MFs equity folio rises by 48,577 in July
According to the Securities and Exchange Board of India (SEBI) data on total investor accounts with 44 fund houses, the number of equity folios rose to 2,9,313,290 at the end of July from 2,9,264,713 in the preceding month, registering a gain of 48,577. In May, the number of equity mutual fund (MF) folios stood at 2.92 crore while it was 2.96 crore at April-end.
Data shows the industry has gained over 49,000 folios across all scheme categories in July this year. The folio count has increased to 3,9,119,588 in July from 3,9,070,429 in the previous month. However, debt category saw a decline of 2,800 in investor accounts due to revision in taxation of mutual funds in this segment. The total investor count in debt funds rose to 71,31,876 last month from 71,34,685 in June.
SEBI to study global systems to detect manipulators
In order to detect fraudulent and manipulative activities, SEBI (Securities and Exchange Board of India) is looking at market intelligence infrastructure and techniques of foreign regulators to put in place a 'trend-discovery module', according to a media report. Sebi will study the systems put in place by its peer regulators in countries like the US, UK, Australia and Hong Kong for this purpose, the report added. The proposed move is part of various policy issues under consideration of Sebi's Integrated Surveillance Department and aims to make its systems more effective. SEBI is also considering possible action like freezing of promoter shares in a company found to be non-compliant to the Listing Agreement and other norms.
RBI simplifies KYC norms for account opening
The Reserve Bank of India on Tuesday released a note along with a poster and a booklet comprising a few common questions relating to Know Your Customer (KYC) norms for opening bank accounts. The objective of this is to bring awareness among the general public about the KYC simplification measures taken by RBI in the recent times with a view to helping the common man in opening bank accounts. There is now no requirement of submitting two separate documents for proof of identity and proof of address. If the officially valid document submitted for opening a bank account has both, identity and address of the person, there is no need for submitting any other documentary proof... Read more
RBI notifies increased PPF deposit limit
The Reserve Bank on Friday notified the increase in deposit money under Public Provident Fund (PPF) to Rs. 1.5 lakh from Rs. 1 lakh earlier. The Government of India has enhanced the individual subscription limit under PPF from existing Rs. 1,00,000 to Rs. 1,50,000 in a financial year, the RBI said in a notification to banks on Friday. RBI asked the banks to communicate the same to their branches operating the PPF scheme.
It also advised them to display about the enhanced limit under the scheme on the notice boards of their branches for the information of the PPF subscribers. PPF is a 15-year investment scheme under which an investor enjoys tax exemption at the time of deposit, accrual of interest and withdrawal.
RBI issues draft charter of customer rights
The Reserve Bank of India (RBI) on Friday issued the draft of a charter comprising five basic customer rights. Feedback has been invited by September 22. These cover a right to fair treatment, transparency, suitability, privacy, grievance redress and compensation. The draft Charter of Customer Rights to deal with entities regulated by RBI, has been framed based on global best practices of consumer protection as also discussions and interaction with various stakeholders. The Charter spells out the rights of the customer and also the responsibilities of the financial service provider. The Charter spells out the rights of the customer and also the responsibilities of the financial service provider (FSP)... Read more
IT dues can be paid at RBI offices, banks
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments. The RBI said the assessees can use alternate channels like select branches of banks or the facility of online payment of taxes offered by banks.
Banks, which are authorised to accept payments of Income Tax dues, are: Allahabad Bank, Syndicate Bank, Andhra Bank, UCO Bank, Bank of Baroda, Union Bank, Bank of India, Bank of Maharashtra, Vijaya Bank, Canara Bank, SBI, Central Bank of India and Dena Bank among others.
Cash crunch? How to prioritize payments?
It sometimes happens that we are short of cash. Some unexpected expense or sudden loss of income is something that all of us face at some point of time. If you ever find yourself in such a situation and have to prioritise your payments, here is a list:
Mortgage: A roof above your head is the biggest security you can get. Make sure you and your family has it all the while. So, do not miss your home loan EMI. Missing an EMI on your home loan could also affect your Cibilreport. Cash crunch is a temporary phase, but an impact on Cibil score could last longer... Read more