Briefly Business

Market regulator Sebi on Tuesday suggested that a part of portfolio managers fee be paid only if the client gains from the capital markets,a proposal if implemented would...

Portfolio managers part-fee be paid if client gains: Sebi

Mumbai: Market regulator Sebi on Tuesday suggested that a part of portfolio managers fee be paid only if the client gains from the capital markets,a proposal if implemented would protect a loss-making investor from further dent. It is proposed to be advised that,henceforth,profit sharing/performance related fees shall be charged on the basis of high water mark principle over the life of the investment, Sebi said.

Kotak Bank stake sale to Sumitomo cleared

Mumbai: Private sector lender Kotak Mahindra Bank on Tuesday said that its shareholders have approved the selling of 4.5 per cent stake to Japanese financial services major Sumitomo Mitsui Banking Corp for Rs 1,366 crore. At an extraordinary general meeting,the shareholders approved the allotment of 3.28 crore equity shares at a price of Rs 416.50 a share,aggregating to Rs 1,366 crore,Kotak Mahindra Bank said in a filing to the Bombay Stock Exchange.

Choudhury set to be new NTPC chairman

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New Delhi: Arup Roy Choudhury,currently chairman of National Buildings Construction Corp,will be the new chairman of maharatna National Thermal Power Corp once RS Sharma superannuates on August 31. Sources said the PM on Tuesday cleared Choudhurys name following a recommendation by power minister Sushil Kumar Shinde. Choudhury,who is the chairman of Standing Conference of Public Enterprises,was in contention for chairman of BHEL and SAIL earlier. Choudhury will have an ambitious power generation capacity addition target.

Yes Bank to raise Rs 500 cr from bonds

New Delhi: Private sector lender Yes Bank on Tuesday said it would raise Rs 500 crore from bonds by September to fund business growth. We have plans to raise Rs 500 crore from Tier II bonds during the current quarter, Yes Bank managing director Rana Kapoor said here. He said every quarter the bank would raise capital and plans to raise Rs 1,500 crore by March 2011. The money will be raised for funding infrastructure growth and agri growth.

RInfra,Brakel pleas in SC on Sept 23

New Delhi: The Supreme Court will,on September 23,hear cross-appeals by Anil Ambani Group firm Reliance Infra and Dutch firm Brakel Corporation filed against each other over a Rs 8,000-crore tender by Himachal Pradesh to set up power projects. A special bench,comprising Justice Aftab Alam and Justice B S Chauhan,said that it would start its final hearing on the matter on September 23.

Govt says no to ban on iron ore export

New Delhi: The government has informed the Lok Sabha that it has no plans to bring about a policy to ban export of iron ore. No, Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to a query.