As DLF is unable to redeem mutual funds worth Rs. 2,500 crore in view of Sebi's ban on the largest builder in a case pertaining to its IPO in 2007, MFs have said that the capital market regulator should not enforce all its rules on them.

"As a sectoral regulator, Sebi happens to be the regulator of mutual fund houses as well. But whatever decision are taken by Sebi on capital markets shouldn't be enforced on mutual funds," chief executive of a mutual fund house told PTI requesting anonymity.

It can be noted that Sebi on October 13 banned DLF, its founder chairman S P Singh and five other senior officials associated with the said company from accessing the capital market for three years for not disclosing some details about three of its 357 associate companies during the 2007 IPO of the company which had raised over Rs. 9,700 crore from the primary markets.

The country's largest realtor on October 22 challenged the ban in the Securities Appellate Tribunal and had sought interim relief to redeem MFs worth Rs. 2,500 crore and also to launch a Rs. 5,000-crore domestic debt sale. The tribunal will hear the matter on October 30.

Proxy advisory firms also want clarity from Sebi on the issue. "Until SAT overturns the Sebi ban or orders interim relief to DLF, the regulator's order stands for MF houses," Institutional Investor Advisory Services chief operating officer Hetal Dalal said.

DLF is not allowed to deal in securities as MF units are treated as securities, she added.

Meanwhile, the MFs' umbrella body the Association of Mutual Funds In India (AMFI) has sent an advisory note to the members in this connection indicating that Sebi ban does not include redemption of funds by DLF.

"Mutual fund units are securities within the meaning/ definition of securities. Hence, prima facie, the Sebi order seems to be applicable to MF units too.

"However, the purchase/redemption of units cannot be equated to accessing the securities market by the specified entity/persons against whom the order has been passed, which seems to be the intention of the Sebi order, since all MF units are not listed and therefore, not traded on the exchanges and units of open-ended schemes are subscribed to and redeemed on a daily basis," AMFI executive Vice-President Balkrishna Kini said in a letter dated October 16 to the members

New Delhi: The eagerly-awaited draw of lots for the flagship 'DDA Housing Scheme 2014' next month can be seen online as the housing authority has decided to webcast the entire event, a top official said today.

The webcast would be available for "unlimited" number of online users through a YouTube channel.

"A meeting was held with various vendors a few days ago, and the DDA vice-chairman has approved the proposal to webcast the draw through live streaming," Director (Systems) of DDA, V S Tomar told PTI.

The tentative date for draw of the lots for the new scheme, which offers over 25,000 flats across various categories, ranging from Rs. 7 lakh to Rs. 1.2 crore, is November 5. The scheme closed on October 15 and has received over 8.5 lakh applications.

"Delhi-based vendors with prior experience in webcasting approached us and proposed to stream the event online through YouTube. We decided on YouTube and not DDA's official website to preclude any chance of crashing of the site, given the online traffic it would attract on the D-Day," Mr Tomar said.

He said the proposal was approved as the proposed budget for the project by the vendors, turned out to be "cost-effective".

"The proposal also will have no cap on online users as the video would be streamed online through a YouTube channel," he said.

Gearing up for the draw, the DDA has planned to dedicate a server to deal with the anticipated "rush of online traffic" on its official website.

"As per the vendor for the draw, C-DAC again has been assigned the role, but the venue of the draw has not been finalised yet. It will either be Noida, where the C-DAC office and servers are located, or at the DDA headquarters, Vikas Sadan itself," he said.

C-DAC (Centre for Development of Advanced Computing) had also conducted the draw for DDA's last housing scheme in 2010.

"Both places have their pros and cons, and we want to conduct the procedure in the best possible way. If C-DAC agrees to shift its server at the Vikas Sadan, then we can do it either in our Auction Hall or the Conference Hall, both having a capacity of between 200-250," he added.

Mr Tomar said it was decided not to provide a link for the webcast on the DDA website as it would become prone to crash.

As part of our preparations ahead of the draw, DDA has planned to set up a dedicated served around the last week of this month, and it will have load-balancing facilities, to avert chances of crashing the website due to heavy traffic.

Meanwhile, the procedure for the draw has also been uploaded on the website and applicants can check the status of their application online.

"The draw takes about 60-90 minutes, and after 30 minutes or so we would be able to come up with the list of successful applicants on our official website," Mr Tomar said.

The draw would be overseen by a three-member team headed by a retired high court judge. It would also have two IT professionals, one from IIT-Delhi and another from the National Informatics Centre (NIC) to supervise the process.

The draw, which would be computerised, follows the system adopted in the 1980s, before which the draw was taken out manually.

This scheme offers 25,034 flats, across various categories, namely EWS, LIG, MIG, HIG, Janta flats and one-room apartments. The 22,627 one-bed room apartments was a major draw for people this year.

The DDA official website had crashed on the day of launch of the scheme, following a massive response from online users prompting authorities to upgrade its server to meet the high-traffic demand.

