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ELSS outflow an unusual surprise
Equity-linked savings schemes (ELSS) saw outflows to the tune of Rs 804 crore in December. This has surprised market observers as it is the first time in the last seven years that the category has witnessed outflows during the month. Historically, December has seen inflows of Rs 500-1,000 crore as investors start their annual tax planning, culminating in even higher flows in the subsequent months as the financial year draws to a close. Investments of up to Rs 1,50,000 done in such schemes are eligible for tax deduction under section 80C of the Income Tax Act. The advantage ELSS has over other tax saving instruments is a short lock-in period of three years.
Ashley Coutinho
On the inside track
The Securities and Exchange Board of India's new division to handle corporate frauds is said to have increased the need for those with chartered accountant expertise, given the shenanigans with financial statements that have come to light in recent years. Fraud has been detected at multiple listed firms, many of whom found themselves without auditors after abrupt resignations. The need for people with accounting expertise, however, hasn’t been hard to fill at the regulator, according to a source, since a fair number of chartered accountants already work at the Sebi.
Sachin P Mampatta
Antony Waste shares slide post listing
The shares of civic services provider Antony Waste Handling Cell has already lost a third of its listing gains a week after its market debut. Its IPO price band was Rs 313 to Rs 315, while shares now trade around Rs 374 after listing at over Rs 400 on January 1, even as leading indices have risen during this period. Analysts said the firm's fundamentals are catching up after the listing euphoria. Concerns were raised about the company during its initial public offer citing its high receivables, dependence on municipalities, low entry barrier for the business, and falling return on equity or RoE. The company also had to pay 18 per cent of its net profit for FY19 as penalty for failing to deliver service as per terms of contract.
Sundar Sethuraman
