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MFs fall back on closed-ended funds

Written By kom nampultig on Rabu, 27 Agustus 2014 | 22.23

MUMBAI: Prompted by Indian investors' inability to stay invested in equity funds for several years and also their record of entering these funds when the market is peaking and redeeming when the market is at a low, fund houses have been mobilizing money through closed-ended funds. Dalal Street's expectation of a strong turnaround in the economy too is prompting fund houses to mobilize money from investors through closed-ended funds so that they can ride the bull rally, top fund managers said.

Over the last one year, about 35 closed-ended schemes have mobilized over Rs 6,000 crore, while a couple of schemes — one each from UTI Mutual Fund and ICICI Prudential Mutual Fund — are currently open for subscription.

Closed-ended schemes are those in which the fund house mobilizes funds during the new fund offer (NFO) period and then the fund manager manages it for the duration of the schemes, usually three years or more. In these funds, investors do not get the chance to exit during the tenure of the fund except through the stock market, where all these funds are listed. Since investors cannot redeem as and when they want, fund managers enjoy more liberty in managing their portfolio and also have higher responsibility to deliver a superior return, industry officials said.

"We wish to give a better experience to investors (in terms of returns), so we have launched closed-ended funds with dividend options," said S Naren, chief investment officer, ICICI Prudential Mutual Fund, which has launched eight closed-ended funds so far in the last one year. Its ICICI Prudential Value Fund Series 5 is closing on Tuesday. "We started when the market (benchmark indices) was much lower and we believe we will be able to give good returns to investors," Naren said.

UTIMF's Focused Equity Fund Series I is closing on Wednesday. "The fund is taking a concentrated exposure in stocks to maximize benefit from the recovery in the economic cycle, which we believe should play out over the next few years," said Lalit Nambiar, fund manager and head (research), UTI Mutual Fund. "Returns in equity are non-linear and to capture them one needs patience and discipline, which is ensured by a closed-ended structure," Nambiar said.

In the last few months, fund houses like SBI MF, Sundaram MF, Birla Sun Life MF, LIC Nomura MF and Reliance MF have launched closed-ended funds while several more are in the pipeline, fund industry officials said.

http://timesofindia.indiatimes.com/followceleb.cms?alias=mutual funds,Closed-ended schemes


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Beethoven bonanza, Mozart night in 10-day NCPA season

Four evenings of Beethoven is a thrill that, in Mumbai, one usually has on headphones and speakers. For the fever of listening live, one needs investing in a week in Vienna, Berlin or London. But those without a fortune to spare need no longer despair: they can 'seize fate by the throat' right here at the NCPA.
Kreutzer, Eroica and Emperor, monikers that make up the dreams of every Beethoven lover, as also Spring and Tempest, will constitute the mainstays of the Symphony Orchestra of India's Autumn 2014 Season.
"Usually people say sex sells, but in the Western music world, we say Beethoven sells," says the orchestra's music director, Marat Bisengaliev. Jokes apart, "this programme is dedicated to (NCPA founder) Dr Jamshed Bhabha on his 100th birth anniversary. He loved Beethoven, a love shared by many".
The 10-day season, between September 2 and 30, will also have an all-Mozart evening, with Maria Joao Pires, one of the greatest interpreters of the composer, playing his Piano Concerto No 9. She will also perform Tempest (Beethoven's Piano Sonata No 17), and, along with another pianist, Schubert's Fantasy in F minor (one piano, two pianists).
Another acclaimed artiste to grace the season will be French violinist Augustin Dumay, who will perform Mozart's Violin Concerto No 3 on September 23 and two days later Dvorak's Bagatelles (with another violinist, a cellist and a pianist), Franck's Violin Sonata and Beethoven's Archduke Trio. Also on the season's programme are Britten, Bartok, Debussy, Mendelssohn, Sibelius and Schubert.
The Lisbon-born Pires, who now lives in Brazil, used to be a child prodigy; she gave her first public performance, of Mozart's piano concertos, at the age of seven. She is particularly loved for her recording of Chopin's nocturnes, where she achieves rare depths of emotion. Though Chopin is not on the season's programme, music lovers will hope for a nocturne or two to be in the encores.
Dumay, who with Pires, has had one of the most successful violin-piano pairings, was tutored in two of music's best string traditions: the Franco-Belgian, under Arthur Grumiaux, and the Russian, from Nathan Milstein. Not one to be restricted by the classical canon, he has also collaborated with greats like violinist Stephane Grappelli, and guitarists John McLaughlin and Paco de Lucia.
Twenty-eight works by ten composers over nine days and a tenth day of a vocal recital. Is this being overtly adventurous? Not at all, says Bisengaliev. "I am surprised by the amount of music my friends in Mumbai listen to. Not like us musicians, for whom silence becomes precious."

