Sebi scraps mutual fund entry load with effect from January 4.  The Securities and Exchange Board of India (Sebi) on Monday barred mutual fund houses from charging entry load from investors, who buy schemes directly from funds and not through a distributor, agent or broker.  The new rule is effective from January 4, according to a Sebi circular on Monday.  At present, the industry average for entry load is 2.25 per cent of the initial investment. Asset management companies (AMCs) selling schemes either through internet, mutual fund offices or their collection centres, can benefit from the new rules.  ”Keeping in mind the interests of investors and to facilitate the growth in mutual fund industry, with effect from January 4, 2008, investors making applications for investments in mutual fund schemes directly without routing them through any distributor, agent or broker, that is, through the internet, submitted to AMC, collection centre or investor service centre would not be subject to entry load,” said the circular.

The regulator said the waiver will also apply to additional purchases done directly by the investor under the same folio and switch in to a scheme from other schemes if such a transaction is done directly by the investor.

(Business Standard)

eClerx Services stock that got listed on 31 Dec opened at Rs. 320 against issue price of Rs. 315- and then joomed to 466.80 on BSE and 467.50 on NSE and then closed the day with 42.35% premium at Rs 448.40.

Brigade Enterprises Ltd (BEL) stock that got listed on 31 Dec, though opened above issue price at Rs 430 but then dipped to Rs 355.15 though in between touching momentarily a high of 489.90. It remained below issue price through the day and ended at Rs 379.50, down 2.69% to its offer price of Rs 390.

Hard luck for those got allotment.