NSE's new MF service system from Nov 30

Mumbai, Nov 24 : The National Stock Exchange today said it is proposing to introduce a new mutual fund service system (MFSS), which will enable its members to use the existing infrastructure for transaction in MF schemes.

The NSE proposes to introduce new MFSS for facilitating transaction in MF schemes through the stock exchange infrastructure, the NSE said in a circular, adding the new MFSS will commence from November 30.

Market regulator SEBI, in a recent circular, gave its approval for facilitating transactions in MF schemes through the stock exchange infrastructure.

"The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.

The stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors, the market regulator had said.

The existing MF scheme, introduced in December 2000, will be substituted with the new MFSS, the exchange added.

Indian stocks attract Rs 34,300-cr foreign fund in Q2

New Delhi, Oct 13 : Betting big on Indian stocks,one of the best among the emerging markets, foreign fundhouses have invested a hefty Rs 34,300 crore during the secondquarter of this fiscal.

During the July-September period, foreign institutionalinvestors (FIIs) made a net investment of Rs 34,313 crore inequities, as per the data available with the market regulatorthe Securities and Exchange Board of India (SEBI).

With Indian bluechips giving nearly 17 per cent returnsduring the period, FIIs are bullish on good returns fromemerging markets, like India.

Analysts said nearly half of FII inflows have come viaqualified institutional placements (QIP) and IPOs combined.

"This trend of inflows would broadly sustain over thelong term considering the strong dynamics of the Indianeconomy," domestic brokerage firm Angel Broking said in aresearch note.

The trend of strong FII inflows to the tune of Rs 31,000 crore or USD 6.3 billion witnessed during Q1 FY2010 gainedfurther strength during the September quarter this fiscal.

With this, total cumulative FII inflows in 2009 crossedthe USD 10 billion mark during September 2009 and stood atabout Rs 60,000 crore (USD 12.4 billion) at the end of the month.

Indian markets gave 19 per cent return to those whoinvested during the July-September period.

According to an analysis of MSCI Barra indices-- thatmeasures returns from various stock markets across the world--bourses in Brazil and Russia gave over 26 per cent return toinvestors while those in China gave only four per cent.

In the latest quarter, September saw the highest monthly inflow of Rs 18,300 crore. While fund flow in August was Rs4,900 crore, in July it was Rs 11,000 crore.

Interestingly, during the three month period last year, FIIs pulled out a net Rs 11,326 crore from the country's stockmarkets, which saw Sensex giving a negative return of five percent. The global financial crisis turned worse with thecollapse of US financial services major Lehman Brothers lastSeptember.

Foreign funds pulled out money from Indian marketsto meet obligations in their home countries.

Last year, FIIs were net sellers of Indian stocks worthRs 52,900 crore, as per the SEBI data. This trend continued till February 2009. However, by theend of March they started betting on Indian markets.

FIIs invested about USD 17.7 billion (about Rs 70,000crore) in 2007, the highest ever so far.

BSE to slash transaction charges in cash equity segment

Mumbai, Oct 5 : The Bombay Stock Exchange today saidit will reduce transaction charges in cash equity segment witheffect from October 7, a move that follows a similar slashingin trading fee by its rival the National Stock Exchange.

The new structure will have two components--one forpassive orders and other for active orders, BSE said in astatement.

For passive orders, transaction charges will be reducedfrom Rs 3.50 per Rs 1,00,000 to Rs 2.25 per Rs 1,00,000 ofgross turnover, whereas for active orders it will be reducedfrom Rs 3.50 per Rs 1,00,000 to Rs 3.25 per Rs 1,00,000 ofgross turnover, it said.

According to the exchange, these transaction charges willinclude current contributions of Rs 0.01 each on Rs 1,00,000of gross turnover to the trade guarantee fund and investorprotection fund.

"With the new pricing framework coming in place fromtomorrow, we are expecting to have more order flow from Indianand international investors," Bombay Stock Exchange (BSE) MD and CEO Madhu Kannan said.

