The Association of Mutual Funds in India (AMFI) has asked money managers to declare Monday a non business day and not honour sale or redemption requests given a surge in stocks that lead to a trading halt, officials said.
"In view of the market remaining closed for the major part of today, May 18, 2009, and many scrips not getting traded during the day, we recommend that May 18, 2009 be treated as a non-working day for equity and hybrid schemes," a fund official said reading out a note sent by the AMFI.
He refused to be named as he was not authorised to share the details of the AMFI letter.
The AMFI chairman could not be reached for comment.
The Indian mutual fund unit of Franklin Templeton has posted a note on its web site declaring Monday a non-business day.
Indian shares jumped more than 17 percent on Monday, the first trading day after India voted to power a Congress-led government, shorn of Left allies, with a decisive mandate, on hopes of a revival in reforms and foreign investment.
Source: Reuters India
Thursday, May 21, 2009
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