Prospect of wheat exports could be weighed: Commerce secretary

New Delhi: A day after food minister Sharad Pawar ruled out lifting ban on wheat exports, the commerce ministry today said the possibility of allowing exports could be weighed as the global prices are higher than locally reports PTI.

"As of now, yes, domestic prices are lower than the international prices; so the prospect of commercial exports exists," commerce secretary Rahul Khullar told reporters here today when asked if India would allow exports of the grain as the global prices are ruling high.

Last evening, Mr Pawar said there is no proposal to lift the ban on wheat exports even though the country has adequate stocks in government godowns and there is a shortage of space for storage, as it has to keep domestic prices in check.

The global price of wheat has gone up significantly after Russia, which supplies almost 11% of the world export, effected a ban on exports in the face of worst ever drought in 100 years and Ukraine said it was mulling quotas.

India, which produced a record of 80.71 million tonnes of wheat in the 2009-10 crop year ending June, surpassing 80.68 million tonnes output last year, had banned exports in early 2007 and made imports free of any duties to augment domestic availability.

The country had imported about seven million tonnes of wheat in 2006 and 2007 to meet its buffer stock requirement.

As on 1st July, government agencies have 33.5 million tonnes of wheat stock.


Tata Capital to set up subsidiary for infra finance

Kolkata: Tata Capital, a subsidiary of Tata Sons, is considering setting up a 100% subsidiary for providing infrastructure finance, reports PTI quoting a company official.

"We will set up a 100% infrastructure finance subsidiary by March 2011," managing director of Tata Capital Praveen Kadle said today. Presently, infrastructure financing activity was being done out of a division of Tata Capital.

In its first year of operations, Tata Capital had disbursed Rs4,000 crore towards infrastructure financing out of a total of Rs11,000 crore.

Mr Khadle said that the funds required for infrastructure financing would be raised in the right mix of external commercial borrowings and domestic debt.

Out of the Rs11,000 crore disbursed, Rs4,500 crore was towards commercial finance and Rs2,500 crore towards retail finance.

The company had clocked a net profit of Rs51 crore on a gross revenue of Rs1,379 crore. Tata Capital's capital base stood at Rs2,200 crore.

Mr Khadle said that the company would leverage the Tata brand to raise further capital from the market.

"We will be able to raise about Rs3,000 crore further from the market," he said.

 Mr Kadle said that Tata Capital would also enter the foreign exchange business soon.

He said that the company would apply for licenses and that the new venture was likely to take off by the third quarter of the current financial year.

Among the non-fund based activities of the non-banking financial company (NBFC), he said the company engaged in investment banking and wealth management.

Asked if the Tata group was keen to convert Tata Capital into a banking outfit, Mr Kadle said that it was 'too premature to comment on this'.

He said that Tata Capital was almost doing various banking activity except for accepting deposits.

Asked about the disbursement target for the current year, he said the company would add around Rs3,000 crore.

Mr Kadle said the capital adequacy of the company stood at 21.4% and net worth stood at Rs2,120 crore.

The company would also focus on rural finance, but was not entering into micro-finance, he pointed out.


RTAs wait for SEBI clarification on consolidated account statements

RTAs are ironing out the final contours to facilitate physical consolidated account statements to mutual fund investors, which will streamline operations and reduce costs for AMCs

If registrar and transfer agents (RTAs) have their way, mutual fund investors will soon start getting a single account statement for all their investments. However, they will have to wait at least until September 2010 for the final outcome.

Currently, Computer Age Management Services (CAMS), Franklin Templeton and Karvy Mutual Fund Services together provide a consolidated view of investments through their 'Mailback' service.

(See: This service is currently available via the online platform. If all RTAs unify their data, investors will be able to get a consolidated physical copy too. This will be a win-win situation for investors as well as asset management companies (AMCs).

"Karvy and CAMS submitted the proposal together and in the first note requested time till September 2010. We are in the process of consulting other RTAs to join this initiative. We are waiting for the Securities and Exchange Board of India (SEBI) to revert on a few clarifications," said a source familiar with the development.

Moneylife had first reported about this development. Read here: (

The four RTAs - CAMS, Karvy, Deutsche Investor Services and Franklin Templeton together manage 43 fund houses. Deutsche Investor Services manages JP Morgan Mutual Fund, Deutsche Mutual Fund and Quantum Mutual Fund. CAMS covers 17 fund houses; and the rest of the 23 fund houses are managed by Karvy Mutual Services. Franklin Templeton Mutual Fund has its own in-house team to service its investors.

SEBI recently expressed its interest to facilitate a single account statement to investors in an email communication to chief executive officers (CEOs) of fund houses.

It is believed that the RTAs are seeking some clarity on the dispatch of accounts during new fund offers (NFOs). SEBI in its 15th March circular had mandated fund houses to dispatch account statements, units and refund investor money within five days from the date of closure of NFOs. 



Narendra Doshi

6 years ago

I think Quantum MF is handled by Karvy & NOT Deutsche

R Balakrishnan

6 years ago

It is time SEBI made it mandatory for all investors to opt only for electronic statements. In an anglicised industry, what is the need for physical statments? In fact, there should be a charge of at least Rs.100/- each time an investor or an agent comes to collect a physical statment. This is the only way anyone will have interest in reaching out to the useless investor called the 'small' investor.


Param Iyer

In Reply to R Balakrishnan 6 years ago

Agreed, provided the AMCs commit to reducing the expense ratio & add these expenses on ad-hoc basis. In fact, that should be the pricing model for all financial businesses...

Narendra Doshi

In Reply to R Balakrishnan 6 years ago

Many AMCs already insist on investors to prefer email a/c statements IN LIEU of physical statements i.e. GO GREEN & paperless. Hope others follow & ALL over a limited period.

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