Mutual Funds News !

Date : 02.11.2010

Mutual Funds News !
Mutual Funds News !

 

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MUTUAL FUND MARKET WATCH

02/11/2010

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• Tata Mutual Fund converts Tata Indo-Global Infrastructure Fund into open ended scheme

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Tata Fund has announced that Tata Indo-Global Infrastructure Fund which is a close ended scheme will be converted to an open ended scheme. The change will be effective from 12th November 2010. The scheme  will follow a book closure till 19th November, 2010 and will re-open for ongoing purchase and redemption  with effect from 22nd November 2010. After the conversion into an open ended scheme the scheme will  charge 1 per cent exit load, if units are redeemed within 365 days from the date of allotment. The scheme is  managed by Mr. Venugopal.

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• Fidelity MF revises load structure under its scheme

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Fidelity Mutual Fund has revised exit load structure under its scheme – Fidelity Gilt Fund. As per the revision, scheme will not charge any exit load. Currently, the scheme charges 0.50 per cent as exit load, if the investment is redeemed within 6 months from the date of allotment. The revision has been effect from 27th October, 2010. The scheme is managed by Mr. Vikram Chopra and Mr. Shriram Ramanathan.

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• Bharti AXA Mutual Fund revises load structure under its scheme

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Bharti AXA Mutual Fund has revised exit load structure under its scheme – Bharti AXA Treasury Advantage Fund. As per the revision, scheme will charge 0.25 per cent as exit load, if the investment is redeemed within 7 days from the date of allotment. Currently, the scheme charges 0.25 per cent as exit load, if the investment is redeemed within 15 days from the date of allotment. The revision came into effect from 27th October, 2010. The scheme is managed by Mr. Ramesh Rachuri and benchmarked against CRISIL Liquid Fund Index.

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• HSBC Mutual Fund Announces Appointment of Co Fund Manager

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HSBC Mutual Fund has announced the appointment of Mr Gaurav Mehrotra, Assistant Vice President, Investment Management, as the co- fund manager for HSBC Emerging Markets Fund, and for managing the overseas investments in all other schemes of the fund, as per the SID and as permitted under the SEBI regulations, 1996.

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• Bharti AXA MF to Revise Exit Load Structure for Treasury Advantage Fund

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Bharti AXA Mutual Fund has taken a decision to restructure the exit load structure falling under the regular and institutional plan of Bharti AXA Treasury Advantage Fund. This scheme will be coming under the effect from 27th of October 2010.

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26/10/2010

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• Sundaram Finance buys out BNP Paribas stake in MF

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Sundaram Finance has bought out BNP Paribas` stake in their joint venture Sundaram BNP Paribas Mutual. Sundaram Finance has acquired the 49.9% stake of BNP Paribas in the mutual fund house which now becomes Sundaram Mutual, said company officials at a news conference. BNP Paribas recently acquired the financial services activities of the Fortis group. Since Securities Exchange Board of India regulations mandate that an entity cannot have a stake in more than one Asset Management Company (AMC), BNP Paribas was compelled to move out of its joint venture with Sundaram.

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• Canara Robeco Mutual Fund revises load structure under its scheme

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Canara Robeco Mutual Fund has revised exit load structure under its scheme – Canara Robeco Dynamic Bond Fund. As per the revision, Canara Robeco Dynamic Bond Fund will charge 1 per cent as exit load, if the investment is redeemed within 4 months from the date of allotment. Currently scheme does not charge any exit load. The revision has been in effect from 20th October, 2010.

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• Religare Mutual Fund converts Religare Infrastructure Fund into open ended scheme

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Religare Fund has announced that Religare Infrastructure Fund which is a close ended scheme will be converted to an open ended scheme. The change will come into effect from 23rd November, 2010. Investors who do not agree with the conversion may redeem or switch their units between the periods of 22nd October, 2010 to 22nd November, 20100 without paying any exit load. After the conversion to open ended scheme the fund will charge 1 per cent exit load if units are redeemed within 1 year from the date of allotment. The scheme is benchmarked against CNX 500 and is managed by Mr. Pardeep Kumar.

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• Mr. Suyash Choudhary resigns from HSBC Mutual Fund

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HSBC Mutual Fund has announced change in its key personnel. Mr. Suyash Choudhary has ceased to be the Vice President and Head of Fixed Income for the fund house. As per the revision, Sanjay Shah has been appointed as the fund manager for HSBC Income Fund – Short Term Plan and Investment Plan, HSBC Gilt Fund and HSBC Flexi Debt Fund. The revision is with immediate effect. Mr. Sanjay Shah is currently the Vice President and Fund Manager of Fixed Income for HSBC Mutual Fund.

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• IDFC Mutual Fund revises load structure under its scheme

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IDFC Mutual Fund has revised exit load structure under its scheme, IDFC Savings Advantage Fund. As per the revision, scheme will charge exit load of 1 per cent, if investment is redeemed within 91 days from the date of allotment. Currently scheme charges exit load of 0.75 per cent, if the investment is redeemed within 180 days from the date of allotment. The revision came into effect from 18th October, 2010. The scheme is managed by Mr. Anupam Joshi and is benchmarked against CRISIL Liquid Fund Index.

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• Religare Mutual Fund revises load structure under its scheme

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Religare Mutual Fund has revised exit load structure under its scheme, Religare Arbitrage Fund. As per the revision, scheme will not charge any exit load. Currently scheme charges exit load of 0.75 per cent, if the investment is redeemed within 180 days from the date of allotment. The revision came into effect from 18th October, 2010. The scheme is managed by Mr. Vetri Subramaniam and is benchmarked against CRISIL Liquid Fund Index.

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• Deutsche Mutual Fund revises load structure under its scheme

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Deutsche Mutual Fund has revised exit load structure under its scheme, DWS Treasury Fund – Cash Plan. As per the revision, scheme will not charge any exit load. Currently scheme charges exit load of 1 per cent, if the investment is redeemed within 7 days from the date of allotment. The revision has been in effect from 14th October, 2010.

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• Pramerica Mutual Fund announces change in face value of its schemes

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Pramerica Mutual Fund has announced to change the face value of Pramerica Liquid Fund and Pramerica Ultra Short Term Bond Fund from Rs 10 per unit to Rs 1000 per unit. The change will be applicable under all the plans of both the schemes. Pramerica Mutual Fund is an open ended liquid scheme with the investment objective to deliver reasonable market related returns with lower risk and higher liquidity through a portfolio of debt and money market instruments. The change came into effect from 15th October, 2010.

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21/10/2010

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Sundaram Finance buys out BNP Paribas stake in MF

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Sundaram Finance has bought out BNP Paribas` stake in their joint venture Sundaram BNP Paribas Mutual. Sundaram Finance has acquired the 49.9% stake of BNP Paribas in the mutual fund house which now becomes Sundaram Mutual, said company officials at a news conference. BNP Paribas recently acquired the financial services activities of the Fortis group. Since Securities Exchange Board of India regulations mandate that an entity cannot have a stake in more than one Asset Management Company (AMC), BNP Paribas was compelled to move out of its joint venture with Sundaram.

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• Deutsche MF revises exit load for Treasury Fund – Cash Plan

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Deutsche Mutual Fund has announced the revision of exit load structure for DWS Treasury Fund – Cash Plan (all options) with effect from Oct.14, 2010. Accordingly, the revised exit load change will be nil. Under the existing provision, the scheme charges an exit load of 1% if the investment is redeemed / switched out within 7 days of then allotment.

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Mr. Suyash Choudhary resigns from HSBC Mutual Fund

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HSBC Mutual Fund has announced change in its key personnel. Mr. Suyash Choudhary has ceased to be the Vice President and Head of Fixed Income for the fund house. As per the revision, Sanjay Shah has been appointed as the fund manager for HSBC Income Fund – Short Term Plan and Investment Plan, HSBC Gilt Fund and HSBC Flexi Debt Fund. The revision is with immediate effect. Mr. Sanjay Shah is currently the Vice President and Fund Manager of Fixed Income for HSBC Mutual Fund. He has done C.A. and PGDM and has over 10 years of experience in research and risk.