http://timesofindia.indiatimes.com/followceleb.cms?alias=Symphony Orchestra of India,ncpa,Beethoven,Autumn 2014 Season

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Maharashtra govt suspends rape-accused DIG Sunil Paraskar

MUMBAI: Deputy inspector general of police Sunil Paraskar, accused of raping a model, was suspended on Tuesday to facilitate an "impartial" departmental probe into the allegation that he misused his office.

The state home department had recommended Paraskar's suspension, which was approved by chief minister Prithivraj Chavan. "The proposal to suspend him was sent to the chief minister. The CM signed the file and send it back to the home department," a source in the CM's office said.

A cop said: "We have been verbally told that he has been suspended, but we are yet to receive the order." He added that Paraskar, who is due to retire in 2016, will be suspended for at least 6 months and a departmental inquiry will be conducted against him. The suspension was based on many grounds and after "examination of call records, witness statements".

Paraskar's legal team on Tuesday questioned the move, pointing out that the court is apprised of the case and has granted him anticipatory bail. "You cannot condemn a person without allowing him an opportunity to be heard. It will demoralize the force," Paraskar's lawyer Rizwan Merchant said.

But a senior Mantralaya official countered, "Suspension is not a punishment but a measure to insulate and ensure an impartial probe. An IPS officer has been accused of behaviour unbecoming of his position. It is necessary to allow the inquiry to progress without any threat or intimidation."

A home department source added: "Director general of police Sanjeev Dayal gave his consent for the departmental inquiry, so we recommended Paraskar's suspension on Monday. The inquiry will look into the allegations of misconduct."

The model has accused Paraskar of molesting and sexually assaulting her on December 1 and 7, 2013, in a bungalow at Madh Island and a flat in Navi Mumbai. She said she first met him in 2012, when he was additional commissioner, for help as somebody had uploaded her profile on an escort service site.

"Every IPS officer has to abide by a code. There are accusations that Paraskar lavished gifts on the model and that he travelled with her in his official vehicle. We will have to look into all these issues," another Mantralaya official said.


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Shah Rukh Khan gets extra cover after Pujari threat

MUMBAI: Police have beefed up security at the residence and office of actor Shah Rukh Khan after fugitive gangster Ravi Pujari mentioned the actor's name in an SMS threat issued to film producer Karim Morani and followed it up with a threat call to the actor's office.

The threats came after three unidentified men from the Pujari gang fired three rounds outside Morani's Juhu residence on Saturday.

Morani, seen as being close to Shah Rukh Khan, runs one of Bollywood's biggest event management companies, Cineyug Entertainment, which organizes shows abroad for the major stars.

A police officer said the gangster wanted Shah Rukh to stage a foreign show for his friend for free. The actor is in the process of organizing shows to promote his upcoming movie abroad, and Pujari felt these shows were being handled by Morani's company. Though Morani made it clear that his company was not involved, Pujari refused to believe him and first threatened one of Morani's relatives before asking shooters to fire outside the producer's home, the officer said.

(Film producer Karim Morani )
After Saturday's incident, the gangster sent an SMS threat to Morani in which he mentioned Shah Rukh's name, sources said.

