Roving Eye

The Employees Trust Fund is knocking on regulators doors to expand its investment reach, as the local capital markets offer limited scope.
The Rs. 40 bn state Fund, saw its revenues hit Rs. 5 bn in 2002, for the first time since its inception in 1981.rn

rnRevenue growth largely came from capital market gains (Rs. 73.2 mn), rent from lease of its properties (Rs. 750,000) and surcharge income from some 3.5 mn defaulters.rn

rnWith the government progressively reducing interest rates and local capital markets erasing some of its last years gains, ETF is finding it tough to meet its twin objectives of a capital guarantee and a minimum 20 percent return on investments.rn

rnldblquote So we have asked the Finance Ministry to allow us to trade in gold and foreign exchange markets. A primary dealer licence is also being considered,
dblquote ETF Chairman, Dinesh Weerakkody told LBO in an interview.rn

rnETF has a minority stake in First Capital Ltd, which in turn has a primary dealer licence through a ful