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• IDFC Mutual Fund revises load structure under its scheme

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IDFC Mutual Fund has revised exit load structure under its scheme, IDFC Savings Advantage Fund. As per the revision, scheme will charge exit load of 1 per cent, if investment is redeemed within 91 days from the date of allotment. Currently scheme charges exit load of 0.75 per cent, if the investment is redeemed within 180 days from the date of allotment. The revision came into effect from 18th October, 2010. The scheme is managed by Mr. Anupam Joshi and is benchmarked against CRISIL Liquid Fund Index.

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• Religare Mutual Fund revises load structure under its scheme

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Religare Mutual Fund has revised exit load structure under its scheme, Religare Arbitrage Fund. As per the revision, scheme will not charge any exit load. Currently scheme charges exit load of 0.75 per cent, if the investment is redeemed within 180 days from the date of allotment. The revision came into effect from 18th October, 2010. The scheme is managed by Mr. Vetri Subramaniam and is benchmarked against CRISIL Liquid Fund Index.

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• Deutsche Mutual Fund revises load structure under its scheme

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Deutsche Mutual Fund has revised exit load structure under its scheme, DWS Treasury Fund – Cash Plan. As per the revision, scheme will not charge any exit load. Currently scheme charges exit load of 1 per cent, if the investment is redeemed within 7 days from the date of allotment. The revision has been in effect from 14th October, 2010. The scheme is managed by Mr. Kumaresh Ramakrishnan and is benchmarked against CRISIL Liquid Fund Index.

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• Pramerica Mutual Fund announces change in face value of its schemes

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Pramerica Mutual Fund has announced to change the face value of Pramerica Liquid Fund and Pramerica Ultra Short Term Bond Fund from Rs 10 per unit to Rs 1000 per unit. The change will be applicable under all the plans of both the schemes. The change came into effective from 15th October, 2010.

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• Birla Sun Life Mutual Fund revises maximum application amount under its scheme

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Birla Mutual Fund has declared changes in the maximum investment amount for Birla Sun Government Securities Fund -Long Term Plan. As per the revision, maximum investment amount will now be Rs. 5 lakhs. The change has been effective from 12th October, 2010.

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13/10/2010

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• Mutual Fund Industry’s AAUM Surges by 3.74% in September ’10

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The mutual fund industry witnessed a surge in the average assets under management (AAUM) by 3.74% or by Rs 25721.24 crore to Rs 7.13 lakh crore in September 2010. The industry record gains during September due to the flow of money into debt and money market schemes.

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Reliance Mutual Fund, the largest fund house in India, reported a growth of 3.1% or Rs 3237.31 crore to its average assets to reach Rs 1.07 lakh crore. HDFC Mutual Fund – the second largest fund reported an  increase of Rs 2926.84 crore or 3.25%.

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Among other top five fund houses, UTI Mutual Fund reported an addition of Rs 3444.92 crore or 5.37% in average assets while the Birla Sun Life Mutual Fund AAUM rose by Rs 3203.84 crore or 4.99%, Franklin Templeton Mutual Fund grew by Rs 2278.09 crore or 5.71% and ICICI Prudential Mutual Fund climbed by Rs 958.89 crore or 1.39%.

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Despite most of the fund houses witnessing a surge in their average assets, Deutsche Mutual Fund witnesses a decline in assets by Rs 1347.63 crore. Among others that witnessed a fall in assets are LIC Mutual Fund fell by Rs 1164.09 crore, Baroda Pioneer Mutual Fund by Rs 994.21 crore and JM Financial Mutual Fund by Rs 585.58 crore.

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• Fortis Mutual Fund announces load structure revision under its scheme

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Fortis Mutual Fund has revised the load structure under its scheme, Fortis Short Term Income Fund. After the revision, the exit load under the scheme will be charged at 0.15 per cent, if the investment is redeemed within 30 days from the date of allotment. The exit load will be nil, if the investments are redeemed after 30 days from the date of allotment. The revision came into effect from 07th October, 2010. Currently the exit load is 0.15 per cent, if the investments are redeemed within 30 days from date of allotment.

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• JM Financial Mutual Fund announces revision of key personnel

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JM Financial Fund has announced revision in the responsibility of key personnel under its schemes – JM Financial Services Sector Fund, JM Hi Fi Fund, JM Contra Fund, JM Tax Gain Fund and JM Agri & Infra Fund. The fund house has appointed Mr. Sanjay Chhabaria as the fund manager for the schemes with effect from 01st October, 2010.

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Currently these schemes are managed by Mr. Sandeep Neema. Mr. Sanjay Chhabaria holds PGDBA and CFA and has more than 10 years of experience in fund management and equity research. He has managed six other equity schemes for JM Financial Mutual Fund.

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• AIG Mutual Fund plans to sell its India Mutual Fund Business

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US insurer American International Group Inc. (AIG) has been reported to be in talks with potential buyers to sell its mutual fund business in India, valuing the unit at 4 to 5 per cent of the assets it has under management. Bank of America Merrill-Lynch has been appointed as the investment banker to broker a sale of AIG Global Investment Group Mutual Fund, which has Rs 1,019.77 crore of assets under management (AUM). AIG is reported to be divesting and restructuring businesses and winding down exposure to some financial products as part of a worldwide effort to lower costs.

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• Deutsche Mutual Fund revises load structure under its schemes

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Deutsche Mutual Fund has revised exit load structure under its schemes, DWS Treasury Fund – Cash Plan and DWS Short Maturity Fund. As per the revision, DWS Treasury Fund – Cash Plan will charge 1 per cent, if the investment is redeemed within 7 days from the date of allotment; DWS Short Maturity Fund will charge 1.50 per cent, if the investment is redeemed within 12 months from the date of allotment. The revision has been in effect from 04th October, 2010. The schemes are benchmarked against CRISIL Liquid Fund Index and CRISIL Short Term Bond Fund Index respectively.

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• Principal Mutual Fund announces merger of schemes

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Principal Mutual Fund has decided to merge Principal Resurgent India Equity Fund into Principal Growth Fund. The dividend and growth option of Principal Resurgent India Equity Fund will be merged into the respective options under Principal Growth Fund. After the merger, the investment objective, asset allocation pattern and all other features of Principal Growth Fund will remain unchanged. Investors, who do not agree with the merger, can redeem their investments from 30th September, 2010 to 29th October, 2010 without any exit load.

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06/10/2010

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• MFs assets under management up 4% in Sept

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The average Assets Under Management (AUM) of the mutual fund industry saw a nearly 4% increase in September. The AUM of the industry for September stood at Rs 7120 billion, up from Rs 6870 billion in  August.

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• Fortis Mutual Fund announces load structure revision under its scheme

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Fortis Mutual Fund has revised the load structure under its scheme, Fortis Short Term Income Fund. After the revision, the exit load under the scheme will be charged at 0.15 per cent, if the investment is redeemed within 30 days from the date of allotment. The exit load will be nil, if the investments are redeemed after 30 days from the date of allotment. The revision will be in effect from 07th October, 2010. Currently the exit load is 0.15 per cent, if the investments are redeemed within 30 days from date of allotment.

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• ICICI Prudential Mutual Fund announces load structure revision under its scheme

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ICICI Prudential Mutual Fund has revised the load structure under its scheme ICICI Prudential Banking  and PSU Debt Fund. After the revision, the exit load under the scheme will be charged at 0.50 per cent, if the investment is redeemed after 85 days from the date of allotment. The exit load will be nil, if the investments are redeemed after 85 days from the date of allotment. The revision came into effect from 21st September, 2010. Currently the exit load is 0.50 per cent if the investments are redeemed within 90 days from date of allotment.

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• SBI Mutual Fund announces load structure revision under its scheme

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SBI Mutual Fund has revised the load structure under its scheme, SBI PSU Fund. After the revision, the exit load under the scheme will be charged at 1 per cent, if the investment is redeemed within 1 year from the date of allotment. The exit load will be nil, if the investments are redeemed after 1 year from the date of allotment. The revision came into effect from 01st October, 2010. Currently the exit load is 1 per cent, if the investments are redeemed within 3 years from date of allotment.

