Tip: Obtaining Duplicate Papers

What do you do when important documents related to your property are misplaced? The first thing to do is to file an FIR stating that the documents have been lost, misplaced or stolen, and get a copy of the complaint. If the house is mortgaged and the documents have been misplaced by the bank, the FIR will still have to be filed. A buyer has the right to ask the seller to provide a copy of the FIR. The home-owner has to place an advertisement in daily newspapers including one in English and one in the regional language, stating the loss of the original documents. Even the buyer can place such an advertisement and, through it, call for any claimant to the property within 15 days of the advertisement being published.

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Equity mutual funds lost Rs1,827 crore in July 2013

After marginal inflows in June, equity mutual funds faced a net outflow in July on account of poor fresh inflows and higher redemptions

July was again a dreadful month for the mutual fund industry. It witnessed a total net outflow of Rs50,067 crore for the month. The industry faced heavy redemption pressures in all categories of schemes. Much of this happened due to heavy redemptions in liquid schemes, because of central banks’ policies tightening liquidity. Liquid schemes suffered a total net outflow of Rs45,296 crore. Income schemes too, faced higher redemptions, leading to a net outflow of Rs2,657 crore. Comparatively, outflows from equity mutual fund schemes were much lower. But, since the beginning of FY13-14, equity mutual fund schemes have lost assets over Rs3,000 crore in net outflows.
 

Sales of equity mutual fund schemes declined to the lowest in the past eight months. The quantum of sales in July 2013 declined by 11% to Rs2,945 crore, compared to Rs3,311 crore for the same month last year. Redemptions too were higher at Rs4,772 crore, up 12%, from Rs4,260 registered in July 2012.
 

Approximately 12% of the inflows into equity schemes come from direct plans. Compared to the total inflows from direct plans across all categories, this translates to just about 2% of the total inflows from direct plans. The largest inflow through direct plans is in the liquid fund category, much of which is from corporate investors. According to a CRISIL report, direct plans constitute 25% of the total industry AUM against 15% in the previous quarter. Debt-oriented mutual funds constitute 98% of the total AUM under direct plans.
 

Since April 2013, there have been just three equity new fund offers that have been launched. While fund houses are filing offer documents with the regulator to launch new schemes, very few of these are actually being launched. As many as 14 offer documents of equity oriented schemes have been filed, but just two of these schemes have been launched so far. The volatile market conditions and poor response to equity schemes from retail investors may have caused fund houses to put off the launch of the schemes.


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COMMENTS

Vinayak Bhimarao Mudholkar

4 years ago

Without DII how to expect bull run !!!....The investment culture is being destroyed by all concerned.

REPLY

Nilesh KAMERKAR

In Reply to Vinayak Bhimarao Mudholkar 4 years ago

1) Delayed / deferred bull run is good news. - It allows investors to deploy funds on favourable terms.

2) The 1992 bull run was not because of the DIIs. Also remember the retail participation in direct equity was higher then. - And like in the past, investors who come to the party late shall end up hurting themselves badly.

Vinayak Bhimarao Mudholkar

In Reply to Nilesh KAMERKAR 4 years ago

Sir,
I have been investing during 2012-2013 & would not give up; because its my passion....Great people like Sir John Templeton & Aswath Damodaran are my idols.....Many thanks for boosting morale of ordinary retail investors like me by sharing knowledge & experience !!!....Had it been possible I would have rated your comments on various issues with seven stars!

Nilesh KAMERKAR

4 years ago

Going forward, things may get even more difficult for the MF industry.

Four factors have significant impact on the health of MF industry, but get over looked:
1) How many new (first time ) investors have been acquired post August 2009,
2) Fall in the no. of folios (investor accounts) &
3) How many new distributors are enrolling for selling MFs &
4) How many distributors have given up on selling MFs.

Institutional funds that are being parked in FMP & Liquid will not be able to camouflage the real weakness of Indian MF industry for long.

MF reforms are now about one year old. And if things deteriorate at a fast pace, then SEBI would be eating crow sooner than later.

CHANDU CHARTIST

4 years ago

AAME FUND MANEJARO PARKA KHAMBHE KHURDO RAKHI GOLIBAR KARNARA HOI CHHE

CHANDU CHARTIST

4 years ago

AAME FUND MANEJARO PARKA KHAMBHE KHURDO RAKHI GOLIBAR KARNARA HOI CHHE

CHANDU CHARTIST

4 years ago

AAME FUND MANEJARO PARKA KHAMBHE KHURDO RAKHI GOLIBAR KARNARA HOI CHHE

sivasankaran

4 years ago

what KAMAT has said is true.there should be conviction to win.the persons who lost the opportunity wii rue when the market clear the hurdles.

pannag kamat

4 years ago

The ups and downs are common in the market. We have to wait and use the SIP route. In the long term definitely it will give good returns.

RTI Judgement Series: When PIO asks for additional fees after 30 days

The CIC ruled that the PIO had erred in demanding additional fees from the appellant since the mandated period of 30 days was over. This is 151st in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application

The Central Information Commission (CIC), while allowing an appeal, directed the Central Public Information Officer (CPIO) under the officer of Superintendent of Police at Central Bureau of Investigation (CBI)'s Animal Husbandry Department Branch in Ranchi, to provide the information and refund the additional fees of Rs1400 paid by the appellant.

