A leading Broking House has just wound up it’s Portfolio Management Schemes
This Broking House is promoted by the promoters of a leading Indian Pharmaceutical Company who recently sold off their Stake in the Pharma co to an Asian Pharma Giant
Client Portfolios had eroded sharply from the beginning of this Year.In One Portfolio an Investment of Rs 17.3 lakhs made in the Infrastructure PMS in January 2008 had shrunk in Value to just over Rs 5.76 lakhs(including Cash on hand of Rs 76000)…that’s a straight 66% drop this year
Clients shares and cash were transfered to their Demat and Bank Accounts respectively with an advice that Shares should be retained for atleast Three Years and current losses on them should not be booked now
As 2009 looks to be a very challenging year,this Broking House may well have taken a wise decision despite portfolio and reputation loss.Clients will not have to bear Portfolio Management Costs while retaining the Shares for the long term to give them a chance to recover
The Group is well funded with Promoters pumping in part of the Record Sales Proceeds of Billions of Dollars from their stake sale of the Pharma Co…They have finalised an Insurance Business tie up with an Overseas major in the Field as well as taken over an Existing Mutual Fund Group….They are now scouting ,it seems,for a Housing Finance Company.