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• AMFI appoints new Chairman and Vice-Chairman

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Association of Mutual Funds in India (AMFI) Board has appointed Mr. U. K. Sinha as the Chairman and Mr. Milind Barve as the Vice-Chairman of AMFI. Both Mr. Sinha and Mr. Barve would hold office till the next Annual General Meeting. Mr. Sinha takes over the reigns from Mr. A. P. Kurian, who held the post since the formation of AMFI in 1995. Mr. U. K. Sinha is currently the Chairman & Managing Director of UTI Mutual Fund and Mr. Milind Barve is the Managing Director of HDFC Mutual Fund. Both have vast experience in the financial services sector and mutual fund industry.

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• L&T Mutual Fund converts its scheme into open ended scheme

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L&T Mutual Fund has announced that L&T Infrastructure Fund, a close ended scheme will be converted into an open ended scheme with effect from 27th September, 2010. The scheme will accordingly be open for ongoing subscriptions, redemptions, switch-in and switch-out of units on an ongoing basis after the revision. After the conversion, the exit load for the scheme will be charged at 1 per cent, if the units are redeemed or switched out within 1 year from the date of allotment, the load will be nil thereafter.

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• L&T MF appoints Pankaj Gupta as Associate VP

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L&T Mutual Fund has announced that Pankaj Gupta shall be appointed as associate vice president (VP) and senior fund manager – equity with effect from Sep.16, 2010. Pankaj Gupta, 32 years, PGDM (IIM Lucknow) and B.Com (Hons) has worked with SBI Funds as Fund Manager and ICICI Bank as Credit Manager prior to this venture. Accordingly, Pankaj Gupta shall be the fund manager of L&T Opportunities fund, L&T Growth fund, L&T Contra fund, L&T Global Advantage fund, L&T Infrastructure fund and L&T Monthly Income Plan.

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28/09/2010

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• IDFC Mutual Fund announces revision of key personnel under its schemes

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IDFC Mutual Fund has announced revision in the responsibility of key personnel under its scheme IDFC Tax Advantage Fund and IDFC Tax Saver Fund. The fund house has appointed Mr. Neelotpal Sahai as the fund manager for the schemes with effect from 22nd September, 2010. Mr. Neeloptal Sahai is a B. Tech and PGDM and was designated as Director Equity in IDFC Investment Advisors. Previous to this, he was  associated as Senior Research Analyst with Motilal Oswal Securities.

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• L&T Infra Fund to be converted into open ended scheme

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L&T Mutual Fund has announced that L&T Infrastructure Fund, a close ended scheme will be converted.into an open ended scheme with effect from 27th September, 2010. The scheme will accordingly be open for ongoing subscriptions, redemptions, switch-in and switch-out of units on an ongoing basis after the revision. After the conversion, the exit load for the scheme will be charged at 1 per cent, if the units are redeemed or switched out within 1 year from the date of allotment, the load will be nil thereafter. The scheme has an investment objective to generate capital appreciation by investing predominantly in equity and equity related instruments of companies in the infrastructure sector.

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Dividend Declared:-

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• Kotak MF declares dividend for Balance Unit Scheme 99

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Kotak Mutual Fund has approved Sept. 29, 2010 as the record date for declaration of dividend under dividend option of Kotak Mahindra Balance Unit Scheme 99. The face value of per unit is ` 10. The quantum of dividend will be ` 0.75 per unit as on the record date.

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• HDFC MF declares dividend for Medium Term Opportunities Fund

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HDFC Mutual Fund has approved Sep.29, 2010 as the record date for declaration of dividend under dividend option of HDFC Medium Term Opportunities Fund. The face value of per unit is Rs 10. The quantum of dividend will be ` 0.1260 per unit for Individuals & HUF and ` 0.1174 per unit for Others as on the record date.

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• Tata MF Announces Dividend For Equity Opportunities Fund

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Tata Mutual Fund has declared dividend on the face value of ` 10 per unit under dividend option of Tata Equity Opportunities Fund. The record date for the dividend has been set as September 30, 2010. The dividend will be ` 1.00 per unit as on the record date. The NAV of the scheme as on September 23, 2010 stood at ` 24.0372 per unit. Tata Equity Opportunities Fund is an open ended equity scheme with an investment objective to provide income distribution and / or medium to long term capital gains while at all times emphasizing the importance of capital appreciation.

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22/09/2010

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• ICICI Prudential Mutual Fund announces load structure revision under its scheme

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ICICI Prudential Mutual Fund has revised the load structure under its scheme ICICI Prudential Banking and PSU Debt Fund. After the revision, the exit load under the scheme will be charged at 0.50 percent, if the investment is redeemed after 85 days from the date of allotment. The exit load will be nil, if the investments are redeemed after 85 days from the date of allotment. The revision is effective from today itself. Currently the exit load is 0.50 per cent if the investments are redeemed within 90 days from date of allotment.

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• L&T Double Advantage Fund files offer document with Sebi

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L&T Mutual Fund has filed offer document with Sebi to launch an open-ended balanced scheme -L&T Double Advantage Fund. The units can be purchased at Rs. 10 each for cash during the NFO Period. The scheme’s investment objective is to provide medium to long term capital gains and/ or income distribution while at all times emphasising the importance of capital appreciation.

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• Fidelity India Children’s Plan files offer document with Sebi

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Fidelity Mutual Fund has filed offer document with Sebi to launch an open-ended hybrid plan -Fidelity India Children’s Plan that comprising of three funds. The units can be purchased at Rs. 10 each for cash during the NFO Period. The investment objective of the education fund is to seek to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related securities as well as to generate reasonable returns through a portfolio of debt and money market instruments. The investment objective of Marriage Fund is to seek to generate long-term capital appreciation from a  diversified portfolio of predominantly equity and equity related securities and also to generate reasonable returns through a portfolio of debt as well as money market instruments. However, the Fund could also additionally invest in domestic Gold ETFs. Meanwhile, the investment objective of Savings Fund is to seek to generate reasonable returns predominantly from a diversified portfolio of debt as well as money market instruments.

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• Kotak MF to Revise Exit Load Structure for Kotak Quarterly Interval Plan – Series 1

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Kotak Mutual Fund has revised the exit load structure for Kotak Quarterly Interval Plan – Series 1 effective from September 16, 2010. Accordingly, the exit load for the STP of Kotak Quarterly Interval Plan – Series 1 would be 1% for redemptions/switch outs anytime other than the STP. While there will be no exit load for redemptions/switch outs during the STP. Kotak Quarterly Interval Plan – Series I is an interval debt fund that aims to generate returns through investments in debt as well as money market instruments in order to significantly reduce the interest rate risk.

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15/09/2010

Reliance Mutual Fund appoints key personnel

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Reliance Mutual Fund has appointed key personnel. Mr. Shrey Loonkar, Mr. Viral Berawala and Mr. Samir Rachh as Assistant Fund Managers with effect from 1st September, 2010 and will be associated with the Fund Managers of the existing schemes. Mr. Shrey Loonkar has done CFA and CA; he will be Assistant Fund Manager for Reliance Banking Fund. Mr. Viral Berawala will be Assistant Fund Manager  for Reliance Tax Saver Fund and Reliance Equity Opportunities. He has done CA and PGPX from Indian Institute of Management, Ahmedabad. Mr. Samir Rachh has done B.Com and he will be assistant fund manager for Reliance Long Term Equity Fund.

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• Kotak MF to Revise Exit Load Structure for Kotak Quarterly Interval Plan – Series 1

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Kotak Mutual Fund has decided to revise the exit load structure for Kotak Quarterly Interval Plan – Series 1 with effective from September 16, 2010. Accordingly, the exit load for the STP of Kotak Quarterly Interval Plan – Series 1 would be 1% for redemptions/switch outs anytime other than the STP and Nil for  redemptions/switch outs during the STP. Kotak Quarterly Interval Plan – Series I is an interval debt fund that aims to generate returns through investments in debt as well as money market instruments in order to reduce the interest rate risk.

