Noting that retirement and pension money is not coming to the market, SEBI Chairman UK Sinha wondered why asset management companies (AMCs) are not launching funds aimed at attracting pension money
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) today said fund houses should launch pension products, so that retirement money can be brought into the capital market, reports PTI.
Noting that retirement and pension money is not coming to the market, SEBI Chairman UK Sinha wondered why asset management companies (AMCs) are not launching funds aimed at attracting pension money.
“Retirement and pension money is not coming into the market. It is legally possible that retirement money can be invested in the markets ... why are AMCs not able to launch pension funds?” Mr Sinha said at India Investment Conference here.
“We are passing through very difficult times. Margins and volumes and flow of fresh money are coming down. What you do in such a situation? We need to start taking measures,” Mr Sinha said, adding that level of participation in the markets by households is very low.
In future, Mr Sinha said, SEBI will be regulating alternative investments. “Currently we are looking at regulations on distributors and investor advisers.”
About 50% of mutual fund business is done through distributors who are not regulated at all, he said.
On the proposed new IPO norms, Mr Sinha said, “We are looking at a review of the entire IPO process, as to who would participate, and in what manner and how to reduce the timelines.”
Replying to query on insider trading norms, Mr Sinha said, “We will take strict action against market manipulators.”
Experts have called for more transparency in the entire process of testing and advocated testing of milk on a continuous basis
The recent survey on milk adulteration conducted by the Food Safety and Standards Authority of India (FSSAI) found that 68% of the tested samples did not conform to the set standards while some also contained detergent. Experts however feel that findings were expected and the survey has nothing new to offer. They called for more transparency in the entire process of testing and advocated testing of milk on a continuous basis.
Pritee Shah, chief general manger, Consumer Education and Research Centre (CERC) and Editor of Insight , a consumer magazine, seconds the view. “There has to be mechanism for constant inspection. The checks and balances should be clearly defined. The survey itself shows that most of the samples were loose samples. So consumers should prefer packaged milk. When we had tested milk at CERC, it showed that packaged milk is better compared to loose.”
She adds, “Sometime back the health minister (MoS) Dinesh Trivedi had said cattle are injected with Oxytocin, a prescription drug, to boost milk production. Such milk would be harmful for our health. So there is clear need to conduct regular testing and inspections of milk.”
AR Shenoy, Mumbai-based consumer activists says that, “The findings are an open secret and are not new. What is the point in conducting a survey once in a year? Milk as a commodity is used on a daily basis, so there has to be continuous surveillance. The whole process has to be transparent with details like how and were the samples drawn? What is the peripherally used to test? What is the qualification of the person conducting the testing? The mechanism has to be overhauled.”
The survey was conducted across India, with total of 1,791 samples drawn from 33 states and Union Territories, to identify common adulterants like urea, detergent, skimmed milk powder, hydrogen peroxide, starch, etc. Out of the total tested samples, the FSSAI found 68.4% samples non-conforming to set standards of which 46.8% were deficient in fat and solid no-fat content (SNF) and 44.69% had skimmed milk powder (SMP). Detergent was found in 8.4% of the total samples.
Taking suo moto cognizance of the news reports on adulterated milk in the National Capital Region, the Delhi High Court (HC) issued a notice to Delhi government and the Centre seeking their responses.
According to Ms Shah, consumer themselves should also be more educated and proactive in registering complaints. “Urban consumers have a misconception that packaged milk contains milk powder and preservatives and hence they go for local dairy milk, which is often adulterated with water. Consumers should also be proactive in complaining, on finding sour or spoiled milk—either packaged or loose, to a local food inspector or to any consumer organization. This is will help in curbing this menace by forcing the dairy owners to adhere to the set standards.”
“There is need for regular monitoring and awareness among the people. The new Food Safety and Standards Act, 2011 has a provision for summary trials where regular tests can be conducted,” V Sudershan Rao, a food safety expert at the National Institute of Nutrition, Hyderabad, said.
India’s top private airline Jet Airways has ordered 17 mid-range 737 aircraft from US-based aircraft company Boeing.
India’s top private airline Jet Airways has ordered 17 mid-range 737 aircraft from US-based aircraft company Boeing, reports said, quoting a Boeing spokesperson.
He said the orders were placed this month, the official said.
The spokesperson, however, did not give any further detail, saying that a further announcement in this regard will be given by the airliner.
In the late afternoon, Jet Airways was trading at around Rs207.35 per share on the Bombay Stock Exchange, 1.15% up from the previous close.