Personal finance Monday

BNP Paribas MF unveils Fixed Term Fund-Series 19 E; DSP BlackRock MF floats DSP BlackRock FMP -3M-Series 24; Reliance MF launches Fixed Horizon Fund-XVI-Series 4; Religare MF unveils Fixed Maturity Plan-Series IV-Plan C (3 Months); Claris Lifesciences to launch IPO on 24th November

BNP Paribas MF unveils Fixed Term Fund-Series 19 E

BNP Paribas Mutual Fund has launched BNP Paribas Fixed Term Fund-Series 19 E, a close-ended income scheme.

The investment objective of the scheme would be to achieve growth of capital through investments made in fixed-income securities maturing on or before the maturity of the scheme. The exit load for the scheme is nil. The tenor of the scheme is three months.

During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 22nd November and closes on 25th November. The minimum investment amount is Rs5,000.

CRISIL Liquid Fund Index is the benchmark index. The scheme will be managed by Alok Singh, fund head-fixed income & structured products.

DSP BlackRock MF floats DSP BlackRock FMP -3M-Series 24

DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-3M-Series 24, a close-ended income scheme.

The primary investment objective of the scheme is to seek capital appreciation by investing in debt and money-market securities. It is envisaged that the scheme will invest only in such securities which mature on or before the date of maturity of the schemes. The scheme offers growth and dividend (payout) option.

During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 22nd November and closes on 25th November. The minimum investment amount is Rs10,000.

CRISIL Liquid Fund Index is the benchmark index. The scheme will be managed by Dhawal Dalal.

Reliance MF launches Fixed Horizon Fund-XVI-Series 4

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVI-Series 4, 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 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 exit load for the scheme is nil. The tenor of the scheme is 367 days. The scheme will have two options viz-growth and dividend (payout) option.

During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 22nd November and closes on 25th November. The minimum investment amount is Rs5,000. The minimum target amount is Rs20 crore.

CRISIL Short Term Bond Fund Index is the benchmark index. The scheme will be managed by Amit Tripathi.


Religare MF unveils Fixed Maturity Plan-Series IV-Plan C (3 Months)

Religare Mutual Fund has launched Religare Fixed Maturity Plan-Series IV-Plan A to F-Plan C (3 Months), a close-ended income scheme.

The investment objective of the Plan C is to generate income by investing in debt and money-market instruments normally maturing in line with the duration of the plan.

During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 22nd November and closes on 23rd November. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.CRISIL Liquid Fund Index is the benchmark index.


Claris Lifesciences to launch IPO on 24th November

Drug-maker Claris Lifesciences today said its initial public offer (IPO) to raise funds aggregating Rs300 crore will open on 24th November.

The firm has fixed the price band of the issue between Rs278 to Rs293 per share.
The proceeds of the issue will mainly go into capacity expansion, to set up a research and development facility and also into retiring the debt.
The company's bid issue opens on 24th November and closes on 26th November.

The Ahmedabad-based company has appointed Enam Securities, Edelweiss Capital, JM Financial Consultants and ICICI Securities as the book running lead managers to the issue.

Claris Lifesciences is one of the largest sterile injectables pharmaceutical companies in the country with a market presence in 76 countries worldwide.
 

User

Data updating at CIBIL suffers unexplained delays

The country’s largest credit records institution is not updating its records on time, according to a complaint by a senior banker. Also, individuals are upset that they are not receiving their credit reports on time

Credit Information Bureau of India Ltd (CIBIL) is falling behind in providing up-to-date services promised to members as well as commercial and consumer borrowers. A major complaint that has been voiced against the country's first credit bureau is that it fails to update its records on a regular basis.

According to a senior manager of Bank of Baroda, the credit bureau takes six weeks or more to even rectify the records. This is a violation of the requirement of the Credit Information Companies (Regulation) Act, according to which credit bureaus must correct/rectify the data within 30 days of receiving it from members.

In an email, CIBIL, said, "Credit Institutions are required to submit their data to CIBIL on a monthly basis. We update our records within one week from the date of receipt of the data from the Credit Institutions. This is a regular and disciplined process and is completed within the stipulated time period."

"If a Credit Institution submits specific request to update CIBIL records, the request is processed within 24 to 48 hours. The same is also confirmed via email to the respective Credit Institution," it added.

Speaking to reporters recently, Arun Thukral, managing director of CIBIL, said, "At CIBIL, our data is refreshed every month. All the information we receive from our members in entered into our database on a monthly basis. In addition, since our job is to just maintain credit history of commercial and consumer borrowers and provide the same to our members, we cannot modify or alter the data. Any change, correction or modification is done by the members themselves."

