SEBI directs listed cos to do secretarial audit
Mumbai: The Securities and Exchange Board of India (SEBI) has directed all listed companies to immediately subject themselves to a secretarial audit undertaken by a qualified chartered accountant or company secretary.
The move is aimed at reconciliation of total shares held in CSDL, NSDL and in physical form with the admitted, issued and listed capital of companies, says a SEBI release.
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Jindal Polyester board to decide on pref shares
New Delhi: The board of directors of Jindal Polyester Ltd will now meet on January 6 to consider issuance of zero per cent Optionally Convertible Preference Shares up to Rs 35 crore to the promoters of the company and their associates on a preferential basis. A decision on this matter was deferred at the earlier meeting of the board on December 12, 2002.
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UTI goes for Reliance, BPCL Stock Options Petro Fund
Mumbai: Unit Trust of India (UTI) has devised a strategy of trading in stock options to make the most of the volatility witnessed in select individual stocks.
To start with, the country's largest fund house has made a foray in the stock options segment of the derivatives market through its sectoral fund.
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MFs alter load structures for greater mobilisation
Kolkata: A host of mutual funds are changing their load structures in order to tap the market in a more effective manner. For many of them, the idea is to make select equity and debt funds more appealing to investors.
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Tata Mutual plans `dynamic' scheme
Kolkata: Tata Mutual Fund is exploring the possibility of introducing a `dynamic' scheme that will allow the fund manager to shift between debt and equity, across maturities and sectors, depending on market conditions.
The scheme will be free to take active calls. In other words, it may stay 100 per cent invested in stocks at any given point of time and may even bring this component down to nil at any other point. In the second scenario, the entire focus will obviously be on debt.
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Prudential ICICI MF launches index fund
Mumbai: Prudential ICICI Mutual Fund hopes to raise a corpus of more than Rs 20-crore with the initial public offering of its open-ended, index-linked exchange traded fund (ETF) SPIcE (Sensex Prudential ICICI ETF), according to Mr Shailendra Bhandari, Managing Director, Prudential ICICI Asset Management Company.
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