"This also shows our commitment to the members that wewill continue to strive to provide the most efficient tradingplatform while bringing down the cost of transactionsconsiderably," Kannan added.

On September 7, National Stock Exchange had lowered thetransaction charges by about 10 per cent in cash andderivatives segments.

From October 1, the slab for transaction charges in cashsegment on the NSE have been to Rs 3 to Rs 3.25 per Rs 1 lakhfrom Rs 3.5 per per Rs 1 lakh charged earlier.

Tara Health Foods files draft paper with SEBI for share sale

New Delhi : Edible oil and poultry productsmaker Tara Health Foods has sought approval from the capitalmarket regulator, Securities and Exchange Board of India, foran initial public offer of one crore shares.

According to the draft red herring prospectus (DRHP)filed with the SEBI, the Ludhiana-based company is consideringa pre-IPO placement of 10 lakh equity shares with investors.

The company plans to hit the primary market with onecrore equity shares with a face value of Rs 10 each.

Tara Health Foods would utilise the issue proceeds topart finance its expansion plans and to meeting its workingcapital requirements.

It may also consider placement of share to anchorinvestors, the draft paper said.

The company is setting up a new edible oil refining plantapart from expansion of its cattle feed plant.

The issue is being made through 100 per cent bookbuilding process. The shares offered through the IPO would belisted on the Bombay Stock Exchange and the National StockExchange, it added.

Atherstone Capital Markets is the lead book manger of the issue.

GI status sought for Bhagalpur silk fabrics and sarees

New Delhi, Oct : A group of organisations havesought Geographical Indication (GI) status for silk fabricsand sarees produced in Bhagalpur division of Bihar.

The Bhagalpur Regional Handloom Weavers Cooperative Unionand six other organisations have filed an application beforethe Chennai-based Geographical Indication Registry, the competent authority under Government of India, for a GI tag for 'Bhagalpur Silk Fabrics and Sarees'.

The Geographical Indication is a sign used on goods thathave a specific geographical origin and possess qualities,reputation or characteristics that are essentiallyattributable to that region. Once granted, the GI status would legally prohibit othersto sell sarees and fabrics made at places other than Bhagalpurunder the same brand.

The GI tag for fabrics and sarees can become an effectivetool for economic empowerment of the weaver community.

"The grant of GI tag to Bhagalpur Silk Fabrics and Sareeswould certainly help the local weavers from losing their sharein the revenue generated through the sale of these products,"Dhananjay Kumar, who works as Cluster Development Executive ata local organisation in Bhagalpur, told PTI over phone.

Recently, a similar status was granted to famous Banarasbrocades and sarees. In the past, GI tag has been awarded to anumber of products or goods, including Darjeeling Tea, GoaFeni and Madhubani Paintings.

At present the application for GI tag for Bhagalpur silkfabrics and sarees is in pre-examination stage. A meeting ofconsultative group of the GI registry is expected next month,which would discuss the application, Kumar said

The application for GI has been filed under class 24 and25 of the Geographical Indications of Goods (Registration andProtection) Act, 1999. Class 24 of the Act deals with textilesand textile goods, bed and table covers while class 25 is forclothing, footwear and headgear.

Bhagalpur, a divisional town in Bihar, is situated on thebank of river Ganga. Thousands of handloom weavers of the areaare dependent of the business of silk and related products.

Bhagalpur is well known for its sericulture, manufactureof yarn and weaving them into products. The silk produced hereis of a distinct and special type. The local silk is known as'Tussah' or 'Tusser' silk.

NMDC flavour of PSU stocks; soars 20 per cent

Mumbai, Nov 10 : India's largest iron ore producerNMDC today rose sharply by about 20 per cent on BSE-- the maximum permissible surge in a single day for the stock-- amidgains in all other PSU stocks.

Brokers said NMDC attracted hectic buying support eventhough broader market sentiment was dampening.

NMDC shares opened higher by 2.33 per cent and soonpicked up momentum. It almost hit the upper trading limit of20 per cent during intra-day.

