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The following State Governments have offered to sell securities by way of auction, for an aggregate amount of ₹6,277 Cr. (Face Value).
| Sr. No. | State | Amount to be raised (₹ Cr) |
Additional Borrowing (Greenshoe) Option (₹ Cr) |
Tenure (Yrs) |
Type of Auction |
| 1 | Andhra Pradesh | 1000 | – | 20 | Yield |
| 2 | Assam | 600 | – | 10 | Yield |
| 3 | Karnataka | 1000 | – | 2 | Yield |
| 1000 | – | 10 | Yield | ||
| 4 | Rajasthan | 500 | – | 5 | Yield |
| 1000 | – | 10 | Yield | ||
| 5 | Sikkim | 177 | – | 10 | Yield |
| 6 | Tamil Nadu | 1000 | – | 25 | Yield |
| TOTAL | 6277 |
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 30, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.
Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 30, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.
In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.
For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).
Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.
The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.
The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.
The results of the auction will be announced on November 30, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on December 01, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.
The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on June 01 and December 01 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.
The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.
Ajit Prasad
Director (Communications)
Press Release: 2021-2022/1254
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Reserve Bank of India, Bhopal invites Tenders in Part-I and Part-II for “Conducting Electrical Safety Audit of Bank’s Office Building and Bank’s Staff Quarters (Avantika) at Bhopal”, the estimated cost of Rs.60,000/-. The work is to be completed within a period of 30 days from 10th day of issue of work order and the final report should be submitted within 15 days thereafter. 2. Earnest Money Deposit of Rs.1,200/- shall be paid by the tenderers in the form of DD/NEFT along with Part I of the tender. DD shall be drawn on any scheduled commercial bank in favour of Reserve Bank of India payable at Bhopal a) Vendors having MSEs (Micro and Small Enterprises only) Udyam Registration Number (Udyog Aadhar Memorandum Number) irrespective of the category are exempted from the payment of cost of tender documents and submission of EMD at the time of bidding. Bidders must submit MSE (Micro and Small Enterprises only) registration certificate at the time of submission of tender documents (Part I) for claiming exemption of EMD. Failure to do so will disqualify the bid. 3. Tender forms are available at Estate Department, 5th Floor, Reserve Bank of India, Hoshangabad Road, Bhopal from November 26, 2021 to December 16, 2021 or it can be downloaded from Bank’s Website www.rbi.org.in. (https://rbi.org.in/Scripts/BS_ViewTenders.aspx). Tender Forms will have to be submitted in a sealed cover at Reserve Bank of India, Hoshangabad Road, Bhopal up to December 27, 2021 by 14:00 Hrs. 4. The Bank reserves the right to accept or reject any or all Tenders without assigning any reason thereof.
General Manager (O-i-C) |
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In a rare case, markets regulator SEBI has disallowed protection under the rule of ‘acted in good faith’ to 75-year old Krishna Chandra Raut, a nominee of government-owned State Bank of India (SBI) on the board of ARSS Infrastructure Projects (AIPL). Government employees or its nominees on the board of companies are protected from prosecution or legal proceedings by any authorities unless it has proved that they acted in a ‘bad faith’.
Raut is a retired SBI official who was put as a nominee by the bank on AIPL board in 2013 after the company went into CDR (corporate debt restructuring).
SEBI has barred Raut from the stock markets for six months and imposed a fine of ₹1.5 lakh on the charges that AIPL misrepresented its books of accounts. SEBI has also took action against key board members of AIPL including the CFO and CEO for misrepresenting the financials of the company and misusing the funds. Raut was just a nominee director on AIPL board and not involved in any of the day-to-day activities of the company.
“It is strange that the regulator has gone to the extent of charging a nominee director of SBI for misrepresenting the books of accounts but has yet to take any action against the auditors. The matter could be surely challenged in SAT (Securities and Appellate Tribunal). Also, this order of SEBI is in contrast to its past behaviour where the regulator has not acted against senior stock and commodity exchange officials on grave matters citing the rule of ‘acted in good faith’ despite the fact that forensic audit reports pointed fingers in their direction for wrong doings,” a SEBI lawyer told BusinessLine.
