Satluj Jal Vidyut Nigam Ltd IPO – Apply at Cut Off

The Satluj

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Satluj Jal Vidyut Nigam Ltd’s (SJVNL) initial public offer (IPO) looks attractively priced at a price band of Rs 23-26 per equity share and investors can subscribe to the issue for listing gains.The IPO, which opens today, would offer a 5% discount to retail investors.

At the upper band of Rs 26, the stock is priced at 12.61 times its expected FY10(E) earnings per share of Rs 2.04 compared with the industry composite average of Rs 21.20. Also, on a price-to-book value basis, stock would trade at 1.58 times its book value of Rs 16.45 (for the first nine months of FY10). Earnings over next 3 years would not grow much as future projects would start getting operational only from 2014-2015.

However, considering the SJVNL’s strong track record, consistent operational and financial performance and lower valuations to current listed players, investors can subscribe to the stock either from long-term perspective of more than 5 years and also for listing gains.

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Finally Mobile Number Portability from June 30th?

PHS Japan 1997-2003 (Willcom, NTT DoCoMo, ASTEL)

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The DoT today directed mobile operators to stick to the June 30 deadline for launching mobile number portability (MNP) and made it clear that there would be no further extension.

The department of telecom, which is now monitoring MNP preparedness of operators on a weekly basis, today held a meeting with operators. MNP allows a mobile phone customer to switch the operator while retaining the number.

Official sources said DoT has told operators to get ready by 30 June and seek no further time as enough time has already been given to them. Private operators informed DoT that they are already in various stages of testing their equipment for MNP.

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“Ask additional password for IVR transactions” – RBI to Banks

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Banks will have to soon put in place an additional authentication cover for their credit and debit card customers transacting over phone..

The Reserve Bank of India (RBI) has asked all the banks operating in the country to put in place by next year a system where credit and debit card customers would need to provide an additional password for IVR (interactive voice response) transactions.

The customers would now need to key-in an additional password on their phone, besides the currently prevalent details like card number, date of birth, card issue or expiry date and in some cases a telephonic password.

RBI has now decided to “extend this requirement of additional authentication/validation to all CNP (card not present) transactions including IVR transactions.”

This additional security codes would need to be different than those visible on the cards, such as the card number, CVV (card verification value, which is printed on the back of the card), date of birth and date of issue and expiry.

Source : News

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Shriram Transport Finance – NCD issue is opening in the 1st week of May


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Shriram Transport Finance – NCD issue is opening in the 1st week of May

Tenor would be 5Yrs and 7Yrs with Put and call option after 3Yrs and 5Yrs respectively. It means technically the tenor is 3Yrs and 5Yrs.
The issue size is Rs500cr and out of that Rs400cr is reserved for Retails investors.
Coupon rate would be in the range of 9.50% to 10.50% (it is still in the finalization stage. The final rate would be communicate to you shortly)

HDFC MF will be launching the following FMP's next week

HDFC FMP 367D April 2010
Opening Date - 20th April 2010 (Tuesday)
Closing Date - 22nd April 2010 (Thursday)
HDFC FMP 36M April 2010
Opening Date - 20th April 2010 (Tuesday)
Closing Date - 27th April 2010 (Tuesday)

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HDFC revives teaser home loan scheme


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HDFC has introduced a new dual home loan product, under which, home loans will be available at 8.25% for the first year and 9% for the second year.

Under the new scheme, the home loan will have a fixed rate of 8.25% and 9% for the first and second year and a floating rate from the third year onwards.

For loans under Rs 30 lakh, the bank will levy a rate of 475 bps below the prime lending rate (PLR) from the third year. This works out to 9% as HDFC's PLR is 13.75%. The third year rate has been reduced by 25 bps.

In the case of loans above Rs 30 lakh, the bank will levy a rate of 450 bps below PLR from the third year. This works out to 9.25%.

The new offer is applicable till April 30 but the first disbursal can be made by June 30. The offer is applicable to all new home loan customers. HDFC says the cost of funds permits it to offer a lower initial fixed rate.

If one compares HDFC's new scheme with that of State Bank of India, SBI home loan rate scheme is fixed at 8% for the first year, 9% for the second and third year, and is floating thereafter. SBI's PLR is 11.75%. The new scheme offers a floating rate of State Bank advance rate (SBAR) minus 175 bps. Hence, the effective rate is higher than HDFC's scheme.

