Mutual funds can sell plans with insurance

Customers will continue to get insurance cover bundled with mutual funds and many other savings and investment products. The finance ministry has intervened in the dispute between insurers and fund houses to rescind the life industry's ban on providing group life insurance covers to mutual funds. 

On Monday, SEBI and IRDA representatives met at the office of the finance secretary's office in the ministry of finance. It was decided in the meeting that IRDA would advise the life council to put on hold the decision to discontinue the offer of group covers on mutual fund products. The insurance regulator has accordingly asked the Life Insurance Council to review its earlier decision to discontinue offer of group covers on mutual fund products. Life Insurance Council had earlier decided to discontinue the offer of group life insurance cover on mutual fund products with effect from October 1, 2008. 

It was also decided that SEBI would instruct mutual funds on advertising guidelines for mutual funds with insurance covers. Both IRDA and SEBI chairmen were to look into the issue and submit their feedback to the government. The mutual fund industry had accused the life industry of cartelisation, following an industry level decision not to sell group covers to investment type products that compete with mutual funds. 

The dispute over group covers for mutual fund is the second phase of the turf war between life companies and mutual funds. In the first phase, mutual funds were complaining about the insurers stepping into mutual fund territory with ULIPs. Mutual funds decided to get back by offering systematic investment plans (SIPs) with life cover structuring it similar to ULIPs. A handful of companies such as Kotak Mahindra AMC, Birla Sun Life AMC, and Reliance AMC had taken a lead in this direction. 

Insurance companies have sought to raise the issue of a regulatory arbitrage since mutual funds are not subject to either capital adequacy norms or even training for agents. They have also complained that mutual funds do not have social obligations that are applicable to insurance companies. Unlike mutual funds, life companies have to do a fifth of their business from rural areas. Also, every insurance agent has to undergo a minimum 50 hours of training and pass a certifying examination before he is allowed to sell. 

Fund houses under the aegis of Association of Mutual Funds in India (AMFI) have long been lobbying for greater transparency in the fee structure charged by insurers while selling ULIPs. Last month, they had approached SEBI to permit them to sell insurance products to their investors and collect premium from them. 

Interestingly, almost every insurance company in India has an affiliate mutual fund arm, which is part of the insurance company's group. For instance, LIC, LICMF and UTI are government-owned. In the private sector, ICICI, HDFC, Birla, Kotak and Reliance have both insurance as well as mutual fund arms. 

Source: http://economictimes.indiatimes.com/articleshow/msid-3546669,prtpage-1.cms

How double indexation increases return in FMP?

Finance minister Mr P.Chidambaram in one of the award function asked the recipient of the award "What is your wish list in this year's budget" and the recipient "he din want to pay more taxes" and the recipient is none other than India richest person Mr Mukesh Ambani. In return FM commented that "India is a country where a normal person as well as the richest person does not want to pay taxes".

If Mukesh Ambani himself is more conscious about paying taxes, aam aadmi like you and me should be trying to save taxes in a judicious manner. So lets see how we can reduce taxes on Fixed Maturity Plan by double indexation.

How is the profit taxed from debt mutual funds?

Debt mutual funds have a long term capital gain tax which is taxing the interest if the investment is held for more than a year. There are two methods of taxation.

1. 10% on the interest gained without indexation.

Taxable amount = Amount Returned - Amount Invested

2. 20% on the interest gained without indexation.

In the second gain, the taxable amount is calculated by

Taxable amount = Amount Returned – (Amount Invested * Inflation Index for Redemption financial Year/ Inflation Index for Investment financial Year)

Inflation index for every year is released by the govt.

Lets understand this concept with an example.

Assuming an FMP of 15 months returning 11% and Rs 10,000 is invested. Inflation index for 2006-2007 100 and inflation index for 2007-2008 is 105 and for 2008-2009 is 111. s Tax is calculated using indexation at the rate of 20%.

Scenario 1:

Amount invested in sep 2007.

Amount redeemed in Dec 2008 = Rs 11,000

Taxable Amount = 11000 - (10000 * (inflation index for 2008-2009 / inflation index for 2007-2008))

= 11000 - (10000 * 111/105)

= 11000 - 10571 = 430

Tax @ 20% = 20% of 430 = 86

Amount redeemed = 10914.

Scenario 2:

Amount invested in Mar 2007.