 

While giving this judgement on 20 May 2010, Shailesh Gandhi, the then Central Information Commissioner said, “Since the letter for additional fees was received after the mandated period of 30 days, the information should be provided free of cost as per the provision of Section 7(1) & 7(3) of the Right to Information (RTI) Act.”

 

Sanhouli (Dist Kagaria, Bihar) resident Shailendra Singh Tarkar, on 8 May 2010, sought from the PIO attested copy of the report of the multi-crore medical store depot (MSD) scam which was sent to the Health Department in Bihar government by the Central Bureau of Investigation (CBI), Patna.

 

The PIO, in his reply asked Tarkar, the applicant to pay additional fee towards copying charges. The PIO stated, "Please refer to your application dated 08.05.2010, received in this office on 11 May 2010 , requesting therein to provide copies of SP's Report covering  MSD Scam Cases under Right to Information Act. In this context, it is requested to deposit Rs1,316 towards the necessary fee for Xeroxing the documents [@Rs2 per copy] in accordance with the provision of Right to Information (Regulation of fee and costs) Rules, 2005 at the earliest so that the desired documents may be provided to you under RTI Act, 2005."

 

Since the letter demanding additional fees was sent after 30-days period, Tarkar said he should receive the copies free of cost. In his first appeal Tarkar said, he filed his RTI application on 8 May 2010 and received PIO's reply dated 10 June 2010 only on 22 June 2010. "Since the letter for additional fees is received after the mandated period of 30 days the information should be provided free of cost as per the provision of Section 7 (6) of the Act," he said.

 

After examining the appeal, the First Appellate Authority (FAA), in his order said, "The CPIO has informed that application was received on 11 May 2010 and reply has been sent on 10 June 2010. Thus, there is no delay in disposal and it cannot be presumed that information has been denied."

 

Not satisfied with the FAA's ruling, Tarkar approached the CIC with his second appeal, which said, "Since, the letter demanding additional fee was received after 30 days, the information should be provided free of cost as per Section 7(6) of the RTI Act."

 

During the hearing, Mr Gandhi, the then CIC noted that the appellant (Tarkar) paid Rs1,400 and received the additional information from the PIO. Tarkar told the Bench that although he had received the report from the PIO, in another communication; the Bihar government informed him that it had not received the report on MSD scam from the CBI.

 

Mr Gandhi, then directed the PIO to send a copy of the covering letter with which the MSD Scam report was sent to the Bihar government along with proof of dispatch of this report to the state government. "If any acknowledgement has been received from Bihar government about the receipt of this report, then an attested photocopy of the same would also be sent to the appellant," the CIC said.

 

The Bench noted that the then PIO had erred in demanding additional fees from the appellant since the mandated period of 30 days was over. It said, "The FAA has also erred since after recording that the PIO had received the RTI application on 11 May 2010 and that the demand or additional fees was sent on 10 June 2010, he has held that the demand for additional fees was justified."

 

Section 7(1) & 7(3) of the RTI Act are relevant and are given below...

"7. (1) Subject to the proviso to sub-section (2) of section 5 or the proviso to sub.-section (3) of section 6, the Central Public Information Officer or State Public Information Officer, as the case may be, on receipt of a request under section 6 shall, as expeditiously as possible, and in any case within thirty days of the receipt of the request, either provide the information on payment of such fee as may be prescribed or reject the request for any of the reasons specified in sections 8 and 9:

(3) Where a decision is taken to provide the information on payment of any further fee representing the cost of providing the information, Central Public Information Officer or State Public Information Officer, as the case may be, shall send an intimation to the person making the request, giving-

(a) the details of further fees representing the cost of providing the information as determined by him, together with the calculations made to arrive at the amount in accordance with fee prescribed under sub-section (1), requesting him to deposit that fees, and the period intervening between the despatch of the said intimation and payment of fees shall be excluded for the purpose of calculating the period of thirty days referred to in that sub-section;"

 

While allowing the appeal, Mr Gandhi said, "In the instant case since the letter demanding additional fees was sent on the 31st day the information should have been sent free of cost as per Section 7(6) of the RTI Act."

 

The Bench directed the PIO to provide the information before 5 June 2011 and also refund the amount of Rs1,400 paid by the appellant before 30 July 2011.

 

CENTRAL INFORMATION COMMISSION

 

Decision No. CIC/SM/A/2011/000296/SG/12458

http://www.rti.india.gov.in/cic_decisions/CIC_SM_A_2011_000296_SG_12458_M_56601.pdf

Appeal No. CIC/SM/A/2011/000296/SG

 

Appellant                                            : Shailendra Singh

                                                                 At PO Sanhouli, Dist Kagaria,

                                                                 Bihar 851205

 

Respondent                                        : RC Chaudhary

                                                                CPIO & SP-CBI,

                                                                Office of the Superintendent of Police,

                                                               Animal Husbandry Department Branch

                                                              Deen Dayal Nagar, Police Station -Lalpur,

                                                              District Ranchi, Jharkhand

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