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SEBI
warns investors on stock price rise
Mumbai: Securities and Exchange Board of India
(SEBI) chairman G N Bajpai has cautioned investors not
to fall prey to the sudden spurt in the stock price and
make their own decision while investing in stock market.
Bajpai said investors should decide on their own whether
to invest in stock or other investment avenues. He said
while investing in stock market, investors should decide
on the trade-off between risk and return. "Don't
get carried away by the hype created by certain individuals,"
he cautioned.
Asked
about SEBI's view on the current rise in the stock market,
Bajpai told reporters that the market regulator generally
do not comment on the market trend but it is closely monitoring
the market. SEBI chairman said that the investors must
gather all available information about the market and
stocks before stepping into for investments. In this regard,
he said SEBI's Web site on EDIFAR contains most of the
information about companies. On the SEBI investigations
related to the banking stocks, he said, SEBI would submit
the report to the finance ministry after completing the
investigation. "No time frame could be mentioned
in respect of the investigations," he added. On the
mutual fund industry, Bajpai said, "funds should
try to innovate products similar to benchmark exchange
traded fund on money market".
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Big
companies failed to meet demat requests
Mumbai: Many index-heavyweight firms like SBI,
Reliance Industries, Hindustan Lever and Hindalco are
in the list of 200 companies that have highest number
of requests to demat their physical shares pending for
more than three weeks. The list was released by National
Securities Depository Ltd (NDSL) as per its records as
on 11 July 2003. Stockbrokers said the failure of several
big companies indicates that the increase in the demat
requests from investors. They said this has happened due
to the sharp rise in the stock price over the last few
months. Even the rise in the index stock has led to investors
to convert their physical shares into paperless mode.
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UTI
Children's Career Plan declares 1:10 bonus
Mumbai: UTI Mutual Fund's UTI Children's Career
Plan (UTI CCP) has declared 1:10 bonus wherein one unit
will be issued for every 10 units held of face value Rs
10 each. The bonus will be issued to all unit holders
who will be on the books as on July 31.
According to a UTI Mutual Fund release, as on July 11,
the scheme's NAV was Rs 13.8781 and fund size was about
Rs 1,000 crore. UTI CCP, launched in 1993, is an open-ended
plan with two options viz. Growth and Scholarship Option.
The
Plan aims to enable investment in the name of children
up to the age of 15 years so as to provide them the financial
means to meet for the cost of higher education through
payment of scholarship on yearly/half-yearly basis in
a tax friendly manner and/or to set up a profession/business
and/or to meet other obligations after they attain the
age of 18 years, the release said. The minimum investment
required for the scheme is Rs 1,000. The scheme invests
minimum 60 per cent in corporate debt and G-Sec markets
and maximum of 40 per cent in equity markets. The release
said that currently the scheme has invested around 33
per cent in equities. There is no entry load. However,
there may be an exit load, depending upon the period of
stay of the investor in the scheme, according to the release.
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Rupee
falls
Mumbai: The domestic currency lost some its sheen
on Tuesday. The rupee closed down by 9 paise at 46.14/15
against the dollar from Monday's close of 46.05. Moderate
supplies of the dollar, plus a dash of demand for the
greenback from oil companies and banks saw the rupee dip
today. In recent days, the dollar inflow as opposed to
today has been abundant fuelled by FII interest in the
Indian bourses. The rupee opened at 46.03/05 and went
as low as 46.22 levels intra-day.
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