BSE SME platform investors get handsome returns
Mumbai: The BSE SME platform has succeeded in creating wealth for its investors as over 90 per cent of 34 listed companies are trading above their target price,a top official of the exchange has said. BSE was the first stock exchange in the country to launch an exclusive BSE SME platform last year offering a great opportunity to entrepreneurs to raise equity capital for expansion and acquisition. It helped the SMEs to create visibility,strong balance sheet,credibility and wealth creation. The BSE SME platform has enabled wealth creation for 34 companies by helping them raise over Rs 307 crore since the inception in March 2012. Over 90 percent of the listed companies are trading above their target price creating wealth for the investors, BSE MD & CEO Ashishkumar Chauhan said. As of September,2013 the total market capitalisation of the listed companies SSEs stands at Rs 1,986 crore,he said. The BSE SME platform has got 91 per cent market share and the exchange hopes to list 13 more companies in the near future,Chauhan said,adding that the issue price of companies listed are in the range of Rs 10 to Rs 40 and the issue size is in the range of Rs 2.5 crore to Rs 28.5 crore.
AMFI may launch MF Utility portal by end of 2014 fiscal
Mumbai: The Association of Mutual Fund in India (AMFI) is likely to launch MF Utility portal as a single platform for all mutual fund transactions by the end of this financial year,a top AMFI official said today. We are planning to run the trial for MF Utility in January next year. If the trial run is as per operational satisfaction,then we will launch it within the next few months, AMFI chief executive HN Sinor has said. The interface will not only help investors to invest across MF schemes through creation of a single account but will also benefit distributors as they can upload their transactions,he said. MF Utility is a centralised mutual fund distribution platform,which will facilitate transactions by customers,distributors and financial advisors in schemes offered by fund houses on a unified platform. Meanwhile,Sinor also said that Sebi is likely to announce the appointment of the Self Regulatory Organisation (SRO) by next month,in which AMFI is also one of the three applicants.
R-Life eyes demat insurance policies for nine million customers
New Delhi: Leading private insurer Reliance Life has said it expects its over nine million customers to convert their insurance policies from physical format to the electronic or dematerialised format. We are working on the roadmap to encourage new and existing policy holders to hold their policies in electronic dematerialised form. We will educate our customer base about the benefits of holding all policies electronically and help them convert their insurance policies in demat form, Reliance Life Insurance CEO Anup Rau said. Reliance Life Insurance,part of Anil Ambani-led financial services major Reliance Capital,is amongst the first few private insurers to offer policy holders the option of holding their insurance policies in electronic demat form. Finance Minister P Chidambaram had recently inaugurated an Insurance Repository System,under which the industry regulator Irda seeks to push for dematerialisation of policy papers. pti