Mutual Fund & Public Sector

A mutual fund is a type of professionally-managed collective investment vehicle that pools money from many investors to purchase securities. The public sector, sometimes referred to as the state sector or the government sector, is a part of the state that deals with either the production, ownership, sale, provision, delivery and allocation of goods and services by and for the government or its citizens, whether national, state, or local. 2.3/5

Mutual Fund Public Sector Life Insurance Corporation Reserve Bank Industrial Development Bank Unit Trust Union Budget Central Government National Stock Exchange

Rajiv Gandhi Equity Savings Scheme, 2012 (80CCG) Under the scheme, announced in the 2012-13 Union Budget, new investors can avail tax benefits who invest up to Rs 50,000 in (“eligible securities”) the stock market and whose gross total annual income is less than or equal to Rs 10 lakh. The period of holding of eligible securities shall be three years. total cost of acquisition of eligible securities shall not include brokerage charges, Securities Transaction Tax, stamp duty, service tax and all taxes. “eligible securities” means any of the following :- (a) equity shares, on the day of purchase,falling in the list of equity declared as “BSE-100” or “ CNX-100” by the Bombay Stock exchange and the National Stock Exchange, as the case may be; (b) equity shares of public sector enterprises which are categorised as Maharatna, Navratna or Miniratna by the Central Government; (c) Units of Exchange Traded Funds (ETFs) or Mutual Fund (MF) schemes with Rajiv Gandhi Equity Savings Scheme ( ...
History of Mutual Fund. The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank of India. The history of mutual funds in India can be broadly divided into four distinct phases First Phase – 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management. Second Phase – 1987-1993 (Entry of Public Sector Funds) 1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corpor ...
2012 SCAMS IN INDIA: Kinetic Finance Limited Scam - Banks lost about INR 200 Crore equivalent to about $ 50 Million. The promoters of Kinetic Finance Limited borrowed INR 145 Crore from a consortium of banks led by SBI and another INR 50 Crore from Bank of Baroda & UTI Mutual Fund. After borrowing the funds were siphoned off and diverted to other business entities of the Kinetic Group, the promoters resigned from the company and also changed the name of the company to Athena Financial Services Limited. A 'special Investigation Audit' was conducted by the consortium in January 2004 and the report was submitted in February 2004. Based on the Audit Report 5 banks filed criminal cases on the defaulting promoters alleging fraud, cheating and willful omission and concealment of information with an intent to defraud the Banks. None of the Public sector banks reported the fraudulent willful defaults to the CBI/RBI and in a way protected the defaulters. An active connivance of some corrupt Public Sector Banks' off ...
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