  March 20,2010 | Last update 14 hours ago |
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Inside Investing Moneylife Digital Exclusives Sanket Dhanorkar Regulator acts like an industry association; IRDA promotes ULIPs! The insurance regulator has launched an unprecedented advertising campaign, hard-selling ULIPs. Not only is this a bizarre action for a regulator, but the ad is also misleading as it fails to provide any concrete evidence of ULIPs’ superior performance Reduced NFO period for MFs may limit market penetration, say distributors SEBI’s new idea to limit the timeframe for NFOs to 15 days will create even greater problems for the fund industry. But most importantly, it will undermine SEBI’s own agenda of market development by cutting off smaller towns Persistent’s IPO valuation looks attractive The company’s EPS is expected to be Rs25 in FY10 with price-earnings of 11.92; its peers are currently trading at a P/E between a range of 10.99-15.97 IFAs accuse brokers of eyeing trail commission through MF dematerialisation IFAs allege that the investor is unaware of the change of broker and claim that the ARN number changes after dematerialisation of MF units The Best Nest Egg? We discovered that awareness about the just-launched New Pension Scheme is abysmally low. Mutual Fund prospectuses: Too much legalese, too little substance-II Bizarre fund ideas and what SEBI should do to control them. This is the second part of a two-part analysis Retail investors return to the IPO game The recipe that’s working: strong fundamentals, attractive pricing and recent listing gains Fund prospectuses: Too much legalese, too little substance Stripped off their legalese, prospectuses of mutual funds are prone to misrepresentations and inadequate disclosures. As a result, the investing community continues to be short-changed. A two-part analysis New AMFI chief blames distributors for mis-selling, ignores role of AMCs Industry body AMFI acknowledges rampant mis-selling of MF products; puts blame on distributors, ignoring the fact that poorly-performing products of AMCs, aggressively sold with all kinds of incentives, are really the cause of mis-selling Will Birla MF’s Capital Protection Fund leave a hole in its capital? The company had to extend the NFO closure in order to meet its target. But will the Birla AMC incur a loss while running this fund? Inside Investing Recent ML Digital Exclusives Pratibha Kamath and Sanket Dhanorkar Wealth Creators 1999-2009 The after-effects of the massive boom in engineering, real estate and raw materials of 2003-07 and, of course, massive speculation, continue to be reflected in the wealth-creators’ list. Pratibha Kamath and Sanket Dhanorkar pick the toppers Debashis Basu SEBI slams AMFI for ignoring directive on trail commission The market regulator has again put its foot down on mutual funds’ trail commission issue. Will AMFI comply this time? Swapnil Suvarna & Ravi Samalad Tata Motors DVR shares trade at 40% discount, analysts foxed Tata Motors DVR shares are trading at a discount of 40%. If this is a case of market imperfection, it is a huge arbitrage opportunity waiting to be exploited Swapnil Suvarna and Pratibha Kamath Market looks constrained by high valuations Athough the Sensex is a good way off from its all-time high of 21,000-plus, the index’s current P/E valuation is close to its high of January 2008, which means further gains may be fuelled solely by the liquidity factor Debashis Basu AMFI asks for a new vote on trail commission issue by email After our story yesterday pointing out how its old vote by hand remains unimplemented for five months, the fund lobby has asked for a new vote Pratibha Kamath and Subrato Das Rising promoter stake lead to better results, higher stocks Where promoters have increased their stake, the growth has been excellent leading to higher share price Amritha Pillay How SEBI failed to regulate the Osian Art Fund SEBI failed to regulate the Osian Art Fund under its regulations covering Collective Investment Schemes, despite its own advisory against unregulated art funds in 2008 Sucheta Dalal SEBI board cannot quash order against NSDL: ex-CJI Justice JS Verma says such quasi-judicial orders can only be reviewed and quashed “by a judicial forum with requisite jurisdiction, at the instance of a petitioner with standing to seek relief.” Osian Art Fund investors get part payment The long wait for some Osian Art Fund investors seems to have finally ended. However, investors have received only part payment of the redemption amount, while they continue to be anxious about the net asset value ABN AMRO customers upset over their Osian Fund investment The Bank, which collected Rs30 crore from investors, is believed to have charged an entry load of Rs25,000 for every Rs10 lakh invested Mutual fund-broker route may drive up investor costs Cost to investor under the new proposed route could reach up to eight times the expenses under current model Shady IPO deals continue unabated The promoter-merchant banker racket ensures IPOs get subscribed fully; huge discount demanded to aid subscription impacts post-listing performance Promoters tank up on preferential allotments in Sistema Shyam Recently, the Department of Telecom (DoT) gave its nod to the Russian government bid to pick up a 20% stake in the service provider for an estimated Rs3,200 crore. Promoters of Sistema Shyam Teleservices, a mobile service provider, are looking to Online MF trading bane for distributors Allowing trading in mutual funds through exchanges will benefit brokers as they can charge commissions from both buyers and sellers; but it may put small distributors out of business Osian Art Fund delays payout After disappointingly low returns, unit holders have suffered a delay in getting their money back from the fancied Osian Art Fund. The fund will now pay investors in November Osian Art Fund disappoints investors with just 5% returns The art fund promised great returns in 2006 when the art market was hot, but has disappointed investors on exit The Indian pharmaceutical saga: Strong on generics, weak in R&D Despite an investment of $3 billion in R&D, the Indian pharmaceutical industry has been unable to come out with a single new drug GIPL expects to double turnover in FY11 Moneylife speaks to Parvez Umrigar, managing director of Gammon Infrastructure Projects which has a committed investment of Rs100 billion over the next few years Many stocks still down 70-80% below their peak despite huge market rally The Sensex is yet to climb the peak of 21,000 and yet several stocks are trading significantly higher than previous highs. Some, on the other hand, are still down miserably A few companies refuse to divulge employee remuneration details The Companies Act, 1956, requires companies to disclose remuneration details of employees earning more than a stipulated amount. Some companies are instead taking the easy way out, falling back on technicalities in the said Act to withhold such Southern cement units may suffer due to over-capacity and low demand With major capacity additions and low expected demand for 2010 and 2011, key cement players in southern India are expected to be affected adversely From Rajlakshmi to Kanya Suraksha: UTI learns its lessons UTI Mutual Fund has a new scheme for the girl child - the Kanya Suraksha yojana scheme. But it has learnt from the Rajlakshmi scheme disaster and joined hands with the Bihar government this time Chain marketing for Insurance MLM companies have been selling insurance products although the activity is a clear violation of the IRDA Act PMS in troubled waters Fund houses shut PMS business after incurring heavy losses due to the market crash last year Inside Investing Face to Face
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 Reduced NFO period for MFs may limit market penetration, saySEBI’s new idea to limit the timeframe for NFOs to 15 days will create even greater problems for the fund industry. But most importantly, it will undermine SEBI’s own  UTV Motion Pictures to produce films in south IndianUMP is planning to produce around five films for south Indian audiences over the next three years  The Swiss banking trail hits the marketAn MP from UP has alleged that the Anil Dhirubhai Ambani Group had diverted funds raised through External Commercial Borrowings and Foreign Currency Convertible Bonds into stock  Coal regulatory authority: When will it see the light of day?For almost three years, there has been a lot of talk on the setting up of a coal regulatory authority. So why is the government still dragging its feet?  Persistent’s IPO valuation looks attractiveThe company’s EPS is expected to be Rs25 in FY10 with price-earnings of 11.92; its peers are currently trading at a P/E between a range of 10.99-15.97
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