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: https://www.karvymfs.com/platformservice/). 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: (http://www.moneylife.in/article/81/6638.html).
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.
Senior citizens ask for better health insurance schemes from the government, immediate implementation of the National Policy on Older Persons along with the Maintenance and Welfare of Parents and Senior Citizens Act
Thousands of senior citizens sporting black bands around their arms and shouting slogans like "we want our respect" or "shame (on the government)" staged a protest at Azad Maidan, Mumbai and various other parts of the state and the country yesterday. They wanted better health insurance schemes from the government, immediate implementation of the National Policy on Older Persons (NPOP) and the Maintenance and Welfare of Parents and Senior Citizens Act (MWPSCA).
"We are a huge part of the government and we have been neglected by the very same government. No promises have been kept," said RS Desai, member of the All-India Bank Retirees Federation.
"After 64 years of tolerating the government that has closed its eyes to the problems faced by senior citizens and particularly after 11 years of waiting for the NPOP to be implemented, we are gathered here to convey our strong protest," said Dr Sheilu Sreenivasan, founder-president, Dignity Foundation.
This protest was part of an all India 'Senior Citizens National Protest Day', observed in various cities, towns and villages. The core of the protest was to demand health insurance for all senior citizens - with or without any pre-existing disease, immediate implementation of the NPOP, MWPSCA and the Indira Gandhi National Old Age Pension Scheme (IGNOAPS), which would give senior citizens Rs500 as monthly pension. The protest wanted these facilities to be grated to all Below Poverty Line (BPL) senior citizens, and residents of old age homes. Protestors also called for the setting up of an exclusive ministry and a national commission for senior citizens.
"In our country, there are 60 million people who live below or barely above the BPL (mark). They are those who earn Rs56 a day or Rs1,700 per month. And out of these 60 million people, only 10 million receive Rs400 per month under the IGNOAPS plus 10kg of grains per month under the Annapurna Scheme. (But) all of these platitudes remain only on paper and have yet to be implemented," said Dr Sreenivasan.
Panellists at the protest meet said that the NPOP has been neglected by the state and the Central governments and the bureaucratic system has been tardy, leading to its non-implementation. About 28 states and seven Union Territories have yet to adopt the NPOP even after 11 years of its promulgation by the Union government.
"The core problem is that for years they have been passing the buck, from the Central government to the finance minister to the state government. We need some action, we need our respect," said KS Samant, general secretary of the General Insurance Pensioners Association (GIPA).
In the case of MWPSCA, even after its enactment three years ago, the scheme has not yet been implemented. According to Amruta Lovekar, senior project manager of Shree Ramanugrah Trust, there is still a need for policies which give senior citizens care and protection and better mental health treatment. Families that look after their parents must get tax exemption, she demanded.
Mr Desai added that even former bank and insurance company employees have been neglected by the government and were fighting to get privileges.
Subhash Desai, a Shiv Sena MLA, assured senior citizens that he would bring up the matter before Parliament. According to Sailesh Mishra, founder-president of Silver Innings, the protest had gathered huge amount of support among elected representatives. After the event, Mr Mishra told Moneylife that ministers in Madhya Pradesh have given some assurance to the committee that they would look into the various issues involving senior citizens.
A memorandum with various demands from senior citizens was submitted to the government of Maharashtra. State minister of social justice, Sachin Ahir, received the memorandum on behalf of the Maharashtra government.
Late yesterday Mr Mishra sent Moneylife an SMS saying "Victory. Met Sachin Ahir, state minister for social justice. He in principle agreed to most demands. Asked to meet again in a week." Mr Ahir was visited by Mr Mishra, Mr Samant, Dr SP Kinjawadekar (president of the All India Senior Citizens' Confederation) and Vijay Aundhe, (general secretary of the Federation of Senior Citizens Organisations, Maharashtra).
The protest was supported by 27 national, state and local level organisations, NGOs, associations of banks/insurance companies and retired employees.
New Delhi: India may drag the US to the World Trade Organisation (WTO) for its new "protectionist" move in hiking professional visa fees, a step that will make Indian IT companies less competitive in the American market, reports PTI.
The fee hike is expected to cost Indian companies, mainly IT outsourcing firms, about $200 million annually.
India "cannot keep quiet" on an issue that hurts its commercial interests, commerce secretary Rahul Khullar said today, making it clear that moving the WTO on the matter is being considered seriously.
"Yes this (visa fee hike) is WTO incompatible... I will take up the matter under advisement," Mr Khullar told reporters when asked if India was considering to drag the US to the WTO on the issue.
Protesting the American move, commerce and industry minister Anand Sharma wrote to the US Trade Representative Ron Kirk last week saying that the visa fee hike would cost Indian firms $200 million a year, making them less competitive.
Mr Khullar said the hike in H-1B and L-1 visa fees is a protectionist move that would also hurt the US interest.
"If the US wishes to put up its protectionist barriers to hurt itself let them do it. But where a measure is specifically targeting my commercial interest I cannot keep quiet," the secretary said.
Under the Emergency Border Security Supplemental Appropriations Act, 2010-popularly called the Border Security Bill-the US has hiked fee for certain categories of H-1B and L1 visas by at least $2,000 for the next five years.
US says the hike will help it foot nearly $550 million, out of the proposed expenditure of $650 million, on increasing security along the US-Mexico border.
Like India, American Inc has flayed the US government's move, which will hurt Indian IT companies the most, saying that the law would undermine investment relations with India.
Corporate America has come down heavily on all those in the US who, of late, have been alleging that Indian companies grab most of the H-1B work visas and take away American jobs.
In the latest report on immigration, US Chamber of Commerce, which is world's largest chamber with more than three million members, asserted that such allegations against Indian companies is "hyperbole".
However, the US Administration said the measure, "makes sense" and would in no way undermine "robust and vital" ties with India.