CIBIL caters to about 300 members, many of them major banks, co-operative banks and non-banking financial corporations (NBFCs). It holds information of around 16 crore loan accounts and about 9.5 crore customers-individuals and businesses. The repository or credit data that is maintained by CIBIL gets refreshed automatically every month with the information received from members.

CIBIL has started providing a credit information report (CIR) to individuals through its website. But since there is no separate mechanism to verify the identity of an individual, it is using postal services to send these reports. It says that the reports are delivered in about a week.

But customers have complained about unprecedented delays and difficulties in obtaining the CIRs. One individual who tried calling the CIBIL helpline was surprised at the response. He says, "I tried calling the helpline number (022-61404300) at about 2pm on Friday, to find the dispatch details and the IVR said that I should call during working hours which are mentioned as 10am to 6pm."

In its reply, the credit bureau said," The CIR request is processed in 10 business days from the date of receipt of request at CIBIL. This is subject to realization of the fee payment and complete and valid documentation. Once CIBIL receives the documents and Fees, the request is processed and copy of the CIR is dispatched to the applicant via speed post."

More complaints against CIBIL are even listed on some sites and blogs. One such complaint on consumercourt.in reads: "I have been struggling to obtain my CIBIL report since one and a half month. I have sent the application form along with the payment of Rs142 by demand draft and my latest bank account statement. But I have received conflicting responses from CIBIL, whenever I have called them on phone or written to them by email. Sometimes they respond saying it will be dispatched in the next 2-3 days, sometimes they ask for a letter from my bank confirming my present address. I have sent them three previous bank statements as well, which contain the same address, but CIBIL says the address in their record is different."

CIBIL, in the email said, "Please remember that CIBIL does not make changes to any information on its own. It is only a custodian of information received from credit institutions. CIBIL is permitted to make changes to credit information only when it is confirmed by the credit institution(s). Consumer can report inaccuracies if any in the CIR via email or letter. We shall check the same with the relevant Credit Institution and will update the consumer as appropriate."

User

COMMENTS

Vinod

5 years ago

Need to have Transparency and Clear defined process with SLA Speicifed with no ambiguity from CIBIL and as well as from Credit Instutions.

NASSCOM for flexible work atmosphere for women raising family

Bangalore: Information technology and BPO industry body National Association of Software and Services Companies (NASSCOM) today favoured a flexible work atmosphere for women engaged in raising their family to curb drop-out rates and boost their numbers in mid-level and senior management positions in companies, reports PTI.

NASSCOM chairman Harsh Manglik said one of the major issues facing the IT-BPO industry was that of women wanting to raise their families at some stage.

"So, during the time that they are gone, if they are interested (to work during that period), we need to look for...can we offer them an opportunity to stay engaged… so perhaps some flexible way...," he said at the NASSCOM-organised "Diversity and Inclusivity Summit 2010" here.

Harsh Manglik, who is also chairman & geography managing director, Accenture India, observed that the "biggest barrier" is that once women take a break and come back to the profession after a few years, it's (the work atmosphere) is "intimidating" as they feel "outdated" and "disconnected" and fallen behind in technology competency.

He stressed that while women accounted for about 30% of the IT-BPO industry workforce, the number of those rising to mid and senior-level positions needs to be accelerated.

NASSCOM officials said that women accounted for more than 30% of entry-level workforce of the industry and that overall, there were six lakh women working in the IT-BPO industry in India today.

"But one major gap still remains. We still have less than 4% women as CEOs and CXOs in our industry. Where do the women disappear? Let's explore this," Sucharita Eashwar, senior director, NASSCOM, said at the beginning of the two-day event.

She said the shared child-care services model in IT hubs has worked well and has addressed the major reason why women drop out of the workforce in mid-careers.

Managing director of Britannia Industries, Vinita Bali, said diversity was more than just about increasing women workforce and about having certain percentage of women in the company.

It is about if the "voice" of the women is being heard and if women who are part of an organisation know "what's happening" in the organisation and functions (roles) that they represent. "Diversity without inclusion is a blunt sword", she observed.

User

COMMENTS

sps

6 years ago

I think we should also have some study on how the industry responds to the highly increasing number single parents. It is not without reason people swear by Google et al -- Indian companies have miles and miles to go before they could offer anything close by in terms of perks to single parents.

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