Amount redeemed in Dec 2008 = Rs 11,000

Taxable Amount = 11000 - (10000 * (inflation index for 2008-2009 / inflation index for 2006-2007))

= 11000 - (10000 * 111/100)

= 11000 - 11100 = -100

Net Loss = 100 and hence no tax.

Amount redeemed = 11000

So in this case we have totally avoided tax.


Hence while planning an FMP investment, we should plan it in such a way that it spans two financial years to get the advantage of double indexation.

Sensex may hit 10500 levels: Ramesh Damani

Ramesh Damani, a member of BSE, said that this is a rare moment and extraordinary time in the capital markets. He added that this crisis is a once in 100-year event. He feels Indian markets have not yet seen bear market bottom as yet and sees the market ranging between12,000 and 13,000 levels. He expects a huge slowdown in growth and sees the Sensex slipping to 10,500. 

Damani said, “Price corrections may be over in a few months but time corrections will not be regained.” He does not expect to see the Sensex at 20000 for a long time. 

Here is a verbatim transcript of the exclusive interview with Ramesh Damani on CNBC-TV18. Also watch the accompanying video.

Q: What do you expect to see now over the next few days given what has happened in the west?

A: This is like a one in fifty year event or once in a hundred year event almost. We are living through extraordinary times in capitalism since the Berlin Wall fell. Today, the market has been going down so fast that somewhere during the day we will see a point of maximum pessimism, but we probably aren’t at the final bottom in this bear market. Once the index has broken 12,500 it is not going to stop at 12,000. It is probably going to head significantly lower. In fact, the way to look at the market is that 12,500–13,000 is probably now the higher end of the range for our markets. So, we are in for a very tough time, and I will just quote you what Lenin used to say in 1920s that, “Capitalist will sell you that six foot of rope with which you will hang him.” Thus, that is pretty much what the Wall Street and all the central banks in the world have done and all the financial institutions have hung their own noose around themselves.

Q: How do you approach the panic this morning? Do you seek value right now, or do you say no we are going to get better prices the way things are going and that there is no hurry to just go out and buy stocks yet?

A: I am sure when everyone is selling one clearly wants to be the buyer. I am not sure whether one will make money over the next three weeks. If one goes through the cash section, there are companies trading at book value, cash value and asset values––a whole host of bargains are available not only in A group but also in B group. 

So one may cherry pick but he probably may not make money in the next three weeks. However, probably over the next 12 or 24-months, these investments will mature and do better. But having watched cash shares for the last two decades, I have never seen anything like this. It has just been a total disregard to volumes of 10,000 shares; stocks have gone down to around 10%. 

These are good legitimate companies, having good businesses with huge cash in the balance sheets, not leveraged. There is just an all round panic and rout in cash particularly. I think what we are now seeing is a rout coming into the A group. One should certainly step in and buy where one is convinced about it. 

Q: For a lot of people who watched bear markets in the past, the flow chart usually works with incessant price damage and then there is a period when the market does nothing. In that sense where do you think we are? Do you think this is going to be a much longer phase than many of us imagined in January?

A: I think so clearly. If one goes back and studies the history of bear markets, we are barely in the first five over of the game. Bear market requires time and price corrections; the price corrections will get over in the next few months but the time correction will not. There has been an entire generation of people on the Wall Street, for instance, when the Dow peaked at 1,000 in the 1960s, it did not see that new high on the Dow for a period of almost 18 years. People in Nikkei who saw the high in 1989 haven’t seen anywhere close to the highs. Hence, the great bull markets end in a flurry and then comes a new bull market. The greater the excesses that have been created in the past bull markets, the longer it takes for it to regain its highs. I think 20,000 is going to probably stand for a long time.

Q: Is there still a global situation as you read it, or as you indicated earlier do you think now the domestic infrastructure in terms of growth expectations, etc. will start coming apart a bit?

A: The point I am trying to make is we have moved from an economy that was globally very leveraged, where capital was easy, there was an idea, a project and particularly in emerging markets such as India, money was thrown at promoters. One had a case where one bet the balance sheets and his stock price went up 10-times. It was in a capital expansionary phase and people forgot to respect the capital. People forgot to respect return on capital assets. Hence, the market now would go from a global leveraged situation to a global de-leveraged situation, and the first wicket that will be knocked off to continue analogy is growth because capital is not available for expansion. They will be put on hold because as growth subsides all the subsidiary functions will be put on hold. So, we will see a huge slowdown in growth. The predictions of 7-8% Gross Domestic Product (GDP) growth probably will have to go slightly down even in cases like India. Once that growth goes down the Price-Earnings (P/E) will be knocked off which is probably happening in India at present. 

