Latest Indian Mutual Fund News | 06-May-2011


1.Brokerages welcome extended time for Gold ETFs.

Broking firms have welcomed the extra trading hours set by the stock exchanges on Akshay Tritiya, May 6. The National Stock Exchange and Bombay Stock Exchange have jointly decided to keep their trading platforms open till 9 pm for trading in gold exchange traded funds (ETF). Generally trading platforms are open from 9 am to 4 pm.

News Source – BUSINESS LINE.

2.Sebi to outsource investor helpline to third-party call centre.

Market regulator Sebi has decided to outsource its investor helpline service to a third-party call centre, where at least 500 agents would be required to attend to investors' calls on issues like IPOs and trading. The decision to outsource its investor helpline comes within weeks of Sebi deciding to rope in third-party agencies for processing and maintenance of investor grievances.

Faced with the Herculean task of handling lakhs of investor complaints, Sebi in March last week had decided to outsource such activities to help it resolve the investor complaints on a fast-track basis. Now, Sebi has decided to empanel a third-party call centre to run its nationwide toll-free investor helpline, where the investors' calls would be initially attended to between 9.30 a.m. to 5 p.m. on weekdays, an official said.

The timings and hours might be extended further after three months. Incidentally, Sebi is in the process of finalising a set of regulations for outsourcing of work by various market intermediaries such as brokers, mutual funds and investment bankers. The regulator is said to be against outsourcing of the market entities' core and investor-sensitive activities.

The investor helpline call centre would be required to attend investors' calls on matters like procedure for lodging complaints, opening of trading accounts, complaint status and assistance in issues like transfer and transmission of shares, IPOs, etc.

Besides, the call centre would also need to provide guidance on status of companies on whether they are unlisted, sick, vanished or delisted, matters pertaining to other regulators that are not under the Sebi purview.

Sebi is putting in place this web-based centralised system, named Sebi Complaints Redress System (SCORES), for speedy redressal of grievances. The agency would also be responsible for entry of the complaints with proper categorisation and codification, updation of the system with Action Taken Reports (ATRs) and keeping investors informed about progress on their complaints.

News Source – THE HINDU.

Latest Indian Mutual Fund News | 06-May-2011
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