 No implications of Thai Restrictions for India: MF ManagersPublished on Tue, Dec 19, 2006 at 19:25 | Source : Moneycontrol.com Updated at Thu, , at Like this story, share it with millions of investors on M3
Thai Restrictions: The Bank of Thailand notified locking 30% of new foreign currency deposits to curb volatility. Investors buying the Baht will only be able to invest 70% of amount. Those who withdraw within a year, will be fined 33% of the locked-in 30%, and will effectively risk 10% of their investment if they pull out within a year. Impact on Indian Markets: Fund managers are unperturbed by today's volatility as they say that all the Asian markets felt the impact of what has happened in Thailand and one can't look at market volatility in Indian market in isolation. Rajiv Anand, Head - Investments, Standard Chartered Mutual Fund says, "Markets can't go up in a straight line. Its a 350 point slide, but on a substantially big base. The SET Index, Thailand's benchmark, plunged 15%, the biggest slide in 16 years, and to that extent, we are inline with global market action." Going forward, he says, "Such ups and downs will be part of the market movement. Long term investors have no reason to worry and should stay invested." Sanjay Sinha, Head - Equities, SBI Mutual Fund sees no material implications of these events for India and believes that going forward, markets will be driven more by local fundamental reasons like expectations from the third quarter results. - Reena Prince
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Indian markets witnessed wild swings today taking cue from declines across Asia's emerging markets after Thailand imposed currency controls on international investors, highlighting the risks of investing in developing economies. The 30-shares BSE Sensex ended with sharp 349.08 point (2.54%) fall at 13,382 after oscillating by a sharp 511 points during the day, with high volatility. 
