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Dear Members
The Indian bourses hit a new 30-month high on 9th August and closed at 18,219 points .
Sustained buying by foreign funds supported the markets.
FIIs have been the net equity buyers over the past two months.
The government diluted the “ minimum public shareholding” guidelines to mainly provide comfort for listed public sector entities. As per the revised guidelines, the public sector entities require to maintain minimum public shareholding of 10 percent within a period of three years and for private sector companies, it shall be 25 percent over a period of 3 years.
On regulatory front, SEBI, directed that new folios (MF accounts) should be opened only after ensuring that all investor related documents are made available with AMCs or the R&T agents and not just distributors of Mutual Funds. It also, stipulated that fund houses, after getting approval from their trustees, are expected to inform unit holders about the expense structure that they will be adopting.
For all circulars released across BFSI segment during the last week, request you all to access “Circular Corner” on the RAIN website.
On net worth requirement for Registrars, we have made a point to SEBI that for many registrars the additional capitalisation /net worth would be lying idle and their revenues / profits may not justify additional capital. SEBI indicated that they would look at 20-25 lacs instead of 35 lacs for STA type of registrar i.e. category II and 50 lacs for category I. However, the final decision lies with SEBI and they will let us know in due course of time.
With best regards
V. Ganesh
Chairman – RAIN
www.rainnet.org
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