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Don’t launch any new ULIPS : SEBI

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In terms of para 26 of the said order, 14 entities have been restrained from issuing any offer document, advertisement, brochure soliciting money from investors or raise money from investors by way of new and/or additional subscription for any product (including ULIPs) having an investment component in the nature of mutual funds, till they obtain the requisite certificate of registration from SEBI. As per para 28 of the said order, the order shall come into force with immediate effect, i.e. from 09.04.10.This is to bring to the notice of investors that SEBI has decided to keep in abeyance, till further notice, the enforcement of the above directions with respect to the ULIP schemes /products existing on the date of the order, i.e. 09.04.10. However, with respect to any new ULIP schemes / products launched after 09.04.10, the directions mentioned in the said order will be enforced as indicated therein.

SEBI does it again. Even after Finance Minister’s intervention, it ordered insurance companies to refrain from launching any new ULIP scheme. This means that even though insurance companies can continue selling and renewing their existing unit-linked products, they cannot launch new ULIPs.

Government should act fast and decisively. We should not just copy practices from abroad. Common investors interests are paramount. Imagine the situation before the introduction of ULIPS in India. Even during that period, LIC did good business and made profit. But ULIPs gave super normal profits to private insurance players and it’s agents. IRDA wanted to protect these suckers.   If these private insurers do any foreign exchange transaction, quite naturally they need to take necessary approvals and permissions from RBI. In that case IRDA can’t argue RBI has no jurisdiction over it’s most favorite private insurance companies. The same logic applies for ULIPS also. If private insurance companies want to do  the business of an asset management company, they have to seek additional approvals from SEBI and adhere rules and regulations of SEBI.

Dear Mr. Finance Minister, I don’t understand this situation. If I need to invest Rs.1lakh in an Mutual Fund Scheme, I need to submit my PAN card details andKYC documents. But, If I need to invest the same one lakh through ULIP (I am having option of buying no insurance or paying very low insurance premium allocation and maximum investment allocation), I don't need to submit my PAN details. Do you support this? IRDA supports. You please don’t support IRDA.    

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The next generation of Google Docs

Official Google Blog: The next generation of Google Docs
New document and spreadsheet features
In documents, Google have added a margin ruler, better numbering and bullets and easier image placement options. And in spreadsheets, you’ll now find a formula editing bar, cell auto-complete, drag-and-drop columns and other features not possible with older browser technologies.
Speed and responsiveness
New browser technologies like faster JavaScript processing have made it possible for Google to speed up Google Docs significantly. Even very large spreadsheets are fast to work with in your browser now. Applications that run this fast feel like desktop applications but have the unique advantages of being in the cloud.

Faster collaboration
Google have extended Google Docs’ collaboration capabilities too, with support for up to 50 people working together at once, and in documents, you can now see other people’s edits as they happen character-by-character. And now you can also collaborate on flow charts, diagrams and other schematics in real time with a new editor for drawings on Google Docs.

This post is written by R.John Christy for


HANGZHOU, CHINA - JUNE 24:  An employee works ...

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BSE Code: 532820
Nirmal Bang in it’s recent research report, recommended buying of Mudra Lifestyle Limited (MLL).

State of the art process house
Fully Integrated units lead to lower lead time
as compared with the industry average
Strong brand in the domestic fabric market
Strong customer base
Can shift between products in case of
downturn in a particular category since it
manufactures garments from all kinds of

Improved focus on garment manufacturing
will result in better margins
Increase in demand for high – end fabric in
domestic market
Catering to top‐end brands should lead to
improved margins
Expansion of customer base in international
Company can launch its own brand in the


Longer Working Capital Cycle: the company requires huge investment which leads to the longer working capital cycle which we believe is negative for the company and our assumptions.
Competitive & Fragmented Industry: A major gap in Indian textile industry is its fragmented industry structure with a dominance of small scale industries. The regional unorganized player is becoming competitive in the current scenario which we feel pose a threat to the company.
Foreign Currency Risk: Appreciation of India Rupee vis‐à‐vis USD, Euro and GBP would weaken the competitive position as the company accounts for
around 15% of its total revenue from exports. Apart from that the strong rupee make imported fabric / garment more cheaper and can put pressure on realization

Nirmal Bang’s recommendation

We feel Mudra Lifestyle will see volume growth on account of increase in capacity and margin expansion on account of better product mix and leveraging of fixed cost during FY11E. The benefit of this increase in margin is already visible in Q2 and Q3FY10 result which has happened on account of commencement of new process house.
We expect company to report EPS of Rs. 4.2 and 8.7 for FY10E and FY11E respectively. At current price of Rs. 46, the stock is trading at a PE of 11x and 5.3x
and P/BV of 0.9x and 0.8x for FY10E and FY11E respectively. The valuation looks attractive and we recommend a “BUY” on the stock with a target price of Rs. 65 per share (PE of 7.5x for FY11E), an upside of 41%.

I recommend this stock for investors who have one to two years investment horizon.