Thus, we are going to get through an environment, where if one gets a company which grows at 15–20% and is available at a P/E of 7–8 times, it will probably be a great investment to lock in. The arrears that company could grow at 35–40% are clearly behind us for the immediate future.

Q: Past bear markets have generally taken out 50% in some cases more. Do you think from 21,000 we could get whittle down to 10,000–10,500 Sensex? Is that conceivable according to you on current reckoning?

A: I think it is entirely conceivable. Markets can be overvalued for long periods of time; 10,000 might be an undervaluation watermark for the market. We could remain undervalued for a long period of time, especially, given the hit that people who have invested in equity in 2006-2007-2008 have taken. I am very certain that bear markets will end in a revulsion; they do not end in denial. A few weeks ago, most global players, a lot of local players were in a state of denial, it was an interruption, it was a correction that the bull market would continue on. The market has now decisively proved that we are in a bear market and bear markets take time. The one thing that bear markets require is not only price but the dimension of time. So it will take time. It is definitely conceivable to me that markets could remain undervalued now for a long period of time.  

Q: Adrian Mowat from JP Morgan made the point that any support will come in from domestic hands. Do you see that likely in our market because if the rout spreads to the A Group as you said, what will happen with the Domestic Institutional Investors (DIIs), mutual funds, etc.?

A: They have been great supports to the Indian market. They have been consistently buying in a very disciplined and logical manner. However, sometimes water just goes over the dam and one cannot hold it. The water has just rushed over it. There is very little one can do. It will find its own level. 

India needs to distinguish between what happens in the markets and what happens in the economy. I think as an economy we are underleveraged, we will plod along. We have our own strengths that we will play to. I think markets are going to take a shellacking because there could be periods when the economy continues to do fine, the stock markets do not do well. The great mistake people make is that they think those two are related but those are not related. There could be periods of time when the economy will grow at 6.5–7% and the market will not do anything. For example, China, which has been growing 8–10% for the last 10 years and yet the stock market has collapsed 60–70%. Thus, it is basically double from where it started. 

So there is no holy grail that says if GDP (gross domestic product) growth is 7% the markets will follow suit.

Q: You have been a believer in higher crude prices for a while now. Do you think there will be a period where everything in terms of asset classes underperforms and something like gold are the ones that stand tallest? 

A: There is a case for buying gold. However, one doesn’t want to put large percentage of portfolio in it because there is basically a problem storing it. It doesn’t pay the interest to dividends and is basically a very non-productive asset. But as an insurance cover, gold serves two purposes. In case of inflation, it acts as a store of value and then against insurance. The kind of damage one has seen in paper assets means that we will move to harder assets which they know the value of and a common consensus historically has been gold. 

Gold is now trading at almost a 30-year high. Having tested that high it retraced back 20% and now it has gone back to that high. If gold can stay above USD 950–1,000 per ounce, we could see a very sharp upmove in gold. So yes, there is a case for putting maybe a few percentage of one’s portfolio into gold which is basically a non-productive investment. However, in uncertain times like this, gold will often be viewed as a safe haven. So, it does make sense to be a part of one’s portfolio; not maybe a major chunk but maybe as an insurance. 

Marc Faber and a lot of other analysts on the Wall Street have pointed out the ratio between the Dow and the gold, which in 1979, when gold was USD 1,000 per ounce, was 1:1. They are saying that if we move again, the ratio that is now is maybe 10:1, may be 5:5. Subsequently, there could be a sharp fall in equities and a rise in gold. These are theories, I am not saying this can happen but clearly the market has fallen out of love with paper assets. In that case they will move towards gold. 

Q: You have been bearish for sometime now and we are nine-months into this bear market. What’s your sense of how long we have got to crutch along in this bear market?

A: My sense is that it would take time––it might take two to three years before we actually get out of this bear market because bull markets are driven on liquidity. All the analysts and all the papers you read, the inter-bank market is basically frozen in America. Banks are lending to each other.  

