It hopes that the disclosure norms would improve transparency in functioning of the AMCs and would enable investors to take informed decisions
Market regulator Securities and Exchange Board of India (SEBI) today asked mutual fund (MF) houses to disclose details of investor complaints on their websites, as well as in annual reports, to enable clients to make more informed decisions, reports PTI.
"Mutual Funds shall henceforth disclose on their websites, on the AMFI website as well as in their annual reports, details of investor complaints received by them from all sources," SEBI said in a circular.
Following the circular, all asset management companies (AMCs) will have to put up the data for the bygone fiscal by 30 June 2010 and for each new fiscal within two months of the close of the year.
SEBI hopes that the disclosure norms would improve transparency in functioning of the AMCs and would enable investors to take informed decisions.
In order to increase investor interest in MFs, the market regulator had last year abolished entry load and asked fund houses not to deduct marketing and distribution charges from the investment made by customers.
The central bank is keeping a close watch on the developments unfolding in global markets
Reserve Bank of India (RBI) deputy governor Subir Gokarn today said the Greek debt crisis will not force the central bank to give up its hawkish monetary policy stance, as it has already factored in the impact of global uncertainties, reports PTI.
"We do not believe that there is any reason to change our approach. Because it (the Greek crisis) is not showing signs of spilling over to a larger real economy problem," Mr Gokarn told reporters.
The apex bank reduced its key rates several times to fight the financial crisis that broke out towards the end of 2008, but started gradually reversing the easy money stance from October last year to contain inflationary pressures in the economy.
"It (the crisis) reflects, obviously, the continuing global uncertain environment, which is a factor we have already built into our exit strategy," Mr Gokarn, who was earlier an economist with international rating agency Standard and Poor's, said.
The central bank, however, is keeping a close watch on the developments unfolding in global markets, he added.
"There are packages in place, there are very serious efforts to contain and not let the crisis to spread to other countries. But we keep a watch on things and see how it pans out," Mr Gokarn said.
The problem of domestic manufacturers, including BHEL and L&T, is accentuated by 14% cost advantage due to zero-duty imports
The government may consider duty concessions on power equipment to create a greater level playing field for domestic manufacturers who have been hit hard by cheap Chinese imports at zero duty, reports PTI.
An empowered government committee would meet by the month end to examine the option of duty concessions to domestic power equipment manufacturers, sources in the know said.The problem of domestic manufacturers, including BHEL and Larsen and Toubro (L&T), is accentuated by 14% cost advantage due to nil duty imports.
BHEL has been demanding imposition of anti-dumping duty on Chinese equipment.According to sources, pressure is building on the government to act fast to safeguard the interests of the Indian industry, especially with respect to Chinese equipment suppliers who have a clear 14% advantage over domestic manufacturers.
Over and above this clear 14% advantage, Chinese companies also fare better price-wise due to a grossly undervalued yuan.While considering a note submitted by the ministry of power (MoP) on modifications to the Mega Power Policy, the Committee of Secretaries (CoS) in August 2009 had decided that a committee be set up under the Planning Commission, with the Department of Heavy Industry (DHI), MoP and the Department of Revenue (DoR) as members, to suggest options and modalities to take care of the disadvantages suffered by the domestic power sector firms.
However, the power ministry is of the view that any such options cannot be implemented before the start of the next Plan period (April, 2012), as the orders for equipment during the current Plan period (2007-12) have already been placed and these modalities may hamper the capacity addition programme.
The power ministry says that in case measures to create a more level playing field for domestic manufacturers are not immediately notified, not only will the disadvantages faced by domestic manufacturers be perpetuated, but the development of domestic manufacturing capacities would also be seriously impeded, and new investors may withdraw further investments.
One of the recommendations made by the CoS in its report of February 2010 is that the extent of disadvantage that needs to be bridged is about 14% and that this can be achieved by a 10% customs duty and 4% Special Additional Duty (SAD).