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Perfios “Myclients” trial offer


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Are you an Independent Financial Advisor/own a wealth management firm and looking out for a software to mange your clients data? Perfios presents - 'MyClients' - The best web based client management application for your firm. Email for a demo session/account today.

MyClients which would help to manage the needs of customers and relationship managers. With features like automatic fetching of client data, up-to-date NAV updates, group/family management features, complex AUM/Sales reports etc, MyClients might  be a good  solution to manage your client’s personal finance data.

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IRDA permits ULIPS & bats for private insurers

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IRDA in it’s unusually quick order, permits Indian insurance companies that are mentioned in the order of SEBI to continue to carry out insurance business as usual including offering , marketing and servicing ULIPs in accordance with the Insurance Act, 1938, Rules, Regulations and Guidelines issued there under by the IRDA. Previously IRDA took the position that the affected insurance companies should take legal steps as IRDA is not a party to the order issued by SEBI. 
It seems IRDA appears to be a lobbying body of private insurance companies rather than a efficient regulatory body. Please learn your lessons from RBI, Mr.J.Hari Narayan. You are unduly worried over the financial stability private insurance companies. 

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SEBI bans 14 insurers from issuing ULIP

LIC Building Chennai

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Market regulator SEBI has banned 14 life insurance companies, including those belonging to Tatas, SBI, ICICI, HDFC and Reliance Anil Ambani group from raising funds through unit linked schemes.

Many of the affected companies said they would talk to both Sebi and Irda on the issue, which has emerged as a bone of contention between the two regulators.

Rejecting the arguments by insurance companies that Ulip schemes are insurance products, a view endorsed by Irda, market regulator Sebi issued the order late last night.

“ exercise of the powers...I hereby direct ... the (14) entities not to issue any offer document, advertisement, brochure soliciting money from investors or raise money from investors by way of new and/or additional subscription for any product (including Ulips) having an investment component in the nature of mutual funds.”

The players who have been prohibited from raising any further money include big players like SBI Life Insurance Company, ICICI Prudential Life, Reliance Life, Metlife India, Aviva Life, Tata AIG Life, etc.

However, state-owned insurer LIC is not named in the order, which further said in case these entities wanted to raise funds through any such schemes they would have to obtain the requisite certificate of registration from Sebi.

The order was issued by Sebi whole time member Prashant Saran, said.

Earlier in January, Sebi had issued a notice to these companies asking why they did not seek its permission before offering Ulip schemes.

To buttress their contention, they said the predominant feature of a Ulip is insurance cover, which is dependant on human life and the mere existence of an additional investment feature cannot convert a Ulip into a mutual fund.

They further contended that Ulips have a mandatory insurance cover, which forms a vital and inseparable part of the product.

Unlike mutual fund schemes, the products are interlinked with the life of the policy holder, these companies added.

In its reply to Sebi’s notice to insurance companies earlier, Irda is also understood to have taken the stand that regulation of Ulips by Irda was well laid down and that it did not agree with Sebi’s contention that insurers needed a certificate of registration from the market regulator for dealing in Ulips.

However, Saran in his order said, “I conclude that Ulips offered by the said entities are a combination of investment and insurance and, therefore, the investment components are in the nature of mutual funds, which can only be offered/launched after obtaining registration from Sebi.”

The other companies, against whom the Sebi had issued the order last night include, Aegon Religare Life Insurance Company, Bajaj Allianz Life, Bharti AXA Life, Birla Sun Life, HDFC Standard Life, ING Vyasa Life, Kotak Mahindra Old Mutual Life and Max New York Life.

Source : News Reports

What the SEBI seeks from the insurance companies is to get prior permission to launch any investment products. You should not treat similar schemes (MFs and investment portion of ULIP) with entirely different sets of rules. As the  present awareness level among investors are low, we recommend scrapping of ULIP as it predominantly serves the financial intermediaries' interest rather than common investors.    

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Tata Nano catches fire

Planet's cheapest car, the Nano xj.

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Another brand new Tata Nano car caught fire in Anand District on Wednesday. In another shocking incident for the Tata Nano, a brand new Nano caught fire this time on its way to Vadodara.This is the latest in a series of incidents that have happened in Delhi, Lucknow and Ahmedabad last year, and just about 20 days back in Mumbai. Local police say that the Nano caught fire near Boriyavi village in Vadodara. The incident took place on the National Highway VIII.The car was part of a fleet of 11 Nanos to be delivered to a dealership in Ahmedabad. The police say the rear portion of the Nano caught fire.

More than two weeks on, Tata Motors is still unable to find the cause of the accident which led the Nano of a Mumbai resident to go up in flames. CNBC-TV18’s Swati Khandelwal Jain reports on how the company will have to undertake some serious damage control to protect the Nano's image.

