The sensex goes on a rising trend following the Nasdaq
Mumbai: With a sharp upswing in the US markets, the FIIs’ in the country went on a buying binge in the new economy stocks, as a result of which the sensex rose by 122 points to close at 4,434 points. The Sensex opened at 4,434.99, but with buying interest in sectors like pharmaceuticals and new economy stocks, the index touched the day’s high of 4,536.16 up 225 points from its Tuesday’s close. Profit booking at higher levels led the sensex to close at 4,434.

On NSE, the S&P CNX Nifty was up 35.6 points or 2.65 per cent, closing at 1,380.45. Advances outnumbered declines in the ratio of 905:381.

NIIT hit the 12 per cent upper limit of the circuit breaker at Rs 1,982.35. Tractor and utility vehicles major Mahindra & Mahindra settled at Rs 250, up 9.77 per cent from its previous closing.
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Sebi to step in and check mutual fund ads Mumbai: In a move to regulate the growing mutual fund market, the Securities and Exchange Board of India (Sebi) has stated that it would enforce a "check and go" on mutual fund advertisements. Under its plan Sebi will tell funds what to carry and what not in their ads, and may even require the mutual funds to get advertisements pre-cleared by the markets regulator before issuing.

According to Sebi executive director, Mr. Ashok Kacker, mutual funds will not be allowed to advertise in such a way as to mislead investors. The regulator is stated to have found mistakes in some advertisements by mutual funds and investors have also brought out such instances.

Sebi is considering pre-clearance of ads to be issued by mutual funds, as is the practice in developed markets like the US and UK.

The proposed changes in advertisement code would be presented to the advisory committee on mutual funds chaired by the former Cabinet Secretary, Mr. B.G. Deshmukh.

Steps to prevent misleading ads had already been taken by the Association for Mutual Funds in India (AMFI), which recently came down heavily on its members for "disturbing sales practices such as advertising lucky draws and announcing gifts".
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