On Tuesday, Pujari called on the office number of Shah Rukh's production house, Red Chillies Entertainments, at Santa Cruz (West), and reportedly asked the office staff to warn the actor that he should keep a distance from some Pakistan-based gangsters.

A special team has been formed under the leadership of senior police inspector of Juhu police station, Abhay Shastri, to track down the men who fired at the producer's home. Crime branch teams too are on the lookout.

At around 11pm on Saturday, Pujari's three associates on a motorcycle slowed down before the Morani family's four-storey house in Juhu, shot three rounds and sped away. One bullet scraped a sedan parked outside and got lodged into a tree. The rest hit a window. Nobody was injured. The next morning, the guards noticed the graze mark on the vehicle and the crack in the window and informed Juhu police.

Morani, who was executive producer of Shah Rukh Khan's film 'Ra.One' and co-produced his 'Chennai Express,' runs Cineyug Entertainment along with his brothers Ali and Mohammad.

Though their family business is fireworks, the Moranis became Bollywood's leading star concert organizers in the 1980s and '90s and enjoyed a virtual monopoly in the business until G S Entertainment run by Sohail Khan and Wizcraft came along to organize similar stage shows.

They got into film production in the mid-1980s, with Karim taking the lead in producing movies such as Yodhaa, Dushmani, Arjun and Damini featuring his classmate Sunny Deol. Their film Raja Hindustani, starring Aamir Khan, became a huge box office success, but their main source of revenue until the mid-90s continued to be their global concerts. Their luck at the box office ended in the wake of movies such as Dum featuring Vivek Oberoi and Hum Ko Tumse Pyaar Hai, which had Arjun Rampal and Bobby Deol in it.

The family, however, bounced back, and today, Karim Morani is seen as SRK's alter ego and is currently working as co-producer on Red Chillies' film Happy New Year. Karim's daughter Zoa made her debut as an actress in Always Kabhi Kabhi, a film produced by Shah Rukh's home banner in 2011.

In June 2011, Karim was sent to Tihar jail for his alleged involvement in the 2G scam. He was accused of facilitating the transfer of Rs 200 crore to DMK-run Kalaignar TV and pocketing Rs 6 crore.


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Bodies of 3 classmates believed to have absconded found in river near Mumbai

MUMBAI: The bodies of three students who allegedly ran away from their residential school in Virar on Monday were found in a nearby river.

The students — Meet Chhadwa, Prahul Patel and Khushal Dagha — all aged 14, of Vagad Gurukul International School at Sakwar village on the National Highway, allegedly escaped from their school hostel on August 25. A missing complaint was registered by the school management with Virar police.

On Wednesday morning, police were informed of two bodies floating in the river near the school. The police reached the spot and removed the bodies. The third body was also found later.

The bodies were identified by the school authorities and families of the students.

The bodies have been taken to the Virar primary health centre for autopsy.

The residential school for boys has been operational since June 2004. It has classes from sixth to 12th.

Preliminary investigations revealed that the boys may have been scolded by the teacher.

http://timesofindia.indiatimes.com/followceleb.cms?alias=residential school in Virar,Virar police,Vagad Gurukul International School


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Sonakshi Sinha launches Swatch Fall-Winter 2014 collection in Mumbai

