FinMin to launch ETF with bank stocks fin institutions this fiscal

first_imgNew Delhi: The Finance Ministry is planning to launch an exchange traded fund (ETF) consisting of stocks of PSU banks and financial institutions this fiscal and will soon appoint an advisor to explore its feasibility, according to an official. After the resounding success of CPSE ETF and Bharat-22 ETF, the government is looking at diversifying the ETF basket by including stocks public sector banks and financial institutions. “We will be soon appointing advisor to suggest on launching an ETF with PSU bank scrips. The advisor will also look into the feasibility of including stocks of financial institutions and insurance companies into the basket,” the official said. Also Read – SC declines Oil Min request to stay sharing of documentsThe plan to launch a bank ETF comes on the back of the government seeing huge investor demand for two existing ETFs. It has raised Rs 32,900 crore through two tranches and an additional fund offer of Bharat-22 ETF, and Rs 38,000 crore in five tranches of CPSE ETF in the domestic market. “We expect balance sheet of PSU banks to strengthen going forward and an ETF would provide risk-averse investors an option to hold shares of multiple banks through a single financial instrument,” the official said. Also Read – World suffering ‘synchronized slowdown’, says new IMF chiefCurrently, there are two state-owned insurance companies — General Insurance Corp of India and New India Assurance Co Ltd — and 19 public sector banks that are listed on exchanges. Besides, financial institution IFCI is also listed on the exchanges. The government currently has two exchange-traded funds — CPSE ETF and Bharat-22 ETF — listed on domestic exchanges. ETFs function like a mutual fund scheme and have underlying assets of government-owned companies. The Finance Ministry has also started consultations with global investors for launching CPSE-scrip based ETF in overseas market. The official further said that the government does not intend to launch in the domestic market any new ETFs comprising stocks of public sector companies since in most of these companies government holding is nearing 51 per cent. Bharat-22 ETF, which was launched in 2017-18, has 16 central public sector enterprises covering six sectors, three public sector banks and three private sector companies where the government holds minority stake. CPSE-ETF comprises shares of 11 companies — ONGC, Coal India, Indian Oil Corp, Power Finance Corp, REC, Bharat Electronics, Oil India, NTPC, NBCC (India), NLC India and SJVN Ltd. The government has budgeted to collect Rs 90,000 crore through CPSE disinvestment in the current fiscal as against Rs 84,972 crore mopped up in 2018-19.last_img read more

Belgium Libyan ambassador Accused of Attempting to Rape His Moroccan Maid

Rabat – The Libyan ambassador in Belgium is accused of trying to rape his Moroccan maid.Karima Chellai, 47, filed a complaint against Libyan Ambassador to Brussels Mabrouk Mohamed Milad, saying that he attempted to rape her inside his official residence located at Woluwe-St-Pierre in Brussels.Last October, the Moroccan maid said, the Libyan ambassador took advantage of the absence of his wife and children who travelled to Libya and tried to rape her by forcibly removing her clothes. Karima added that she had resisted the attack and managed to fight her way out by pushing her employer off the bed to the floor. A back injury deterred the ambassador from going on with his rape attempts.The victim confirmed that her employer tried repeatedly to rape her. She said that he was harassing her sexually in the kitchen and tried to kiss her against her will. He also attempted to touch intimate parts of her body, she added.Karima, working as a domestic worker since 2013, said that she had not experienced any problems with the previous ambassador. The problems have begun with the arrival of the new ambassador in the beginning of the year.She stepped down on November 10th and filed a complaint against the ambassador on November 25th, supported by her work colleagues.The Libyan ambassador held a meeting with staff members of the embassy on November 12 to discuss the complaint made against him. The meeting decided that to “save the reputation of Libya and the embassy”, the ambassador will have to leave Belgium and follow up the matter with the Ministry of Foreign Affairs and International Cooperation. read more