Citizens' Issues
US issues arrest warrant against Devyani Khobragade
The new charges, which came a day after a US court dismissed an earlier indictment, accused Devyani Khobragade of visa fraud and making false statements about the visa application of her maid Sangeeta Richard
 
The US issued an arrest warrant against Devyani Khobragade after prosecutors re-indicted her on visa fraud charges and accused the Indian diplomat of 'illegally' underpaying and 'exploiting' her domestic maid.
 
In a letter to US District Judge William Pauley, Attorney for the Southern District of New York Preet Bharara informed that Khobragade is 'believed' to be in India and the court will be alerted if and when she is arrested.
 
"An arrest warrant was also issued today. The Government will alert the Court immediately upon the defendant's arrest so that an appearance before Your Honor may be scheduled. At present, the defendant is believed to be in India," Bharara said in the letter.
 
He said the indictment alleges that Khobragade made false statements to US authorities "to facilitate her exploitative employment of a household employee who was grossly underpaid and overworked."
 
Bharara said Khobragade is unavailable because her "whereabouts are known but (her) presence for trial cannot be obtained by due diligence or (she) resists appearing at or being returned for trial."
 
The new charges, which came a day after a US court dismissed an earlier indictment, accused her of visa fraud and making false statements about the visa application of her maid Sangeeta Richard.
 
The 21-page indictment, filed by the office of India-born Bharara, states that the diplomat "knowingly made" multiple false representations and presented false information to US authorities in order to obtain a visa for a personal domestic worker.
 

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Sensex, Nifty rally again to frustrate the bears: Friday closing report

Only a close below 6,490 on Tuesday may pull the Nifty lower

In line with negativity on the US bourses and the Asian indices, the Indian indices made a weak opening. Witnessing a range bound session until the last hour of the session, the benchmarks suddenly spurted up to enter green zone and close in the positive.

 

The Sensex opened at 21,648 while the Nifty opened at 6,447. the Sensex moved up from the low of 21,573 to 21,853 and closed at 21,810 (up 35 points or 0.16%) while the Nifty moved in the range of 6,433 and 6,518 and closed at 6,504 (up 11 points or 0.17%). The NSE recorded a lower volume of 59.64 crore shares.

 

Among the other indices on the NSE, the top five gainers were Infra (1.05%); Pharma (1%); Realty (0.99%); Auto (0.84%) and Nifty Midcap 50 (0.61%) while the top five losers were Finance (0.80%); Bank Nifty (0.71%); Media (0.64%); Service (0.54%) and Small Cap (0.41%).
 
Of the 50 stocks on the Nifty, 30 ended in the green. The top five gainers were D L F (3.95%); Jaiprakash Associates (3.64%); Bhel (3.17%); N M D C (2.62%) and L T (2.45%). The top five losers were Ranbaxy (3.18%); H C L Technologies (2.89%); Wipro (2.85%); Axis Bank (2.34%) and Bharti Airtel (1.68%).
 
Of the 1,547 companies on the NSE, 589 closed in the green, 871 closed in the red while 87 closed flat.

 

The stock market remains closed on Monday, 17 March 2014, on account of Holi.

 

After weak economic data from China on Thursday, at least four investment banks lowered forecasts for China's 2014 economic expansion, leading to more pessimism across European and US exchanges.

 

Back home the inflation based on the wholesale price index (WPI) eased to 4.68% in February 2014, from 5.05% in January 2014 and 7.28% during the corresponding month of the previous year, data released by the government on Friday. Wholesale prices-based inflation eased to a lower-than-expected nine-month low. Build up inflation rate in the financial year so far was 5.17% compared to a build up rate of 6.15% in the corresponding period of the previous year. The government revised upwards the rate of WPI inflation for December 2013 to 6.4%, from 6.16% reported on 15 January 2014.

 

The government is seeking to raise around $500 million by selling partial stakes in 10 state-owned companies via an exchange traded fund that will be operated by Goldman Sachs' asset management unit.  The ETF will target mainly retail investors, although the fund will also be sold to institutional and foreign investors.

 

The economy can grow an annual 5.2% in the quarter to end-March on higher farm output growth, the chairman of the Prime Minister's Economic Advisory Council said on Friday. C Rangarajan also said he foresees the economic growth to pick up to 5.5% to 6% in the fiscal year that begins on 1 April 2014.

 

US indices closed sharply in the negative on Thursday. US retail sales rose in February for the first time in three months which was better-than-forecast data. On the other hand, the number of Americans filing applications for unemployment benefits unexpectedly fell last week to the lowest level since the end of November. Jobless claims dropped by 9,000 to 315,000 in the week ended March 8, a Labor Department report showed in Washington.

 

Except for Jakarta Composite (up 3.23%) all the other Asian indices closed in the negative. Nikkei 225 (3.30%) as the top loser.

 

China's Premier Li Keqiang told reporters on Thursday that the nation's 2014 goal of 7.5% economic growth is flexible and some financial-product defaults may be unavoidable. European indices were trading in the negative while the US Futures were trading marginally higher.

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CPSE ETF NFO to open on 18th March

Retail individual investors can invest a minimum of Rs5,000 in the NFO of CPSE ETF, that would track the CPSE Index

CPSE ETF, a new fund offer (NFO) scheme based on central public sector enterprises (CPSE) Index, would open on 18th March for anchor investors and the next day for non-anchor investors.

 

According to Goldman Sachs Asset Management (India) Pvt Ltd, CPSE ETF’s new fund offer (NFO) is an open-ended index exchange traded scheme that would track the CPSE index.

 

“CPSE ETF is a unique opportunity for investors to invest in 10 Maharatnas, Navratnas and Miniratnas at a discount of 5% on the ‘Reference Market Price’ of the underlying shares of CPSE Index,” Goldman Sachs said in a release.

 

Retail individual investors can invest a minimum of Rs5,000 and in multiples of Re1 thereafter up to Rs2 lakh. Non-institutional investors/ QIBs can invest a minimum of Rs2 lakh and in multiples of Re1 thereafter. Maximum amount to be raised during the NFO will be Rs3,000 crore subjected to maximum of 3% of the paid up share capital of each of the constituents of the CPSE Index.  The entry and exit load is nil. CPSE ETF offers tax benefits as the scheme is in compliance with the provisions of Rajiv Gandhi Equity Savings Scheme, 2013 (RGESS).

 

The CPSE Index constituents are as follows: Oil & Natural Gas Corporation Ltd (ONGC), GAIL (India) Ltd, Coal India Ltd, Rural Electrification Corporation Ltd (REC), Oil India Ltd, Indian Oil Corporation Ltd (IOC), Power Finance Corporation Ltd (PFC), Container Corporation of India Ltd (ConCor), Bharat Electronics Ltd (BEL) and Engineers India Ltd.

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COMMENTS

vkg

3 years ago

Govt has appointed Gold man sachs AMC for this fund which is a big big
mistake. I find that the main intention behind the contents of instructions
appended to application form for CPSE fund seems to be to disssuade people from
applying. It is made so comlicated and so customer-unfriendly that it is
difficult even for me to understand even though I have been applying for mutual
funds for the last 15 years. It seems Goldman Sachs is not familiar with the
requirements of indian i nvestors..There is no hint of where to find application form or where to submit the same. There is no simple instruction on what all documents are required. It is really complicated and I would be surprised if they get enough subscription from retail individual investors

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