The story of Swatch is the story of a revolution. It introduced a new language, a way to speak from the heart without words. A Swatch watch is an expression of joy, a provocative statement. Today, the revolution continues: Swatch talks and everyone understands.
Sun-dripped adventures that speckle the summer months fade away as Swatch celebrates the Fall-Winter Collection 2014. The new collection was unveiled by the stunning Bollywood Diva Sonakshi Sinha at an exclusive event at the Palladium Hotel.
Expressing her delight and excitement having unveiled the new collection, Sonakshi said, "It is great to be a part of such a great brand like Swatch and reveal their new collection. Along the way to brand-name stardom, Swatch has established an enviable reputation as an all-round innovator in the watch industry. The new collection is vibrant, colorful and surrealistic and draws inspiration from all encounters and experiences. The collection is great for anyone who is experimental with their sense of style and fashion".
The brand's new collection highlights its spirit of innovation, expanding range of shapes, and inventive designers take advantage of everything technology offers. This collection proves that there are Swatch watches for people of all ages and for every occasion. The Fall-Winter 2014 Collection:
A World In Colors Classic Let It Shine High-Lands Mix
A World In Colors
A World In Colors comes with funky color blocks and vibrant hues that play with shapes. Inspired by a rainbow's extended playlist of light and color, these playful models are soaked in vibrancy. These watches include pieces in various color mixtures like APPLETINI, BANANA SHAKE, BACKUP BLUE, and CRANBERRY LINK. Some other interesting features encompass multicolored geometric patterns and multicolored circle prints. CHROMATIC WATER is a coveted piece with a transparent plastic dial with multicolored prints.
Classic
The Classic theme struts its stuff with dapper designs and a dash of retro. With the suave characteristics of a rugged gentleman from a previous era, the Classic models let you get in touch with your inner grown-up - the one with the classic sense of style and attractive confi-dence. The timeless Classic collection involves pieces like PRISONER, ALBINOSTRICH and ROSSO FUOCO.

Let It Shine Winter takes over when sparkles come out to play with Let It Shine, born to be the center of attention with head-turning metallic glitz, glam and pizzazz. These models light up the city with an element of brilliance that's fit for a queen. These pieces can be worn to make a style statement, for example DREAM NIGHT 14 ROSE, GOLDEN COVER, BLUE WIN and HEXED.

High-Lands Mix
High-Lands Mix shouts from the top of its plaid-striped lungs that wild designs never go out of fashion. Models with cozy patterns give cool a new name with head-turning style that boldly proclaims winter has arrived. Drawing inspiration from the Scottish boarding school time, COLOR-KILT, SUMMER SOCKS and MCPATTERN reveal their multicolored printed dials and bracelets. SPEED COUNTER and GENERATION 31 echo details like a bezel with anodized white aluminum or a sun-brushed gold color dial with perforations.

From the original cult plastic watches, Swatch has diversified its offerings considerably, and has continued to push the limits of technology, introducing an astonishing range of materials from plastic, stainless steel and aluminium to synthetic fabrics, rubber and silicone.


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After mishap, RTO urges parents to send kids only in authorized vehicles

Written By kom nampultig on Selasa, 26 Agustus 2014 | 22.23

MUMBAI: Regional transport offices on Monday urged parents against sending their children to schools by private vans and mini buses, which are not authorized by institutes and transport department.

The directive comes after an accident in which a schoolgirl suffered cuts on her chin when a van ferrying kids brushed past the auto she was travelling in with her grandfather. All the children are students of St Xavier's School in Bhandup (W) and the incident took place at the Kanjurmarg junction.

"The kid suffered a minor chin injury and she was administered first aid immediately. No one suffered major injuries. She, with her grandfather, was headed for school in an auto when the van brushed past it," DCP Vinaykumar Rathod told TOI. The van was ferrying five or six children. Parksite police senior inspector Suresh Sakpal, who visited the spot, said, "The girl's parents denied lodging any complaint. Even no dairy entry was made," Sakpal said.

The van ferrying the kids was not in contract with the school. "We have school buses but some parents opt for private vans that are cheaper. But when they do so, the safety of those kids is their parents' responsibility," said a St Xavier's School official.

The accident has once again raised the concern about the safety of children travelling in small vehicles, many of them plying illegally. MMRTA secretary B I Ajri said, "Vans and mini-buses that do not have an agreement with schools and are not authorized by MMRTA/RTO are illegal. Parents hire vans to send their children to school but that is risky as these vehicles do not have security measures. Moreover, if there is any untoward incident, the responsibility will be pinned on parents for hiring the illegal vans as schools are not be accountable for those." Ajri has been sensitizing parents about the school bus policy. "Every vehicle has to maintain safety standards. But the security features are missing in illegal vans," he said.

