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Dear Members
An
end to the row over ULIPs and China’s decision to allow its currency
more freedom to move against the US dollars boosted the market
sentiments in week beginning but US federal Reserve’s downbeat
language on economic growth, government’s decision to raise fuel
prices stoked inflation worries have pulled the markets down and
closed at 17,574 points on 25th June, 2010.
With
government’s intervention the row over Ulips has come to an end.
Ulips will now come under the regulatory jurisdiction of IRDA and
not SEBI. It amended four acts to make it clear that Ulips are not
securities and they do not form a part of the collective investment
schemes / Mutual Funds.
Couple
of circulars were released across BFSI segment. The key circulars
among them are “Certification programme for sale and/ or
distribution of mutual fund products” & “Valuation of debt and
money market instruments” by SEBI.
India
won the Asia Cup cricket tournament after crushing defending
champions Sri Lanka by 81runs in a lop-sided final in Dambulla on
24th June. It had bagged the title after a gap of
15 years.
On the
RAIN front, we have met SEBI to discuss the new SEBI sponsored
initiative of pushing physical investors to dmat and will come out
with a working paper in a week’s time. SEBI is keen to push dmat to
avoid frauds and risks etc.
The
technology summit for rain members is being postponed and we will
get back to all of you shortly. Let’s stay in touch
With best regards
V.
Ganesh
Chairman – RAIN;
httpwww.rainnet.org
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