Besides complaints, the call centre would attend investor calls on issues like trading accounts and complaint status. Besides complaints, the call centre would attend investor calls on issues like trading accounts and complaint status
New Delhi: Market regulator Securities and Exchange Board of India (SEBI), which receives well over 100 investor complaints a day, plans to initially have about 10 agents at its proposed call centre to be managed by an outside agency to redress such grievances, reports PTI.
"It is estimated that the helpline services would require 10 persons initially to provide the nation wide helpline service to SEBI," the regulator said in an addendum to its tender inviting bids from agencies interested in setting up the call centre.
SEBI floated the tender early this month as it plans to outsource its investor helpline service to a third-party call centre. Besides complaints, the call centre would attend investor calls on issues like trading accounts and complaint status.
It will also provide assistance in matters like transfer and transmission of shares, IPOs, etc.
Besides, the call centre would also require to provide guidance on status of companies on whether they are unlisted, sick, vanished or delisted besides matters pertaining to other regulators that are not under the SEBI purview.
In the long run, SEBI wants a minimum 500-seat operation capacity for one shift and a 1,500-seat capacity for three-shift operations, with equal number of call centre agents.
The decision to outsource its investor helpline came within weeks of SEBI deciding to rope in third-party agencies for processing and maintenance of investor grievances.
Faced with the Herculean task of handling thousands of investor complaints, SEBI had taken a decision in this direction in March last week to resolve such grievances on a fast-track basis.
SEBI received more than 32,300 investor complaints in 2009-10, while the numbers are even higher at over 39,600 in the first nine months of the current fiscal. Since SEBI's inception, the total number of investor grievances has swelled to over 2.7 million.
Incidentally, SEBI is in the process of finalising a set of regulations for outsourcing of work by various market intermediaries such as brokers, mutual funds and investment bankers.
The regulator is, however, said to be against outsourcing of the market entities' core and investor-sensitive activities.
The erosion in standalone net profit is mainly on account of higher provisioning against bad loans, operating expenses including employee cost besides tax outgo of over Rs900 crore
Mumbai: State Bank of India's (SBI) net profit nosedived to Rs20.9 crore during the fourth quarter ended 31 March 2011 fiscal against Rs1,866.60 crore in the same quarter previous fiscal, reports PTI.
The erosion in standalone net profit is mainly on account of higher provisioning against bad loans, operating expenses including employee cost besides tax outgo of over Rs900 crore.
Total income during the quarter rose 18% to Rs26,536.8 crore from Rs22,474.1 crore in the corresponding period a year ago.
Despite dismal performance, the bank maintained the dividend at 300% for 2010-11. It will pay a dividend of Rs30 per share on face value of Rs10 after getting the shareholders approval.
For the fiscal ended March 2011, the net profit slipped by 10% to Rs8,264.5 crore compared with Rs9,166.05 crore in the previous fiscal.
However, the total income rose to Rs97,218.9 crore during the fiscal against Rs85,962.07 crore in FY 2010.
During the fourth quarter, SBI made a provision of Rs3,263.9 crore against bad debts compared with Rs2,186.7 crore in the same period a year ago, an increase of 49%.
At the same time, tax outgo during January-March quarter rose to Rs1,901.8 crore from Rs977.8 crore in the same period a year ago. Operating expenses of the bank including employee cost also rose to Rs6,793.8 crore from Rs6,036 crore.
On a consolidated basis, the net profit of the SBI Group declined by 7% to Rs11,179.9 crore for the year ended 31 March 2011 compared with Rs12,013.6 crore a year ago. Total income increased to Rs1,47,843.9 crore from Rs1,13,093 crore.
Aurobindo Pharma has received approval from the Australian health authority to market Risperidone and Alendronate tablets, used in the treatment of schizophrenia and osteoporosis
Aurobindo Pharma said it has received approval from the Australian health authority to market Risperidone and Alendronate tablets, used in the treatment of schizophrenia and osteoporosis, respectively, in the Australian market.
The company's subsidiary, Aurobindo Pharma Australia Pty, has received approvals from the Therapeutic Goods Administration (TGA), Australia, for registration of Risperidone tablets in 0.5mg, 1mg, 2mg, 3mg and 4mg strengths, besides oral solution in 1mg/1ml strengths, Aurobindo Pharma said in a statement.
In addition, the company has received approval for marketing Alendronate tablets in 70mg strengths, it added.
According to IMS data, Risperidone products have a market size of nearly $27.5 million in Australia, while the market for Alendronate was worth $14 million for the twelve months ending September 2010.
With this approval, the Hyderabad-based firm now has eight approvals from the TGA, the company said.
Risperidone tablets and oral solution are used in the treatment of schizophrenia and fall under the neurological (CNS) segment. Alendronate tablets are used in the treatment and prevention of osteoporosis.
On Tuesday, Aurobindo Pharma ended 2.52% down at Rs189.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.13% to 18,137.35.