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• Taurus MF Introduces Dividend Sweep Option under MIP Advantage and Short Term Income Fund

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Taurus Mutual Fund has introduced the dividend sweep option to already existing dividend payout and dividend re-investment options under Taurus MIP Advantage and Taurus Short Term Income Fund. The change is come into effect from September 13, 2010. If the investors fail to select the option under the dividend plan, the dividend reinvestment will be the default option. Taurus MIP Advantage Fund is an open ended income scheme with an investment objective to generate regular income through a portfolio of fixed income securities as well as gold ETF and equity related instruments.Taurus Short Term Income Fund is an open ended bonus scheme that aims to generate income as well as capital appreciation with low volatility by investing in a diversified portfolio of short term debt as well as money market instruments.

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• Religare MF Announces changes in its Key Personnel

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Religare Mutual Fund has announced the appointment of Mr Sujoy Kumar Das as the Head – Fixed Income with effect from September 1, 2010. Mr Sujoy Kumar Das will replace Mr. Ashish Nigam – Head – Fixed Income as he has resigned from service of Religare AMC effective from September 30, 2010. Accordingly, Mr Sujoy Kumar Das will manage Religare liquid fund, Religare ultra short fund, Religare short term fund, Religare active income fund, Religare overnight fund, Religare gilt fund and Religare Fixed Maturity Plan – Series II – Plan A – F. While, Religare monthly income plan will be jointly managed by Mr Sujoy Kumar Das and Mr Vetri Subramanian.

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• Edelweiss MF to Transact Schemes through Online MF Platform

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Edelweiss Mutual Fund has announced that the units of Edelweiss Diversified Growth Equity Top 100 Fund as well as Edelweiss Nifty Enhancer Fund and Edelweiss Absolute Return Equity Fund will be available for transaction through BSE StAR MF (BSE Stock Exchange Platform for Allotment and Repurchase of Mutual Funds), and Mutual Fund Service System, effective from September 9, 2010.

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30/3/2010

·IDBI Bank launches IDBI Asset Management Company

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IDBI Bank has launched IDBI Asset Management on Thursday, 25th March, 2010 with an initial capital investment of Rs. 25 crores. IDBI Bank Chairman stated that Fortis, its insurance partner had offered to partner in the AMC business as well, however the offer was declined by the bank. Further it is expected that
IDBI AMC will launch index linked funds and some debt schemes initially. This is the second foray of the bank into the mutual fund business, earlier it had entered into a joint venture with Principal group but later opted out of the venture after selling its stake to Principal in 2002.

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·Reliance Mutual Fund announces dividend under its three schemes

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Reliance Mutual Fund has declared dividend under its open ended schemes – Reliance Diversified Power Sector Fund, Reliance Vision Fund and Reliance Growth Fund. The quantum of dividend decided for distribution is 25 per cent that is 2.5 per unit on the face value of Rs. 10 per unit each. The record date decided for distribution of dividend for all the schemes is 30th March, 2010.

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·IDFC MF declares dividend for Premier Equity Fund

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IDFC Mutual Fund has approved Mar.29, 2010 as the record date for declaration of dividend under dividend option of IDFC Premier Equity Fund – Plan A & B. The  quantum of dividend will be Rs. 2.40 per unit for Plan A and Rs 2.00 per unit for Plan B, subject to availability of distributable surplus as on the record date.

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·Bharti AXA MF declares dividend for Equity Fund

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Bharti AXA Mutual Fund has approved Mar.29, 2010 as the record date for declaration of dividend under quarterly dividend option in eco plan and regular plan of Bharti AXA Equity Fund. The face value of per unit is Rs 10. The quantum of dividend under both the plans will be 10% i.e. Rs 1 per unit as on the record date.

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·Sundaram BNP Paribas MF declares dividend for Balanced Fund

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Sundaram BNP Paribas Mutual Fund has approved Mar. 30, 2010 as the record date for declaration of dividend under the dividend option of Sundaram BNP Paribas Balanced Fund. The fund house has decided to distribute 45% (Rs 4.50 per unit) as dividend.

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·UTI Mutual Fund revises exit load structure under UTI Short Term Income Fund

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UTI Fund has revised the exit load structure under UTI Short Term Income Fund. As per the revision, the scheme will hence forth not charge any exit load. The revision has been effective from 22nd March, 2010..

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·HSBC Mutual Fund converts HSBC Unique Opportunities Fund into open ended scheme

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HSBC Fund has declared that HSBC Unique Opportunities Fund which is a close ended scheme will be converted to an open ended scheme. The change has been effective from 22nd March, 2010. After the conversion into open ended, the scheme will charge an exit load of 1 per cent if units are redeemed within one year from the date of allotment.

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Disclaimer : This report is for the personal information and doesn’t construe to be any investment, legal or taxation advice to you. It is only for private use . The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. No action is solicited on the basis of the contents of the report.

8/2/2010

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·Average AUM of 37 fund houses fall 4.13% in January


The MF industry’s AAUM declined by Rs 328,605.1 million, or 4.13% at Rs 7,616,255.3 million at the end of January 2010.

 

The combined average AUM of the 37 fund houses in the country fell to Rs 7,616,255.3 million in January 2010 as compared to Rs 7,944,860.5 million in December 2009.

 

Country`s largest fund house, Reliance MF topped with an AUM of Rs 1,172,485.6 million during the month, whereas fall of 2.27%, its outflow stood at Rs 27,332.2 milion from its assets.

 

The country`s second largest fund house HDFC, its AUM recorded a fall of 2.45% and stood at Rs 947,970.1 million, it registered an erosion of Rs 23,868.3.

 

ICICI Prudential MF`s AUM declined by Rs 40,598.6 million during the month and stood at Rs 783,723.8 million.

 

UTI MF and Birla Sun Life MF saw their assets declining to Rs 745,098.6 million and Rs 625,951.2 million, respectively.

 

Fund houses like Taurus MF, Baroda Pioneer and Canara Robeco MF managed to see an increase in their

respective AUM in the reviewed month.

 

🙂


UTI MF declares dividend for Fixed Income Interval Fund


UTI Mutual Fund has approved Feb.10, 2010 as the record date for declaration of dividend under dividend option of UTI Fixed Income Interval Fund – Series II Quarterly Interval Plan V.

 

The face value of per unit is Rs 10.

 

The quantum of dividend will be 100% of distributable surplus as on the record date.

 

🙂


·ICICI Pru MF declares dividend for Interval Fund


ICICI Prudential Mutual Fund has approved Feb.8, 2010 as the record date for declaration of dividend under dividend option of ICICI Prudential Interval Fund II – Quarterly Interval Plan B.

 

The face value of per unit is Rs 10.

 

The quantum of dividend will be 100% of distributable surplus as on the record date.

 

🙂

 

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MUTUAL FUND MARKET WATCH

4/2/2010

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• Canara Robeco MIP introduces Quarterly Dividend Option

 

Canara Robeco Mutual Fund has announced that the quarterly dividend option is being introduced with the monthly dividend option presently available in Canara Robeco Monthly Income Plan (MIP) with effect from Feb.1, 2010.

 

Canara Robeco Monthly Income Plan has the investment objective to generate income by investing in debt Instruments, MMI and small portion in equity.

 

🙂


• AIG MF Announces Change in Key Personnel

AIG Mutual Fund has announced that Mr. Vinay Sharma, Equities Analyst has resigned from the services of AIG Global Asset Management Company (India) Private Limited effective from the end of day of January 22, 2010 and hence, ceases to be a Key Personnel of the Company.

 

🙂


•Kotak Mutual Fund appoints new fund manager

Kotak Mutual Fund has announced changes in its fund management effective from 21st January 2010.

 

The fund house has appointed Mr. Pankaj Tibrewal as equity fund manger.

 

As per the revision, Mr. Krishna Sanghvi and Mr. Anurang Jain are the fund manger for Kotak 30.

 

Kotak Opportunities Fund is managed by Mr. Krishna Sanghvi and Mr. Pankaj Tibrewal.

 

Mr. Anurang Jain and Mr.Pankaj Tibrewal is managing the scheme – Kotak Midcap Fund and Kotak Tax Saver Fund.