Everything works on trust so when we go to restaurants, for instance, and we order a meal, the owner assumes that we will pay him at the end of the meal. It operates on trust. We clearly can’t have a contract for that.

Similarly, the inter-bank market also works on trust, and now, because of these failures, defaults and bankruptcy, the trust is completely vanished. So unless the US goes back and reintroduces the liquidity of the market, introducing a bailout package, it is going to be a long time when people will fund any projects. So people in mature markets, having got such a shellacking at home, will now come and invest in emerging markets which is even more riskier. Conventionally speaking, it seems illogical to me and if capital is not available there will be a problem in growth.

http://www.moneycontrol.com/india/news/market-outlook/sensex-may-hit-10500-levels-ramesh-damani/358913

UTI MF to open 200 branches across India by next year

UTI Mutual Fund today said it is set to open around 200 branches in the country by March next year.

"We have opened at UFC in Jammu to focus on service sector in Jammu and Kashmir, which has a great untapped potential. We hope to do very well in terms of business," Sinha told reporters here.

"Our distribution expansion is in line with our strategy of making our products and services easily accessible to our investors. It is our endeavour to enable investors across the country to share the benefits of growth of the Indian economy," Sinha said.

This fiscal UTI Mutual Fund proposes to further expand its distribution network from 97 UTI Financial centres to 200 centres covering around 422 districts," he said.

New UTI Financial Centre will cover Anantnag, Baramulla, Doda, Jammu, Kathua, Kupwara, Kargil, Ladakh, Poonch, Pulwama, Rajouri, Srinagar and Udhampur districts of J&K, he said.

UTI Mutual Fund is SEBI-registered, and its sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.

UTI Mutual Fund has assets under management (average) of Rs 46,947.32 crore and investor accounts of over 9.50 million under its 95 domestic schemes (as of August 31, 2008).

Source: http://www.outlookindia.com/pti_news.asp?id=612888

Religare Aegon gets nod to start mutual fund business

Religare Aegon AMC, a joint venture between Dutch insurer Aegon and Indian financial services firm Religare Enterprises has received the Indian market regulator's nod to start fund operations in the country, the company announced Thursday.

Religare Aegon AMC, a joint venture between Dutch insurer Aegon and Indian financial services firm Religare Enterprises has received the Indian market regulator's nod to start fund operations in the country, the company announced Thursday.

'The company has got an approval from Securities and Exchange Board of India (SEBI) to launch mutual fund business in the country. The country is looking at launching its first products by November this year for the Indian retail investor,' the company said in a regulatory statement.

'We will be shortly filing for both debt and equity products with the regulator,' Saurabh Nanavati, Religare Aegon AMC said in the statement. 

'The AMC (asset management company) will have close to 15 operational branches in over 25 cities by March 29,' Nanavati said.

Source: http://www.indiaprwire.com/businessnews/20080925/33714.ht

Curtains for 'SIP plus insurance'

Recent media reports suggest that the ‘SIP (systematic investment plan) plus insurance’ phenomenon will shortly come to an end. Leading life insurance companies under the aegis of an industry association have taken a decision to that effect. An eminent personality from the insurance industry was quoted stating that insurers would not offer insurance cover on savings and investment products offered by competing entities. The statement should be read with reference to Asset Management Companies (AMCs) managing mutual funds. 

Ever since unit linked insurance plans – ULIPs emerged as ‘bread and butter’ offerings of life insurance companies, fund houses and life insurers started vying for the same space. By offering insurance plus investments under a single product, insurance companies (in some ways) introduced a product that competed with mutual funds. Furthermore, not too long ago, media reports also suggested that AMCs approached the market regulator i.e. the Securities and Exchange Board of India seeking permission to sell insurance products to their investors. Perhaps the decision made by life insurance companies was the culmination of all of the above.

Whatever might have prompted the move, we believe this is a welcome step from the investor’s perspective. We have never been enthused by the ‘SIP plus insurance’ offerings. There are several reasons for the same. 

First, by opting for a mutual fund, simply because it offers an insurance cover as an add-on benefit, investors run the risk of getting invested in a fund that may not be right for them. Typically, a fund should find place in an investor’s portfolio for its investment proposition and its ability to help the investor achieve his long-term financial goals. Investing in a fund simply because of the add-on insurance benefit, would certainly not qualify as a good reason for getting invested. 

