JAN 11 : Round-up of news on NBFCs (non-banking finance companies) and mutual funds in newspapers Tuesday. Below are leads of these stories with Internet links to the paper's website. --NBFCs MICRO FINANCIAL SECTOR BILL SET TO BE OVERHAULED NEW DELHI: In order to incorporate recent developments in the micro finance sector, the government plans to rework the Micro Financial Sector (development and regulation) Bill to encourage "responsible and disciplined lending in the sector," a senior official said. The MFI sector has come under stress recently after numerous suicides by borrowers in Andhra Pradesh, coercive recovery practices, high interest rates and massive over lending by MFIs that pushed small borrowers into a debt trap. http://bit.ly/dEJ6Zs M&M FINANCIAL SERVICES TO SET UP JV WITH USA FIRM MUMBAI: Mahindra & Mahindra Financial Services, the financial services arm of M&M, today said it has entered into a joint venture agreement with US-based De Lage Landen Financial Services Inc (DLLFS). Under the agreement, DLLFS -- a wholly-owned subsidiary of Rabobank Group -- and Mahindra Finance USA LLC will set up a joint venture company to provide wholesale inventory financing services to US-based dealers for the purchase of Mahindra & Mahindra's products, Mahindra & Mahindra Financial Services informed the Bombay Stock Exchange. http://bit.ly/i89H6J POWER FINANCE FPO LIKELY EARLY NEXT FISCAL NEW DELHI: State-owned Power Finance Corporation is likely to come out with its follow-on public offering early next fiscal, Government officials said. The Centre intends to disinvest 5 per cent stake in Power Finance, while the company would issue fresh shares to the tune of 15 per cent. http://bit.ly/i2JFP0 THOMAS COOK INDIA PLANS MONEY TRANSFER VERTICAL MUMBAI: Thomas Cook India plans to have a separate money transfer vertical in its foreign exchange business given the growth in the inward remittances into India. "Till now money transfer was just another product, like currency exchange, offered to our customers in our foreign exchange portfolio. However, the two products are completely distinct and we would like to make money transfer a separate vertical in our product offering over a period of time," Thomas Cook India's Managing Director, Mr Madhavan Menon, told Business Line. http://bit.ly/hd5VAz EDELWEISS PLANS TO LEND RS 5,000 CRORE FOR RETAIL HOUSING MUMBAI: Financial services group Edelweiss Capital today said its subsidiary is targeting to lend about Rs 5,000 crore for retail housing over the next five years by expanding into newer cities. "We are targeting to lend Rs 4,000-5,000 crore for retail housing over the next 4-5 years," Edelweiss Chairman and CEO Rashesh Shah told reporters on the sideline of a function in Mumbai. http://bit.ly/eEGhjn --MUTUAL FUNDS EQUITY FUNDS BIGGER LOSERS THAN SENSEX MUMBAI: Recent correction in the equity markets has pushed returns of several equity funds into the negative territory. In past one month, while largecap funds have lost over 1.4%, midcap and smallcap funds have lost even more (over 3%). This is as against -1.2% for Sensex and -3.8% for BSE midcap. Most smallcap and midcap stocks have underperformed their respective indices in this falling market. http://bit.ly/hvn69s INVESTMENT ADVISORS PEG DIP TO MID-CYCLE CORRECTION KOLKATA: Investment advisors to the overseas funds on Monday confirmed that Indian equity markets are in a mid-cycle correction and foreign investors are taking profits off the table. Mr U.R. Bhatt of Dalton Capital said that news flow had been very bad - whether on the inflation front, fiscal and current account deficits or the monetary situation. http://bit.ly/gpNAFr TickerNews also publishes daily Press Beats covering other financial sectors. Look for: PRESS BEAT: Top Banking Industry News In Today's Papers PRESS BEAT: Top Mutual Fund News In Today's Papers PRESS BEAT: Top Regulatory News In Today's Papers PRESS BEAT: Top PSU, Private Bank News In Today's Papers PRESS BEAT: Top Insurance News In Today's Papers Filed by Madhurima Chowdhury +91 (22) 6147 5100. feedback@tickerplantindia.com Copyright (c) TickerPlant Ltd.