For the first time the BPOs in India are conducting large-scale lay offs and the industry agrees that with the US economy slowing down India''s call centre boom may finally be over.Gurgaon''s call centres have for years been the first choice of college graduates, who don''t mind odd hours, in exchange for quick money. But now the dream run is being replaced by a reality check. Rajeev, a Senior Customer Care Executive at Convergys has worked at five different call centres in the last seven years. He''s looking for a change again, but this time not out of choice. Rajeev is one of the 450 employees fired in the last two weeks by a Gurgaon BPO called 24/7 Customers. Reason being that this UK-based mobile phone company has decided to cut back its India operations.In a written statement, the company said that all affected employees have been provided the option of continuing at other centres like Hyderabad and Bangalore. For those who do not wish to relocate, the company would assist in finding job with other call centres.But that isn''t reassuring for an industry where job security has always been taken for granted. Umar, a team Leader at 24/7 Customer, I need to feed my family, that is the most important thing. People are ready to relocate to Hyderabad, but they are rejecting people like anything. The orange crisis has led to lay offs at two other Call Centres, Convergys and EXL services. And this comes after 400 people were let go last month by another BPO giant, Keane India, after a merger and a scaling down of size.
Monday, July 14, 2008
Commodity exchanges Q1 turnover sees 24pc growth
The Government measures such as prohibition on futures trading in four commodities soya oil, potato, rubber and channa in May and mark up in transaction cost seems to have not impacted trading. Turnover in 22 commodity exchanges increased 68 per cent to Rs 2.22 lakh crore in the fortnight ended June 30, against Rs 1.31 lakh recorded in the same period last year, according to data released by the market regulator Forward Markets Commission (FMC). For the first quarter ended June 30, turnover of the 22 exchanges increased 24 per cent to Rs 11.15 lakh crore. The three national commodity exchanges Multi Commodity Exchange of India Ltd (MCX), National Commodity & Derivative Exchange Ltd (NCDEX) and National Multi Commodity Exchange (NMCE) contributed Rs 2.19 lakh crore, about 99 per cent of the total turnover of the 22 exchanges.
Birla Sun Life MF launches FTP AZ
Birla Sun Life Mutual Fund launched Birla Fixed Term Plan-Series AZ. It is a close end debt scheme. The scheme seeks to generate current income by investing in a portfolio of fixed income securities maturing normally in line with the duration of the scheme. It will have dividend and growth option. Minimum Investment Amount: The minimum investment amount is Rs 5,000 and in multiples of Re 1 thereafter.
Sunday, July 13, 2008
Sebi should enhance networth for MFs to Rs 10 cr
To ensure that only serious players with a long-term view enter the mutual funds space, market regulator Sebi should enhance the networth limit for companies seeking MF license to Rs 10 crore from the present Rs 2 crore,CII and PWC said in their joint report. With the high cost of operations in the initial years and a relatively longer gestation period, there is a case for re-consideration of Rs 10 crore networth criteria set from the present Rs 2 crore for obtaining a mutual fund license, the report said.
This would ensure that only major players who are committed to the mutual fund industry are capable of sustaining over a long-term would be able to operate in the industry, the report said. With more players entering the industry, the fee rates are likely to drop in the period ahead and may prompt the fund houses to seriously consider outsourcing, it said. Moving ahead, MF players would also have to bridge the demand-supply gap of human-assets needs and the companies should tie-up with educational institutions to offer programmes dedicated to the financial services industry, the report said. Similarly, there was a case for re-consideration of cap on the maximum amount of expenses that can be charged to a scheme, it said.
Charging additional expenses would enable the fund houses to invest more on expanding the investor network and improvise on delivering quality services to the investors, it said. In the longer-term, MF players will also have to enhance their association with other sectors such as banking and telecommunications to achieve deeper penetration in Tier-II and Tier-III cities, the report said. A few fund houses with deep pockets may be able to make necessary investments in the required technology. But in the long term, it is indeed necessary to join hands with other sectors of the economy such as banking and telecommunications for the long-term benefit of all players in the industry, it said. Meanwhile, mounting cost of operations, including the lease rentals and staff costs are likely to pose the biggest challenges before MF players, the report said.
This would ensure that only major players who are committed to the mutual fund industry are capable of sustaining over a long-term would be able to operate in the industry, the report said. With more players entering the industry, the fee rates are likely to drop in the period ahead and may prompt the fund houses to seriously consider outsourcing, it said. Moving ahead, MF players would also have to bridge the demand-supply gap of human-assets needs and the companies should tie-up with educational institutions to offer programmes dedicated to the financial services industry, the report said. Similarly, there was a case for re-consideration of cap on the maximum amount of expenses that can be charged to a scheme, it said.
Charging additional expenses would enable the fund houses to invest more on expanding the investor network and improvise on delivering quality services to the investors, it said. In the longer-term, MF players will also have to enhance their association with other sectors such as banking and telecommunications to achieve deeper penetration in Tier-II and Tier-III cities, the report said. A few fund houses with deep pockets may be able to make necessary investments in the required technology. But in the long term, it is indeed necessary to join hands with other sectors of the economy such as banking and telecommunications for the long-term benefit of all players in the industry, it said. Meanwhile, mounting cost of operations, including the lease rentals and staff costs are likely to pose the biggest challenges before MF players, the report said.
Subscribe to:
Posts (Atom)