Second, in the ‘SIP plus insurance’ offerings, the insurance cover is linked to the SIP amount and its tenure. This is certainly no way to buy insurance. Ideally, the insurance cover should be sufficient to indemnify one’s nominees against any financial loss arising on account of the individual meeting with an eventuality. Hence, the concept of Human Life Value must be put into play. By linking the insurance cover to the SIP amount and tenure, the offerings often deprive investors of the opportunity to be adequately insured.

Again, the definition of insurance in the ‘SIP plus insurance’ offerings needs to be looked into. In some cases, the insurance implies the unpaid SIPs i.e. if the eventuality occurs, the SIP installments that haven’t been invested as yet, will be invested on behalf of the nominee and on maturity, the requisite sum (based on market price) will be remitted to him. This would barely qualify as an insurance cover. 

In cases where there is an insurance cover separate from the unpaid SIP, it is linked to the SIP amount. That the insurance cover is often capped (at Rs 1 m or Rs 2 m) doesn’t help. The situation is further complicated by the fact that the insurance cover is only available upto a certain age or the tenure of the SIP; based on the facts of each case, the investor might require an insurance cover over a longer tenure. 

Simply put, in several cases, the ‘SIP plus insurance’ schemes were guilty of misleading investors to believe that they were adequately insured. 

Finally, investment advisors had a gala time peddling the aforementioned schemes under the garb of financial planning. The mantra was, by combining insurance and investment under a single avenue, investors’ financial planning needs were being taken care of. Nothing could be farther from the truth. Any financial planner worth his salt will vouch for the fact that there is much more to financial planning than just investing in an investment plus insurance avenue. 

In conclusion, we believe that investors would do well to address their insurance and investment needs separately. This will ensure that neither takes precedence over the other and in the process, investors give adequate weightage to both objectives. As mentioned earlier, irrespective of the reasons for the curtains being drawn on the ‘SIP plus insurance’ phenomenon, it is a positive step for investors.

Source: http://personalfn.com/detailpf.asp?date=09/23/2008&story=5

Indian investors need not rush for cover

Should investors in Indian mutual funds or insurance companies sponsored by the troubled US institutions bail out? Indications are that they have no reason to panic and liquidate investments in a hurry.

A fresh tidal wave of financial sector collapses in the US has halted the nascent recovery in Indian stocks in its tracks. Even as tumbling commodity prices have defused the inflation threat, stock market investors have a fresh set of worries to grapple with. 

Should they brace for a deluge of selling by ailing US institutions? Should they rethink mutual fund and insurance investments managed by foreign institutions? How would fund flows into the Indian markets be impacted by the credit crunch? Not all of these answers are readily available, but let’s look at the few that are.

In the firing line 

First, will a deluge of ‘sell’ orders from the beleaguered American institutions — Lehman Brothers, Merrill Lynch and AIG, trigger a collapse in Indian stocks? As of now, concerns on this score seem to be overdone. 

Of the above institutions that have admitted to financial troubles, only the Lehman group might have an immediate need to resort to a distress sale of its India positions, as both Merrill Lynch (bought over by the Bank of America) and AIG (handed a lifeline by the US Fed), have averted a crisis for now. 

Lehman Brothers’ holdings in Indian stocks (including its offshore vehicles) amounted to about Rs 1,000 crore as of June 30, a modest number in the context of the Indian market. With about a third of this holding already offloaded in August, a residual portfolio of about Rs 600 crore (or less) may remain. A takeover of Lehman’s Asia operations by Barclay’s, being considered now, may also obviate the need for any further selling in these stocks. 

Shareholding patterns as of June show that Lehman’s holdings were concentrated mainly in mid- and small-cap stocks. 

Therefore, there may be no material threat to overall market, should these holdings be offloaded in a hurry. Though “Lehman” stocks have already been severely punished over the past week, investors should still tread with caution on some stocks featuring significant ‘Lehman’ stakes of 3 per cent or more (as of June). 

These are KPIT Cummins, Fedders Lloyd, Orbit Corporation, Spice Mobiles, West Coast Paper, Northgate Technologies, Emkay Global, Pioneer Embroideries and Development Credit Bank. 

