The post BankBazaar Goes Live With Paperless Mutual Funds Platform appeared first on Core Sector Communique.
]]>Simplifies Mutual Investments with five minutes transaction timeframe
January 3rd, 2017: BankBazaar.com, India’s leading financial marketplace, today announced the launch of its paperless and presence-less Mutual Fund(MF) platform. It facilitates Mutual Funds online where investors are enabled to evaluate, select and purchase the product within minutes. Compliant with SEBI norms, BankBazaar’s MF platform has OTP-based eKYC process which makes investment instant, paperless, and presence-less. The launch of the mutual funds rounds off the credit and savings product offerings from BB with a wealth creation product. SEBI currently permits investment of Rs.50000 in a financial year per Asset Management Company for investors using Aadhaar based eKYC using OTP based authentication.
Presently, BankBazaar’s MF platform is offering mutual fund products on one-time investment model. Soon, BankBazaar’s MF platform will present mutual fund products of all major fund houses and include monthly investment SIP option by the end of this quarter. The platform is based on advance technology to provide real time portfolio options to customers based on their current financial profile. The search results are optimized based on the inputs provided by the customer and consist of funds that have fared well in a long-term performance analysis.
In addition, BankBazaar will offer a personalized dashboard that will allow customers to track all their investment at one place. Customers can also invest more or redeem anytime through this dashboard. With this instant customization option, BankBazaar.com has de-jargonized the entire mutual fund purchase, making it simple especially for new investors.
On the occasion launching the MF platform, Ajit Narasimhan, Head- Savings & Investment categories, BankBazaar.com said, “MFs allow for goal-oriented wealth creation. As an inflation-proof investment that can be invested in both debt and equity asset classes, MFs provide varying degrees of returns for customers across all levels of risk appetite. With interest rates trending down and demonetization, investment avenues such as Fixed Deposits are also delivering lower returns. So this instant paperless presence-less MF product by BankBazaar with a simplified application process and portfolios for everyone from the highly risk averse to the more adventurous investor is the right product to fill the gap at the right time.”
BankBazaar has the widest range of financial products under its umbrella from over 85+ of the biggest public and private sector banks, NBFCs and other financial institutions in India. It gets an average of 10 million visitors per month. The company raised USD 80M through its funding from investors like Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia India and Walden International.
About BankBazaar
BankBazaar.com, ranked as the best financial website in India by the Internet And Mobile Association of India (IAMAI) and as the best emerging brand by CMO Asia, is India’s first neutral online marketplace that gives you instant customized rate quotes on loans, credit cards or any other personal finance products. It simplifies the loan application process. Anyone can instantly search for tailor-made offers, compare, customize it as per his or her need or profile and apply for their finance products. It is designed with smart technology capabilities and over 50 of India’s leading financial institutions have chosen to integrate themselves with the platform. For the online consumer today, banking is as easy as shopping for anything online. What’s more, BankBazaar’s services are completely free!
BankBazaar.com services are available through the web-portal, made-for-mobile web service, or the BankBazaar app available on the Android play store and iOS app store. It helps consumers compare best offers across various banks and NBFCs. Apart from these, it gives the consumer the latest news/trends and insights into managing finances better. The consumers can track their application and troubleshoot issues in the process through a host of channels like the BankBazaar app, WhatsApp, Email, Voice-support etc.
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]]>The post Al Ramz Capital awarded prestigious ‘Best Brokerage House – Abu Dhabi 2013’ by Arab Federation of Exchanges appeared first on Core Sector Communique.
]]>Brokerage accepts recognition, discusses market fundamentals at AFE Equities Summit 2014
June 8, 2014
Al Ramz Capital, the UAE’s leading financial services firm, has received the prestigious ‘Best Brokerage House – Abu Dhabi 2013’ award from the Arab Federation of Exchanges (AFE) during the opening day of the 2014 AFE Equities Summit held recently in Dubai.
