Street signs: EFPO asked to keep powder dry

EFPO asked to keep powder dry

The Employees' Provident Fund Organisation (EFPO) has been asked to keep the powder dry for new fund offer (NFO) of Bharat-22 Exchange-Traded Fund (ETF), through which the centre is looking to mobilise more than Rs 8,000 crore. Sources say the pension body, which mainly takes equity exposure through the ETF route, could invest anywhere between Rs 4,000 crore and Rs 5,000 crore in the NFO, which opens for subscription on Tuesday. Bharat-22 ETF is a basket of 22 companies, with Larsen & Toubro, ITC and State Bank of India as its top three holdings.

                                                                                                                                                                                                        Samie Modak

Sebi stays put on MF scheme merger

A few top mutual fund officials met the market regulator Securities and Exchange Board of India (Sebi) recently, asking it to reconsider its decision on categorisation and merger of schemes. However, the regulator has stuck to its stance and told these officials to comply with the new norms within the deadline. The regulator is particularly miffed that despite adopting a consultative approach, the very officials who were involved in the discussions on categorisation are now asking for a rethink. 

                                                                                                                                                                                                   Ashley Coutinho

iPhone success buoys Redington

Shares of Redington (India), the largest distributor for Apple products in India, are buzzing at the bourses following the success of iPhone X. In the past fortnight, the stock has jumped 30 per cent amid shortage of new iPhones. Channel checks show there is at least a three-week waiting period for the new iPhone X model, which also happens to be the most expensive ever. Besides India, Redington also distributes Apple products in three overseas markets. So far this year, the Redington stock has surged 2.2 times, against a 25 per cent gain for the BSE Sensex. 

                                                                                                                                                                                                        Samie Modak