IL&FS to restructure E-Com Fund
Kolkata: IL&FS Mutual Fund is planning to recast IL&FS E-Com Fund, its technology-centric scheme, as part of a strategy to overhaul its product portfolio. The fund is of the view that a restructuring exercise, one that is aimed at widening the scheme's investment universe, may create better value for investors. The plan may be seen in the context of the overall market, which has moved up substantially in the last few months, an increase that has largely bypassed stocks in the technology sector.

"At the moment, a re-alignment of the scheme's investment objectives is just an idea that has to be evaluated," said N.K. Sharma, CEO, IL&FS MF. He said the fund will in no way hurt the interests of investors. Some MF circles strongly feel the need to change the investment styles followed by tech funds in line with the scenario currently prevailing in the equity market. Valuations in the tech sector do not compare at all with those that were achieved during the height of the technology boom, it is pointed out.
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Morarjee board okays additional shares purchase
Mumbai: The board of directors of Morarjee Goculdas Spinning & Weaving Company Ltd has informed the Bombay Stock Exchange that at its meeting held on August 22, it had approved the acquisition of additional shares in Morarjee Brembana Ltd (MBL) by Morarjee Goculdas Spinning & Weaving Company Ltd (MGL); the sale of the textile business by MGL to MBL; and its plans to focus on the retail estate business.
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SEBI suggests fee collection from brokers by exchanges
Mumbai: The Securities and Exchange Board of India (SEBI), in a paper, has suggested various measures including setting up of Self Regulatory Organisations (SROs) such as stock exchanges to collect the fee from brokers on behalf of the market regulator. The paper has said that stock exchanges are collecting transaction charges from brokers based on turnover and SEBI is collecting registration fees also based on turnover. This is duplication of effort. To avoid this, the SEBI paper has suggested that exchanges also collect registration fees on behalf of the market regulator while collecting transaction charges.

In case a stockbroker fails to pay the fee, SEBI would ask the stock exchange concerned to pay the fee and similarly if a sub-broker fails to pay the fee, the concerned brokers have to pay the fee. For a single market intermediary having registered with SEBI for multiple activities, the paper has called for integrated registration. It means that a unique registration number to each entity and suffix it by an alpha-numeric code to indicate the kind of activity the intermediary is permitted to carry on.
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Rupee ends higher
Mumbai: The rupee closed marginally stronger on Friday at 45.83/8350 against the dollar, as against Thursday's close at 45.8450/8550.
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