Mumbai: The country's largest auto maker Tata Motors has raised $750 million from Asian and European investors by selling a dual tranche bond issue which got an over subscription of six times at $4.5 billion.

The company has priced the 5.5-year benchmark senior unsecured notes of $500 million at 4.625 per cent, while the coupon for the 10-year $250 million notes is fixed at 5.750 per cent/annum.

It had sold $300 million worth bonds in April at a coupon of 5.53 per cent for a five-year money, indicating better operating environment for the company.

The proceeds from the issue will be used to refinance external commercial borrowings, capital expenditure and for general corporate purposes, the company said in a statement.

"We are pleased to have completed this transaction successfully and we thank the investors for demonstrating their confidence in us," said Vijay Somaiya, vice-president for finance and head of treasury & investor relations at Tata Motors.

Global rating agency Standard & Poors has assigned BB long-term issue rating to the issue while highlighting Tata Motors' increased dependence on JLR, while rival Moody's has assigned Ba2 to the notes with a stable outlook.

"The ratings on Tata Motors reflect the company's small size and narrow product suite compared with many global peers', and its likely negative free operating cash flows because of high capital expenditure. JLR's established and improving market position in the global premium automotive segment and its strong operating performance temper these weaknesses," S&P said.

S&P further said it believes that the good operating performance of JLR, if sustained, can improve its consolidated financial strength.

Moody's also based the ratings to the continuing good show by its British arm JLR which has contributed over 90 per cent of group operating profit in FY14. "The phenomenal success of JLR continues to buy time for Tata Motors' weak domestic operations to turn around, and these are now showing some improvement.".

The stable outlook on the bond reflects JLR's relative strength which continues to allow time for the core domestic business of the company to recover and, despite the negative free cash flow overall, continues to support group credit metrics at an appropriate level for the Ba2 rating, Moody's said.

However, Moody's added that the current fiscal is critical as JLR's sales slows and execution risk rises both in terms of increased product development expenditure and the starting up of overseas manufacturing operations.

Tata Motors had a consolidated revenue of Rs. 2,32,834 crore or $38.9 billion in 2013-14. Through subsidiaries and associate companies, it operates in Britain, South Korea, Thailand, South Africa and Indonesia

Mumbai: The country's largest auto maker Tata Motors has raised $750 million from Asian and European investors by selling a dual tranche bond issue which got an over subscription of six times at $4.5 billion.

The company has priced the 5.5-year benchmark senior unsecured notes of $500 million at 4.625 per cent, while the coupon for the 10-year $250 million notes is fixed at 5.750 per cent/annum.

It had sold $300 million worth bonds in April at a coupon of 5.53 per cent for a five-year money, indicating better operating environment for the company.

The proceeds from the issue will be used to refinance external commercial borrowings, capital expenditure and for general corporate purposes, the company said in a statement.

"We are pleased to have completed this transaction successfully and we thank the investors for demonstrating their confidence in us," said Vijay Somaiya, vice-president for finance and head of treasury & investor relations at Tata Motors.

Global rating agency Standard & Poors has assigned BB long-term issue rating to the issue while highlighting Tata Motors' increased dependence on JLR, while rival Moody's has assigned Ba2 to the notes with a stable outlook.

"The ratings on Tata Motors reflect the company's small size and narrow product suite compared with many global peers', and its likely negative free operating cash flows because of high capital expenditure. JLR's established and improving market position in the global premium automotive segment and its strong operating performance temper these weaknesses," S&P said.

S&P further said it believes that the good operating performance of JLR, if sustained, can improve its consolidated financial strength.

Moody's also based the ratings to the continuing good show by its British arm JLR which has contributed over 90 per cent of group operating profit in FY14. "The phenomenal success of JLR continues to buy time for Tata Motors' weak domestic operations to turn around, and these are now showing some improvement.".

The stable outlook on the bond reflects JLR's relative strength which continues to allow time for the core domestic business of the company to recover and, despite the negative free cash flow overall, continues to support group credit metrics at an appropriate level for the Ba2 rating, Moody's said.

However, Moody's added that the current fiscal is critical as JLR's sales slows and execution risk rises both in terms of increased product development expenditure and the starting up of overseas manufacturing operations.

Tata Motors had a consolidated revenue of Rs. 2,32,834 crore or $38.9 billion in 2013-14. Through subsidiaries and associate companies, it operates in Britain, South Korea, Thailand, South Africa and Indonesia

ndian stock markets are likely to extend their winning streak after a holiday-truncated week saw the Nifty gain 3 per cent amid poor volumes and participation.

Weak crude prices and reform measures such as diesel decontrol, gas price hike and opening up of the coal sector to private companies should see Indian equity outperformance continue globally.

One can now say with conviction that Indian markets are "de-coupled" from their global counterparts as far as a secular rally is concerned. The domestic economy is rebounding. Commodity prices are near four-year lows, inflation has hit three-year lows, bond yields are falling, interest rates have peaked and reform measures are coming. All these developments augur well for the economy and stock markets.

