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Indian equity fund for Trinidad investors




Saturday, 29 October , 2005, 14:02

Port-of-Spain: The Indo-Trinidad financial ties have received a boost with the setting up of an equity fund by an NRI in the Caribbean nation.

Bourse Securities Limited, privately-owned by a great grandson of an East Indian indentured labourer, who came here between 1845 and 1917, has re-attached financial links with India with the setting up of Savinvest India Asia Fund.

Bourse is the first institution in Trinidad and Tobago, and the Caribbean to be authorised as a Foreign Institutional Investor (FII) in India, its licence granted after stringent reviewing by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).

"This is a significant achievement as investors seek out new and attractive investment opportunities across the world," Managing Director of Bourse, Subhas Ramkhelawan said. "Very often, we have been passive and reactive in the investment game. This move turns the table towards proactive investment initiatives," he said.

Some 5,000,000 units are being issued at $10 each to for a total of $50 million.

"This is a pioneering initiative that is in keeping with the Indian government's move to attract investment from all corners of the globe," Counselor for the Indian High Commission, C Rajasekhar said commending Bourse's initiative in setting up of SI AF. | Read more Finance news. |

SIAF is the newest addition to the range of mutual funds to be operated in Trinidad and Tobago. The Fund with its special emphasis on equity portfolio investment in India and Asia is the first of its kind to be launched in the country and is to be listed on the local stock exchange.


Oct 25, 05: PORT OF SPAIN, Trinidad - Bourse Securities Limited has become the first institution in Trinidad and Tobago and the wider English speaking Caribbean to be authorized as a Foreign Institutional Investor (FII) in India. The FII license is only obtained after stringent review by the Securities and Exchange Board of India as well as the Reserve Bank of India.

The Managing Director, Mr. Subhas Ramkhelawan, noted “that this is a significant achievement as investors seek out new and attractive investment opportunities across the world. Very often we have been passive and reactive in the investment game. This move turns the table towards proactive investment initiatives.”

Counsellor for the High Commission of the Republic of India, Mr. C Rajasekhar, congratulated Bourse which launched the Savinvest India Asia Fund. He noted “that this was a pioneering initiative that is in keeping with the Indian Government’s move to attract investment from all corners of the world. Indeed, Bourse has demonstrated leadership in opening the doors for investment in India.”

The Savinvest India Asia Fund is the newest addition to the range of mutual funds to be operated in Trinidad and Tobago. The Fund with its special emphasis on equity portfolio investment in India, and also Asia, is the first of its kind to be launched in this country and indeed the wider English speaking. It will also be listed on the local stock exchange.

The Savinvest India Asia Fund has been generating excitement and is attracting investors hungry for alternative investment opportunities. Investors who attended Breakfast Investment Seminars and investment briefings over the last week have expressed great interest in the Fund. Mr. Ramkhelawan stated that “the company has been flooded with enquiries for the Fund’s Prospectus and Applications Forms as investors ponder on the extent of their investment.”

The Issue opened on the 17th October, 2005 and closes on the 31st October, 2005. Prospectus, Brochures and Application Forms are available at Bourse’s North and South Offices as well as all other stock-broking firms.

 

 

 

 

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Subhas Ramkhelawan, Managing Director, Bourse Securities