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MF distributors to come under the regulatory ambit of SEBI
Mumbai: Mutual fund (MF) distributors will soon come under the regulatory ambit of the Securities and Exchange board of India (Sebi), according to M Damodaran, chairman, Sebi. Damodaran gave a clear-cut indication to this effect while speaking on the sidelines of a conference organised by the Confederation of Indian Industry (CII) in Mumbai on Tuesday.

He said, "MF distributors will soon come under Sebi fold and will be regulated like any other capital market intermediaries. The preliminary discussion between Sebi and Association of Mutual Funds in India (Amfi) on the issue has taken place and we have passed the stage one. We know where the problem is and in due course Sebi will take up the job of regulating them."
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Damodaran: SEBI considering easing norms for IPOs
Mumbai: SEBI is considering easing norms further for companies planning to raise funds in the domestic market, according to its chairman, M. Damodaran.

Declining to provide details, Damodaran said that these will be made available soon. Damodaran was speaking at a meeting organised by Confederation of Indian Industry in Mumbai.

Damodaran said the objective for the changes is to allow the issuer to raise funds in a much simpler manner.

He also said a lot of reforms in the capital market has taken place and more needed to be done.

Meanwhile, the New York Stock Exchange CEO, John A, Thain, said several Indian companies have started generating cash and due to this they are not raising funds in the US market. However, he is hopeful that several companies from India could list on NYSE in future.

He also said that the recent acquisition of Archipelago Holdings, which owns a stock exchange in the US, would also be a platform for several companies from India and other emerging markets to list which otherwise cannot get listed on NYSE.
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Union Bank launches capital market operations
Mumbai: With the inauguration of its clearing bank operations, the Union Bank of India is now offering facilities for settlement of funds obligations at the BSE and the NSE under the cash and forward and operations segments.

It has put in place infrastructure and started the activities of capital market cell at its MS Marg Branch, said a press release from the bank.
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Fidelity picks up 5.56 per cent in IL&FS Investsmart
Mumbai: Fidelity International, a global fund house, has bought a 5.56 per cent stake in financial services firm IL&FS Investsmart.

In a notice to stock exchange, the company said Fidelity and its direct and indirect subsidiaries hold 24.36 lakh shares bought from the stock market.
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Institutional plan from DSP Merrill Lynch for its floating rate fund
Kolkata: DSP Merrill Lynch MF has come out with an institutional plan in its floating rate fund.

The floater is expected to provide superior risk-adjusted returns during periods of sustained upward movement in interest rates. Investors, it is felt, can enjoy relatively stable returns and comparatively low level of interest rate risk.
The minimum application amount has been pegg

ed at Rs 1 crore (first purchase) and Rs 1 lakh subsequently. Redemption will take place on a T+0 basis for requests received before 10 a.m.

The plan will offer investors weekly and daily dividend re-invest options apart from the normal growth and dividend options, according to a press note issued by the MF.
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Prithvi Info sets price band at Rs.250-270
Mumbai: Prithvi Information Solutions is entering the primary market with an IPO of 50 lakh shares with the price band at Rs250-270 through the book-building route. The amount raised by the company will be in the range of Rs125 crore to Rs135 crore.

The issue opens on October 25 and closes on October 28.
The shares of the company will be listed on BSE and NSE.
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Maiden multi-manager MF soon
Mumbai: ING Vysya Mutual Fund is opening a new wing, Optimix AMC, which would introduce the concept of multi-manager funds in the Indian market. The fund is awaiting Sebi clearance.

The investment philosophy of the multi manager fund is to allocate part of its assets to various fund houses to manage it according to their individual style.

This tried-and-tested formula has yielded results globally. Multi manager funds have consistently delivered about 35 per cent returns in the past 12 months compared to about 7 per cent registered by the rest of the industry worldwide.

The research team at Optimix would select five fund houses, based on their quantitative and qualitative management, to participate in the portfolio structuring of the funds.

Multi manager funds have a market size of about $47 billion in Australia, in an industry with a total size of about $280 billion. The US-based fund Russell along with ING is one of the biggest players in this segment globally.
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Kotak Mahindra makes open offer for 20 per cent in Everest Ind.
Chennai: Kotak Mahindra Capital Company (manager to the offer) has made an open offer on behalf of Everest Finvest (India) Pvt to the shareholders of Everest Industries Ltd to acquire 20 per cent of the outstanding voting equity share capital of the company at a price of Rs184 per equity share.

Enam Financial Consultants (manager to the offer) has withdrawn the draft letter in respect of the open offer by Accurate Finstock Pvt Ltd (acquirer) and Adani Port Infrastructure Ltd (person acting in concert) to acquire 20 per cent of the outstanding voting equity share capital of Everest Industries.

The offer was priced at Rs147 a share.

According to the offer document the offer opens on December 7 and closes on December 26.
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WestBridge acquires 10 per cent stake in The Royal Orchid
Bangalore: Venture Capital Fund, WestBridge Capital Partners, has acquired an almost 10 per cent stake for Rs25 crore in The Royal Orchid Hotels. The hotel is going in for an initial public offering in order to raise Rs100 crore by end of December.

The Royal Orchid Hotels plans to file a Red Herring Prospectus the SEBI 'very soon' and the IPO seeking to raise Rs100 crore is expected to hit the market in two months.

For the IPO, the company has already appointed merchant bankers ICICI Securities and SBI Capital Markets.
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