Mutual fund houses now require to make monthly disclosures about assets managed by them as well as explain the rationale behind exercising their voting rights in firms, as part of stronger Sebi norms effective from Tuesday. Mutual funds will have to disclose details with respect to asset under management from different categories of schemes, AUM from places beyond top-15 cities, contribution of sponsor and its associates in AUM, contribution from different types of investors and AUM from sponsor/non-sponsor group distributors.
Sebi initiates proceeding in ponzi schemes
With the restoration of additional powers to take on fraudsters and market manipulators, Sebi has initiated proceedings against entities suspected to have indulged in ponzi-related schemes in West Bengal and other parts of the country. Steps are being taken to attach bank accounts and other property, and recover penalties and ill-gotten wealth cornered from gullible investors, while the regulator is also finalising search and seizure operations in certain cases to bolster its investigations, a senior official said.
Indian Bank revises interest rates
Indian Bank revised the interest rates on foreign currency non-resident (banking) deposits with immediate effect. For FCNR(B) deposits, in dollar terms, the revised interest rate has been fixed at 2.56% for deposits of one year and above but less than two years from the existing 2.55%. For deposits of two years and above but less than three years, the interest rates has been increased to 2.59% from the existing 2.47%, the Chennai-based bank said in a statement.