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Govt to launch Bharat 22 ETF today, seeks to raise Rs8,000 crore
Posted on 14th November 2017
Mumbai: The government will launch the ‘Bharat 22’ exchange traded fund (ETF) managed by ICICI Prudential Mutual Fund, on Tuesday, targeting an initial amount of about Rs8,000 crore. The new fund offer will be open for subscription till 17 November and a discount of 3% is being offered to all categories of investors.

“While our initial issue size for Bharat 22 ETF is Rs8,000 crore, we can also consider going beyond looking at the response in the market,” said Anuradha Thakur, joint secretary, Department of Investment and Public Asset Management (DIPAM) in the ministry of finance.

The ETF is part of the government’s overall disinvestment programme, and mirrors the S&P BSE Bharat 22 Index, which comprises select companies from the CPSE (central public sector enterprises) universe, stakes held under the Specified Undertaking of the Unit Trust of India (SUUTI), and state-run banks.

“While 39% of the index is in private sector companies, 61% is in government companies, which all have been handpicked by us,” Nimesh Shah, managing director and chief executive officer, ICICI Prudential Asset Management Co. Ltd, said at the press conference. The expense ratio of this ETF stands at 0.0095%, Shah said.

The S&P BSE Bharat 22 Index has a diversified representation in six BSE sectors—industrials, finance, utilities, energy, fast-moving consumer goods and basic materials. The index follows a free float adjusted market cap weighing methodology, with weighting of each individual index constituent capped at 1,5%, while weighting of each BSE sector is capped at 20%.

These weight constraints are applied during the annual index rebalancing in March each year.

Shah explained that if certain scrips rally and rise beyond these designated limits in March, the stocks will be sold and profits will be booked accordingly. “There is an element of active in this passive (investment),” said Shah.

Related Companies: Bombay Stock Exchange - BSE   

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Markets stay under pressure, Sensex below 35,400-mark
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NEW DELHI: The benchmark BSE Sensex got off to a lower start today, tracking a sell-off in global markets amid escalating trade war worries.

The 30-share index, which had lost 114.94 points in the previous session, was down 53 points at 35,379.65 at 10.07 am. Capital goods, realty, infrastructure, power, healthcare and metal stocks showed weakness, falling by up to 0.35 per cent.


COAI favours 5G auctions only around second half of 2019
Posted on 22nd June 2018
New Delhi, Jun 22 () Telecom industry body COAI has said auction of spectrum for 5G services should happen only around the second half of 2019 as it would offer telcos better visibility into market dynamics and potential revenue streams of the next-generation mobile services.

Vodafone-Idea merger to be approved soon
Posted on 22nd June 2018
The Department of Telecommunications (DoT) is expected to clear the merger of Vodafone India and Idea Cellular early next week. Both the companies, however, may have to pay one-time-spectrum-charges (OTSC) dues, though these are under challenge in the court. The DoT is expected to ask Vodafone for Rs 5,650 crore – or a bank guarantee – and Idea for Rs 2,113 crore for its OTSC dues.

Bank of Baroda puts Rs 3k-cr exposure to NCLT accounts on sale
Posted on 22nd June 2018
Over the last week, Bank of Baroda (BoB) has put on sale non-performing assets (NPAs) worth Rs 7,655 crore, including its exposures to some accounts named in the Reserve Bank of India’s (RBI) two lists of bankruptcy cases, such as Essar Steel, Bhushan Power & Steel, Soma Enterprise and Visa Steel. BoB’s aggregate exposure to these accounts is Rs 3,004 crore.

RBI sets deadline for ATM upgrade
Posted on 22nd June 2018
Irked by the slow progress made by banks in addressing security concerns around automated teller machines (ATMs), the Reserve Bank of India (RBI) on Thursday set certain compliance timelines. RBI added that any deficiency in timely and effective compliance with the instructions may invite “appropriate supervisory enforcement action”.

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