Satish Purshotam Sawant, a Mulund resident, whose Nano went up in flames as he drove back from the dealership, wants compensation. The incident took place on the 21st of March, the day Sawant took delivery of the Nano. This LIC employee is now demanding Rs 15 lakhs in compensation for endangering not just his life, but also the lives of his wife and five year old child who were in the car when the fire broke out. Sawant also wants a fully loaded Fiat Punto because he says he has lost faith in Tata Motors.

We need Fire engines to drive TATA Nano, it seems. Mamtha Banerjee is laughing???!!!!! 

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New F&O lot sizes from July 2010

NSE has changed the F&O contracts lot sizes for different companies. For details, please click here. The proposed changes would apply for the contracts dated on or after July 2010.

Sharekhan’s Equity ideas

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Housing Development Finance Corporation
Infosys Technologies
Larsen & Toubro
Reliance Industries
Tata Consultancy Services


Apple Green

Aditya Birla Nuvo
Apollo Tyres
Bajaj Auto
Bajaj Finserv
Bajaj Holdings & Investment
Bank of Baroda
Bank of India
Bharat Electronics
Bharat Heavy Electricals
Bharti Airtel
Corporation Bank
Crompton Greaves
Glenmark Pharmaceuticals
Godrej Consumer Products
Grasim Industries
HCL Technologies
Hindustan Unilever
Indian Hotels Company
Mahindra & Mahindra
Maruti Suzuki India
Piramal Healthcare (Nicholas Piramal India)
Punj Lloyd
Sintex Industries
State Bank of India
Tata Tea



Allahabad Bank
Andhra Bank
Madras Cements
Phillips Carbon Black
Shree Cement
Tourism Finance Corporation of India


Emerging Star

3i Infotech
Alphageo India
Allied Digital Services
Axis Bank (UTI Bank)
Cadila Healthcare
Greaves Cotton
Max India
Network 18 Media & Investments
Opto Circuits India
Patels Airtemp India
Zydus Wellness


Ugly Duckling

BASF India
Deepak Fertilisers & Petrochemicals Corporation
Federal Bank
Gayatri Projects
India Cements
Ipca Laboratories
Jaiprakash Associates
Mold-Tek Technologies
Orbit Corporation
Pratibha Industries
Punjab National Bank
Ratnamani Metals and Tubes
Selan Exploration Technology
Shiv-Vani Oil & Gas Exploration Services
Sun Pharmaceutical Industries
Sunil Hitech Engineers
Torrent Pharmaceuticals
UltraTech Cement
Union Bank of India
United Phosphorus
Zensar Technologies


Vulture’s Pick

Esab India
Mahindra Lifespace Developers
Orient Paper and Industries
Unity Infraprojects
Tata Chemicals

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TN State board 1st Std. to 12th Std. books are now in PDF and freely downloadable

Please pass on this information to your friends... whose children are studying in the TN State board/ 10 Matriculation. Now the TN State board books are on-line in PDF and IT IS FREELY downloadable. Good initiative taken by Tamil Nadu Govt. From Std 1 to Std 12. All subjects...  Any one can print this material & give it to some poor people.

For public examination question bank, please click the following link

Sharekhan’s top equity fund picks

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Sharekhan have identified the best equity-oriented schemes available in the market today based on the following 5parameters: the past performance as indicated by the one, two and three year returns, the Sharpe ratio and Information ratio.

Conservative/ Large-cap funds

  1. Birla Sun Life Frontline Equity Fund - Plan A
  2. Principal Large Cap Fund
  3. DSP BlackRock Top Equity Fund
  4. Tata Pure Equity Fund &
  5. Kotak 30

Aggressive Funds


  1. IDFC Premier Equity Fund Plan A
  2. Birla Sun Life Mid Cap Fund Plan A
  3. Sahara Midcap Fund
  4. Sundaram BNP Paribas Select Midcap
  5. L&T Midcap Fund

Multi Cap

  1. Reliance RSF – Equity
  2. Templeton India Growth
  3. HDFC Top 200
  4. UTI Opportunities
  5. HDFC Equity Fund

Tax planning funds

  1. Taurus Taxshield
  2. Sahara Taxgain
  3. Religare Tax Plan
  4. ICICI Prudential Taxplan
  5. DSP BlackRock Tax Saver

Though I differ with the final results, investors can choose two or three funds from the above list to get solid returns.

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Apple ipad is available through Ebay

iPad Sealed iPads are available at Ebay with world wide shipping. You can order @ .

Guide to understand an IPO Offer Document : SEBI

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SEBI has come out with a nice write-up on IPO offer document. As I think it is very useful for the investors, I am publishing that Guide here.

