Tata MF launches Equity Management Fund
Mumbai: Tata Mutual Fund has launched a new close-ended equity scheme, the Tata Equity Management Fund, which aims to generate long-term equity growth combined with a derivatives feature, to protect the portfolio from a downside risk while aiming to maximise long-term returns.

The scheme will automatically convert into an open-ended scheme after 18 months, without further reference from the mutual fund or trustee. The fund is open from May 15 to June 9, and reopens for repurchase on July 7.

The new scheme allows a weekly exit option to the investors, with no entry or exit load, during the 18 months. An exit charge will however be applicable, based on SEBI guidelines.

The 18-month close-ended scheme will make the fund manger run a structured portfolio and be equitable to investors, Ved Prakash Chaturvedi, managing director, Tata Asset Management Ltd, said.

The scheme will invest across industries, in a diversified portfolio of select stocks. The investment strategy will be to hedge the portfolio using stock or Index derivatives, or use stock specific- or index-oriented "shorting strategy" to enhance returns. Hedging or shorting will be done in the fund based on the price per earnings ratio of the S&P CNX Nifty.
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Regional stock exchanges set for closure
Mumbai: Majority of regional stock exchanges in the country are set to close forever as per an option being considered by SEBI. Although there are 22 recognised exchanges in India but the National Stock Exchange and the Bombay Stock Exchange account for 100 per cent of the trades.

Except for Calcutta and Uttar Pradesh, other regional exchanges have not seen trades in the past five years.

With a SEBI panel recommending that regional stock exchanges be given the option to close down, rather than continue as unviable business entities a chapter in the Indian capital market may well come to a close.
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Zenith Birla files draft prospectus for offering of Rs.131-cr
Mumbai: Steel pipe-manufacturer Zenith Birla (India) Ltd has filed its draft prospectus with SEBI for a secondary public offering of Rs131 crore. The capital raised will be used to set up facilities for manufacture of mechanical tubes and expand working capital requirements for existing operations.

The steel pipe division of the company, which has been in operation for over 45 years, is based at Khopoli, Mumbai.

The lead managers to the issue are IDBI Capital Market Services Ltd and Keynote Corporate Service Ltd.
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