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Posted by VRIDHI on 24/06/2014

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Posted by VRIDHI on 18/06/2014

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Posted by VRIDHI on 05/06/2014

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MarketFastFood

Posted by VRIDHI on 27/08/2014

Despite uncertainty, markets ends up in green ahead of derivatives expiry.

#Sensex and #Nifty both comfortably closed in green today ahead of Futures and Options expiry on Thursday. No particular sector led the rally today. Buying was seen across sectors in specific stocks.

The bloodshed which was seen yesterday in the Banking sector seem to have got over today with #Bankex closing in green. However specific stocks like UCO Bank saw a major sell off as the government announced a selective forensic investigation on certain loans extended by the bank. The fear is that some new NPAs or scam may surface in the process.

It’s just over a month since the budget. The FDI hike to 49% in Defense sector was announced in the budget and the government has also notified the same now. This news led a blanket buying in the defense related stocks today.

Prime Minister #NarendraModi had announced “Pradhan Mantri Jan Dhan Yojana” in his Independence Day speech on 15/Aug/2014 and the same is to be launched on 28/Aug/2014, within two weeks of the announcement! The PSU banks will be extending zero balance accounts under the scheme and the same would carry a Debit Card facility and the account holder will also have a Rs.1 Lac free insurance facility!

Few months back we were discussing about policy paralysis now we seem to be seeing hyper intentions and actions! Good for the country!

Few days back, many automobile companies were fined by the CCI for manufacturing inferior products, today the CCI has directed DLF to pay penalty of Rs.630 Crs within three months.

Lot of action waiting to happen! Keep visiting and Remain Invested!

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Market Closes Flat Amid Confusion!

Posted by VRIDHI on 26/08/2014

The market closed today with marginal green on #Sensex and marginal red on #Nifty both not worth mentioning! The over hang of yesterdays Supreme Court judgement and the probable judgement on 1/sep/2014 is keeping the markets confused!

Most of the Metal and Power stocks remained under pressure factoring in the losses they may suffer in case the allocations are de-allocated!

The major concern was today seen in the banking sector. Many PSUs and Private banks had sizeable corrections anticipating the nightmare of loans, given to these companies turning into NPAs in case many mines and power plants were to be shut!

We feel the supreme court has reserved its judgement to analyse the aftermath if such a scenario was to occur. This may delay the economic recovery which every body is desperately waiting for!

The positive news amid these confusions was that the interest on housing loans has been reduced by SBI marginally. Though small, it sends a positive signal to other banks to follow suit since till now they were not willing to take the lead in doing so.

We feel the present stress in the Metals, Power and Banking sector is short term, the cleansing process is on and will help all sectors recover post things are clear from the supreme court.

Use opportunities to enter some good companies. Keep visiting this space for more updates.

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Wealth after you’re gone!

Posted by VRIDHI on 20/08/2014

The outlook towards succession planning and distribution of wealth is changing

Vivina Vishwanathan, 17/8/2014 Mint

Overall outlook towards succession planning and distribution of wealth has changed in India, especially when it comes to the First-Generation Rich.

source: http://www.livemint.com/Money/HkPvdEl8ESLQzsFA3iHADJ/Wealth-after-youre-gone.html

In 2008, Ramamurthy Thyagarajan, chairman of Chennai-based Shriram Group with annual revenue of Rs.13,600 crore, had set up a trust—Shriram Employees Welfare Trust. According to him, through this trust all executives who have participated in the growth of the group’s business would be beneficiaries and none of his family members would be part of the management or ownership. This is contrary to traditional Indian families’ approach to passing on wealth to its next generation.

Industry experts say that over the years, the overall outlook towards succession planning and distribution of wealth has changed in India, especially when it comes to the first-generation rich. “Private trusts have not been considered by rich families in India. Unlike the West, where private trusts are a way of life both from a succession standpoint and a tax perspective, families in India have not seen the need to set up private trusts for future generations. Increasingly, however, families, particularly those with a business background, are now seeing the need for private trusts,” said Sameer Kaul, head, Citi Private Bank, India.

Why a trust? Wealth managers say that as wealth increases, so do complexities. A trust can be a useful tool here. Hence, the ultra wealthy are now considering private trusts as a vehicle for succession planning, and to avoid complications and legal tussles. “There are often complications arising with partnerships between siblings or cousins, or partner consortium. Whenever we meet the founder, succession is a critical issue on their minds but often unattended partly due to lack of knowledge or clarity and often due to an unknown fear of rocking the boat too early,” said Satya Bansal, chief executive officer-wealth and investment management, India, Barclays Wealth.

