Punters zoom in on Time Technoplast Shares of Time Technoplast, a firm specialising in polymer products, witnessed a flurry of MF distributors may again be left out in the cold The mutual fund industry, which is still to come to turns with the no-load regime, has been in the news of late following a debate over the need for a no-objection certificate (NoC) from an investor seeking to change distributors. With the market regulator clearly displeased with what it views as a restrictive trade practice, the industry and, in particular, the asset management companies and distributors have come under the regulatory scanner for following a practice which is against investor interest. The buzz on the street is that the AMFI-appointed committee (comprising 2-3 fund houses) has put forward the results of its analysis to Sebi. Initial feedback indicates that the requirement for an NoC will be done away with but the new distributor will not get trail commissions. The news has evoked mixed reactions from the distributor community. Most of them feel that without the trail fees there will be no incentive for a distributor to service his client. The ball is now in Sebi’s court. Motilal Oswal sales head joins to Abu Dhabi fund Jayesh Parekh, a former top institutional sales official at Motilal Oswal Financial Services, is believed to have joined Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by Abu Dhabi. However, ET could not confirm the role of Parekh, who was rated the top salesperson for India in the AsiaMoney Brokers poll recently, in ADIA. Earlier, ADIA had roped in Mihir Vora, equities head of HSBC Asset Management, as a fund manager. (Contributed by Santosh Nair, Deeptha Rajkumar & Nishanth Vasudevan) | |
Two attractive mid cap picks Sanjay Chhabria | |
Polaris Software Labs: Buy at CMP Rs177 Nirmal Bang | |
Cipla: Healthy growth going forward Punam Choudhary | |
Technical Picks: Havells, Power Finance Corp HDFC Sec |
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Src:Economictimes, Valenotes
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