Institutional stake in stake capped at 5%
Mumbai: The Securities and Exchange Board of India (Sebi) has decided to cap institutional investment in stock exchanges at 5 per cent, either in consortium or as a single entity. Up to 1 per cent, there will be no restriction for institutional investments, according to the discussion.

According to the demutualisation report, every stock exchange can divest either by going for a strategic investment, public offer or private placement of shares or preferential allotment or a combination of these.

The Bombay Stock Exchange has intimated its intention to bring down its broker-members' stake to 49 per cent by selling 26 per cent to a strategic investor and 25 per cent through a public offer of shares.
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DSP Merrill awaits approval for gold fund
Mumbai: Retail investors in India will be able to own shares of global gold mining companies, if a proposed mutual fund scheme of the DSP Merrill Lynch Fund Managers gets regulator's approval.

DSP Merrill Lynch Fund Managers, which has filed draft document for a World Gold Fund, is exploring opportunities in non-conventional fund ideas like investing overseas in gold, gold mining, energy and alternative energy and related sectors.

DSPML Fund Managers proposes to raise funds from Indian markets and invest in global gold minining companies under its Merrill Lynch Gold Fund.

DSP Merrill Lynch has moped up Rs1,400 crore from its recently-launched Small and Mid-cap fund, the biggest ever collection by any similar fund and also the highest by the fund house.
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UTI MF remains top fund
Mumbai: UTI MF, with assets under management (AUM) of Rs37,790 crore as at the end of October, has maintained the number one rank amid stiff competition from Prudential ICICI MF.

UTI MF's AUM rose to Rs37,789.97 crore at the end of October 2006, an increase over its September 2006 AUM of Rs34,755.11 crore, said market sources.

Prudential ICICI MF was placed at number two position with an AUM of Rs32,664 crore, while Reliance MF was a close third with an AUM of Rs31,572 crore.

UTI MF received enthusiastic response to its new fund offer (NFO) called Wealth Builder Fund which raised more than Rs900 crore-plus and received 3,10,000 applications including those from global investors as it closed on October 11.

The good response to the NFO was also due to the fact that UTI introduced a new facility called doorstep investing in association with DHL to help people living abroad to invest in its just concluded NFO.
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