SEBI asks MFs to send annual reports to unit holders via email

The regulator has also directed the MFs to ensure that a consolidated account statement for each month is issued to the investors who have undertaken any transactions in their accounts during that month

Mumbai: As part of green initiative, market regulator Securities and Exchange Board of India (SEBI) today directed mutual funds (MFs) to send copies of annual reports to unit holders through e-mail, reports PTI.

"In order to bring cost effectiveness in printing and dispatching the annual reports or abridged summary and as a green initiative measure... the asset management companies (AMCs) shall communicate to them stating that henceforth, the scheme annual reports or abridged summary would only be sent by email," SEBI said in a circular.

"The communication ... shall clearly mention that the scheme annual accounts or abridged summary would henceforth be sent to these e-mail addresses and not as physical copies and the communication shall also have an option for the investors stating that those who still wish to receive the reports as physical copies may indicate as such," it said.

However, in case if any shareholder asks specifically for physical copies, the MFs have been told to provide the documents in such a form.

"For the rest of the investors, i.e. whose email addresses are not available with the mutual fund, the AMCs shall continue to send physical copies of scheme annual reports or abridged summary," SEBI said.

Meanwhile, the regulator has also directed the MFs to ensure that a consolidated account statement for each month is issued to the investors who have undertaken any transactions in their accounts during that month.

"AMCs shall ensure that consolidated account statement for each calendar month is issued to the investors in whose folios transactions have taken place during that month," the circular said.

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Domestic car sales dip 10% in August; two-wheeler sales up 16%

Total sales of vehicles across categories registered a growth of 11.85% to 1,412,945 units in August, as against 1,263,239 units in the same month last year, as per data released by SIAM

New Delhi: Domestic passenger car sales declined by 10.08% to 144,516 units in August 2011, from 160,713 units in the same month last year, reports PTI quoting figures released by the Society of Indian Automobile Manufacturers (SIAM).

Motorcycle sales in the country grew by 15.43% during the month to 839,772 units from 727,542 units in the corresponding month last year.

Total two-wheeler sales grew by 16.1% to 1,111,340 units last month from 957,236 units in August 2010, as per the data.

Sales of commercial vehicles grew by 22.62% to 64,248 units in the month under review from 52,394 units in the year-ago period, SIAM said.

Total sales of vehicles across categories registered a growth of 11.85% to 1,412,945 units in August, as against 1,263,239 units in the same month last year, it added.

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5 years ago

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Govt unveils measures to check bureaucratic corruption

The government has decided to impose a 10% cut in pension in cases of minor penalty and 20% in the case of those compulsorily retired as a major penalty. It has also decided to fast track cases of public servants accused of graft by eliminating certain tiers in consultation process

New Delhi: In a bid to tackle corruption in bureaucracy, the government has decided to impose a 10% cut in pension in cases of minor penalty and 20% in the case of those compulsorily retired as a major penalty, reports PTI.

It has also decided to fast track cases of public servants accused of graft by eliminating certain tiers in consultation process, sources said.

These steps are part of a series of measures accepted by the government for immediate implementation following the recommendations made in the first report of the Group of Ministers (GoM) headed by finance minister Pranab Mukherjee.

The government’s decision comes in the midst of Anna Hazare’s anti-corruption campaign for a Lokpal Bill that would also cover bureaucratic graft.

Until now, a government servant on the verge of retirement can escape proceedings for minor penalty. The GoM has now decided mere superannuation should not be a ground for dropping proceedings for minor penalty.

A cut in pension up to 10% may be imposed in case of minor penalty. This cut will have a ceiling of five years as a life-long reduction in pension would come under the category of major penalty.

The existing major penalty of compulsory retirement with full benefits may be changed to compulsory retirement along with a provision that the competent authority may impose up to 20% cut in pension.

However, there would be no cut in pension in those cases of compulsory retirement of officers being weeded out for non-performance.

One of the steps towards speeding up the inquiry proceedings is to make the departments and ministries to primarily use serving officers as Inquiry and Presenting Officers.

In important cases, they may request the Central Vigilance Commission to appoint their commissioner of Direct Inquiries as IO.

The CVC may also maintain a panel of IOs and POs from among retired officers after screening and empanelment. They could also be engaged on the advice of the CVC.

Taking into account the delays in sanction of prosecution of public servants, the GoM felt that it was imperative that sanction should be decided expeditiously and within the prescribed time-frame of three months.

The GoM has recommended that in all cases where the investigating agency has sought sanction for prosecution and submitted a charge sheet along with it, the competent authority will have to mandatorily take a decision within three months from the receipt of the request and pass a ‘speaking order’ with reasons.

If the permission is refused by the competent authority, the request should go to the next higher authority and if it is the minister and he too refuses he should submit the order within seven days to the prime minister.

The secretary of each ministry and department will monitor all cases where a request has been made for permission to prosecute and submit a certificate every month to the Cabinet secretary to the effect that no case is pending for more than three months. Reasons for pendency of a case for more than three months should be explained.

On the government’s decision to set up 71 special Central Bureau of Investigation (CBI) courts, of which only 10 are operational, the GoM has decided that the matter of setting up such courts should be taken up actively with the state governments and reviewed on quarterly basis.

It also decided that a committee may be set up for studying cases which have been pending trial for a long time and make recommendations for speedy disposal or withdrawal of such cases.

There are reportedly more than 2,400 corruption cases pending for over 10 years. The GoM decided that these may be reviewed by a committee headed by a retired judge of the Supreme Court.

Retired CVC, CBI director and another person of impeccable reputation from civil society could be members of the committee, which would particularly look at cases under the Prevention of Corruption Act.

On amendment to Art 311 of the Constitution to provide for summary proceedings in cases of grave misdemeanour or acts of blatant corruption by public servants, it was felt that there was need to strike a balance between fundamental rights of individuals and administrative agencies.

The GoM decided that instead of amending the Constitution the remedy against blatant corruption and grave misdemeanour would lie in a strict and effective implementation of existing laws and not framing of new ones.

In cases of misdemeanour, it was decided that the competent authority will decide the matter within three months of receipt of request and it will give a ‘speaking order’ with reasons.

In the event of refusal of permission, the reasons should be put up to the next higher authority for information within one week. For those above the rank of joint secretary, the competent authority will be minister whose reasons for refusal should be put up to the prime minister.

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COMMENTS

a v moorthi

5 years ago

it is often seen that when a inquiry is conducted on receipt of allegations of malafide action of Bank official resulting in financial losses to the Bank , the out come of the investigation carried out by serving officers is a pre decided farce. if the suspected officer is of lower cadre strong punishment is awarded. if the loss is of higher value involving higher the official, the investigation is derailed and official is left with minor penalty. Now coming to the role of CVC it functions similar to a Post Box. It forwards the complaint to the Parent organisation and does no follow up. Since by default it tries to protect the identity of complainant , the complainants complaint statement and further updates are never recorded by the Parent organisation and complaint is given a decent burial. I can quote at least one instance with full detail in a PSB wherein the God father of a scam ( Bank had to write of huge amount ) went on to become CVO of Allahabad Bank, then ED of BOI, CMD of UCO Bank and presently he is heading the largest financial institution connected to infratstructure development in the country. Mr. Srivatsa Krishna IAS had written in TOI in May 2011 about that gentleman style of functioning under "cash and carry"

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