This year’s annual AFE conference was held in partnership with multinational media and information firm Thomson Reuters. The event gathered 400 delegates from Arab exchanges and served as a platform for exchanging brokering knowledge and experience and promoting best practices in a dynamic environment.
The summit agenda included an opening-day Gala Dinner where brokerage houses that posted the highest value traded for the year 2013 were recognized for their achievements. An award for the “Best Shari’ah Complaint Brokerage House” and special Congratulatory Awards for the MSCI upgrades of the Abu Dhabi Securities Exchange (ADX), the Dubai Financial Market (DFM) and the Qatar Exchange (QE) were handed out as well.
Talal Touqan, Head of Research at Al Ramz Capital, moderated a Panel discussion titled ‘The Oldest Debate: Fundamental vs. Technical analysis’ on day two of the Summit.
“The AFE Equities Summit is an important forum not only for exchanges but for all financial stakeholders in general. We are genuinely honored to be named as Abu Dhabi’s best exchange for 2013 during this year’s edition of the prestigious event. It is an even greater privilege to share our expertise on market dynamics and approaches with experts, decision-makers and practitioners from across the region and around the world,” said Mr. Mohammed Mortada Al Dandashi, Managing Director, Al Ramz Capital.
Al Ramz Capital is an innovative and award-winning leader in the Arab financial services landscape with more than 16 years of extensive experience and proven excellence in the UAE financial markets. Its comprehensive skills and expertise cover Equities, Portfolio Management, Securities, Trading, Financial and Capital Markets, Asset and Risk Management, Financial Analysis, Investment Banking, Mutual Funds, Asset Allocation, and Equity Research.
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]]>The post Fund managers need more leeway to make RGESS viable – Dheer Kothari appeared first on Core Sector Communique.
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The Rajiv Gandhi Equity Savings Scheme (RGESS) is in for an overhaul even before it has taken off. Obviously, in its present avatar, it leaves a lot to be desired and is a non-starter. Union finance minister P Chidambaram has already declared that he would make the scheme more attractive for first time investors.
To make the scheme, a few checks and balances will be necessary to begin with. Even if investors are lured into the scheme with better tax incentives, retaining them would require a transparent and simple scheme so that even lay investors know what are the risks of investing in such a scheme. Mutual funds are not risk-free investments. There should be sufficient safeguards to ensure mutual funds and other market intermediaries do not lose sight of the objectives of launching such a scheme, which is to spread the equity cult and give investors opportunities to participate in genuine savings and investment products.
Already a number of mutual funds have launched RGESS products which will be competing for a piece of the cake whose size is not immediately clear. My fear is that in their quest to build a viable asset base, MFs might pay a heavy price to acquire funds. Surely, in the initial year subscriptions will come at prohibitive costs which can affect the returns investors will get in a scheme which is inherently passive in nature. The portfolio would be expected to follow the performance of the benchmark index, in this case the S & P Nifty. The differentiators in this scheme will be the service capability of a fund house, keeping expenses lower (ideally < than one per cent of net assets) and its ability to retain investors with a product model which is regulation-compliant and flexible enough to hedge downside risks with reasonable exposure to index derivatives.
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]]>The post Existence of Efficient Financial Markets is Paramount for Achieving Economic Growth: FM appeared first on Core Sector Communique.
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The Union Finance Minister Shri P .Chidambaram said that existence of efficient financial markets i.e. both banks and capital markets, is paramount for achieving economic growth. He said that without vibrant and viable financial market architecture, there cannot be any sustainable economic growth. The Finance Minister said that efficient intermediation by financial markets lead to higher economic growth by increasing savings and their optimal allocation for productive uses. Shri Chidambaram said that banks and other intermediaries including Non-Banking Financial Companies (NFBCs), Insurance and Pension Funds and Mutual Funds etc. are mechanisms to channel savings to investment. They have the capacity to promote economic growth as they allocate savings to those investments which have potential to yield higher returns, the Minister added. The Finance Minister Shri P.Chidambaram was making his opening remarks during his fourth pre-budget consultation meeting with representatives of banking and financial institutions here today. The Finance Minister further said that major steps have been taken to reform India’s regulatory framework to adopt best international practices. Reforms in equity markets lead the market development process. The Finance Minister said that results of the reforms taken by the Government are encouraging and the country is now one of the most vibrant and transparent markets in the world.
