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FIIs pull out Rs2,000 crore from Indian securities market in September

Market analysts believe the heavy selling by FIIs was triggered by ongoing debt crisis in the Eurozone and weakness in the US economy. The heavy selling by FIIs was the main reason for the BSE benchmark Sensex losing 368 points, or 2% in September

Mumbai: Foreign funds pulled out nearly Rs2,000 crore from the Indian stock and debt market in September, the second consecutive month in which overseas capital outflows were greater than inflows, reports PTI.

According to data available with the Securities and Exchange Board of India (SEBI), overseas investors purchased equity and debt securities worth a gross amount of Rs64,868 crore in September.

At the same time, Foreign Institutional Investors (FIIs) sold securities worth Rs66,734 crore during the month. This translated into a net outflow of Rs1,866 crore during the period.

This was the second consecutive month in which there was a net outflow of FII money from the country. Last month, foreign funds pulled out nearly Rs8,000 crore, or $1.8 billion, from the Indian stock and debt market-the highest monthly withdrawal since October 2008.

In October 2008, foreign fund houses were net sellers of equities and debt worth Rs13,489 crore.

Market analysts believe the heavy selling by FIIs was triggered by ongoing debt crisis in the Eurozone and weakness in the US economy.

The heavy selling by FIIs was the main reason for the BSE benchmark Sensex losing 368 points, or 2% in September.

FIIs withdrew money from both the equity and debt market.

They pulled out more capital from the debt market than equities during the period under review.

Foreign fund houses pulled out Rs158 crore from the stock market and Rs1,707 crore from the debt market during September 2011, SEBI said.

So far this year, FIIs have pumped in Rs17,664.60 crore into the stock and bond markets, compared to about Rs1,79,674 crore in the whole of 2010.

The number of FIIs registered with SEBI stood at 1,745 as of September this year.

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AMFI to launch new portal for all mutual fund transactions

'MF Utility', which is expected to commence operations in the first week of April 2012, will help customers, distributors and financial advisors carry out transactions in mutual fund schemes across all asset management companies (AMCs) at one place

Mumbai: The Association of Mutual Funds in India (AMFI) plans to launch a portal, MF Utility, next fiscal that will facilitate transactions by customers, distributors and financial advisors in schemes offered by various asset management companies on a single, unified platform, reports PTI.

"MF Utility is planned to commence operations by the first week of April 2012, subject to appropriate clearances from SEBI (Securities and Exchange Board of India)," mutual fund trade body AMFI's chief executive HN Sinor said while addressing the body's 16th Annual General Meeting.

The new portal will help customers, distributors and financial advisors carry out transactions in mutual fund schemes across all asset management companies (AMCs) at one place.

Various issues, including ways to encourage overall growth of the mutual fund industry and foster increased participation by retail investors, especially in smaller towns, were discussed at the meeting.

Meanwhile, Franklin Templeton AMC president Harshendu Bindal and Deutsche AMC chief executive officer Suresh Soni have joined AMFI's board as directors.

In addition, HDFC AMC managing director Milind Barve was re-elected as chairman and Sundeep Sikka, the chief executive officer of Reliance AMC, as vice-chairman of AMFI.

In order to create awareness among investors, AMFI has been conducting various advertising campaigns across the country. Till August 2011, 3,486 investor awareness programmes covering 173 cities have been organised.

"Financial literacy cannot come overnight. It is a generational game and we have to continue with this effort on an ongoing basis," Mr Sinor said, adding that mutual fund industry can grow only if we are able to create trust within the investing public.

Mr Sinor also said the mutual fund industry plans to create a group of respected independent individuals to look into the grievances of investors and take quick remedial measures.

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