Finally, it ended at Rs 433.70, higher by 19.99 per centfrom its previous close.

Brokers said reports that a decision on disinvestment inthe company was likely to be taken by the Cabinet by mid-December sparked hectic buying into the stock.

Steel Secretary Atul Chaturvedi yesterday said the note ondivestment in NMDC and SAIL is likely to reach the Cabinet bymid-December.

PSU stocks have suddenly turned investors' favouriteafter the government last Thursday said public holding in allprofitable listed PSUs have to be minimum 10 per cent.

Since then PSU index has been rising and it today closedhigher by close to 2 per cent.

At the end of September quarter, the government held a98.38 per cent stake in NMDC.

Meanwhile, the benchmark Sensex today closed down by58.16 points at 16440.56

PSU investors richer by Rs 26k cr in a single day

Mumbai, Nov 5 : The market capitalisation of publicsector companies jumped by a near Rs 26,000 crore today bouyedby positive sentiment after the government's decision todivest 10 per cent stake in all publicly traded firms.

The total market capitalisation of the 48 listed PSUs onthe Bombay Stock Exchange's PSU index soared by Rs 25,956crore to Rs 15.76 lakh crore in a single day.

On Wednesday, the market valuation of these firms stoodat Rs 15.51 lakh crore.

Shares of public sector firms were in demand on counters.Out of 48 companies in the BSE's PSU Index, 41 ended in thegreen, while 7 firms bucked the trend and closed in red.

Rashtriya Chemicals & Fertilizers led the gain among PSUstocks and ended the trade at Rs 65.90, up 12.17 per cent fromits previous close.

According to market analysts, the rise in PSU investorwealth has been due to the upbeat investor sentiment ongovernment's decision to divest 10 per cent stake in thelisted PSU entities.

Hindustan Copper advanced 9.98 per cent to close at Rs233.05 and oil major Gail India gained 6.89 per cent to closeat Rs 367.90 on the BSE.

The BSE's PSU Index gained 139.31 points or 1.67 per centto close at 8,463.77 points today.

Kotak Mahindra Bank wins cybersquatting case at WIPO

New Delhi, Oct 11 : Kotak Mahindra Bank has won acybersquatting case at the World Intellectual PropertyOrganisation (WIPO) against a South Korea-based person, whowas using the name 'Kotak' in an internet domain.

The ruling came after the private sector lender filed acomplaint before the Geneva-based WIPO on July 16 this year.

Y G Jo of Seoul was using the domain name 'kotakbank.com'about which the bank contended that the name is confusinglysimilar to its brand 'Kotak' and the website name has beenregistered in bad faith.

WIPO, a part of the United Nations, asked the Seoul-basedperson to transfer disputed internet site to Kotak MahindraBank.

Cybersquatting is an illegal activity for buying andofficially recording an address on the internet that is thename of an existing company or a well-known person, with theintention of selling it to the owner in order to make money.

WIPO's Arbitration and Mediation Centre found the domainname was chosen and employed precisely for its potentialcommercial value in misleading internet users familiar withthe complainant's well-known and arbitrary Kotak marks.

The bank holds a trademark registration for Kotak thatwas registered in the country on October 28, 2003.

WIPO is a specialised agency for developing a balancedand accessible international system in the field ofintellectual property rights

MakeMyTrip approaches HC against WIPO order favouring Tatas

New Delhi, Oct 2 : Travel portal MakeMyTrip has movedthe Delhi High Court challenging a recent ruling by globalintellectual property regulator WIPO that directed it tohandover domain name www.oktatabyebye.com to Tata Sons.

In its petition, MakeMyTrip submitted that its domain namewww.oktatabyebye.com does not clash with the registeredtrademark of Tata Sons and it had a mere phonetic similarity.

The matter will be again taken up by the court's registraron January 11, 2010.

In August, 2009, allowing the plea of Tata Sons,Geneva-based World Intellectual Property Organisation (WIPO)had consented with its contention that the domain name wasconfusingly similar to its 'Tata' brand and the travel portalhas no rights or legitimate interests to use it.