An RTO official pointed out inan accident, parents can't claim damages if the vehicle is illegal. "Use authorized school vans," he appealed.

http://timesofindia.indiatimes.com/followceleb.cms?alias=schools,regional transport offices,private vans,children


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Shah Rukh Khan's security beefed up after reports of threat from gangster

MUMBAI: The Mumbai police on Tuesday confirmed reports that security for actor Shah Rukh Khan had been beefed up following threats from the underworld.

Four rounds were fired outside Bollywood producer Karim Morani's Juhu residence recently. According to reports, a note was found at the site which allegedly said 'SRK will be the next target'.

READ ALSO: Firing outside film producer and 2G scam accused Karim Morani's house

The actor already has security cover which has now been heightened.

Police suspect gangster Ravi Pujari is behind the threat.

READ ALSO: 'Gangster ordered firing on film producer's home as warning'


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Shah Rukh Khan's security beefed up after underworld threat

MUMBAI: Police security at the residence of actor Shah Rukh Khan has been beefed up after three unidentified men fired three rounds outside the residence of film producer Karim Morani on Saturday.

A police source said that there was a threat to the actor and so they increased security outside his bungalow in Bandra (West) on Monday.

However, zonal deputy commissioner of police Satya Narayan Chaudhary said, "We don't have any information of a threat to Khan. We haven't received any such complaint."

Around 11pm on Saturday, three men astride a motorcycle slowed down in front of the Morani family's four-storey house in Juhu, shot three rounds and sped away. One bullet scraped a sedan parked outside and got lodged into a tree. The remaining hit a window. Nobody was injured. The gunfire was however "not observed" on Saturday night by the two security guards or by anyone else.

The next morning, the guards noticed the graze mark on the vehicle and the crack in the window, and informed the Juhu police. The police studied the building's CCTV footage and came across the hazy frames showing the bike-borne men and a firearm going off thrice. A case of 'attempt to murder' was registered on Sunday.

READ ALSO: 'Gangster ordered firing on film producer's home as warning'

The Morani family has long-standing ties with Bollywood. Fugitive gangster Ravi Pujari has been threatening the family demanding the overseas rights of an upcoming Shah Rukh Khan-starrer film. Karim Morani reportedly told the gangster that they were not handling the film overseas.

Karim was threatened by the fugitive mobster a few months ago as well. When the gangster was told that Karim's company did not own the overseas rights, he repeated the demand to other members of the Morani family — only to be rebuffed again.


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Suspension of DIG Sunil Paraskar, accused of raping Mumbai model, likely

MUMBAI: Maharashtra chief minister Prithviraj Chavan has not yet given his consent to go ahead with the suspension of a rape-accused DIG Sunil Paraskar.

Maharashtra home department has proposed suspension of deputy inspector general of police Sunil Paraskar who has been accused of rape and molestation by a model based in Mumbai.

"The proposal to suspend Paraskar has been sent to chief minister Prithviraj Chavan whose final nod is awaited," a home ministry official told TOI.

A court here had recently granted him pre-arrest bail, observing the complainant's behaviour and her email exchange with him suggested consent.

Paraskar filed pre-arrest bail application on July 25, a week after an FIR was registered against him by suburban Malwani Police under sections 376(2)(rape by a police officer), 376 C (intercourse by superintendent of jail, remand home, etc) and 354(D) (stalking) of the Indian Penal Code, PTI reported.

The complainant, a 25-year-old model, alleged that Paraskar (57) molested and sexually assaulted her on two occasions in December 2013. According to her, she had met Paraskar first in 2012 when he was Additional Commissioner of Police with regard to a case.

Paraskar's lawyer argued that the allegations were false and pointed to the delay in registration of FIR.

(Inputs from PTI)

http://timesofindia.indiatimes.com/followceleb.cms?alias=Sunil Paraskar,Prithviraj Chavan,Maharashtra home department


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