Anand Rathi plans to enter mutual fund business
Mumbai: The Bombay Stock Exchange president, Mr. Anand Rathi, has set his sights on becoming a mutual fund player through his securities outfit, Anand Rathi Securities.

The company on Tuesday filed an application with the Securities and Exchange Board of India to set up a wholly-owned asset management company to manage the assets of the proposed mutual fund. This move has apparently been made to make the entity a one-stop-shop for financial products.

The AMC is being sponsored by Anand Rathi Securities which has four trading cards on the BSE and membership on the National Stock Exchange and Calcutta Stock Exchange. The entity is also looking at the internet as being an effective delivery channel in keeping with the clicks-and-mortar combination and is of the opinion that the mutual fund business would synergise with its other activities.

The AMC is being incorporated with a Rs 10-crore paid-up equity capital as required under the Sebi Mutual Fund regulations 1996.
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Sensex up 122 points thanks to FIIs’
Mumbai: The BSE sensex closed at 4,312 points, 122 points up from Monday’s close, on the back of strong institutional buying in new and old economy stocks.

Buying interest was seen in the pivotals like cement, automobiles and FMCG and new economy stocks like media and telecom.

Scrips that saw large activity were Zee Telefilms, Infosys Technologies and NIIT. Old economy stocks like Novartis, Glaxo, Ranbaxy and Dr. Reddy’s Laboratories also saw a lot action.
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