It also directed MakeMyTrip to transfer domain name to Tata Sons.

"The decision of the panel (WIPO) is causing irreparableharm to MakeMyTrip and is likely to dilute distinctivecharacter of its services and reputation which is likely to bedebased and eroded," said MakeMyTrip in its petition filedthrough its law firm Lal & Sethi.

It further submitted that due to long and continuous useand extensive advertising and sales promotion of the domainname www.oktatabyebye.com, it is exclusively associated withthem.

Barkha Dutt wins domain dispute against Hyderabad-based entity

New Delhi, Nov 9 : Barkha Dutt, a noted journalist and Group Editor of NDTV news channel, has won an internet domain dispute at the World Intellectual Property Organisation (WIPO) against a Hyderabad-based entity.

The Hyderabad-based cybersquatter--easyticket, Kapavarapu-- has been using a domain name-- 'barkhadutt.com' -- which was registered on January 8, 2007.

Barkha Dutt approached Geneva-based WIPO Arbitration and Mediation Center in September, 2009, objecting the ownership of internet site 'barkhadutt.com' by easyticket.

In her complaint filed with the WIPO, Dutt contended that "her name is widely recognised by the public and any reference to 'Barkha Dutt' is instantly associated with her alone, as the renown Indian journalist and no other entity has rights to use the name."

"The complainant asserts that due to the fame associated with her name, she enjoys the status of a celebrity, and it is well-known that celebrities have the right to restrain third parties from exploiting their name and fame," according to the details available with the judgement copy.

In its order, WIPO's sole panelist--Harini Narayanswamy-- ordered the transfer of disputed domain name 'barkhadutt.com' to the complainant (Barkha Dutt).

The WIPO is a specialised agency of the United Nations for developing a balanced and accessible international system in the field of intellectual property rights.

New Delhi to host events on IPR, traditional knowledge

New Delhi, Nov 6 : Representatives from knowledge sector from different parts of the world, including those from the World Intellectual Property Organisation, will gather in New Delhi next week to deliberate on various issues related to intellectual property rights and traditional knowledge.

The fifth "International Forum on Creativity and Inventions –-A Better Future for Humanity in the 21st Century" will take place in New Delhi from November 11 to 13.

The event is organised by the World Intellectual Property Organization (WIPO) in co-operation with the Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce and Industry.

Geneva-based WIPO is a specialised United Nations agency for developing a balanced and accessible international system in the field of intellectual property.

Industry body Federation of Indian Chamber of Commerce and Industry (FICCI) will also assist in organising the event.

The WIPO forum will provide an opportunity to stakeholders engaged in promoting innovation to exchange experiences and ideas on topical IP issues.

While, another programme-- International Conference on Traditional Knowledge-- to be held on November 13, would also take place in city.

WIPO Director-General Francis Gurry, on his maiden visit to India, is also coming here to participate in the programmes. During his visit Gurry will also meet top Indian officials.

India, UN body discuss sharing patent database

New Delhi, Nov 9 : Officials of the Intellectual Property Office (IPO) here today discussed sharing the nation's database of over 2.30 lakh patent documents with theGeneva-based World Intellectual Property Organisation (WIPO).

"We have discussed about the posting of 2.33 lakh records of the patent documents on the (IPO) website and this data will be shared with World Intellectual Property Organisation(WIPO)," the Controller General of Patents, Designs & Trade Marks P H Kurian told PTI.

The Geneva-based WIPO is a specialised United Nations agency for developing a balanced and accessible international system in the field of intellectual property.

The WIPO Director General Francis Gurry, in New Delhi to participate in different programmes focused on different intellectual property issues, discussed also the working ofthe electronic modules with the IPO officials.

"He (Gurry) expressed his keenness in operationalising IPO as International Searching Authority," Rajesh Dixit, Assistant Controller of Patents & Designs at the IPO, said.

However, according to Kurian, the operationalisation of IPO as International Searching Authority would be possible by June, 2010, only.