Emerging equity funds attract $42 m in a week

Emerging-nation equity funds managed to attract $42 million in fresh capital during the week ended April 6, even as investors remained concerned over government’s policies in these countries, according to global fund tracker EPFR. As per data compiled by EPFR, emerging market equity funds posted an inflow of $42.3 million for the week ended April 6 after witnessing redemptions of $130 million in the previous week. The report said that policy concerns were not limited to the US and Europe. Fund groups dedicated to a number of major emerging markets, among them Brazil, India, Indonesia and Korea, endured rough weeks as investors cast a more critical eye over their governments and their actions, it added. ?In the case of Asia (excluding Japan equity funds), worries about the outlook for the region’s key export markets were compounded by concerns about the direction of economic policy in India, Korea, Taiwan and Indonesia,” the report said. On India, the report said, “India equity funds saw outflows hit a 32-week high as investors digested a proposal in the recent Budget to enable the levying of retroactive taxes on certain M&A deals.”

Financial advisors form pan-India body

Independent financial advisors (IFAs) have come together to form a pan-India body called the Foundation of Independent Financial Advisors (FIFA). FIFA has been incorporated as a Section 25 (not-for-profit) company. The main objectives of FIFA include educating and developing IFAs, promoting the value of independent financial advice, and presenting the collective views of the IFA community to the financial fraternity, policymakers and regulators, among others.

Anjani Portland Cement to reduce stake in arm

Anjani Portland Cement has informed the BSE that its board of directors has approved a proposal to go for a partial disinvestment in the equity of Vennar Ceramics, which is currently a 100% subsidiary of the company. Consequent to this decision, the company shall become a minority shareholder with 49% shareholding in Vennar Ceramics.