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
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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 Governments 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 Funds 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 Bourses North
and South Offices as well as all other stock-broking
firms.