Business Daily from THE HINDU group of publications
Saturday, Apr 26, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Apr 26, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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PSU Markets - Investments
Our Bureau New Delhi, April 25 The Centre is likely to review the investment guidelines for parking the surplus funds of central public sector enterprises (CPSEs) in the stock markets only after August this year. This was indicated by the Union Finance Minister, Mr P Chidambaram, in Lok Sabha today during the question hour. Till August 2007, the enterprises were not allowed to invest their surplus funds in the stock markets and mutual funds except in units/schemes of Unit Trust of India (UTI). This restriction has since been marginally relaxed by the Department of Public Enterprises (DPE) from August 31, 2007. The department had then permitted only navratna and miniratna CPSEs to invest not more than 30 per cent of their available surplus funds in schemes of Securities and Exchange Board of India-registered public sector mutual funds having equity investments. “The DPE instruction that was applicable only to miniratnas and navratnas came in August last year. It is too early to review them. Let us review it only after a year”, Mr Chidambaram said while replying to question on entry of public sector companies in the share market. Admitting that surplus funds of PSUs are to be utilised for reinvestments into their core operations, Mr Chidambaram at the same time noted that there was something known as “treasury operations” that could be undertaken for getting better return on investments. More Stories on : PSU | Investments | Stock Markets
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