 

Mr. Sajit Pisharodi, Mr. Krishna Sanghvi, Mr. Abhijeet Dey and Mr. Abhishek Bisen collectively manage Kotak Indo World Infrastructure Fund.

 

🙂


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MUTUAL FUND MARKET WATCH

1/2/2010

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IDFC MF to open subscription for IDFC Premier Equity Fund :


 

The units of IDFC Premier Equity Fund are available for subscription with effect from January 27 2010.

 

Units are available at the applicable NAV.

 

Units of the scheme is available for subscription till such time as the AMC may consider appropriate redeemed within 15 days from the date of allotment.

🙂

•Axis MF announces change in features


Axis Mutual Fund has announced the introduction of exit load and regular dividend option under Axis Short Term Fund and dividend payout under Axis Liquid Fund and Axis Treasury Advantage Fund.

 

The changes came into effective from Jan.25, 2010.

 

An exit load of 0.25% is levied if units are redeemed / switched out from Axis Short Term Fund within three months from the date of allotment.


The load structure is equally applicable to all special products offered under the scheme such as SIP, STP, etc.

 

However, no load is levied in switches from the dividend to growth option of the scheme and vice versa.


Also, units allotted on reinvestment of dividends are not be subject to load.

 

🙂

•Birla Sun Life MF winds up Quarterly Interval Fund – Series 6

 

Birla Sun Life Mutual Fund has ceased Birla Sun Life Quarterly Interval Fund – Series 6, an interval income scheme effective from 20 January 2010.

 

It has been wound up due to not meeting the requirement of minimum number of investors.

 

Accordingly, the investments of the existing unit holders in the scheme shall be redeemed at the NAV of January 19, 2010.

 

The investment objective of Birla Sun Life Quarterly Interval Fund – Series 6 was to generate regular income through investments in

debt and money market instruments.

 

🙂

 

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MUTUAL FUND MARKET WATCH

30/1/2010

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· US-Based investment management firm T Rowe Price Group, or TRP, has bought a 26% stake in UTI AMC and UTI Trustee Company for Rs 650 crore, taking stake in the India’s fourth-largest fund house and a chance to profit from the fast-growing Indian mutual fund industry.

The deal values the country’s oldest mutual fund house at Rs 2,500 crore or about 3.6% of its assets under management.

The NYSE-listed firm has acquired 6.5% each from the existing four owners of UTI AMC —SBI, LIC, Bank of Baroda (BoB) and PNB.

After the stake sale, the existing owners referred to as sponsors will now retain a stake of 18.5% each in UTI AMC.

The UTI AMC board has been reconstituted, with directors James S Riepe and Flemming Madsen representing the new investor inducted on the board.

🙂

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·ICICI Prudential Mutual Fund has approved Jan.25, 2010 as the record date for declaration of dividend under dividend option of ICICI Prudential Interval Fund II – Quarterly Interval Plan A.

The face value of per unit is Rs 10.

The quantum of dividend will be 100% of distributable surplus as on the record date.

 

🙂

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·Bharti AXA Mutual Fund has decided offer an alternative transaction platform to investors to buy / sell units of certain schemes of the fund, through BSE StAR MF (BSE Stock Exchange Platform for Allotment and Repurchase of Mutual Funds), effective from January 20, 2010.

The eligible schemes available through BSE trading platform are Bharti AXA Equity Fund as well as Bharti AXA Tax Advantage Fund and Bharti AXA Focused Infrastructure Fund (including for subscription during its New Fund Offer  commencing on 20 January 2010).

 

🙂

 

================

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IPO MARKET WATCH

8/1/2010

 

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DB Corp fixes IPO issue price at Rs 212 per share


Media house DB Corp have fixed the issue price of its initial public offer at Rs 212 per share, the upper end of price band.

The company has fixed the issue price for non-retailers at Rs 212 per share, while for the retail investors it would be Rs 210-a discount of Rs 2 per equity.

The company entered the capital market with a total issue size of 1.81 crore shares, including 32.71 lakh equities reserved for anchor investors, in the price band of Rs 185-212 a piece with the face value Rs 10 each.

🙂

BPTP plans to raise $320 mn via IPO

Developer BPTP Ltd filed a draft prospectus with the markets regulator to raise up to Rs 15 billion (USD 320 million), joining a rush by property firms to raise funds from a booming stock market.

New Delhi-based BPTP is focused on projects in the region adjoining the national capital.

A clutch of Indian developers, including Emaar MGF, Lodha Developers, Nitesh Estates and Godrej Properties, have already hit the market or are working on plans to sell shares in the next few months to raise up to USD 6 billion.

 

🙂

Power Grid may consider FPO plan early FY11

Power Grid Corporation Ltd. board is likely to take up FPO (follow-on public offering) plan early FY11.

Government will divest part of its stake with FPO.

The company had raised nearly Rs 3,000 crore from its IPO (initial public offering) in September 2007.

Its issue price was at Rs 52.

 

🙂

 

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MUTUAL FUND MARKET WATCH

5/1/2010

Baroda Pioneer Mutual Fund has revised the exit load structure of Baroda Pioneer Treasury Advantage Fund with effective from December 24, 2009.

Accordingly the revised exit load charge is nil for the scheme.

The earlier exit load charge was 0.10% if redeemed within 3 business days from the allotment date.

Baroda Pioneer Treasury Advantage Fund is an open ended debt scheme with an investment objective to generate income with a high level of liquidity by investing in a portfolio of money market as well as debt securities.

 

🙂

 

Principal Mutual Fund has announced the appointment of Mr. Sandeep Nigudkar as the Key Personnel of Principal Pnb Asset Management Co. Pvt. Ltd. (AMC) and designated as the Fund Manager – Fixed Income, with effective from December 1, 2009.

Mr. Nigudkar manages schemes such as Principal Income Fund and Principal Government Securities Fund.

 

🙂

 

Quantum Mutual Fund has offered the units of Quantum Long Term Equity Fund, Quantum Tax Savings Fund and Quantum Equity Fund of Funds for purchase / redemption on Bombay Stock Exchange (BSE) as well as National Stock Exchange (NSE) effective from December 21, 2009.

This facility i.e. purchases / redemption of units is available to both existing and new investors.

However, the switching of the units is not permitted.

 

🙂

 

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MUTUAL FUND MARKET UPDATE (Dividend Declared)

21/12/2009

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BSL MF declares 20% dividend for Basic Industries Fund

Birla Sun Life Mutual Fund has approved Dec.24, 2009 as the record date for declaration of dividend under dividend option of Birla Sun Life Basic Industries Fund.

The quantum of the dividend will be 20% or Rs 2 per unit as on the record date.

Principal MF declares dividend for Govt Securities Fund

Principal Mutual Fund has approved Dec. 24, 2009 as the record date for declaration of dividend under quarterly dividend option of Principal Government Securities Fund.


The quantum of dividend will be Rs 0.2 per unit, subject to availability of distributable surplus as on the record date.

 

🙂

Franklin Templeton declares dividend under India Life Stage FoF

Franklin Templeton Mutual Fund has approved Dec.24, 2009 as the record adte for declaration of dividend under dividend option of FT India Life Stage Fund of Funds.

The face value of per unit is Rs 10.

The quantum of the dividend is as follows:

50s Plus Plan:

Rs 0.350 per unit for individuals and HUF and Rs 0.326 per unit for others as on the record date.

50s Plus Floating Rate Plan:

Rs 0.263 per unit for individuals and HUF and Rs 0.245 per unit for others as on the record date.

 

🙂

MUTUAL FUND MARKET UPDATE

18/12/2009

Bharti AXA MF Announced Change in Fund Manager

Bharti AXA Mutual Fund has announced that a new fund manager has been designated for Bharti AXA Liquid Fund.


Mr. Ramesh Rachuri, Senior Fund Manager, Fixed Income, has been designated as the new Fund Manager of Bharti AXA Liquid Fund in place of Mr. Sujoy Kumar Das, the current Fund Manager.


The changes came into effective from November 3, 2009.

 

🙂

·Canara Robeco MF Introduces Weekly Dividend Payout Facility

Canara Robeco Mutual Fund has introduced weekly dividend payout facility along with the weekly dividend reinvestment facility currently available under weekly dividend option of Super Institutional Plan of Canara Robeco Treasury Advantage Fund.


