPFO) today said its corpus of about Rs3.5 lakh crore will now be managed only by one of the existing fund manger, State Bank of India (SBI), for a three month period ending 30th June as an interim arrangement, reports PTI.

In its trustees meet here, the body turned down the proposal to give three month extension to its other existing fund managers-ICICI Pru, HSBC and Reliance Capital.

These three private players were earlier managing bulk of the fund-close to Rs3 lakh crore-of the total corpus.

"The EPFO's apex decision making body Central Board of Trustees has decided that SBI alone will manage the entire retirement fund for the interim period of three months beginning 1st April," labour minister Mallikarjun Kharge said.

The term of the four fund mangers was to expire on 31st March. The EPFO had planned to appoint new fund managers for next three financial years beginning 1st April.

The CBT headed by the Union labour minister came to this interim arrangement as EPFO is yet to complete the process of appointing new fund managers.

EPFO had started the process last year after it engaged credit rating agency CRISIL for appointing and later monitoring the performance of new fund managers.

As many as 11 asset management companies (AMCs) have evinced interest to manage EPFO's huge corpus which receives incremental deposits of about Rs30,000 crore each year.

Besides existing AMCs managing the EPFO corpus, seven new firms including Kotak Securities, Securities Trading Corporation of India, UTI Securities and ICICI Securities have expressed interest to manage the retirement fund.

In order to avoid any controversy amidst the recent outbreak of scams, EPFO had sent its tender document to Central Vigilance Commission (CVC) for vetting.

EPFO had engaged private fund mangers for the first time in July 2008. Prior to that SBI alone used to manage the fund.

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