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Business Briefs

Rules for pension plan

New Delhi, April 3: The Pension Fund Regulatory and Development Authority (PFRDA) will come out with investment guidelines for its mega pension plan by the middle of this month. “Investment guidelines will be finalised by the middle of this month. The scheme will be launched on May 1,” PFRDA chairman D. Swarup said.

Sun offer

New Delhi, April 3: Sun Pharmaceutical has extended the open offer for acquiring shares of Taro Pharmaceutical, which was scheduled to expire today, to April 17. Alkalolda Chemical Company Exclusive Group, a subsidiary firm of Sun Pharma, has extended the expiry date of the tender offer.

Overseas funds

New Delhi, April 3: Corporate India raised $17.58 billion from abroad in 2008-09, almost half of what was raised in 2007-08. The funds raised through various securities have fallen 47.66 per cent to $17.58 billion from $33.59 billion a year ago.

Account norm

New Delhi, April 3: The ICAI has clarified that the exemption from AS11 is only for corporates and not for non- corporate bodies such as partnership firms. “They (non-corporate assessees) will continue showing losses (or gains as may the case) according to Accounting Standard 11,” ICAI president Uttam Prakash Agarwal said.

MF woe

New Delhi, April 3: The country’s mutual fund industry witnessed a decline of nearly Rs 37,000 crore in its assets in 2008-09.

ce MF accounting for a little less than one-third of the losses.

ed average assets under management (AUM) of the 35 fund houses in the country saw an erosion of Rs 36,798.58 crore, or 6.94 per cent, and dropped to Rs 4,93,286.56 crore at the end of March, according to the data released by the Association of Mutual Funds in India.

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