Regulations
SEBI to focus on cost incurred by mutual fund investor
India's market regulator on Tuesday said it will focus on the cost to a mutual fund investor as part of its customer protection measures.
 
Speaking at the CII Mutual Fund Summit here, Securities and Exchange Board of India chairman U.K.Sinha said consumer protection is one of the prime focus areas of SEBI and cost to investor will be an important aspect of the future course of action.
 
The finance ministry has also set-up a Financial Stability Development Council to take into account the cost structures, he said at the event organised by the Confederation of Indian Industry (CII).
 
Sinha said that the mutual fund industry has helped in countering the volatility caused by the investments pattern of foreign portfolio investors and brought macroeconomic stability to Indian markets.
 
He further stated that the government's decision of allowing the Employees Provident Fund (EPFO) to invest in mutual fund schemes is a great achievement.
 
Sinha also urged the industry to think of medium to long-term measures for its sustainable growth, and also now focus on how equitably they are serving the requirements of the customers.
 
In the last three years, measures like reduction in transaction charges, introduction of consolidated account statements, availability of mutual fund units in demat form, fungibility of total expense ratio, encouraging voting by asset managers to protect interest of minority share holders, addition disclosure of distributors, tax clarity on offshore funds, recent announcement in the budget over tax clarity for scheme mergers and many more were implemented, he said.
 

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COMMENTS

Nilesh KAMERKAR

1 year ago

1. Was it wise to have bought whatever FIIs sold? - Or

2. Whether FIIs exploited the liquidity created by money flowing into MFs to book some profits? &

3. FII own approx 25% of Indian equities. If they were to offload meaningful amount of equities - how much of it can MFs really absorb?

To say MFs have brought macroeconomic stability is . . . Dil ko behlane ke liye khayal achha hai

SpiceJet launches 'Hand Baggage Only' fares
Budget passenger carrier SpiceJet on Tuesday launched a "Hand Baggage Only" fares.
 
The new fare scheme is intended to offer discount for passengers who carry hand baggage only. The scheme will be available on most direct domestic flights with a minimum 30 days advance purchase. 
 
It is estimated that the new scheme will provide a discount worth Rs.200 on a one-way flight. While for a round trip the discount can be as high as Rs.1,000. 

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COMMENTS

Dr Anantha K Ramdas

1 year ago

The introduction of reduced fares for passengers with little or no luggage would be a boon to those who travel light. A lot of passengers manage to sneak in number of small packages along with "cabin" baggage and make others' life uncomfortable.

In a recent flight from Dubai, on IndiGo, where they have a 30 kg free check in baggage allowance, they had vigilant multi-check points to ensure that pax do not carry hand baggage beyond 7 kg they permit. These were stopped just before entering the aircraft, on the air-bridge, and charged. Thus other passengers had a comfortable flight.

Most airports have cabin baggage "check" facilities and any size beyond this "permissible" level were checked in as baggage. Yet, passengers "manage" to have the combined cabin and computer baggage into the craft.

Reduced baggage will eventually make the fuel costs less and this, hopefully, reflect in fare reductions.

CBI files chargesheet in Rs.220 crore Dena Bank fraud
The CBI filed a chargesheet against a former Dena Bank official, a top company official and two others for defrauding the bank to the tune of Rs.220 crore (Rs.2.20 billion) last year, an official said here on Tuesday.
 
The accused are Pritam V. Nagarkar, the then chief manager of Dena Bank's Malabar Hill Branch in Mumbai, Showman Group Vice-President Vimal Barot, and two co-accused Devendra Bhogle and Rahul Gohil.
 
The chargesheet in the scam -- unearthed in July last year -- was lodged in the Central Bureau of Investigation (CBI) special court invoking various sections of the Indian Penal Code and Prevention of Corruption Act.
 
According to the CBI investigations, the bank chief manager allegedly connived with the other accused to commit the fraud on the bank by mobilising term deposits of Rs.256.49 crore from various organisations.
 
On the basis of forged requests for overdraft facilities against term deposits of at least seven companies, loans were sanctioned to these organisations.
 
The CBI said that Nagarkar and Barot allegedly conspired to siphon off Rs.220 crore causing loss to Dena Bank.
 
Soon after exposing the scam, the CBI had raided the homes and offices of the accused at three locations in Mumbai.

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