The changes came into effective from October 31, 2009.

 

🙂

·Taurus MF Announces Changes to Ethical Fund

Taurus Mutual Fund has announced that Taqwaa Advisory and Shariah Investment Solutions Pvt. Ltd. (TASIS) is now not assisting Taurus Asset Management Company Limited on Shariah Compliance.


Hence, all the references to TASIS, Mufti Barkutallah Abdul Kadir and Shariah Board of Taurusv Ethical Fund stand annulled effective from October 29, 2009.

 

🙂

MUTUAL FUND MARKET UPDATE (Dividend Declared)

05/12/2009

Kotak MF Declares Dividend for Quarterly Interval Plan Series

Kotak Mutual Fund has declared dividend under dividend option of Kotak Quarterly Interval Plan Series 4.


The record date for dividend has been set as December 3, 2009.


The quantum of dividend will be up-to 100% of distributable surplus available as on the record date on the face value of Rs 10 per unit.


The scheme’s NAV stood at Rs 10.0813 per unit as on November 27, 2009.

🙂

• Tata MF Declares Dividend

Tata Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option of Tata Fixed Horizon fund – Series 20 Scheme A.

The record date for dividend has been set as December 1, 2009.

The quantum of dividend will be up-to 100% of the distributable surplus available as on the record date.

The NAV for regular investment plan was at Rs 11.0155 per unit as on November 27, 2009.

 

🙂

• Taurus MF Announces Dividend

Taurus Mutual Fund has declared dividend under dividend plan of Taurus Tax Shield.


The record date for the dividend has been set as November 30, 2009.


The quantum of the dividend will be 10% (Re 1 per unit) of distributable surplus as on the record date.


The NAV of the scheme was at Rs 24.17 per unit as on November 27, 2009.

 

🙂

MUTUAL FUND UPDATE

04/12/2009


UTI MF Announces Change

UTI Mutual Fund has announced that the schemes’ units are permitted to be transacted through registered stock brokers and such brokers will be eligible to be considered as official points of acceptance (OPA).

The changes will come into effect from November 30, 2009.

Accordingly, all the eligible brokers registered with National Stock Exchange (NSE) will be facilitating financial transactions relating to UTI Mastershare as well as UTI Masterplus, UTI Equity Fund, UTI Contra Fund, UTI Top 100 Fund, UTI Infrastructure Fund, UTI Dividend Yield Fund, UTI Services Industries Fund, UTI Master Value Fund, UTI Mid Cap Fund, UTI Leadership Equity Fund, UTI MNC Fund, UTI Opportunities Fund, UTI Wealth Builder Fund II, UTI Banking Sector Fund, UTI Energy Fund, UTI Pharma & Healthcare Fund, UTI Transportation & Logistic Fund, UTI ETSP, UTI Variable Investment Scheme, UTI Balance Fund, UTI Monthly Income Scheme, UTI MIS Advantage Plan, UTI Short Term Income Fund, UTI G-Sec Fund – Investment Plan, UTI G-Sec – STP, UTI Gilt Advantage Fund, UTI Bond Fund, UTI Treasury Advantage Fund, UTI Floating Rate Fund.

🙂

Sundaram BNP Paribas Select Thematic Funds PSU Opportunities Floats On

Sundaram BNP Paribas Mutual Fund floats a new an open-ended equity scheme named as Sundaram BNP Paribas Select Thematic Funds PSU Opportunities.

The New Fund Offer (NFO) price for the scheme is Rs 10 per unit.

The new issue is open for subscription from November 25, 2009 and close on December 23, 2009.

The scheme’s investment objective is to seek capital appreciation by investing in equity and equity-related securities of public sector companies to the extent of at least 65%.

The fund may also invest in bonds and other fixed-income instruments issued by public sector entities.

Under the normal circumstances, the cash may be deployed in fixed income and money market instruments.

The exposure to overseas securities shall not exceed 35% of assets and shall be only related to the theme.

🙂

Birla Sun Life MF Revises Exit Load for Income Fund

Birla Sun Life Mutual Fund has revised the exit load structure of Birla Sun Life Income Fund, which effected from November 24, 2009.

For redemptions/switch-out of units within 7 days from the allotment date, the exit load charge 0.25% of applicable NAV.

However, the exit load charge will be nil, for redemption/switch-out of units after 7 days from the allotment date.

For redemptions/switch-out of units within 365 days from the allotment date, the exit load charge is 1% of applicable NAV.

However the exit load charge is nil, for redemption/switch-out of units after 365 days from the date of allotment.

Birla Sun Life Income Fund is an open ended income scheme with an investment objective to generate income & capital appreciation by investing 100% of the corpus in a diversified portfolio of debt and money market securities.

🙂

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MUTUAL FUND INDUSTRY UPDATE

02/12/2009

..

Baroda Pioneer Short Term Bond Fund files offer document with Sebi

Baroda Pioneer Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch an open ended income scheme – Baroda Pioneer Short Term Bond Fund.

The scheme’s new fund offer (NFO) price will be Rs 10 per unit.

The fund’s objective is to generate income from a portfolio constituted of short to medium term debt and money market securities.

🙂


• LICMF Fixed Maturity Plan Series 46-47-48-49 files offer document with Sebi

LIC Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch a close-ended income scheme – LICMF Fixed Maturity Plan Series 46-47-48-49.


The new fund offer (NFO) price for the scheme is Rs 10 per unit.


The scheme’s investment objective is to minimize interest rate risk by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the scheme.

 

🙂


• Baroda Pioneer Floating Rate Fund files offer document with Sebi

Baroda Pioneer Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch an open ended debt scheme – Baroda Pioneer Floating Rate Fund.


The scheme’s new fund offer (NFO) price will be Rs 10 per unit.


The scheme’s primary objective is to generate stable returns with a low risk strategy by creating a portfolio that is substantially invested in good quality floating rate debt or money market instruments, fixed rate debt or money market instruments swapped for floating returns and fixed rate debt and money market instruments.

 

🙂

 

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MUTUAL FUND INDUSTRY UPDATE

01/12/2009

Spice Group eyeing acquisitions in MF, broking space


According to Mr. Sudip Bandyopadhyay Spice Group’s president, Global Financial Services BK Modi-spearheaded Spice Group plans to enter into mutual funds, stock-broking and distribution and micro-finance businesses

through acquisitions by end-March 2010.

Axis Arbitrage Fund files offer document with Sebi

Axis Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch an open ended equity scheme called as Axis Arbitrage Fund.

The new fund offer (NFO) price for the scheme is Rs 10 per unit.

UTI-Fixed Term Income Fund – Series VIII files offer document with Sebi

UTI Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch a close ended income scheme – UTI-Fixed Term Income Fund – Series VIII.


The tenure of the scheme is from 366 days to 1826 days.


The scheme’s new fund offer (NFO) price will be Rs 10 per unit.


The scheme aims to generate stable returns by investing in a portfolio of fixed income securities normally maturing in line with the maturity period of

the respective scheme.


The scheme would allocate 5% to 100% of asset in debt including securitized debt with low to medium risk profile and up-to 95% of assets in money market instruments with low risk profile.


The scheme may invest up-to 100% of its debt portfolio in securitized debt.

 

🙂

MUTUAL FUND MARKET UPDATE (Dividend Declared)

28/11/2009

..

Birla Sun Life MF Declares Dividend for FMP:


Birla Sun Life Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option of Birla Sun Life Fixed Maturity Plan Annual Series – 1.

The record date for dividend has been set as November 25, 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date.

The scheme recorded NAV of Rs 10.7036 per unit as on November 19, 2009.

🙂


AIG MF Declares Dividend

AIG Mutual Fund has declared dividend on the face value of Rs 1000 per unit in
retail & institutional plan of AIG Quarterly Interval Fund – Series II.

The record date for dividend has been fixed as November 27, 2009.

The quantum of dividend will be up-to 100% of distributable surplus as on the record date.


The NAV for retail plan was at Rs 1004.4457 per unit while Rs 1004.5602 per unit for institutional plan as on November 20, 2009.