Guide to understand an Offer Document

This sub‐section attempts to inform the structure of presentation of the content in an offer document. The basic objective is to help the reader to navigate through the content of an offer document.

(a) Cover Page

Under this head full contact details of the Issuer Company, lead managers and registrars, the nature, number, price and amount of instruments offered and issue size, and the particulars regarding listing. Other details such as Credit Rating, IPO Grading, risks in relation to the first issue, etc are also disclosed if applicable.

(b) Risk Factors

Under this head the management of the issuer company gives its view on the Internal and external risks envisaged by the company and the proposals, if any, to address such risks. The company also makes a note on the forward looking statements. This information is disclosed in the initial pages of the document and also in the abridged prospectus. It is generally advised that the investors should go through all the risk factors of the company before making an investment decision.

(c) Introduction

Under this head a summary of the industry in which the issuer company operates, the business of the Issuer Company, offering details in brief, summary of consolidated financial statements and other data relating to general information about the company, the merchant bankers and their responsibilities, the details of brokers/syndicate members to the Issue, credit rating (in case of debt issue), debenture trustees (in case of debt issue), monitoring agency, book building process in brief, IPO Grading in case of First Issue of Equity capital and details of underwriting Agreements are given. Important details of capital structure, objects of the offering, funds requirement, funding plan, schedule of implementation, funds deployed, sources of financing of funds already deployed, sources of financing for the balance fund requirement, interim use of funds, basic terms of issue, basis for issue price, tax benefits are also covered.

(d) About us

Under this head a review of the details of business of the company, business strategy, competitive strengths, insurance, industry‐regulation (if applicable), history and corporate structure, main objects, subsidiary details, management and board of directors, compensation, corporate governance, related party transactions, exchange rates, currency of presentation and dividend policy are given.

(e) Financial Statements

Under this head financial statement and restatement as per the requirement of the Guidelines and differences between any other accounting policies and the Indian Accounting Policies (if the Company has presented its Financial Statements also as per either US GAAP/IFRS) are presented.

(f) Legal and other information

Under this head outstanding litigations and material developments, litigations involving the company, the promoters of the company, its subsidiaries, and group companies are disclosed. Also material developments since the last balance sheet date, government approvals/licensing arrangements, investment approvals (FIPB/RBI etc.), technical approvals, and indebtedness, etc. are disclosed.

(g) Other regulatory and statutory disclosures

Under this head, authority for the Issue, prohibition by SEBI, eligibility of the company to enter the capital market, disclaimer statement by the issuer and the lead manager, disclaimer in respect of jurisdiction, distribution of information to investors, disclaimer clause of the stock exchanges, listing, impersonation, minimum subscription, letters of allotment or refund orders, consents, expert opinion, changes in the auditors in the last 3 years, expenses of the issue, fees payable to the intermediaries involved in the issue process, details of all the previous issues, all outstanding instruments, commission and brokerage on, previous issues, capitalization of reserves or profits, option to subscribe in the issue, purchase of property, revaluation of assets, classes of shares, stock market data for equity shares of the company, promise vis‐à‐vis performance in the past issues and mechanism for redressal of investor grievances is disclosed.

(h) Offering information

Under this head Terms of the Issue, ranking of equity shares, mode of payment of dividend, face value and issue price, rights of the equity shareholder, market lot, nomination facility to investor, issue procedure, book building procedure in details along with the process of making an application, signing of underwriting agreement and filing of prospectus with SEBI/ROC, announcement of statutory advertisement, issuance of confirmation of allocation note("can") and allotment in the issue, designated date, general instructions, instructions for completing the bid form, payment instructions, submission of bid form, other instructions, disposal of application and application moneys, , interest on refund of excess bid amount, basis of allotment or allocation, method of proportionate allotment, dispatch of refund orders, communications, undertaking by the company, utilization of issue proceeds, restrictions on foreign ownership of Indian securities, are disclosed.

(i) Other Information

This covers description of equity shares and terms of the Articles of Association, material contracts and documents for inspection, declaration, definitions and abbreviations, etc.

Investment in public Issues/ rights issues

(a) Where can I get application forms for applying/ bidding for the shares?

Application forms for applying/bidding for shares are available with all syndicate members, collection centers, the brokers to the issue and the bankers to the issue. In case you intend to apply through new process introduced by SEBI i.e. APPLICATIONS SUPPORTED BY BLOCKED AMOOUNT (ASBA), you may get the ASBA application forms form the Self Certified Syndicate Banks. For more details on “ASBA process” please refer to the “FAQs on ASBA”

(b) Whom should I approach if the information disclosed in the offer document appears to be factually incorrect?

