Readings: Power IPOs, Mutual fund entry loads, Gold hallmarking
- Business Standard: Power IPOs set to cross Rs 30,000 cr mark this year
Reliance Power, which is hitting the market next week with an offering of nearly Rs 12,000 crore, will set the trend for a slew of power IPOs from other companies including Sterlite Energy (Rs 4,000-8,000 crore), JSW Energy (Rs4,000 crore), JP Associates (Rs 4,000 crore) which have already announced big share offer plans.
Other groups that are evaluating similar options include Hyderabad-based GMR Group, Patel Engineering and the Alps group.
If all these plans fructify, this year’s power IPO collections alone will match last year’s total IPO mobilisations of Rs 34,000 crore.
- Economic Times: SEBI move to scrap entry load to change business model
. . . as much as 98% of MF business at present is routed through distributors. There are over 60,000 AMFI registered distributors in the country. Besides, over 100 banks have been engaged in the distribution business.
All of them will now need to change their business model as they will not be entitled to commission if investors start investing directly.
About time!
The government has deferred implementation of a new law on hallmarking of gold jewellery to certify their purity after trade concerns that it would disrupt the world’s largest gold market.
Traders said loopholes in the law meant that either their business could slow or be disrupted in a market that accounts for 30% of world gold consumption.“There will be chaos and consumers will slow purchases as the availability will fall,” said Rajiv Popley, director of Popley & Sons, a Mumbai-based jewellery chain.
Sorry, you gotta keep buying adulterated stuff in the foreseeable future, coz the jewelers aren’t yet ready to reduce their profits.
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January 6th, 2008 at 9:44 pm
On reading the notification from SEBI, I checked with the Fund Houses and many of them said they are not aware of this as they have not received any notification from SEBI. Anyway CAMS the largest service provider confirmed to me by phone that they will accept direct application from the 4th Jan and Investor will get “no entry load”. I was also told that investment slips with cheque can be couriered to their office if one cannot come in person. So I hope your readers will use this information. I am a crusader against distributors who are looting the innocent small investors.