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Karvy's
NBFC licence cancelled
Hyderabad:
The Reserve Bank of India has cancelled the certificate
of registration issued to Karvy Consultants (KCL) for
carrying on work as a non-banking financial institution.
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ABN
AMRO MF puts new fund offer in cold storage
Mumbai:
ABN AMRO Mutual Fund has suspended its new fund offer
of a tax-planning fund due to confusion surrounding the
ELSS scheme.
In
a notification dated November 3, 2005, the Government
of India communicated the requirements for equity linked
saving schemes to be eligible for tax exemption under
Section 80C of the Income Tax Act. As per the notification,
the investment would have to be kept for a minimum period
of three years from the date of allotment of units, after
the expiry of which, the investor would have the option
to redeem his money. A minimum of Rs500 should be invested
in the plans and in multiples of Rs500 thereof.
According
to the notification the said plan would be open for a
minimum period of one month during 2005-06 and a minimum
period of three months during subsequent years.
The
mutual fund will be required to announce the repurchase
price one year after the date of allotment of the units
and thereafter on a half-yearly basis. However, after
a period of three years from the date of allotment of
units, when the repurchase of units is to commence, the
mutual fund will be required to announce the repurchase
price every month or as frequently as may be decided by
them.
Further
the notice says that the plan would be terminated after
10 years from the year in which the allotment of units
is made. However, if ninety per cent or more of the units
under any plan are repurchased before the completion of
ten years, the mutual fund may, terminate the plan even
before the stipulated period of ten years.
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Mcleod
Russel, Williamson Tea share swap ratio fixed at 3:1
Mumbai:
Mcleod Russel India will amalgamate with Williamson Tea
Assam. The share swap ratio has been fixed at 3:1, that
is three new equity shares of Rs5 each in the company
for every one equity share of Rs10 each fully paid up
held by the shareholders of Williamson Tea.
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UTI
Master Plus payout at 50 per cent
Mumbai:
UTI Master Plus Unit Scheme has declared a dividend
of 50 per cent. The record date is November 28.
UTI
Mutual Fund has said that all unit-holders registered
under the dividend option of UTI Master Plus Unit Scheme,
as on November 28, 2005, are eligible for the dividend.
On
November 8, the net asset value under the dividend option
stood at Rs39.38.
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No
fee for shifting DP accounts
Mumbai: Investor in the share market wishing to
shift their demat account from one depository participant
(DP) to another will soon be able to do so without paying
any transaction fee.
According
to the Securities and Exchange Board of India no charges
shall be levied by a depository on a DP, and consequently
by a DP on a beneficiary owner (BO). Thus, when a BO transfers
all the securities lying in his account to another branch
of the same DP or to another DP of the same depository
or another depository, it will be free of cost, provided
the BO accounts at transferee DP and at transferor DP
are one and the same to the extent that they are identical.
In
case the account at transferor DP is a joint account,
the account at transferee DP should also be a joint account
in the same sequence of ownership, SEBI said.
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Morgan
Stanley increases stake in Pantaloon Retail
Kolkata: Morgan Stanley & Co International
bought 1.30 lakh shares of Pantaloon on the NSE, on behalf
of Morgan Stanley Dean Witter Mauritius, leading to a
spurt in the price of the stock, which finished at Rs1,833.25,
after touching a day's high Rs1,995.
The
counter witnessed a volume of 4.65 lakh shares on the
NSE and 2.42 lakh shares on the BSE. The 52-week high
of the stock is Rs2,088, recorded on September 13.
Morgan
Stanley & Co International held 3.47 per cent stake
in Pantaloon as on September 30, 2005. The total FII stake
in the company was 30.14 per cent. Merrill Lynch held
2.64 per cent stake in the Pantaloon.
In
the meantime Kishore Biyani, managing director of Pantaloon
Retail, has converted 4.08 lakh shares warrants into fully
paid equity shares. He earlier held around 5.51 lakh shares
of Pantaloon in his own name and on behalf of his family.
Promoters jointly hold more than 43 per cent stake in
the company.
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