Source:Fritz
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The Market is Level 2 Chaos
Source:Fritz
Category: Excerpts
Stockholm Syndrome is a psychological phenomena where hostages express sympathy and empathy towards their captors.
Even during bull markets, 90% of equity mutual fund managers fail to beat index averages… even as they pull in billions in fees each year.
The fact is typical mutual funds have made a lot of people in the financial industry wealthy, but shareholders get the shaft nearly every time.
Look, bottom line, the mutual fund industry is one massive Stockholm syndrome played out over millions of investors…
Mutual funds are the captors and investors are the hostages – hostages that keep rationalizing these dead-end investments, even having positive feelings for fund managers whose number one job is to steal money in fees.
It’s crazy, isn’t it?-from DR
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JustDial Boss just wants to Party & Pray
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BSE all set for an IPO
Asia’s oldest stock exchange BSE Ltd will sell up to a 30% stake before 31 March 2017 through a so-called offer for sale (OFS) with a possible fresh sale of equity tagged on, the exchange informed its shareholders on 28 May.
The exchange could raise around Rs.1,300 crore from the sale.
BSE will hold an annual general meeting (AGM) on 24 June to seek shareholder approval for the listing, which would make it the first listed stock exchange in the country.
“A combination of an offer for sale (OFS) and fresh issue, for up to a maximum of 30% of the post-issue issued equity share capital of the company, subject to regulatory requirements”, would be considered at the AGM, said the notice. A copy of the shareholder notice has been put up on the exchange’s website.
Seeking shareholder approval takes BSE a step closer to a listing. On 14 March, BSE received in-principle approval for its share sale from the Securities and Exchange Board of India (Sebi).
BSE first approached Sebi with a listing plan in January 2013. However, the IPO proposal could not be cleared due to lack of clarity on Stock Exchanges and Clearing Corporations (SECC) norms.
Based on industry feedback, Sebi issued a notification on amendments to the SECC Regulations 2012 on 1 January. The amendments were aimed at making it easier for exchanges to list.
This allowed BSE to dust off its IPO plans.
According to a person familiar with the plans, the exchange will sell anywhere between 15% and 30% stake through the OFS.
“This is to give flexibility to the exchange. The aim is to offload a minimum of 10% and if more shareholders are interested in selling their stake, then it can go up to a maximum of 30%. The exchange and shareholders are seeking at least Rs.400 per share,” added this person, who asked not to be identified because the exchange is still firming up its plans.
If not too many shareholders are interested in selling, BSE will issue fresh equity to touch the 30% mark.
A second person familiar with the development confirmed that the exchange is seeking a valuation of Rs.400 per share-from Mint