The document is prepared by Merchant Banker(s), registered with SEBI. They are required to do the due diligence while preparing an offer document. The draft offer document submitted to SEBI is put on website for public comments. In case, you find any instance of misinformation/ lack of information, you may send your complaint to Lead Manager to the issue and/ or to SEBI, at this address: Securities & Exchange Board of India, C4 A, G Block, Bandra Kurla Complex, Bandra (E), Mumbai‐ 400051.

(c) Is it compulsory for me to have a Demat Account?

As per the requirement, all the public issues of size in excess of Rs.10 crore, are to made compulsorily in demat mode. Thus, if you intend to apply for an issue that is being made in a compulsory demat mode, you are required to have a demat account and also have the responsibility to put the correct DP ID and Client ID details in the bid/application forms. You can also refer to FAQs relating to demat available in the URL in the Investor Education section of the SEBI website.

(d) Is it compulsory to have PAN?

Yes, it is compulsory to have PAN. Any investor who wants to invest in an issue should have a PAN which is required to be mentioned in the application form. It is to be distinctly understood that the photocopy of the PAN is not required to be attached along with the application form at the time of making an application.

(e) For how many days an issue is required to be kept open?

The period for which an issue is required to be kept open is:

For Fixed price public issues: 3‐10 working days

For Book built public issues: 3‐7 working days extendable by 3 days in case of a revision in the price band

For Rights issues: 15‐30 days.

(f) When do I get the allotment/ refund of shares?

For Fixed price public issues: 30 days of the closure of the issue

For Book built public issues: 15 days of the closure of the issue

For Rights issues: 15 days of the closure of the issue

(g) How can I know about the demand for an issue at any point of time?

The status of bidding in a book built issue is available on the website of BSE/NSE on a consolidated basis. The data regarding bids is also available investor category wise. After the price has been determined on the basis of bidding, the public advertisement containing, inter alia, the price as well as a table showing the number of securities and the amount payable by an investor, based on the price determined, is issued. However, in case of a fixed price issue, information is available only after the closure of the issue through a public advertisement, issued within 10 days of dispatch of the certificates of allotment/ refund orders.

(h) How will I get my refund in an issue?

You can get refunds in an issue through various modes viz. registered/ordinary post, Direct Credit, RTGS (Real Time Gross Settlement), ECS (Electronic Clearing Service) and NEFT (National Electronic Funds Transfer). As stated above, if you are residing in one of the 68 centers as specified by Reserve Bank of India, then you will get refunds through ECS only except where you are otherwise disclosed eligible under Direct Credit and RTGS. If you are residing at any other center, then you will continue to get refunds through registered/ordinary post. You are therefore advised to read the instructions given in the prospectus/ abridged prospectus/ application form about centers. For more details, you may read subsection on “Electronic Clearing Scheme for Refunds”.

(i) When will the shares allotted to me get listed?

In book built public issue the listing of shares will be done within 3 weeks after the closure of the issue. In case of fixed price public issue, it will be done within 37 days after closure of the issue.

(j) How will I know which issues are coming to the market?

The information about the forthcoming issues may be obtained from the websites of Stock Exchanges. Further the issuer coming with an issue is required to give issue advertisements in an English national Daily with wide circulation, one Hindi national newspaper and a regional language newspaper with wide circulation at the place where the registered office of the issuer is situated.

(k) Where to I get the copies of the offer document?

The soft copies of the offer documents are put up on the website of Merchant banker and on the website of SEBI under Reports/Documents section [ Section&sec_id=5 ]. Copies of the offer documents in hard form may be obtained from the merchant banker or office of SEBI, SEBI Bhawan, Plot No. C4‐A “G” Block, BKC, Bandra (E), Mumbai ‐ 400051 on a payment of Rs 100 through Demand Draft.

(l) How do I find the status of offer documents filed by issuers with SEBI?

SEBI updates the processing status of offer documents on its website every week under the section in SEBI website. The draft offer documents are put up on the website under Reports/Documents section. The final offer documents that are filed with SEBI/ROC are also put up for information under the same section.

(m) Whom do I approach if I have grievances in respect of non receipt of shares, delay in refund etc.?

You can approach the compliance officer of the issue, whose name and contact number is mentioned on the cover page of the Offer Document. You can also address your complaints to SEBI at the following address: Office of Investor Assistance & Education, Securities & Exchange Board of India, C4A, G Block, Bandra Kurla Complex, Bandra (E), Mumbai‐ 400051.

Understanding Book Building

(a) What is book Building?

Book building is a process of price discovery. The issuer discloses a price band or floor price before opening of the issue of the securities offered. On the basis of the demands received at various price levels within the price band specified by the issuer, Book Running Lead Manager (BRLM) in close consultation with the issuer arrives at a price at which the security offered by the issuer, can be issued.

