“SEBI is working towards making the MF industry disclose their AUM for a retail investor to understand. If you are making a particular scheme, it is important for a retail investor to know what has been the track record of the fund manager. We see no problem in disclosing that,” SEBI chairman UK Sinha told media persons
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) is likely to make it mandatory for mutual fund (MF) players to declare their assets under management (AUM) and details of new schemes to ensure that retail investors take informed decision before investment, reports PTI.
“SEBI is working towards making the MF industry disclose their AUM for a retail investor to understand. If you are making a particular scheme, it is important for a retail investor to know what has been the track record of the fund manager. We see no problem in disclosing that,” SEBI chairman UK Sinha said at a CII meet.
The average assets managed by the MF industry, consisting of 40 players, stood at Rs7,00,538 crore as of 31 March 2011.
Stating that penetration of industry is low in India, Mr Sinha added, “We find that there are several irritants. So our attempt is to remove some irritants. This is to make easy for somebody to enter the market, at the same time we are seriously thinking about introducing more disclosures.”
When asked if SEBI is contemplating to re-introduce entry load to incentivise distributors, Mr Sinha said, “I don't think re-introduction of entry load as solution on table.”
SEBI in 2009 had asked mutual fund companies not to deduct marketing and distribution charges from investment made by subscribers.
The upfront commission is now paid by the investor to the distributor directly.
RIL’s partner in the block Hardy Oil and Gas Plc did not give reserves the discovery may hold saying the potential commerciality of this discovery is being ascertained through more data gathering and analysis
New Delhi: Reliance Industries (RIL) has made a natural gas discovery in the very first well drilled on its D9 block in the Krishna Godavari basin off the east coast of India, reports PTI quoting its junior partner Hardy Oil and Gas Plc.
London-listed Hardy through a press statement announced “first gas discovery in the exploration well KG-D9-A2 within the D9 licence.”
RIL holds 90% interest and is the operator of the deep-sea block KG-DWN-2001/1 (D9). The Reliance-Hardy combine had won the 11,605 square kilometre (equivalent to 48 North Sea blocks) in the third round of bidding under New Exploration Licensing Policy (NELP) in 2003. Hardy holds 10% interest in the block.
“The well KGD9-A2 was drilled to a total depth of 4,881 metres with the objective of exploring the play fairway in the Early and Late Miocene Channel Levee Complex in a water depth of approximately 2,700 metres,” it said.
“Three sand reservoirs with a gross thickness of approximately 22 metres were encountered and evaluated by wireline MDT. This discovery, named ‘Dhirubhai – 54’ has been notified to the government of India and DGH,” it added.
Hardy did not give reserves the discovery may hold saying the potential commerciality of this discovery is being ascertained through more data gathering and analysis.
The D9 exploration licence is located in the Krishna Godavari Basin on the east coast of India and presently covers an area of approximately 8,695 square kilometres. The licence’s minimum work programme provides for the drilling of four exploration wells.
Commenting on the well results, Yogeshwar Sharma, chief executive officer of Hardy said: “We are encouraged by this discovery which extends the proven Miocene play fairway into the frontier D9 block.
“The D9 joint venture expects to drill the fourth exploration well prior to the end of 2011.”
The RIL stock was up 2% at Rs863.05 apiece in late morning trade on the Bombay Stock Exchange today.