Monday, November 29, 1999

Sebi instructs AMCs to publish investor complaints

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Sebi instructs AMCs to publish investor complaintsSecurities and Exchange Board India (Sebi) has received feedback from investors and investors associations to improve transparency in the grievance redressal mechanism. Based on the same, SEBI had directed asset management companies to publish complaints made by investors on websites of AMCs, AMFI as well as in the annual report of the fund houses. AMCs have been directed to upload data for financial year 2010 by the end of June this year and also disclose details after two months of the closure of the financial year. The move is investor friendly and will ensure greater transparency.No trail commissions, if MF account is transferredAssociation of Mutual Funds in India (AMFI) has announced that distributors will not get trail commission in case the investor transfers his mutual fund account. An asset management company (AMC) pays trail commission to the distributor if the investor stays with a mutual fund scheme. Securities and Exchange Board of India (SEBI) had earlier allowed investors to change distributors without No Objection Certificate (NOC) from current distributor; this had led to a sharp rise in the transfer of accounts. As per the new guideline, AMC will not pay trail commission to either the old or the new distributor, if MF account is transferred.Amex introduces 'pay with points' optionAmerican Express has introduced 'pay with points' option in the Membership Rewards (MR) program. The option will let American Express card holders use any combination of points to pay for travel to go anywhere, anytime. This facility enables card holders to redeem their points and pay the balance amount with American Express card.DSPBR introduces transaction facility through BSE and NSEDSPBR Mutual Fund has allowed transaction of its mutual fund schemes through BSE StAR and MFSS, the trading platforms of BSE and NSE. Investors will now be able to buy and sell units of DSPBR Bond fund, Government Securities fund, Money Manager fund, Strategic Bond fund, World Gold fund, Natural Resources and New Energy fund, Floating Rate fund, Treasury Bill fund, Short Term fund, World Energy fund and DSPBR World Mining fund. This will be effective from May 17.SBI Mutual Fund launches PSU new fund offerSBI Mutual Fund has launched SBI PSU Fund, an open-ended equity fund. The fund will invest in public sector undertakings (PSUs) and a small portion in debt instruments issued by PSUs. The fund will be managed by Rama Iyer Srinivasan. The fund will be benchmarked against BSE PSU Index. The offer is open for subscription from May 17 to June 14.

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