Though there is little risk of selling in ‘Lehman’ stocks destabilising the markets, paring of India holdings by FIIs who have a larger India presence, such as Merrill Lynch or Morgan Stanley, does have the potential to undermine markets. Investors need to be alive to this possibility, given the growing ranks of ailing institutions hit by the credit crisis. 

When sponsors fail


Should investors in Indian mutual funds or insurance companies sponsored by the troubled US institutions exit? Retail investors may hold schemes managed by DSP Merrill Lynch Mutual Fund or AIG Mutual Fund. This apart, they may hold insurance policies in Tata-AIG, which has a presence both in the life and general insurance business. Here, again, investors have no reason to panic or liquidate existing investments in a hurry. 

To start with, investors need to note that the assets managed by a mutual fund belong to the unitholders and not to the sponsoring institution. In the event of a failure of the sponsor, it is the capital infusion made by the sponsor to the mutual fund and not the unitholders’ money, that will be at immediate risk. 

Therefore there is little risk of the investor assets being appropriated, in the case of AIG or Merrill Lynch running into financial trouble. Having said this, the key concern for investors in the above entities would arise from any accelerated redemptions in the funds and any change in ownership or fund management of these firms, due to global restructuring of ownership stakes. 

DSP Merrill Lynch MF: In the case of DSP Merrill Lynch Mutual Fund, the 40 per cent stake in the mutual fund held directly by Merrill Lynch is already set to be transferred to BlackRock Inc — an asset management subsidiary of the group (the move is pending SEBI approval). 

Once the transfer is approved, BlackRock and not Merrill Lynch, will be a 40 per cent stakeholder in the domestic fund house (60 per cent still to be held by the DSP group). Investors should note that BlackRock Inc is not entirely immune to Merrill Lynch’s troubles, as Merrill Lynch holds a 49 per cent equity stake in the firm at the global level.

However, Bank of America’s buy-out of Merrill Lynch’s assets earlier this week includes the BlackRock business. 

Initial statements from Bank of America suggest that it views BlackRock Inc, which is one of the world’s largest asset managers ($1.43 trillion in assets), as one of the more promising divisions of Merrill Lynch, alleviating any immediate worries about this division being put on the block. 

All this suggests that investors in DSP Merrill Lynch Mutual Fund may have no reason to exit their fund holdings at this juncture. 

DSPML Mutual Fund manages some of the better performing equity funds in India with a consistent long-term return record; and there are not too many alternatives to these funds at this juncture. 

AIG: Uncertainties about ownership will continue in the case of American insurer- AIG; though an immediate crisis has been averted through an $85-billion loan from the US Fed. AIG’s top management has been replaced, with the Fed taking a 79.9 per cent equity stake in the US insurer. 

Investors in the equity schemes of AIG Mutual Fund may have fewer reasons to hold on. The fund has a relatively short performance record in the Indian market, its equity funds have not turned in an impressive performance so far and there is now the uncertainty about a change in ownership as well. This suggests that it may be prudent for investors who hold a large exposure to AIG Mutual Fund’s equity schemes to consider alternatives, as a de-risking measure. 

As to the insurance business, policyholders in Tata AIG have been assured by the firm that all payment obligations will be honoured. The firm’s strong solvency margins (well above IRDA norms) and the Tata group’s 74 per cent stake in the insurance venture also provide a measure of comfort. 

However, investors in all the above cases should keep a close watch for any changes in the ownership structure of the firms where they have invested. Fresh investments should be held off until clarity on this front emerges.

Source: http://www.thehindubusinessline.com/iw/2008/09/21/stories/2008092150400700.htm

Indian investors of Morgan Stanley AMC safe

Morgan Stanley`s conversion from an investment bank to a retail bank will not impact the performance of its Indian mutual fund subsidiary, Morgan Stanley Asset Management Company (AMC), reports Economic Times. 

The conversion would not have impact on its fortune but will provide stability to the company. Also since the Indian AMC is registered in India and regulated by Securities Exchange Board of India (SEBI), investor`s money is safe. 

The fund currently handles two funds of which the major one is a close-ended equity diversified fund, launched in 1994 with a size of Rs 28.80 billion while the other one is an open-ended diversified equity fund, with a size of only Rs 1.04 billion.

Source: http://www.myiris.com/newsCentre/storyShow.php?fileR=20080924130805198&dir=2008/09/24&secID=mf&code1=&code=