Taurus Asset Management to provide Shariah-compliant investment services

The services provided by Taurus would be certified by Taqwaa Advisory and Shariah Investment Solutions

Portfolio manager Taurus Asset Management said it would provide customers advisory services for Shariah-compliant investments.

Taurus Asset Management under its portfolio management services (PMS) umbrella, in association with Multigain Shariah Investment Services, has launched its Shariah compliant PMS strategy branded as 'TM Shariah Strategy', Taurus said in a statement.

"The aim of launching TM Shariah Strategy is to bring Shariah compliant investment opportunities in the Indian stock market to Muslim investors as well as to those who are seeking ethical investment in India and abroad," it added.

The services provided by Taurus would be certified by Taqwaa Advisory and Shariah Investment Solutions (TASIS). This would be the first Shariah strategy under PMS to be certified by TASIS, the statement added.

Under the services, Taurus AMC would appoint an independent SEBI-approved custodian and Fund Accountant to ensure that there is no conflict of interest.

It would also provide a log-in facility to clients to view their portfolios on a day-to-day basis. Scrips for investment under TM Shariah Strategy would be selected from the stock universe provided by TASIS on monthly basis.

In December last year, the Bombay Stock Exchange (BSE) and TASIS together launched the BSE TASIS Shariah 50 index, consisting of the 50 largest and most liquid Shariah compliant stocks within the BSE 500.

Two years back Taurus AMC, as the investment manager of Taurus Mutual Fund, had launched a Shariah compliant Mutual Fund scheme.


Vodafone Essar to provide news service on mobile

ZTE India has built and deployed technology platform for Vodafone Essar through which it will provide news service on mobile via MMS

ZTE India, the Indian arm of Chinese telecom infrastructure provider ZTE, said it has built and deployed technology platform for Vodafone Essar through which it will provide news service on mobile via MMS.

"While news updates have been available on mobiles, this is the first time that a mobile newspaper service via MMS has been deployed commercially by any operator in the country," ZTE India said in a statement.

For this service the news content will be provided by Vodafone's own content providers while ZTE will be managing and uploading all the content which it will receive from content providers.

"We are extremely happy that our first long-term partnership on a revenue-sharing model in India is with Vodafone Essar," ZTE India CEO Cui Liangjun said in a statement.

As a part of the project, ZTE India has created the Mobile Newspaper Service and multi-media messaging service centre platforms, under a revenue-sharing model for the first time.

"We will continue to expand our VAS offerings and will aggressively focus on attaining leadership in the segment by offering innovative VAS solutions," he added.


Manmohan: I am not a lame duck PM

Prime minister describes perception that government has gone comatose as clever propaganda by opposition parties

New Delhi: Dr Manmohan Singh today dismissed talk that he is a "lame duck" prime minister, saying that he had been entrusted with the job by the Congress Party, from which he has not heard "any contrary view".

He described the perception that his government had gone "comatose" and was a "lame duck" as clever propaganda of opposition parties, "to which some sections of the media had lent a ear", and he underlined that "truth will prevail" and his performance would speak.

Sonia has done superb job
Dr Singh spoke about the "maximum possible co-operation" that he was getting from Congress party president Sonia Gandhi, with whom he met one-on-one every week. He had never felt that she was an "obstacle".

During a 100-minute interaction with five editors at his official residence this morning, a relaxed prime minister fielded questions on a wide range of issues, from the talk over whether Rahul Gandhi should take his place, to the Lokpal Bill, corruption and relations with neighbouring countries.

Sonia Gandhi had done a "superb job" as Congress president for nearly 15 years now, he underlined.

Asked about occasional statements from party functionaries that Rahul Gandhi should become prime minister, Dr Singh said that the Congress Party and its president had entrusted him with this job and he had not heard any contrary view from the Congress high command.

"In fact, the Congress high command has always been most supportive, particularly Mrs Gandhi," the prime minister said.

Younger people should take over
He went on to add, "Personally, if you ask me, the general proposition that younger people should take over, I think, is the right sentiment". Whenever the party "makes up its mind I will be very happy to step down, but so long as I am here, I have a job to do".
To a question about a possible reshuffle of his Cabinet, the prime minister said it was a "work in progress". Asked if it would take place soon, Dr Singh replied, "I cannot predict."

About the Lokpal Bill, he said it was essential and desirable. The country needed a strong Lokpal although it is not a "panacea".

He told the editors that he would try to find a way on the Lokpal issue and work for a national consensus. The government would reach out to civil society, but no group could insist that their views, "A to Z", are the last word.

PM under Lokpal

As for bringing the office of the prime minister under the purview of the Lokpal, the prime minister said he has no hesitation in bringing himself under it.

However, many of his Cabinet colleagues were of the view that bringing the institution of the prime minister under Lokpal would create "an element of instability which can go out of hand".

In any case, the prime minister is covered by the anti-corruption act and is a 24-hour servant of the people, he said, and pointed out that a person holding that office can be removed by parliament.

Dr Singh said that he would like to be "guided" by political parties on this issue. Tamil Nadu chief minister J Jayalalithaa and her Punjab counterpart Prakash Singh Badal had both expressed their views that this office should be kept out of the Lokpal's purview.

Stability of the government  
Told about doubts being raised about the stability of his government, particularly in the light of problems with the DMK, the prime minister said, "We have some points of tension, but nobody wants an election."

On the dialogue with Civil Society, he said that the government should appear to be receptive to what society says and he had himself encouraged a dialogue with Anna Hazare.

With regard to Baba Ramdev also, the effort was not to create unnecessary misunderstanding, he said, adding that he had earlier written to the yoga guru to share some of his concerns on black money and corruption.

About the controversy surrounding the decision of four union ministers to meet the yoga guru at Delhi airport, Dr Singh said that it was not to "receive" him, but that the meeting had been arranged so that it could take place before the guru entered Delhi.

Responding to a question about the police action against Baba Ramdev and his followers at Delhi's Ramlila ground in the middle of the night, Dr Singh said it was unfortunate but he did not see any alternative. If action was taken the next day there would have been larger crowds, he said.

Asked if Anna Hazare was naive or politically motivated, the prime minister said it was not good to question the motives of those persons the government is negotiating with.

Guilty will be punished

Asserting that his government was committed to pursuing whatever was feasible to deal with black money, tax evasion and corruption, the prime minister said it was nevertheless not a "one-shot operation".

He acknowledged that the telecom scam, the CWG scam and other perceived cases of corruption had caused genuine concern to the middle class whom he assured that the guilty would be punished.

In his opening remarks, the prime minister said there was a growing perception in the media that the government was under a siege and not able to implement its agenda.

He then went on to hit out at the role of the media, saying that it has become "accuser, prosecutor and the judge". No parliamentary democracy could function in that manner.

Uncertain neighbourhood

About foreign relations, the prime minister said India lived in a very uncertain neighbourhood and a very uncertain international economic environment.

On Pakistan, he said that the action taken by it so far to deal with terror emanating from its soil was not satisfactory, but India had to keep the country engaged.

He said terror should never be used as a state policy. Terror groups like Lashkar-e-Toiba (LeT) and Jaish-e-Mohammed (JeM) were offshoots of the ISI.

Asked about the possibility of his visiting Pakistan, Dr Singh said they were keen about it but there must be something solid to achieve.

About China, he said that the Indian media should not sensationalise differences with that country. He had dealt with the present leadership of president Hu Jintao and prime minister Wen Jiabao whom he regards as men of peace.

At the same time, the prime Minister said India could not compromise on the issue of Arunachal Pradesh to which China lays claim and on river systems.


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