Geojit to be point of service for issuing MIN
Kochi: Geojit Financial Services has been authorised by CDSL Ventures, the nodal agency for issuing Mutual Fund Identification Numbers (MIN), to act as a point of service for issuing this facility to prospective customers.

MIN is the unique number allotted to mutual fund investors and is required for all applications of mutual funds valued above Rs50,000. The purpose of MIN is to identify high value applicants in mutual funds and is mandatory from January, a press release issued here said. Proof of address, proof of identity, copy of PAN card and photos are mandatory for applying for MIN.

Those who make fresh investments in any scheme from any fund house require an MIN. Investors in systematic investment plans would be required to obtain MIN even if the SIP was registered prior to January 1. Any switching made from existing investments or dividends re-invested do not require quoting of MIN, the release said.
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Idea Cellular fixes IPO price band fixed at Rs65-75
Mumbai: Idea Cellular has fixed a band of Rs65-75 per share for its IPO opening in February. The company has raised Rs3.75 billion in a pre-IPO share placement and is targeting to raise up to Rs24.44 billion totally.

The issue includes a green-shoe option worth not more than Rs3.19 billion. The IPO will open on Feb.12 and close on Feb.15.

Funds raised will be used to begin services in Mumbai, dominated by Hutchison Essar and Bharti Airtel Ltd.

Idea, controlled by the diversified Aditya Birla group, said the pre-IPO share issue was made to promoters, directors and high networth individuals, at the top end of the price band.

Aditya Birla Nuvo Ltd., the largest shareholder in Idea with a 35.7 percent stake, bought shares worth Rs2.25 billion, the statement said. Aditya Birla Nuvo also has interests in retail, textiles, finance and fertiliser.

Birla TMT Holdings Pvt. Ltd., also an existing promoter, subscribed to Rs1.37 billion worth of shares.
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UBS acquires StanChart`s Indian MF subsidiary
New Delhi: UBS Global Asset Management has agreed to acquire Standard Chartered's mutual fund management business in India for CHF 147 million (around Rs516 crore).

The acquisition of India's ninth-largest mutual fund business was expected to add CHF 4 billion to assets under management at UBS, the Zurich-based bank said in a statement today. The Indian unit had 4 per cent of the domestic market, it added.

The transaction is structured as the acquisition of a 100 per cent interest in Standard Chartered Asset Management Company Private Ltd, and Standard Chartered Trustee Company Private Ltd, the manager and the trustee, respectively, of the mutual funds offered by the company.

The move remains subject to regulatory approval, as well as to a price adjustment linked to assets under management at closing.

The acquisition included 16 mutual funds, 10 of which were fixed income, two involved "asset allocation" and four were in equities, UBS said.

UBS, the biggest manager of money for the wealthy, is competing with rivals such as Credit Suisse Group to seize a share of affluent clients in markets such as India, China and Brazil.
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