Cooling-off rights for individual unit holders of collective investment schemes

ISLAMABAD (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) has directed all asset management companies (AMCs) to provide a right to individual unit-holders to obtain a refund of their first time investment (cooling-off right) in an open end collective investment scheme (CIS).   The refund may be obtained within three business days commencing from the date of issuance of investment report to the unitholder (cooling-off period). The requirements stipulate that the cooling-off right, cooling-off period and procedure to exercise such right shall be adequately disclosed in the investment form signed by the unitholder at the time of purchase of units. Further, the refund for every unit held by the unitholder shall be an amount equal to net asset value per unit applicable on the date the cooling-off right is exercised along with any sales load paid by the unitholder. The refund proceeds shall be paid within six business days of receipt of written request from the unitholder.

In order to provide investors with key information about a fund in a simple and accessible format prior to making an investment decision, the AMCs are required to ensure that the investor is either provided with the latest Fund Manager Report for existing CIS or a basic fact sheet in case of new CIS.  These requirements are envisaged to facilitate mutual fund unitholders and to enhance investors' confidence through better disclosures and more transparency.

Increasing cotton yield govt’s top priority: Bosan

Lahore (Staff Reporter): Federal Minister for National Food Security and Research Malik Sikandar Hayat Khan Bosan Thursday said that increasing cotton yield was the top priority of the government to boost the agriculture sector and related industries. He said that globally, the prices of food crops were facing decline in the open market, affecting the countries like Pakistan. However, he added, the government was trying its best not to shift the burden of global effects to the growers. He said that the role of middle man would also be minimised to protect the farming community from exploitation. He was speaking to the media and representatives of poultry industry at the inauguration of Pakistan Poultry Association's (PPA) International Poultry Expo 2016 at the Expo Centre Lahore. PPA North Zone chairman Rai Mansab Kharal, IPEX chief organizer Raza Mehmood Khursand and general secretary Maj (r) Javed Bukhari were also present on this occasion.

The minister said that the government was aware of duties, taxes and other issues that poultry industry is facing and it would look into the issue in the light of the Association's recommendations.

He said that the government was working for provision of level playing field for all industries and create a win-win situation for the country and business, and the poultry industry's contribution in this regard had always been encouraging.

He said that the government in the federal budget announced a historic package for the agriculture sector and general sales tax (GST) on farm inputs like fertilizers and pesticides was decreased to give maximum relief to growers.

Farmers undergo training to control white fly attack on cotton

MULTAN (APP): Scientists of Central Cotton Research Institute (CCRI) Multan organized training programmes for farmers at Bahawalpur and Multan to update their information and techniques to control the white fly attack after it was recorded a bit higher than last year in cotton growing areas. The training programmes were held on the orders of ministry of textile industry at Chak 29BC at Bahawalpur and Mauza Pir Tannu Wala, Basti Malook in Multan, says a release issued by CCRI Multan spokesman on Thursday. CCRI Multan director Syed Sajid Masud Shah, entomologist Dr Muhammad Naveed, fibre technologist Mian Muhammad Ilyas and scientific officer Cotton Research Station Bahawalpur Muhammad Ashfaq delivered lectures to farmers. The scientists gave practical training to farmers on how to do pest scouting and control white fly attack. They said that spray programmes to control white fly and pink bollworm would continue till Oct 15.

 They advised farmers to mix at least 125 to 130 litres of water in spray against white fly and conduct pest scouting regularly. They also advised them to pick clean cotton while exercising all the precaution so that it can fetch premium price from the international market.

Oil market extends gains

LONDON (AFP): Oil prices climbed Thursday, building on the previous day's gains following a bigger-than-forecast fall in US stockpiles, and a plunge in the dollar after the Federal Reserve kept interest rates on hold. The commodity had already rallied Wednesday after the US Department of Energy said crude inventories had tumbled by more than six million barrels last week. That confounded market expectations for a gain of three million barrels, and indicated a pick-up in demand in the world's top oil consuming nation. "This drop is expected to alleviate glut concerns and will further support the crude oil prices," CMC Markets market analyst Margaret Yang wrote in a note.  At about 1100 GMT, the US benchmark West Texas Intermediate for November delivery was up 44 cents at $45.78, while Brent for the same month added 36 cents to $47.19. Both contracts had climbed by more than two percent on Wednesday. The gains were given extra momentum by the a weaker dollar, which makes oil cheaper for people holding other currencies.

The greenback tumbled after the Fed said the US economy was improving and the argument for an interest rate rise was strengthening but more evidence of sustained progress was needed before any action was taken.

While broadly expected, the decision to hold borrowing costs at ultra-low levels was cheered across global markets, sending equities and higher-yielding currencies soaring.

News that oil giants Saudi Arabia, Iran and Qatar met at OPEC headquarters in Vienna to discuss production cuts ahead of next week's informal producers' meeting in Algeria also provided strong support to the crude rally.

OPEC and non-OPEC member states are due discuss in Algiers a global supply glut and overproduction that have hammered prices for more than two years, sending them to near 13-year lows at the start of 2016.

Previous efforts in April for a production cap fell apart after OPEC member Iran -- which had just come out from years of Western nuclear-linked sanctions -- refused to take part.