🙂

Tata MF Declares Dividend for Equity P/E Fund

Tata Mutual Fund has declared dividend on the face value of Rs 10 per unit under Dividend Trigger Option A – 5% of Tata Equity P/E Fund.

The record date for dividend has been set as November 26, 2009.


The quantum of dividend will be 18% (Rs 1.80 per unit) as on the record date, subject to availability of distributable surplus.

The scheme recorded NAV of Rs 39.3464 per unit as on November 20, 2009.

🙂

——————————————————

MUTUAL FUND MARKET UPDATE (Dividend Declared)

27/11/2009

 

Escorts MF Declares Dividend for Income Plan


Escorts Mutual Fund has declared dividend on the face value of Rs 10 per unit for Escorts Income Plan.

 

The record date for the dividend is set as November 27, 2009.

 

The quantum of dividend will be Rs 0.07 per unit as on the record date.

 

The NAV for dividend option was at Rs 11.3164 per unit while Rs 28.9161 per unit for growth option and Rs 15.2257 per unit for bonus option as on November 20, 2009.

 

🙂


• Escorts MF Declares Dividend for Opportunities Fund


Escorts Mutual Fund has declared dividend on the face value of Rs 10 per unit for Escorts Opportunities Fund.

 

The record date for the dividend is set as November 27, 2009.

 

The quantum of dividend will be Rs 0.0981 per unit as on the record date.

 

The NAV for dividend option was at Rs 10.1885 per unit while Rs 25.9043 per unit for growth option as on November 20, 2009.

🙂


• UTI MF Declares Dividend for Services Industries Fund


UTI Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option of UTI Services Industries Fund.

 

The record date for dividend has been set as November 27, 2009.

 

The quantum of dividend will be 20% (Rs 2 per unit) as on the record date.

 

The NAV for the scheme was at Rs 24.64 per unit as on November 20, 2009.


 

🙂

 

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MUTUAL FUND MARKET UPDATE

26/11/2009

Birla Sun Life MF winds up Interval Income Fund – Quarterly Plan – Series III

Birla Sun Life Mutual Fund has ceased Birla Sun Life Interval Income Fund – Quarterly Plan – Series III, an interval income scheme effective from November 20, 2009.

 

Accordingly, the investments of the existing unitholders in the scheme is redeemed at the NAV as on November 19, 2009.

 

🙂


UTI MF Extends STRIP facility to Dividend Reinvestment Option

UTI Mutual Fund has announced that Systematic Transfer Investment Plan (STRIP) which is available under growth option of the below mentioned schemes has been extended to dividend reinvestment option of these schemes effective from November 23, 2009.


 

The source schemes are UTI Liquid Fund Cash Plan – Regular Plan, UTI Money Market Fund – Regular Plan, UTI Floating Rate Fund (Short Term Plan) – Regular Plan, UTI Treasury Advantage Fund – Daily Dividend Plan, Weekly Dividend Plan, Monthly Dividend Plan, quarterly Dividend Plan, Annual Dividend Plan.

 

🙂


ICICI Prudential MF revises minimum application amount in Flexible Income Plan

ICICI Prudential Mutual Fund has announced that under the regular option of ICICI Prudential Flexible Income Plan, the minimum application amount for fresh purchases / switches is Rs 5000 and in multiples of Re 1 thereafter and under the premium option of the scheme would be Rs 1 crore and in multiples of Re 1.

 

The changes come into effective from November 19, 2009.

 

🙂

 

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MUTUAL FUND MARKET UPDATE

25/11/2009


Birla Sun Life MF Announces Change in Directorship

Birla Sun Life Mutual Fund has announced some changes in the directorship.

 

Mr. Ravindra Chandra Bhargava as well as Mr. R. Vaidyanathan, Mr. Venkatesh Mysore and Mr. Pankaj Razdan have been approved as Additional Directors of Birla Sun Life Asset Management Company Limited.

 

The changes came into effective from October 21, 2009.

 

While, Mr. Venkatesh Mysore and Mr. Pankaj Razdan are Associate Directors.

 

Mr. Kumar Mangalam Birla, Associate Director shall act as the Chairman of the Board of Directors of Birla Sun Life Asset Management Company Limited for a period of two years effective from October 21, 2009.

 

🙂

• Fidelity Fixed Maturity Plan – Series II files offer document with Sebi

Fidelity Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch a close ended debt scheme- Fidelity Fixed Maturity Plan – Series II with six plans – Plans A to F.

 

The new fund offer (NFO) price for the scheme is Rs.10 per unit.

 

The tenure of the plans: Over 3 months to 37 months from the allotment date of units under a plan.

 

🙂

• DSP Black Rock Mutual Fund launches DSP BlackRock World Mining Fund

DSP BlackRock Mutual Fund has launched a new open ended equity growth scheme named DSP BlackRock World Mining Fund.

 

The fund has the investment objective to seek capital appreciation by investing predominantly in the

units of BlackRock Global Funds – World Mining Fund (BGF – WMF).

 

The scheme may also invest in other similar overseas mutual fund schemes, which may constitute a significant part of its corpus.

 

The Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund.

 

🙂

MUTUAL FUND MARKET UPDATE

24/11/2009

New rules for MF:

SEBI has recently allowed the registered stockbrokers to transact mutual fund units on behalf of their clients through the stock exchange mechanism.

The stockbrokers will now be considered as appropriate official points of acceptance.

However these stock brokers would need to clear AMFI’s certification examination.

The mutual funds will also be required to disclose the locations of their official points of acceptance.

This step would add yet another system of routing orders for purchasing or selling of mutual funds and thus widen the distribution network for themutual funds.

The fee structure under this new system however, is not still unclear.

SEBI also announced that the investors can hold their mutual fund units in dematerialized form and the demat statement provided by the participants would be considered as adequate compliance with SEBI norms.

🙂

• Kotak Fixed Maturity Plans files offer document with Sebi

Kotak Mutual Fund has filed offer document with Securities and Exchange Board of India (SEBI) to launch close ended debt schemes Kotak FMP 370 Days Series 4 & 5 as well as Kotak FMP 13M Series 6, Kotak FMP 18M Series 4 & 5 and Kotak FMP 36M Series 3.

The face value of the new issue will be Rs 10 per unit.

The scheme(s)’ investment objective is to generate returns through investments in debt and money market instruments in order to significantly reduce the interest rate risk.

The scheme will invest in Debt / Money Market Instruments and Government Securities, only maturing on or before maturity of the scheme (s).

🙂

• Axis Fixed Term Plan – Series 1 – 10 files offer document with Sebi

Axis Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch a close-ended debt scheme- Axis Fixed Term Plan – Series 1 – 10.

The new fund offer (NFO) price for the scheme is Rs 10 per unit.

The scheme’s investment objective is to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective plan(s).

Axis Fixed Term Plan – Series 1-10 offers plans of tenure from 12 months to 24 months from the allotment date of the respective Plans (including the date of allotment).

🙂

==========================

MUTUAL FUND MARKET UPDATE

19/11/2009

 

IDFC MF Revises Exit Load for Money Manager Fund

IDFC MF has revised the exit load structure for IDFC Money Manager Fund – Investment Plan.

Accordingly for Plan A & B, the exit load charge for all investment including SIP / Micro SIP / STP shall be 1% of the applicable NAV if redeemed / switched out within 150 days from the allotment date.

The changes came in effect from November 13, 2009.

🙂

• Sahara MF Revises Load Structure for Short Term Bond Fund

Sahara Mutual Fund has revised the exit load charge for Sahara Short Term Bond Fund. Now there is no exit load charge.

The revision came into effective from November 12, 2009.

🙂

• UTI MF Announces Change in Fund Managers

UTI MF has announced changes in its key personnel for various schemes.

As per the revision, Mr. Amandeep Chopra will be the Fund Manager for UTI-Unit Linked Insurance Plan, UTI-Mahila Unit Scheme, UTI-MIS Advantage Plan.

Mr. Amandeep Chopra will also manage the debt portion of UTI Balanced Fund, UTI Charitable & Religious Trusts scheme, UTI-Monthly Income Scheme, UTI Retirement

Benefit Pension Fund, UTI-Capital Protection Oriented Scheme

 

While the equity portion of these will be managed by Mr. V. Srivatsa.

