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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (5589)	8/15/1999 11:13:00 PM
From: Mohan Marette	of 12475

BJP promises to allow PF money into markets (Bull-run in Mumbai?) Our Political Bureau NEW DELHI 15 AUGUST HERE's some news that promises to bring cheer to the country's bourses. A 'sneak' preview of the 'Agenda for Governance reveals that the BJP-led National Democratic Alliance (NDA) is planning to give permission to provident funds (PFs) and insurance to invest in the equity markets. It says, the new regime will also reduce government pre- emption of provident and insurance funds as well as reform institutional frameworks to facilitate flow of long-term funds for core projects. Market analysts see this BJP promise as a sound move as PFs - with an estimated corpus of Rs 60,000 crore (US$13.95 billion)? are currently prohibited from investing in equities. At present, they can only invest in either government bonds/securities or certain government-specified bonds like bank securities. The government bonds and securities give a yield of less than 11 per cent now. The PFs find it difficult to earn the guaranteed 12 per cent return. Also, PFs amount to high cost borrowings for the government..... economictimes.com

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