Succession planning through trusts has several benefits over wealth transfer done through a Will. For instance, in case of real estate, a Will can be contested and requires to be probated. Not so with a trust. This may be one of the main reasons why the rich prefer to go the trust way in India, where 86% of households’ wealth is in assets such as realty and gold, according to Credit Suisse estimates. “Of our 10 very affluent clients, at least 7-8 either have or want to start a private trust. So the popularity of private trust is increasing,” said Feroze Azeez, director and head, investment products, Anand Rathi Private Wealth. Keeping things as clear as possible also seems to be a reason. “Most families are now open to explore structures such as family trusts, family constitution and family boards.

Many business families are now reviewing their complicated cross-holding investment companies and looking at limited liability partnerships and trusts or a combination of these two to simplify this in line with their succession needs. They often review shareholders’ agreements in favour of more robust family trust structures as a holding vehicle, as it provides greater flexibility and its own governance and rules in a bespoke manner,” said Bansal. What is a trust? A trust is created when a property—a trust’s corpus—is held by someone, say, trustees, for the benefit of another—the beneficiaries.

A trust is basically a vehicle to transfer wealth to the beneficiary. “It gives you the flexibility to transfer wealth. It helps maintain confidentiality of the last wishes of the owner of the wealth, optimizes legal costs and is a useful asset protection tool. Seamless transfer of wealth, asset preservation, consolidation, separation of ownership from management and tax neutral structure are other elements of a trust,” said Sonali Pradhan, managing director, RBS Financial Services.

Is a Will not enough for succession planning? “Most rich families have seen enough challenges around Wills as a succession tool. Also, a Will is often seen as a default option rather than one chosen by design. They have witnessed enough litigation around ownership. Equally challenging is distributed ownership whereby the future stakeholders are often not aligned to steer the business in a clear direction,” said Bansal.

How to form a trust? “First, you have to examine whether there is a need for a trust. You will then have to design the required structure. Once you draft the trust deed, you will have to accordingly get it registered,” said Azeez. “The process involves identifying a service provider, followed by a sit-down session to give a background of the family, the business structure and assets. Once the service provider has an understanding of the family’s requirements, it can provide solutions in terms of ‘type of trust’ structure, the composition of the trustees, and a solution on how the trust funds will be managed,” said Kaul.

 

You can form a family trust, a private trust, or, like Thyagarajan, an employee trust. The average fees could start from Rs.3 lakh. “For families where the source of income is from business, it is recommended that a succession plan be in place as soon as the children become legally adults in order to use the private trust to divide their assets according to their discretion,” said Kaul. Succession planning has always been an area of concern. Widely reported litigation cases have only thrown more light upon this. That in itself is reason enough for the wealthy, with new money or old, to form private trusts.

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Few Words on Market…

Posted by VRIDHI on 14/08/2014

by Vivek Karwa, CPFA., CFPCM

140813 – After almost a one sided move since long, the market has finally come to terms with reality. The FII flows have slowed down, slowing the market as always, considering our dependence on foreign flows for keeping the sentiments positive. The index is consolidating, as many put it: index management is happening in the market, but once we look outside the index, particularly on the mid cap and the small cap segment, the story is different.

Many mid cap and small cap stocks had run much beyond their fundamentals warranted and has seen considerable amount of selling. In the process better mid cap and small cap stocks also corrected and many have started looking cheap now. We have been mentioning a reasonable target on Sensex, but the real returns will be delivered outside the index as and when the economy starts showing signs of recovery.

There was lot of dust and negative sentiment around past 12-18 months which seems to be settling down now. The expectations from the new government are really high and we all know that, no person can do wonders within three months of assuming office, considering the size and diversity of our country. The initial moves of the government seem to be in the right direction. The budget showed that this government will not lure people by doles and is serious about curbing the fiscal deficit.

IIP, Inflation and other economic indicators may remain unfavourable for some more time. But as the measures of the new government starts reaping benefits, we may see them moving for good and bringing back the focus on serious economic development. The increase in FDI limit in certain sectors will go down well in long term and will attract money from foreign players.

We import crude oil for our energy requirements. It is the biggest portion of our import bill. We also import mobile phones, laptops and tablets. With the kind of penetration taking place, forget ordinary phones, we may start seeing every individual shifting to smart phones! Estimates suggest that this bill may start competing with crude oil bill if things continue in same pace. Hence the government has announced measure which will encourage manufacturing of electronic communication devises in the country itself.