(b) What is a price band?

The price band is a band of price within which investors can bid. The spread between the floor and the cap of the price band shall not be more than 20%. The price band can be revised. If revised, the bidding period shall be extended for a further period of three days, subject to the total bidding period not exceeding thirteen days.

(c) How does Book Building work?

Book building is a process of price discovery. A floor price or price band within which the bids can move is disclosed at least two working days before opening of the issue in case of an IPO and atleast one day before opening of the issue in case of an FPO. The applicants bid for the shares quoting the price and the quantity that they would like to bid at. After the bidding process is complete, the ‘cut‐off’ price is arrived at based on the demand of securities. The basis of Allotment is then finalized and allotment/refund is undertaken. The final prospectus with all the details including the final issue price and the issue size is filed with ROC, thus completing the issue process. Only the retail investors have the option of bidding at ‘cut‐off’.

(d) How does “cut‐off” option works for investors?

“Cut‐off” option is available for only retail individual investors i.e investors who are applying for securities worth up to Rs 1,00,000/‐ only. Such investors are required to tick the cut‐off option which indicates their willingness to subscribe to shares at any price discovered within the price band. Unlike price bids (where a specific price is indicated) which can be invalid, if price indicated by applicant is lower than the price discovered, the cut‐off bids always remain valid for the purpose of allotment

(e) Can I change/revise my bid?

Yes, you can change or revise the quantity or price in the bid using the form for changing/revising the bid that is available along with the application form. However, the entire process of changing or revising the bids shall be completed within the date of closure of the issue.

(f) Can I cancel my Bid?

Yes, you can cancel your bid anytime before the finalization of the basis of allotment by approaching/ writing/ making an application to the registrar to the issue.

(g) What proof can I request from a trading member or a syndicate member for entering bids?

The syndicate member returns the counterfoil with the signature, date and stamp of the syndicate member. You can retain this as a sufficient proof that the bids have been accepted by the trading / syndicate member for uploading on the terminal.

Thanks to SEBI

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Educational loans from CREDILA – An HDFC Ltd. Venture

5th floor lecture hall at Baruch College. Take...

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Credila (in which HDFC Ltd. holds 41% shares)header offers education loans to:

  • Indian students already in the USA,
  • Indian students going overseas and
  • Indian students attending colleges in India

Education Loan at your door-step, no visiting bank branches multiple times. Their Representative can visit you at your convenience.Loan up to 100% of educational expenses. No margin money is required. You can apply for education loan before admission.

The loan will be disbursed in India in Rupees which can be converted in foreign currency, if needed, by the student. Repayments of the loan to be made by the borrower in Indian Rupees only.


  • Borrower must be an Indian citizen
  • Co-borrower must be an Indian citizen
  • Borrower must be 18 years of age or older
  • Co-borrower must have a bank account in any bank in India with check writing facilities
  • Confirmed admission in the colleges before disbursement
  • Borrower and Co-borrower to meet Credila's underwriting criteria
Co-borrower Requirement
  • The loan will be co-signed by a co-borrower in India
  • A co-borrower is mandatory for all the student loans
  • The co-borrower can be parent, brother, sister, guardian, or any other relative
  • Co-borrower's role would be, necessarily, like the primary debtor
What Costs Are Covered?
  • All of the tuition fees as determined by the college/University
  • Up to 75% of other expenses including living expenses, books, etc. as determined by the college/University
  • Up to INR 50,000 for travel to abroad from India, if applicable


Minimum Loan Amount

  • Indian Rupees 1,00,000

Lifetime Maximum Loan Amount

  • Indian Rupees 20,00,000


Rate Of Interest

  • Rate of interest will be floating rate of interest linked to Credila's Benchmark Lending Rate (CBLR)
  • The floating interest rate will calculated monthly based on the prevailing CBLR at the beginning of the month
  • The interest will be calculated using Simple Interest Rate
  • Floating rate of interest to be Credila's CBLR + 1.00% per annum

Loan Disbursement

  • The loan amount will be disbursed in Indian Rupees
  • Credila's servicer will disburse the tuition fee directly to the educational institute
  • The tuition fee will be disbursed in installment as per the requirement of the specific educational institute
  • The loan amount related to other expenses will be disbursed in installments spread over the duration of the study

Loan Re-payment Terms

  • Loan Interest Re-payment
    1. Loan interest re-payment will start immediately after disbursement of the first installment of the loan
  • Loan Principal Amount Re-payments must commence
    1. After 6 months of completion of studies by the borrower or
    2. 3 month after borrower getting an employment or starting a business or
    3. 3 month after borrower discontinuing the educational program,
      whichever is earlier.
  • The principal and interest is repayable in 90 monthly installments
  • Monthly repayment amount will be deducted from the bank account of the borrower/co-borrower using Electronic Clearing System (ECS)
  • Post Dated Checks (PDC) to be collected as security cheques from the borrower/co-borrowers


  • The following types of collateral are accepted
    1. Non-Agricultural Land
    2. House
    3. Apartment/Flat
    4. A life insurance policy for the student, assigned in favor of Credila, for the value of at least the amount of loan approved

To contact Credila

Phone :1 800 209 3636

Email :

SMS : Credila to 53636

Website :

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Print pictures online and delivery across India

Image representing Snapfish as depicted in Cru...

