SBI MF launches new children's benefit plan
Mumbai: SBI Mutual Fund has introduced the Magnum Children's Benefit Plan targeted at securing the future of children.

The scheme will remain open from December 28 to January 25, 2002 and will reopen for resale and repurchase from February 20, 2002.

SBI Mutual Fund managing director Niamatullah said the purpose of the product was to build a long-term corpus for children.

Units will be available at par (Rs 10) during the initial offer period and at net asset value (NAV) related prices when the scheme goes open-ended.

Children above three months and below 15 years of age as on the date of investment will be eligible for the plan.
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Sebi bars brokers from bourse boards
Mumbai: Securities and Exchange Board of India (SEBI) has barred broking members from holding any position on the stock exchange boards.

The implementation of these provisions would begin with the Calcutta stock exchange, where elections are scheduled to be held on 29 December.

In an effort to encourage FII participation in derivative market, the board decided that the limits on their exposure would be brought on par with trading members in all products.

Sebi also decided that brokers in the cash market would be given a facility to make payment in two years subject to immediate payment of 50 per cent of the principal and for the balance would have to be paid alongwith with 15 per cent interest.

Similarly brokers in derivatives market would be required to pay 50 per cent dues immediately and separate clarification would be issued for delayed payment and interest for cash and derivatives segment.
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US-64 to be NAV-based
New Delhi: The Government has unveiled a package for UTI with its flagship scheme US-64 going net asset value based from January 1. The government also announced that small investors could redeem up to 5000 units instead of the present 3000.

UTI will make US-64 fully Sebi-complaint from 1 January and fresh US64 sales thereafter will be invested in a balanced fund.
As part of the package, the UTI board will be reconstituted and the functions of Trustee and Asset Management in the country's largest mutual fund will be separated.
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