Reliance MF launches Fixed Horizon Fund-XVII-Series 6; Axis MF to introduce auto switch facility under its scheme; Deutsche MF to change fund manager
Reliance MF launches Fixed Horizon Fund-XVII-Series 6
Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVII-Series 6, a close-ended income scheme.
The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility.
The new issue opens on 21st January and closes on 25th January. The minimum investment amount is Rs5,000.
Axis MF to introduce auto switch facility under its scheme
Axis Mutual Fund has announced auto switch facility from Axis Treasury Advantage Fund to Axis Midcap Fund. With this facility, the investors will be able to invest in Axis Treasury Advantage Fund with an instruction to switch the units to Axis Midcap Fund on the last day of the new fund offer. The investors can avail this facility from 31 January 2011 to 14th February 2011. Axis Midcap Fund is an open ended equity scheme with the investment objective to achieve long term capital appreciation by investing predominantly in equity & equity related instruments.
Deutsche MF to change fund manager
Deutsche Mutual Fund has announced changes in the fund management responsibility. Avnish Jain, head-fixed income and fund manager-fixed income, has resigned from the services, passing the reins to Kumaresh Ramakrishnan. He would take charge as head-fixed income of Deutsche Asset Management (India) Private Ltd with immediate effect.
New Delhi: The politically-sensitive multi-brand retail sector is likely to be opened for foreign investors with a foreign direct investment (FDI) cap of 51%, as efforts are being made by the industry ministry to evolve a consensus on the vexed issue, reports PTI.
According to sources, the government will have to allow a minimum of 51% FDI in the multi-brand retail, the same as is permitted in single brand retail.
FDI in multi-brand retail below 51% was not feasible, as it would lead to "arbitrage" opportunities, sources said. However, they did not elaborate on arbitrage opportunities.
On Thursday, Planning Commission deputy chairman Montek Singh Ahluwalia favoured opening up of the multi-brand retail sector to foreign investors, saying it will benefit farmers and also help in containing food inflation.
Food inflation fell to 15.52% in the week ended 8th January.
The demand for opening up the sector has been intensifying, especially in the wake of wide gap between the wholesale and retail prices.
The Department of Industrial Policy and Promotion (DIPP) is studying the report submitted by an expert committee, which has evaluated the stakeholders' comments on the issue.
The DIPP had floated discussion papers on opening FDI in multi-brand retail and increasing it in defence production.
Retail giants like US-based Wal-Mart and French Carrefour are very keen to enter in the segment. Bharti Enterprises and Wal-Mart Stores entered into a joint venture in August 2007 and started cash-and-carry stores named 'BestPrice Modern Wholesale' in 2009.
At present, 51% FDI is permitted in single brand retail, while 100% is allowed in the wholesale cash-and-carry segment.
New Delhi: The Supreme Court today pulled up telecom minister Kapil Sibal for making statements undermining the Comptroller and Auditor General (CAG) report on the second generation (2G) scam and asked him to behave with "some sense of responsibility," reports PTI
"It is unfortunate. The minister should behave with some sense of responsibility," the bench of justices GS Singhvi and AK Ganguly said.
It directed the Central Bureau of Investigation (CBI) to go ahead with the probe into the scam without getting influenced by anybody's statement.
The CAG has estimated a loss of Rs1.76 lakh crore to the exchequer in allocation of 2G spectrum during the tenure of former telecom minister A Raja.
"In our opinion, the CBI, which is conducting investigation into the 2G scam, is expected to carry out the probe without being influenced by the statement made by anybody, anywhere, including the press," the bench said.
Mr Sibal had termed as "utterly erroneous and without any basis" the estimated loss arrived at by the CAG on account of allocation of 2G spectrum to telecom operators.
The bench also issued notices to 11 private telecom companies, which were granted licences despite being alleged ineligible operators or had failed to launch services within stipulated time-frame.
The private telecom companies, which were issued notices included Etisalat, Uninor, Loop Telecom, Videocon, S-Tel, Allianz Infra, Idea Cellular, Tata Teleservices, Sistema Shyam Teleservices, Dishnet Wireless and Vodafone-Essar.
While issuing notices to various telecom firms, the bench indicated that the companies could not get away merely by paying penalties and asked Janata Party chief Subramanian Swamy to file an application seeking to restrain the Department of Telecommunications (DoT) from accepting penalties.
The bench also sought the reply of sectoral regulator Telecom Regulatory Authority of India (TRAI) for allegedly not taking action against the telecom firms and defaulting in meeting their roll out obligations. It posted the matter for further hearing on 1st February.
The bench was hearing Mr Swamy's plea seeking the apex court's direction to the CBI to ensure that nothing, including Mr Sibal's public criticism of the CAG report, affected its investigation.
He had moved the court last week apprehending that the telecom minister's recent criticism of CAG report on 2G spectrum allocation may influence the ongoing CBI probe.
"It is apprehended that intemperate and uncalled for public attack on the CAG methodology (by the telecom minister) before the national press may prejudice the CBI investigations and cause an obstruction to justice," Mr Swamy had said in his application.
"There is an urgency to ensure that the said CBI inquiry is carried out without interference for which purpose the monitoring was directed by this court. Nothing must permit the slightest derogation from that objective," he had said.
Referring to Mr Sibal's remarks, Mr Swamy had said, "The telecom minister has criticised the approach of the CAG in estimating the loss to the nation by illegal awarding of licences and the allocation of 2G spectrum in a manner tantamount to ridiculing the CAG.
"He has even gone to the extent of issuing a veiled warning of a breach of secrecy on the part of the CAG, thereby intending to overawe an institution, constitutionally empowered to oversee the finances of the government," he had said.
"This court has directed monitoring of the CBI probe into the criminal culpabilities in the 2G spectrum scam and has specifically directed CBI to take the CAG report as the basis for it," Mr Swamy had said, recalling the court's 16th December order.
He had also objected to Mr Sibal's statement intending that the ministry will unveil a new telecom policy within 100 days, besides DoT's step of imposing a penalty of Rs73 crore on various telecom companies for not meeting the roll-out obligations stipulated in licences.
In his petition, Mr Swamy apprehended that such steps by the ministry and the minister would compound and complicate the issue and "by the payment of such compounding fees etc, rights to regularisation may be claimed by the defaulting licensees.
"And this may lead to further losses to the public exchequer," Mr Swamy had said.
He had also pleaded to the court to make the 11 telecom companies, which were awarded licences by telecom ministry in 2008, party to enable them to have their say in adjudication of his earlier petition for cancellation of their licences.
Mr Swamy had also sought the court's direction to make TRAI a party, saying that the sectoral regulator's version would also be needed in deciding the issue of cancellation of licences.