Image via CrunchBase

At Snapfish (by Hp) you can print pictures online and have them delivered at your preferred location across India. You could also share your photos with friends and family. The first 10 online prints are free!

Now you can print photos quickly and easily, with Snapfish online digital photo printing. Your photos will be delivered at doorstep anywhere in India. Snapfish enables you to print pics in India online to the highest quality. Snapfish also allows your friends and family to view and print your pictures, perfect for sharing all those amazing memories. You can create photo books, photo mugs, flip books, canvas prints, and many other photo gifts. When you print digital pictures online with Snapfish, each photo would cost as little as Rs. 2.95* for 4*6 prints. Go on, grab your digital camera or camera mobile phone and start taking some great digital photos.

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Paying ICICI Bank Credit Card Bill Online

NEW YORK - MAY 20:  In this photo illustration...

Image by Getty Images via Daylife

Online Payment of Credit Card Bills using the NEFT facility

You can now make payment of your ICICI Bank credit card bill from any bank that has enabled the NEFT capability on its Internet banking facility. This feature is an additional convenience for ICICI Bank credit cardholders who do not have an ICICI Bank savings account*.

How making your ICICI Bank credit card payment through NEFT works:

1.Log in to the Internet banking facility of your bank and go to its online funds transfer module.

2.Add your ICICI Bank credit card as a beneficiary to receive the funds transferred.

3.Initiate an online funds transfer with the ICICI Bank credit card as the beneficiary.

4.Please make sure that you enter the following information correctly while transferring funds to make your credit card bill payment using the NEFT facility:

Name of Destination Bank            ICICI Bank

Name of Destination Branch     Mumbai (RPC)

Type of Destination Account      Credit Card

Number of Destination Account  Your 16-digit credit card number

Transaction Code     52

IFSC Code   ICIC0000103

*If you have an ICICI Bank savings account, go to and transfer funds from your savings account to your card account using the Bill Pay facility.


  • Choosing a wrong IFSC code will result in delay or cancellation of your funds transfer.
  • You need to make your ICICI Bank credit card payment at least two business days before the due date.
  • The terms and conditions of the Internet banking facility of your bank will apply. The payment is subject to acceptance of ICICI Bank as a payee by the Internet banking module of your bank.
  • The NEFT facility is subject to the rules and guidelines of Reserve Bank of India, as applicable from time to time.

You can also pay using other bank’s net banking by clicking here.

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SBI hikes home loan rate


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State Bank of India (SBI), the largest bank in India  has raised interest rates on home loans. Although the bank will continue with its 8% teaser rate  for the first year, it has increased rates for the subsequent years, effective April 1. Till March 31, SBI had two schemes — The Easy Home Loan (up to Rs 50 lakh) and Advantage Home Loan (above Rs 50 lakh). ‘‘ From April 1, both the schemes have been merged and extended for a month,'' an SBI spokesperson confirmed to TOI. ‘‘ The rates applicable for new loans sourced from April 1 till April 30 are 8% for the first year, 9% for the second and third years and floating rate at 1.75% below SBAR (SBI's equivalent of prime lending rate, or PLR) thereafter ,'' the spokesperson added

Source : News Reports

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No PAN? Be prepared to pay 20% tax (TDS)

The tax deducted at source, or TDS, on payments could be as high as 20% for those not quoting PAN against the regular rate of 2%-10%. The Budget 2009-10 had made it mandatory for residents and non-residents to quote this number or face a higher rate of withholding tax. It comes into effect from Thursday, April 1.

Budget 2009 introduced a new provision (Section 206AA), effective April 1, 2010, which provides for deduction of tax at source at a higher rate where no PAN is provided to the payer. In such a scenario, taxes are required to be withheld at withholding tax rates provided under the Act; or rates provided under the tax treaty or schedules to tax laws; or 20%, whichever is higher.
The requirement of providing a PAN has been made applicable to payments to be made to all persons, i.e., residents as well as non-residents. The provision of PAN has also been made implicit where payments are allowed without tax withholding based on a self undertaking, and in cases where lower or nil tax withholding certificates are to be issued based on applications filed by receiver of income.

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