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The patriotically-inclined will soon have an Exchange-Traded Fund with an appealing name — Bharat-22. Finance Minister Arun Jaitley has announced that this ETF will hold shares of 22 central public sector enterprises, State-owned banks and some holding in SUUTI. It will cover six sectors, and hold stocks such as SBI, Axis Bank, Bank of Baroda and Indian Bank, besides CPSEs such as Nalco, ONGC, IOC, BPCL and Coal India, REC and PFC. SUUTI’s holding in ITC has also been included in this ETF. ICICI Prudential will manage this ETF.
Secure yourself
SBI Life Insurance has launched ‘SBI Life-Sampoorn Cancer Suraksha’, an individual, non-participating, non-linked health insurance product that helps one prepare financially upon diagnosis of cancer. The comprehensive cancer insurance product comes with three benefit structures (standard, classic and enhanced) to cover different stages of cancer — minor, major and advanced. The policy is available for those between six and 65 years of age. The maximum maturity age is 75. This is a regular premium payment product with policy term ranging from five years to 30 years. The minimum sum assured is ₹10 lakh and the maximum ₹50 lakh.
Tap and pay
Samsung, which recently launched its digital wallet app Samsung Pay in India, has tied up with State Bank of India to store higher variants of SBI debit cards on the app. This turns the Samsung smartphones into electronic card-holders and users can pay at point-of-sale (PoS) terminals with just a tap on the cards stored in Samsung Pay. With this collaboration, over 130 million SBI debit cardholders will be able to tap and pay using a wide range of Samsung smartphones at merchant outlets having card acceptance machines. Samsung Pay works on 2.5 million PoS card machines across the country through its magnetic secure transmission (MST) technology.
Closure, finally
Investors holding stocks of companies that were formerly listed on regional stock exchanges get a reprieve. SEBI has decided to penalise companies that were formerly listed on defunct bourses and failed to offer exit to their shareholders. The regulator has ordered freezing of corporate benefits, including board membership, for promoters of such companies. The promoters and directors of non-compliant companies have also been barred from dealing in the market till they provide an exitto shareholders.
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