In July, Raut resigned as SBI’s nominee on the AIPL board. Raut told SEBI that he became a director of AIPL on May 11, 2013, and had no role to play in the affairs or day to day management of the company. He submitted further that there was no question of proceeding against any nominee director of a public sector bank in respect of any act done or omitted to be done in discharge of its duties as a director/unless it was established that he had acted in bad faith and was complicit in commission of any such offence.
Raut also told SEBI that he had joined SBI as a probationary officer on December 24, 1970, and retired as Chief General Manager from SBI Kolkata local head office on April 30, 2005 with an unblemished service record.
But SEBI’s reasoning in pressing charges against Raut was that he was not just a director of AIPL but a member of the audit committee and had attended 2 of the 4 audit committee meetings in FY2015-16 and all the 4 meetings during FY2016-17. “Hence, the noticee (Raut) cannot take the plea that he acted in good faith as a director of the board in approving the financials that were provided to him by the audit committee, as the noticee himself was a member of the audit committee whose role under Regulation 18(3) read with Part C of Schedule II of the LODR (Listing Regulations) was inter alia to review the financial statement and auditors report with reference to disclosure of any related party transactions etc. and to ensure that the financial statement is correct, sufficient and credible.”
SEBI has said that AIPL presented true and fair financial statements and had executed transactions which are non-genuine in nature tantamounting to misrepresentation of the accounts/financials statement and misuse of account/funds of the company.
SEBI has said that AIPL had misused funds/misrepresented books of accounts which are detrimental to the interests of genuine investors and are fraudulent in nature. It was also alleged that the directors, CEO and CFO had failed to exercise duty of care, by misrepresenting the financials/misusing the funds. It was alleged that transactions which are non-genuine in nature were executed.
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Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:
The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount. The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, December 01, 2021, during the below given timings:
Results will be announced on the day of the auction. Payment by successful bidders to be made on Thursday, December 02, 2021. Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125). Ajit Prasad Press Release: 2021-2022/1255 |
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Most international funds in the country invest in US and UK. The new funds, at first glance, offers Indian investors a chance to diversify and invest in emerging markets and European markets. But does a regular investor need such exotic funds?
“Different markets have different risk and return profiles and offer opportunities which may not be available for investors in our domestic market,” says Siddharth Srivastava, Head, Products – ETF, Mirae Asset Management India. He explains further that there are two reasons behind investing in foreign markets. “First, Investors want to take a broad market exposure to a single country or a group of countries representing a region or a category. Secondly, Investors are now getting increasingly aware about various emerging and disruptive technologies and other themes and their future potential. They want to invest in portfolio’s which provides access to companies catering to such domains,” says Siddharth Srivastava.
A look at the international fund category will tell you that the basket has various different schemes. There are funds investing in USA to Chinese markets. Or they might be investing in commodities or tech or gold. Investors need to be cautious of the kind of schemes they are picking. Mutual fund managers say that the new age technology and the changing global scenario has led to the launch of different types of new global funds.
“Domains like FinTech, E commerce, Cloud, AI, Electric and Autonomous Vehicles, IoT, etc are gaining traction. While we have seen run-ups in several companies involved in above themes, still from a long-term point of view, they may provide significant potential for growth,” says Siddharth Srivastava.
Mutual fund planners and advisors say that the trends in global markets lead to the launch of new schemes. Retail investors need to add these funds to their portfolio only if their investment strategy aligns with these themes.
“Most of the international funds that are available at present for investors are US-based funds, hence the new funds do allow diversifying across different geographies and at the same time invest in companies of different sectors as well,” says Harshad Chetanwala, Founder, MyWealthGrowth, a wealth management firm, based in Mumbai. However, he says retail investors can consider having allocation up to 10% depending on their appetite and current portfolio.
“Within the international portfolio, investors can split between US and Non-US based funds. However, the first objective of investors should be to build a strong India based portfolio and then diversify in international funds. Invest in specific international funds only when you understand that market and its functioning or take help from a planner.” says Harshad Chetanwala.