The next big thing which we import is in the defence sector. With such hostile neighbours, we need to keep our war chests always ready and hence it was always warranted that we increase the FDI limits in this sector, and the government did the right thing.

Such measures are generally not fancied by the public. They find nothing amusing in such decisions since they do not excite like how free food or farm loan waivers may! But these measures should prove to be good in the long term. We should hope that the government should continue with reforms and don’t fall prey to same mistakes which the previous government did.

Expect markets to do well over a period of time. If the administration works the way it is working today, we may see lot of money flowing in to the economy, including the stock markets.

Best Wishes

Vivek Karwa

Financial Planner & Stock Market Adviser

Disclosure:- It is safe to assume that the author may have interest in the sectors recommended in this news letter. Seeking personal advice from your Financial Advisor is recommended before acting on any of the substance given herein. The numbers, figures, etc., presented may have been taken from various sources.

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Many Brokers, Sub-Brokers shutting shop

Posted by VRIDHI on 14/08/2014

Tech, compliance costs push brokers to exit door

According to Sebi, 203 brokers and 4,540 sub-brokers have closed shop since January’2014

source: http://www.livemint.com/Money/h9ZbKgM0KatcsUXj32z5VJ/Tech-compliance-costs-push-brokers-to-exit-door.html

India’s stock markets continue to witness the exodus of brokers and sub-brokers despite rising turnover and higher stock prices, as cutting-edge technologies and costlier compliance drive many smaller firms out of business.

According to the latest monthly bulletin from the Securities and Exchange Board of India (Sebi), 203 brokers and 4,540 sub-brokers have closed shop since January while the benchmark S&P BSE Sensex gained 20% during the period. There has been a marginal fall in the number of registered brokers in the equity derivatives segment as well.

To be sure, the number of registered brokers and sub-brokers fell last year too, when the Sensex gained nearly 9%. According to Sebi data, the number of brokers and sub-brokers fell by 714 and 16,549 respectively in 2013. Market intermediaries point to higher compliance costs and new technologies driving out brokers. The smaller firms have also lost business to organized brokerages with a wide reach and large client base, offering full product suites.

“Compliance and surveillance has become tighter with time and hence investments towards the same have also increased,” said Vishal Gulechha, head of equity product group at ICICI Securities Ltd, one of the largest domestic brokerages with three million customers.

Norms put in place by the capital market regulator mandate an internal code of conduct for all intermediaries. For instance, none of the employees including temporary staff and voluntary workers is supposed to circulate unverified information related to companies and stock prices. The compliance officer of the intermediary has been made responsible for all such acts as part of Sebi’s efforts to tighten compliance requirements for brokerages to safeguard investors.

Technology is playing an increasingly important part as well. “Brokerages have to spend a huge amount on technology,” said Vinay Agrawal, executive director (equity broking) at Angel Broking Pvt. Ltd. “There is a lot of competitive pressure and small players find it difficult to afford the kind of technology required to meet the investor and business needs.

”Brokerages have been investing in technology ever since software-based trading such as algorithmic or algo trading became popular. Algo trading refers to using software codes to automate and enhance order-matching processes. According to BSE Ltd, the share of algo trading has increased from 8% in July 2012 to 28.77% in July 2014.

“Exchanges keep enhancing their technology and the brokerages have to keep pace. We have a whole bunch of pre-defined strategy-based software and many medium- and large-sized brokerages are interested in it,” said Hitesh Hakani, director of Greeksoft Technologies Pvt. Ltd, a firm specializing in developing strategy-based software, explaining the increased tech costs faced by brokerages.

Brokers who haven’t embraced new technologies are under intense pressure from falling cash volumes and rising costs, said Gulechha. According to him, ICICI Securities, which once had just one trading platform, now has platforms for iOS, Android, Windows and Microsoft Silverlight devices as well as for slower Internet connections.

The average daily turnover in the cash segment of BSE has increased from Rs.2,160 crore in January 2014 to Rs.2,663 crore in August. The National Stock Exchange of India Ltd has seen turnover rise from Rs.11,114 crore to Rs.14,808 crore in the same period.

Some market participants, however, feel that most entities exiting the business are small-time entrepreneurs who were into proprietary trading.

“There were a lot of small players who mostly did proprietary trading or serviced a very small set of rich individuals. With many such investors opting for organized large brokerages, the business obviously took a hit. Their closure did not impact the market or the investor base as such,” said the director of a domestic brokerage firm on conditions of anonymity.

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