BRIEF OF ATAL PENSION YOJANA
- The Government of India is concerned about the old age income security of the working poor and is focused on encouraging and enabling them to save for their retirement. To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement.
- The GoI has therefore announced a new scheme called Atal Pension Yojana (APY)1 in 2015-16 budget. The APY is focussed on all citizens in the unorganized sector.
- The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.
DETAILS OF THE SCHEME:
The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.
DETAILS OF THE SCHEME:
The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason. The scheme would be offered / administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with Banks for this purpose. Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers.
The National Stock Exchange announced that it will launch its futures contracts on India VIX called ‘NVIX’ from February 26 2014.
India VIX Futures enables participants to more easily hedge, trade and arbitrage the expected volatility. Benefits of India VIX futures are as under:
- India VIX futures can be used to hedge equity portfolios
- Investors can diversify the portfolio by adding India VIX futures
- Option traders can hedge Vega risk in their option portfolios
- Investors will be able to take directional views on volatility
- Calendar spread trading can be explored across weekly contracts.
Issue Open: Dec 27, 2012 – Dec 31, 2012
Issue Type: Fixed Price Issue IPO
Issue Size: 3,006,000 Equity Shares of Rs. 10
Issue Size: Rs. 7.52 Crore
Face Value: Rs. 10 Per Equity Share
Issue Price: Rs. 25 Per Equity Share
Market Lot: 6000 Shares
Minimum Order Quantity: 6000 Shares
Listing At: BSE SME