The opportunities in the global market come with its own set of risks and potential rewards. While the correlation may reduce the risk of the overall portfolio, on the standalone basis, the product may be risky and may only suit investors with a high risk appetite. The investor gets additionally exposed to the regulatory, geo-political, currency risk among others. Investors must always remember this before investing.
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Infrastructure mutual funds or schemes invest primarily in shares of companies in the power, construction, energy, capital goods and metals sector. The invested companies directly or indirectly participate in the infrastructure development of the country. These funds are the riskiest with exposure to just one sector i.e. herein infra sector. With no diversification, there is no element to cover the fall in case the sector faces some headwinds.
Importantly their direct plans also entail a higher expense ratio.
1. BOI AXA Manufacturing & Infrastructure Fund – Direct Plan – Growth:
This CRISIL 5-star rated infrastructure sector fund invests mainly in shares of companies engaged in infrastructure-related activities or are expected to benefit from them. The fund launched in the year 2013 has since inception offered return of over 16 percent. This is a small fund with AUM of just Rs. 65 crore. Expense ratio of the fund is 1.49 percent.
For initiating a SIP in the fund, minimum investment of Rs. 1000 is needed while for lump sum investment one needs to put Rs. 5000. Rs. 10000 monthly SIP started in the fund 5 years ago with an investment corpus of Rs. 6,00,000 is currently valued at Rs. 10.88 lakh, while a lump sum investment of Rs. 1 lakh in the fund in 5 years has increased to Rs. 2.53 lakh.
Investors be mindful that you can put in your surplus into this fund category only if you have an investment horizon of at least 5 years and have the aptitude to interpret the macros.
Top stocks in the portfolio of this fund are L&T, Tube Investments, Ultratech Cement, Divis Lab, ABB India, Birla Corporation and NTPC among others.
CRISIL has ranked this Infrastructure fund by Invesco Mutual Fund as 5-Star. The fund launched 8 years ago in 2013 has since inception given return of over 19 percent. The fund commands a sizable corpus within the category of Rs. 334 crore as on October 31, 2021.Expense ratio of the fund is at 1.46 percent.
In comparison to the benchmark S&P BSE India Infrastructure Index TRI S&P BSE India Infrastructure TRI, the fund has underperformed during a 1-period and offered return of 73.17 percent.
For SIP investment in the fund, you need to put in a minimum of Rs. 500. A SIP investment with Rs. 10000 per month started 5 years back is now worth Rs. 11.21 lakh, while the lump sum investment of Rs. 1 lakh made 5 years ago is valued at Rs. 2.61 lakh.
The fund’s portfolio includes stocks like L&T, RIL, Tata Power, GR Infra, Ambuja Cements, KEI Industries, Indraprastha Gas etc.
| Infrastructure funds | Ranking | 1-year Annualised SIP return considering NAV as on Nov 25, 2021 | 3-year Annualised SIP return considering NAV as on Nov 25, 2021 | 5-year Annualised SIP return considering NAV as on Nov 25, 2021 |
|---|---|---|---|---|
| BOI AXA Manufacturing & Infrastructure Fund – Direct Plan – Growth | Crisil 5-star | 55.66% | 40.69% | 24.66% |
| Invesco India Infrastructure Fund-Direct Plan-Growth | Crisil 5-star | 66.24% | 40.94% | 25.99% |
Given the way the government is pushing infra development in the country, the sector offers immense potential. Also, we had seen some of the funds from the category doubling investors’ money in the last one year. Nonetheless, as past returns do not guarantee similar returns in the future, aggressive investor class with understanding of the macro trends looking at select funds for reaping higher return than other equity funds can park not more than 10% of their portfolio into this sectoral fund category.
In the story, we have listed the 2 top CRISIL rated infra funds and investors or readers should not construe it to be a recommendation to invest in these mutual fund schemes. Furthermore, infra sector funds being concentrated around infra theme are highly risky, so do your own due diligence before taking any investment call.
GoodReturns.in
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