Personal finance Wednesday

HDFC Mutual Fund floats HDFC FMP 370D September 2010 (2); DSP BlackRock MF launches DSP BlackRock FMP-12M-Series 8; SBI to introduce combo cards; Indiabulls Securities launches Tradelite

HDFC Mutual Fund floats HDFC FMP 370D September 2010 (2)

HDFC Mutual Fund has launched a new fixed term fund called HDFC FMP 370D September 2010 (2), under HDFC Fixed Maturity Plans-Series XV, a close-ended income scheme. The investment objective of the Plan is to generate regular income through investments in debt/money-market instruments and government securities maturing on or before the maturity date of the Plan. The Plan will invest 60%-100% of assets in debt and money-market instruments and the remaining in government securities.

The Scheme will offer growth and dividend option. The Plan will have the maturity period of 370 days. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The new issue will open for subscription from 30th September and close on 14th October. The minimum investment amount is Rs5,000. The Plan seeks to collect a minimum target amount of Rs1 crore under the Scheme. Exit load for the Plan will be nil.

CRISIL Short Term Bond Fund Index will be the benchmark index. Shobhit Mehrotra and Miten Lathia are the fund managers.

DSP BlackRock MF launches DSP BlackRock FMP-12M-Series 8

DSP BlackRock Mutual Fund launches DSP BlackRock FMP-12M-Series 8, a close-ended income scheme. The investment objective of the Schemes 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 Schemes may also use fixed-income derivatives for hedging and portfolio balancing. The Schemes will allocate 100% of its assets in debt securities and money-market instruments.

The Scheme offers two options-growth and dividend (payout). The term of the Scheme is 12 months from the date of allotment. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The Scheme opens on 29th September and closes on 5th October. The minimum investment amount is Rs10,000.

The exit load for the Scheme is nil. Dhawal Dalal is the fund manager. CRISIL Short Term Bond Fund Index is the benchmark index.

Dhawal Dalal, senior vice president & head-Fixed Income, DSP BlackRock Investment Managers, says, "The FMPs with 12 months maturity are typically targeted towards investors who prefer bank fixed deposits over an FMP. The 12-month FMP not only provides investors with returns comparable with prevalent bank fixed deposits rates, but also looks better from post-tax returns perspective."

SBI to introduce combo cards

State Bank of India is planning to convert all its debit and credit cards to combo cards. These combo cards can then be used for both - banking and travel. In case of travelling, combo cards will be used in Metro rail. If things materialise as per planning, then these cards will be first used in Bengaluru. Bangalore Metro Rail Corporation (BMRC) has collaborated with SBI for such cards. At present, SBI and Bangalore Metro are finalising the design, plan and execution of these cards.
 
The cards are likely to be available to people before the first metro train starts operating in the city in December.

Indiabulls Securities launches Tradelite

Indiabulls Securities Ltd has launched its mobile trading platform 'Tradelite' for trading on the Bombay Stock Exchange. Using Tradelite, customers can place market orders or sell stocks through their mobile phones - anytime and from anywhere. This user friendly application has features of a normal trading platform like market rates, order book, order entry screen, order modification/deletion, and account reports on a smaller interface.

Indiabulls customers will be able to access Tradelite through GPRS (general packet radio service) enabled mobile phone by entering a dedicated URL. All communication on this trading platform is 128 bit encrypted and certified by Verisign. Along with their username and password the users will also be required to provide their second level transaction password through a secure ID token.

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FMC gives nod to ADAG to buy 26% stake in ICEX

New Delhi: Commodity markets regulator Forward Markets Commission (FMC) today said it has given approval to the Anil Dhirubhai Ambani Group (ADAG) to acquire 26% stake in Indian Commodity Exchange (ICEX) from one of its promoters — Indiabulls group, reports PTI.

"We have given permission to (the) Anil Ambani Group to buy 26% stake in ICEX from Indiabulls," FMC chairman B C Khatua told PTI.

Consumer affairs ministry, which frames policies for commodity futures markets, gave its assent to the ICEX' proposal last week, he said.

FMC functions under the aegis of this ministry and oversees the functioning of four national and 19 regional commodity bourses.

At present, Indiabulls holds 40% in ICEX, of which it wants to sell 26% stake in the bourse to ADAG.

MMTC has 26% stake in ICEX, which is the country's fourth national commodity exchange launched late last year.

"We entered the exchange business in late 2009. We have already started a spot exchange and have a 26% stake in a commodities exchange," ADAG Group chairman Anil Ambani had said yesterday at the AGM of group firm Reliance Capital.

The group had also announced its intention to enter all segments of the exchange business. Reliance Capital is already in the spot commodity space.

Another group firm Reliance Money also has stake in the national commodity exchange NMCE.

ICEX, a national-level commodity bourse, offers futures trading in 18 commodities, including bullion, metals and agricultural items. The exchange clocked a business of Rs13,009 crore in the first fortnight of September.

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'India recovering well; quota in IMF board to go up'

Washington: International Monetary Fund (IMF) head Dominique Strauss-Kahn has said the Indian economy is recovering well and New Delhi would get higher quota in the IMF board, review of which is currently underway, reflecting its enhanced economic standing, reports PTI.

"Indian quota in the IMF board should be higher. I think that the solution that would be chosen will increase not only the quota of India, but also ranking of India among the 187 countries," the IMF managing director Strauss-Kahn said yesterday.

Despite the increase in quota for India it would still be argued by some that this increase is not enough, he said, adding that this change in quota is not the end of the game as there would be another round of review in the next few years.

"It is a step by step process," Mr Strauss-Kahn, told a group of reporters ahead of the next week's annual meeting of the IMF and the World Bank.

The Union finance minister Pranab Mukherjee would lead the Indian delegation for the meeting.

Mr Strauss-Kahn said the IMF has provided various scenarios to its members on how to resolve the voting shares issue.

A solution could come at the annual meeting or at a Group of Twenty (G-20) conference in South Korea later this year, he said.

"The Indian recovery is doing well. There are still concerns about inflationary risks and the banking sector — but I am rather happy with the way India is going out of this crisis," Mr Strauss-Kahn said, adding that he had a very good discussion with the Indian delegation, including the governor of the Reserve Bank of India (RBI), at the last meeting.

"Globally the Indian economy, as most of the Asian economies, is getting out of this crisis in a nice way. There are some concerns which are well known, which haven't changed a lot with the crisis, including the question of opening or not public debt to foreign creditors," he said in response to a question.

"I can understand the reluctance of the Indian authorities to open this. That question we are going to discuss with them (Indian delegations) again," Mr Strauss-Kahn added.

Globally, I see the Indian economy doing well in the coming few years, the IMF chief said.

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