TVS Capital Funds appoints Madan TN to head research

Madan brings with him around five years of experience from his previous assignment with CRISIL where he oversaw the research delivery of large analyst teams working across a range of sectors.

TVS Capital Funds Ltd, which is in the process of raising its top- up 'Fund Scheme 1B', is expanding its core investment and research team. To further strengthen the team, TVS Capital has recruited Madan TN as head of research to play a significant role in deal sourcing and evaluation. Madan brings with him around five years of experience from his previous assignment with CRISIL where he oversaw the research delivery of large analyst teams working across a range of sectors.

Madan's expertise is in equity valuation and he has conducted workshops and seminars on practical issues of valuation for investment professionals across the industry. His earlier assignments include Morgan Stanley Capital International and Ernst & Young. Madan is a chartered accountant by qualification and was ranked 7th in India in the CA Final Examination.

Earlier this month, TVS Capital hired Gulshan Khatri as the head of investor relations. Khatri earlier assignment was with IDFC.

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Auto, taxi drivers to get health cover under RSBY

Government has now decided to bring auto and taxi drivers under its ambit for health cover

After extending health cover under Rashtriya Swasthiya Bima Yogana (RSBY) scheme to domestic and beedi workers and porters among others, Government has now decided to bring auto and taxi drivers under its ambit.

A cabinet note on the issue has been prepared and sources in Labour and Employment Ministry said the move was initiated in view of the swelling number of auto and taxi drivers in the unorganised sector.

They said the ultimate aim of the Ministry would be to bring everyone in the unorganised sector under the flagship RSBY programme, under which beneficiaries are entitled to hospitalisation coverage up to Rs30,000 for most of the diseases that require hospitalisation.

About 4,500 private hospitals and 2,000 government hospitals are empanelled under the scheme. The sources indicated that the modalities of the scheme including payment of premium would be marginally different in case of auto and taxi drivers.

At present, beneficiaries need to pay only Rs30 as registration fee while central and state government pays the premium to the insurer. The state government would be identifying the auto and taxi drivers and the help of the regional transport offices would be sought.

RSBY scheme was originally envisaged to cover BPL families, but was subsequently extended to MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) workers, construction workers and domestic workers among others. A budgetary allocation of Rs350 crore was made for the RSBY in the current fiscal.

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Reliance MF launches 150 days Fixed Horizon Fund

Reliance Fixed Horizon Fund-XX-Series 8 issue closes on 13th October

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XX-Series 8, a close-ended income scheme.

The investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility. The tenure of the scheme is 150 days.

The new issue closes on 13 October 2011. The minimum investment amount is Rs5,000. Crisil Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager.

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