Along with the Finance Minister, both the Minister of State for Finance Shri S.S. Palanimanickam and Shri Namo Narain Meena, Adviser to the Finance Minister, Shri Parthasarthy Shome, Finance Secretary, Shri R.S. Gujral, Secretary, Financial Services & Disinvestment, Shri D.K. Mittal, Revenue Secretary, Shri Sumit Bose, Secretary, Department of Economic Affairs, Shri Arvind Mayaram, Chief Economic Adviser, Dr. Raghuram R. Rajan, and Chairperson, CBEC were present among others.
About 22 participants representing different Banking and Financial Institutions participated in the aforesaid meeting. The major participants included Dr. K.C. Chakraborty, Deputy Governor, Reserve Bank of India, Shri Pratip Chauduri, Chiarman,State Bank of India, Shri M. Narendra, CMD, Indian Overseas Bank, Shri K.R. Kamath, CMD, Punjab National Bank, Shri Arun Kaul, CMD, UCO Bank, Shri M.V. Tanksale, CMD, Central Bank of India, Shri R.M. Malla, CMD, IDBI, Shri Prakash Bakshi, Chairman,NABARD, Shri D.K. Mehrotra, Chairman, LIC, Shri G. Srinivasan, New India Insurance, Shri T.C.A. Ranganathan, E CMD, XIM Bank, Shri S.K. Goel, IIFCL, Ms. Chanda Kochhar,CEO, ICICI Bank, Shri R.V. Verma, CMD, National Housing Bank, Shri Sunil Kaushal, Standard Chartered Bank, Shri Uday Kotak, Kotak Mahindra Bank Ltd, Shri Atul Kumar Rai, IFCI, Ms Shikha Sharma, CEO, Axis Bank, Shri Rana Kapoor, YES Bank, Shri Raman Aggarwal, FIDC, Shri Deepak S. Parekh, IDFC and Shri D. Krishna, Urban Cooperative Banks.
The participants made various suggestions and recommendations for consideration of the Finance Minister for the forthcoming Union Budget 2013-14. These proposals and recommendations include extension of Agriculture Interest Subvention Scheme to Self Help Groups, interest amount for the purpose of TDS be increased from Rs. 10,000/- to Rs. 25,000/- on fixed term deposits with banks, tax exemption of Rs. 20,000/- under section 80CCF for investing in Infrastructure Tax Free Bonds be reintroduced, bringing more transparency in gold and real estate transactions at par with equity transactions, to bring housing sector within the definition of infrastructure and encouraging long term funds for investment in housing sector among others.
Other suggestions and proposals include to allow banks to issue tax free infrastructure bonds, treat Urban Cooperative Banks at par with those in rural areas, to exempt social security insurance schemes from service tax and tax concession on contribution to leave encashment as on group gratuity etc.
Beside above, some other suggestions were to include NBFCs and AFC (Asset Financing Companies) for promoting financial inclusion and grant them tax parity with banks by extending service tax benefits which are available to banks & public financing intuitions etc but not extended to NBFCs, giving exemption to NBFCs-AFCs from TDS under section 194A from the Income Tax Act and tax benefit for income deferral under section 43Dand allowing depreciation @ 30-50 per cent for construction equipments among others.
Some other proposals include monetizing of the real estate assets of the railways and central government Ministries/Departments, inclusion of different subsidies in direct benefit transfer scheme, exemption from PAN for TDS in case of small investors in rural areas and boost to asset reconstruction companies among others.
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