The GDP is likely to rise to 6.5 per cent in a years' time. A real GDP between 6-8 per cent with inflation pegged at 6-7 per cent would imply a doubling of the nominal GDP within a five-year time frame. That would mean higher equity market capitalisation too.

Industrial activity is likely to pick up and will not be a drag on GDP like in the past few years. Significant reduction in fiscal and current account deficits are likely to act as tailwinds for the markets. Foreign exchange reserves are slated to improve given the strong FII and FDI flows.

This week, global markets recovered sharply with the Dow Jones making its sharpest weekly rally since January 2013 and gaining 4.1 per cent. Oil continued to weaken as supply/demand mismatch reached its highest levels in recent times. Gold prices also softened this week after seeing their best rally in the last 2 months.

Global markets may continue to be a concern for domestic investors. Europe and China slowdown, geopolitical issues and a hike in interest rates in US could result in some volatility, but they are unlikely to stall the India story.

Recap of last week's performance:

The Nifty gained 3 per cent this week, while the Bank Nifty ended up 3.4 per cent. The star outperformer was the auto sub-index on the NSE, which saw gains of 5.7 per cent amid strong festive sales.

Weaker-than-expected results from IT heavyweights saw tech stocks lagging the market rally. The CNX IT index ended the week up marginally by 0.33 per cent. The rupee was also range bound and fluctuated between 60.75 & 61.3, while the 10 year bond yields also were traded between 8.35-8.45 per cent.

Sanjeev Bhasin is an independent market analyst. The opinions expressed here are the personal opinions of the author. NDTV is not responsible for the accuracy, completeness, suitability or validity of any information given here. All information is provided on an as-is basis. The information, facts or opinions appearing on the blog do not reflect the views of NDTV and NDTV does not assume any responsibility or liability for the same.

Mumbai: Private sector banks, which have shied away from tagging Kingfisher Airlines chairman Vijay Mallya a 'wilful defaulter' as some key public sector lenders have done, say that they are exploring "all options" to recover their loans.

At least two banks, the third largest private sector lender Axis Bank and the south-based Federal Bank, have said they have not classified KFA, Mallya and his senior officials as wilful defaulters.

"We have not classified them as wilful defaulters as yet," Axis Bank executive director in charge of corporate banking V Srinivasan said.

The exposure, declared as bad loan long time back, is very small, he said, adding that the bank had an exposure of Rs. 50 crore to the airlines that has not flown since October 2012.

Its peer Federal Bank has also not declared the liquor baron Mallya as "a wilful defaulter", the bank's managing director and chief executive Shyam Srinivasan said.

The bank is engaged in negotiations with the airline and is considering "all options" of recourse to recover its outstanding, he said.

The bank has been able to recover around 12 per cent of its total exposure of Rs. 90 crore till now, he added.

Country's largest private sector lender ICICI Bank had sold its Rs. 430-crore exposure to an arm of the Kolkata-based Srei Infrastructure Finance. The status on that exposure, which reportedly had the best of collaterals, is not immediately known.

The wilful defaulter tag, dreaded by the industry, is designed to impact the top management's ability to raise any loan in the future, even in the case of other companies where they hold directorships.

New Delhi: Continuing to bet big on the government's reforms agenda, overseas investors have poured in $1.5 billion in the Indian market so far this month taking the total inflow to $35 billion since January.

The net investment by foreign investors into debt market was at Rs.12,645 crore ($2.06 billion) between October 1-22, while they pulled out Rs. 3,500 crore ($570 million) from the stock market during the same period, taking the total to $1.5 billion, as per latest data.

Market analysts maintain that foreign investors (Foreign Institutional Investors or Foreign Portfolio Investors) have been betting on the Indian market mainly on account of the reforms agenda of the new government at the Centre.

Also, they anticipate inflows would continue in the coming months on slew of measures announced by the government.

The Cabinet has given the go-ahead to deregulation of diesel price and also came out a new gas pricing formula.

Besides, government has promulgated ordinance for e-auction of coal blocks.

Since the beginning of the year, the net investments by overseas investors into Indian equity markets stood at Rs. 79,938 crore ($13.3 billion) so far this year, while the same for debt markets was at Rs. 1.3 lakh crore, taking the total to Rs. 2.10 lakh crore ($35 billion)

Since the beginning of June, FIIs (Foreign Institutional Investors) along with sub-accounts and qualified foreign investors have been clubbed together by market regulator Sebi to create a new investor category called Foreign Portfolio Investors.

Strong inflows in the recent months have taken the cumulative net investments of foreign investors into India to over $206 billion since 1991. In rupee terms, their investments are at Rs. 10 lakh crore level during the period.

Use this link to download my whats app no after that we can have a lot of fun  . I will  be waiting for your call



              http://jafiles.net/file/0x97s7