Despite facing financial constraints, Kerala has been able to invest in welfare schemes and targeted programmes.
The move follows the near Rs 60 crore (Rs 600 million) redemptions every month from the US-64 and ARS bonds in the last couple of years.
Over the tenure of US64 Bonds, the investment scenario has changed radically. Mutual funds (equity funds in particular) have come of age and found greater acceptance among investors. So it should come as no surprise, if you find yourself being persuaded from all quarters to invest the redemption proceeds of US64 Bonds in equity funds. For example, investors in US64 Bonds have received letters urging them to invest the redemption proceeds in equity funds from UTI Mutual Fund.
The Unit Trust of India will issue government-guaranteed bonds to US-64 unit holders in May carrying a tax-free coupon rate of 6.75 per cent, the government said.
Feeling deprived by UTI in the settlement of the US-64 scheme, an investors' forum on Wednesday put before the government three options to pay at least the principal amount invested by them during 1998-99 following the revival of stock markets.
These tax-free bonds were issued in 2003 to bail out Unit Trust of India's flagship scheme US-64, which got into trouble because of lack of transparency in its portfolio composition and investment strategy. Now these investors will finally get their due. And if you are among those, who have still not decided on what should be done with this windfall, financial advisors say the money should be channelled in instruments depending upon your age and risk profile.
The Specified Undertaker of Unit Trust of India (SUUTI) is ready to pay the Rs 8,000 crore due to the 1.2 million investors in Unit Scheme 1964 (US-64), many of whom have been associated with India's oldest mutual fund scheme for 44 years.
Bonds worth about Rs 3,300 crore (Rs 33 billion) are held by institutions and retail investors in dematerialised form or demat, which will be redeemed automatically. In fact, the redemption process, which is the biggest ever in India, has already begun for bonds worth Rs 700 crore (Rs 7 billion) that are held in demat form by institutions.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
After Chanda and Deepak Kochchar, the Kudvas are the second power couple in the financial world to come under the regulatory glare.
M Damodaran was the brand that managed the UTI crisis.
During Vajpayee's tenure, he was there as an indispensable insider, witness to every action that had an impact on history: Pokhran-II (nuclear tests in 1998), the 1999 Kargil conflict between India and Pakistan, the Indo-Pak Agra Summit in 2001, intense engagement with the United States on nuclear issues besides the Kandahar hijack.
The government has earmarked about Rs 3,500 crore for foreclosing seven assured return schemes of Unit Trust of India but feels that cash outgo would be nominal going by the experience of flagship scheme US-64.
Unit Trust of India is likely to offer similar tax-free bonds but with lesser returns to seven assured return schemes
The final report of the Joint Parliamentary Committee looking into last year's stock scam and the temporary freeze on UTI's US-64 scheme is likely to be presented in Parliament on December 19 and may fix responsibility for the scam and the muddle.
Sharjah-based marketing executive Vijay Raghavan has sent the 264 bonds he got in lieu of the Unit Scheme 64 certificates he held since 1990 to the Special Undertaking of UTI. Though he has not firmed up his investment plan, Raghavan is expecting a refund soon.
Mutual funds have given investors the choice to move away from traditional investment options
M Damodaran, chairman and managing director of Industrial Bank of India was on Thursday appointed the chairman of Securities and Exchange Board of India.
Seeing corrupt colleagues being felicitated while he was being hounded for being honest, Y P Singh decided to quit the IPS.
Blaming the nominal inflow of household savings into stock market on lack of confidence of retail investors, a Joint Parliamentary Committee has recommended strict accountability by listed companies through certification by their chief executives.
Finance Minister Jaswant Singh said on Tuesday that the government was committed to appointing a professional to head the UTI-II, which runs all the net asset value based schemes.
M Damodaran is likely to head the new market value-based UTI Mutual Fund, promoted by LIC and three leading banks, after the new fund becomes operational from February 1.
CEOs from various sectors were part of the survey.
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