After getting the go-ahead from the Reserve Bank of India (RBI), IDBI Bank is all set to apply to the Securities and Exchange Board of India (Sebi) for a mutual fund licence.
According to sources, the market regulator is planning to introduce colour forms for client registration in a bid to stop brokers from making changes after a client has filled up the form. Currently, there are boxes each for cash derivatives and debt, and investors have to indicate whether they want to trade in the cash market or futures and options. In some cases, brokers themselves click on the derivatives option without the permission of the client.
At least 14 mutual fund schemes have closed down, according to announcements made by fund houses. The reason: they had less than 20 investors in the scheme or a single investor was accounting for more than 25 per cent of the corpus. According to Sebi's guidelines, any scheme should have at least 20 investors. Also, no investor can account for over 25 per cent of the corpus.
Top Satyam executives accelerated sales of their shares in the company in close to three months before the company's aborted December 16 bid to buy two developers controlled by Ramalinga Raju's family.
Post-Satyam, brokerages asked to do stricter checks of financial records.
On the last day of Satyam's stint in India's benchmark indices - the Bombay Stock Exchange Sensex and the National Stock Exchange S&P CNX Nifty - its shares turned out to be a punter's delight.
Mutual fund investors may soon have to give separate cheques to distributors as commission.
The proposal to scrap 'indicative portfolios' has arisen because investors have sometimes found deviations of as much as 80 per cent between the indicative and actual portfolios. In some cases, the entire corpus has been invested in a single instrument. Sebi will also consider Amfi's suggestion of a 3 to 6 per cent exit load for FMPs, a minimum tenure of three months and a faster processing of redemption payouts,
Sebi wholetime members T C Nair and M S Sahoo passed the 26th such consent order on October 31, asking Bansilal Mehta and Chimanlal Shah to remit Rs 4,26,000. Mehta and Shah 'were alleged financiers to key operators for cornering shares in the IPO of IDFC', the order said. The regulator had earlier prohibited them from buying, selling and dealing in securities. So far, the regulator has settled 128 cases through consent orders.
Few market participants will stick their neck out to give a target for the Sensex during Samvat 2065, a stark change from the last year, which reflects the overall mood in the Indian equity markets.
Share of SGX Nifty in total Nifty futures surges to 40% from 8% a year ago.
In March this year, he quit to start his own firm for equity syndication to cater to small and medium enterprises in smaller towns. Huzefa Sitabkhan, who was working with one of the domestic investment banks (i-banks), left to start PNR Consulting, an advisory and consultancy firm for equity and debt syndication for SMEs.
The Bombay Stock Exchange will see the implementation of the new system developed on technology provided by the Nasdaq-owned OMX group only by the second half of 2009. The Swedish firm is still in the process of meeting the final requirements, an official said.
According to the scheme, the deposit of Rs 10 lakh (Rs 1 million) for trading and up to Rs 20 lakh (Rs 2 million) for clearing members would be waived for already-registered members of the MCX, BSE, Foreign Exchange Dealers' Association of India, National Commodity and Derivatives Exchange and NSE, who choose to enroll before September 6.
Foreign pension funds are making a beeline for India despite the turmoil in global markets.
Last year, the London-headquartered bank had bought a 49 per cent stake in UTI Securities from the Securities Trading Corporation of India for Rs 147 crore. The bank retains the option to raise the stake to 74 per cent this year and the remaining shares by 2010.
On August 7, the Reserve Bank of India and the Securities and Exchange Board of India cleared the guidelines for currency futures trading. Exactly six days later, the National Stock Exchange got the market regulator's approval to start such trading and is scheduled to kick off currency futures this Friday.
The Securities and Exchange Board of India, after receiving comments from various parties, said QIPs should be based on the average price of the shares two weeks prior to the issue.
Distressed by the falling spree of Indian equities, fund managers are looking at various avenues of diversification. At a time when emerging markets, including India, are vulnerable to global cues and are more coupled, frontier markets showless or almost no correlation. Franklin Templeton was the first to spot an opportunity and has already filed for a MENA fund (Middle East North Africa Fund), which will invest in some of the frontier markets.
Uncertainty in equity markets and a waning investor response have led to a slowdown in new demat accounts, a key gauge of retail investors' sentiment towards the market. Sluggishness in the primary market has added to the woes as a large number of investors generally tap equity markets through IPOs.
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