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Inside Investing Moneylife Digital Exclusives Debashis Basu, Sanket Dhanorkar & Pratibha Kamat The remarkable financial pyramid of gold loan companies gold loan companies
SEBI wants smoother transfer of mutual fund units, but will the investor benefit? The move might just result in the already beleaguered industry having to shoulder additional costs Malaysian MLM company ‘offers’ 200% returns in 10 months via gold trading in India A gold-trading company that claims that it ‘earns’ 6% margin per month is ‘offering’ 200% returns to unsuspecting people from the North East Infrastructure funds throw up mixed returns One year later, some Osian fund investors still await first tranche of their money The fund’s head admits that there have been some bottlenecks in release of complete payments, but is confident that all investors will be paid in full Gold loan companies and their murky underbellies If you thought loans against gold were the best thing to happen to mankind since sliced bread, think again. We made trips to various branches of companies which profess to offer ‘quick’ loans against the yellow metal and this is what we unearthed Textile shares boom on their realty values Punters are hoping for massive value unlocking in Bombay Dyeing, Raymond, Century Textiles, Alok Industries and Provogue, among other companies Is Baroda Sector Focus Fund a diversified scheme? Despite its moniker, the fund may do better by switching between sectors. But that makes it an equity diversified fund KGN of Pune offers 1% interest a day, except holidays! KGN and its related companies are running what looks like a pyramid scheme through a multi-level marketing chain in Pune under different names, ensnaring gullible small investors Herd on the street: Deccan Chronicle, Patni, Ramsarup Industries, sugar stocks, Nirmal Kotecha, Larsen & Toubro What’s buzzing in these stocks right now Inside Investing Recent ML Digital Exclusives Pratibha Kamath and Sanket Dhanorkar Wealth Creators 1999-2009 The after-effects of the massive boom in engineering, real estate and raw materials of 2003-07 and, of course, massive speculation, continue to be reflected in the wealth-creators’ list. Pratibha Kamath and Sanket Dhanorkar pick the toppers Debashis Basu SEBI slams AMFI for ignoring directive on trail commission The market regulator has again put its foot down on mutual funds’ trail commission issue. Will AMFI comply this time? Swapnil Suvarna & Ravi Samalad Tata Motors DVR shares trade at 40% discount, analysts foxed Tata Motors DVR shares are trading at a discount of 40%. If this is a case of market imperfection, it is a huge arbitrage opportunity waiting to be exploited Swapnil Suvarna and Pratibha Kamath Market looks constrained by high valuations Athough the Sensex is a good way off from its all-time high of 21,000-plus, the index’s current P/E valuation is close to its high of January 2008, which means further gains may be fuelled solely by the liquidity factor Debashis Basu AMFI asks for a new vote on trail commission issue by email After our story yesterday pointing out how its old vote by hand remains unimplemented for five months, the fund lobby has asked for a new vote Pratibha Kamath and Subrato Das Rising promoter stake lead to better results, higher stocks Where promoters have increased their stake, the growth has been excellent leading to higher share price Amritha Pillay How SEBI failed to regulate the Osian Art Fund SEBI failed to regulate the Osian Art Fund under its regulations covering Collective Investment Schemes, despite its own advisory against unregulated art funds in 2008 Sucheta Dalal SEBI board cannot quash order against NSDL: ex-CJI Justice JS Verma says such quasi-judicial orders can only be reviewed and quashed “by a judicial forum with requisite jurisdiction, at the instance of a petitioner with standing to seek relief.” Osian Art Fund investors get part payment The long wait for some Osian Art Fund investors seems to have finally ended. However, investors have received only part payment of the redemption amount, while they continue to be anxious about the net asset value ABN AMRO customers upset over their Osian Fund investment The Bank, which collected Rs30 crore from investors, is believed to have charged an entry load of Rs25,000 for every Rs10 lakh invested Mutual fund-broker route may drive up investor costs Cost to investor under the new proposed route could reach up to eight times the expenses under current model Sanket Dhanorkar Shady IPO deals continue unabated The promoter-merchant banker racket ensures IPOs get subscribed fully; huge discount demanded to aid subscription impacts post-listing performance Promoters tank up on preferential allotments in Sistema Shyam Recently, the Department of Telecom (DoT) gave its nod to the Russian government bid to pick up a 20% stake in the service provider for an estimated Rs3,200 crore. Promoters of Sistema Shyam Teleservices, a mobile service provider, are looking to Online MF trading bane for distributors Allowing trading in mutual funds through exchanges will benefit brokers as they can charge commissions from both buyers and sellers; but it may put small distributors out of business The Indian pharmaceutical saga: Strong on generics, weak in R&D Despite an investment of $3 billion in R&D, the Indian pharmaceutical industry has been unable to come out with a single new drug GIPL expects to double turnover in FY11 Moneylife speaks to Parvez Umrigar, managing director of Gammon Infrastructure Projects which has a committed investment of Rs100 billion over the next few years Many stocks still down 70-80% below their peak despite huge market rally The Sensex is yet to climb the peak of 21,000 and yet several stocks are trading significantly higher than previous highs. Some, on the other hand, are still down miserably A few companies refuse to divulge employee remuneration details The Companies Act, 1956, requires companies to disclose remuneration details of employees earning more than a stipulated amount. Some companies are instead taking the easy way out, falling back on technicalities in the said Act to withhold such Southern cement units may suffer due to over-capacity and low demand With major capacity additions and low expected demand for 2010 and 2011, key cement players in southern India are expected to be affected adversely Osian Art Fund delays payout After disappointingly low returns, unit holders have suffered a delay in getting their money back from the fancied Osian Art Fund. The fund will now pay investors in November Osian Art Fund disappoints investors with just 5% returns The art fund promised great returns in 2006 when the art market was hot, but has disappointed investors on exit From Rajlakshmi to Kanya Suraksha: UTI learns its lessons UTI Mutual Fund has a new scheme for the girl child - the Kanya Suraksha yojana scheme. But it has learnt from the Rajlakshmi scheme disaster and joined hands with the Bihar government this time Chain marketing for Insurance MLM companies have been selling insurance products although the activity is a clear violation of the IRDA Act PMS in troubled waters Fund houses shut PMS business after incurring heavy losses due to the market crash last year Inside Investing Face to Face
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 Gold loan companies and their murky underbellies If you thought loans against gold were the best thing to happen to mankind since sliced bread, think again. We made trips to various branches of companies which profess to offer  KGN of Pune offers 1% interest a day, except holidays! KGN and its related companies are running what looks like a pyramid scheme through a multi-level marketing chain in Pune under different names, ensnaring gullible small investors  Union Bank of India plans to go for takeout financing UBI is considering takeout financing for some of its infrastructure loans  Natural resources funds, unnatural returns Another scheme — the Tata Natural Resources Fund — has entered this space, but there is nothing which this fund can deliver that existing equity funds cannot  AMFI to tighten registration process for mutual fund The industry body will tweak ARN registration and renewal norms from1 September 2010
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