Mr. Amandeep Chopra will also be the Fund Manager for the Debt Portion of UTI-Children Career Balanced Plan and Mr. Anoop Bhaskar will look after the equity portion of the schemes.

Mr. Anoop Bhaskar will replace Mr. Amandeep Chopra and Mr. Deb Bhattacharya as the fund manager for UTI-CCP Advantage Fund.

🙂

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MUTUAL FUND MARKET WATCH

17/11/2009

IDFC Mutual Fund Introduces Dividend Sweep Option

IDFC Mutual Fund has introduced Dividend Sweep from Debt schemes, Liquid schemes, IDFC Arbitrage and Arbitrage Plus to any equity schemes of IDFC Mutual Fund.

 

The fund house has also introduced an STP facility under IDFC Arbitrage Fund and Arbitrage Plus Fund.

These changes would come into effect from November 16, 2009.

 

🙂

Birla Sun Life T-20 Fund Files offer document with Sebi

Birla Sun Life Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch a close ended equity scheme- Birla Sun Life T-20 Fund.

 

The new fund offer (NFO) price for the scheme will be Rs. 10 per unit.

 

The scheme’s objective is to generate long-term growth of capital by investing pre-dominantly in a portfolio of equity & equity related securities, generally in 20 top growing companies.

🙂

Canara Robeco Fixed Maturity Plan – Series 5 Files offer document with Sebi

Canara Robeco Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch a close ended fixed maturity debt schemeCanara Robeco Fixed Maturity Plan – Series 5.

 

The new fund offer (NFO) price for the scheme will be Rs. 10 per unit.

The scheme’s investment objective is to generate income by investing in a portfolio of debt and money market instruments maturing either on or before the scheme’s maturity.

🙂

=============================================

MUTUAL FUND MARKET WATCH

16/11/2009

 

SEBI permits registered stock brokers to transact in mutual funds

SEBI has recently allowed the registered stockbrokers to transact mutual fund units on behalf of their clients through the stock exchange mechanism.

The stockbrokers will now be considered as appropriate official points of acceptance.

 

However these stock brokers would need to clear AMFI’s certification examination.

The mutual funds will also be required to disclose the locations of their official points of acceptance.

This step would add yet another system of routing orders for purchasing or selling of mutual funds and thus widen the distribution network for the mutual funds.

The fee structure under this new system however, is still unclear.


SEBI also announced that the investors can hold their mutual fund units in dematerialized form and the demat statement provided by the participants would be considered as adequate compliance with SEBI norms.

 

🙂

• Religare PSU Equity Fund mops up Rs.229 crore

Religare Mutual Fund has garnered Rs 229 crore through Religare PSU Equity Fund, an open ended equity scheme, during its initial offer period from September 29, 2009 to October 28, 2009.


The Religare PSU Equity Fund will reopen for ongoing sale and repurchase (not later than) on November 27, 2009.

 

🙂

• Birla Sun Life MF winds up Interval Income Fund – Monthly Plan – Series II

Birla Sun Life Mutual Fund has ceased Birla Sun Life Interval Income Fund – Monthly Plan – Series II, an interval income scheme.

It has been wound up effective from November 5, 2009, instead of November 6, 2009.

🙂

==============================================

MUTUAL FUND MARKET WATCH

13/11/2009

HDFC Medium Term Opportunities Fund files offer document with Sebi

HDFC Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch an open ended income scheme- HDFC Medium Term Opportunities Fund.

The new fund offer (NFO) price for the scheme is Rs. 10 per unit.

The scheme’s investment objective is to generate regular income through investments in debt / money market instruments and government securities with maturities not more than 60 months.

🙂

Baroda Pioneer PSU Equity Fund files offer document with Sebi

Baroda Pioneer Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch an open ended equity scheme- Baroda Pioneer PSU Equity Fund.

The new fund offer (NFO) price for the scheme is Rs. 10 per unit.

The scheme’s primary investment objective will be to provide investors with opportunities for long-term growth in capital along with the liquidity of an open-ended scheme through an active management of investments in a diversified basket of equity stocks of domestic Public Sector Undertakings.

🙂

===============================

MUTUAL FUND MARKET WATCH

12/11/2009

 

Kotak MF Launches 18 Months Plan

Kotak Mutual Fund has launched a new close ended debt fund named as Kotak FMP 18M Series 2.

The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit.

The new issue is open for subscription from November 5, 2009 and close subscription on November 18,2009.

The scheme’s investment objective is to generate regular returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.

🙂

• Reliance MF Announces Change in Associate Director

Reliance Mutual Fund has announced the appointment of Mr. Soumen Ghosh as Associate Director of Reliance Capital Asset Management Limited (RCAM) instead of Mr. Vikrant Gugnani.

The change has been effective from October 28, 2009.

🙂

• AIG Mutual Fund revises responsibilities under its key personnel

AIG Mutual Fund has revised the responsibilities under few of its key personnel.

As per the revision Mr. Vikrant Mehta will be redesignated as the fund manager for fixed income.

 

The schemes AIG Income Liquid Fund and AIG Short Term Fund will now be managed by Mr. Vikrant Mehta.

These schemes were earlier managed by Mr. Ruchir Parekh – fund manager for fixed income, he will however continued to manage the schemes AIG India Treasury Fund, AIG World Gold Fund, AIG Quarterly Interval Fund – Series 1 and Series 2.

Mr. Sayantan Bhowmick has also been re-designated as Dealer and Research Analyst for fixed income.

The revisions will take effect from 09th November, 2009.

🙂

==================================

 

MUTUAL FUND MARKET WATCH

Date: Nov-07-2009

·The assets of the mutual fund industry have touched an all time high of Rs 7.62 lakh crore, industry’s average AUM surged Rs 19,391 crore, or 2.61 per cent.

The combined average AUM of 36 fund houses hit the historic mark of Rs 7,62,301.82 crore at the end of October.

Reliance MF maintained its top slot as the country’s largest fund house despite a fall of Rs 1,469.51 crore in its AUM during the month.

The AUM of Reliance MF at the end of October stood at Rs 1,16,781.92 crore.

On the flip side, the assets of HDFC MF, country’s second largest fund house inched closer to the Rs 1 lakh crore mark with an addition of Rs 2,888 crore during October.

ICICI MF assets in October was almost flat over the previous month at Rs 80524 Cr.

🙂

 

2.

Axis Mutual Fund will float a new open ended growth scheme named as Axis Equity Fund.

The new issue will open for subscription on November 11, 2009 and will close on

December 8, 2009.

The scheme’s investment objective is to achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity and equity related securities including derivatives.

🙂

 

3.

HDFC Mutual Fund has launched new fund offer of HDFC FMP 19M November 2009, it is a close ended income scheme and a fixed maturity plan under HDFC Fixed Maturity Plans – Series XI.

The new issue has opened for subscription on November 6, 2009 and will close on November 16, 2009.

The NFO price for the fund is Rs. 10 per unit.


======================================

 

MUTUAL FUND MARKET WATCH

Date: Nov-05-2009

Bharti AXA MF Announces Change in Fund Manager

Bharti AXA Mutual Fund announced that a new fund manager has been designated for Bharti AXA Liquid Fund.

Mr. Ramesh Rachuri, Senior Fund Manager, Fixed Income, has been designated as the new Fund Manager of Bharti AXA Liquid Fund in place of Mr. Sujoy Kumar Das, the current Fund Manager.

The changes will take effect from November 3, 2009.


• Canara Robeco MF Introduces Weekly Dividend Payout Facility

Canara Robeco Mutual Fund has introduced weekly dividend payout facility along with the weekly dividend reinvestment facility currently available under weekly dividend option of Super Institutional Plan of Canara Robeco Treasury Advantage Fund.

The changes are effective from October 31, 2009.

• Taurus MF Announces Changes to Ethical Fund

Taurus Mutual Fund has announced that Taqwaa Advisory and Shariah Investment Solutions Pvt. Ltd. (TASIS) is now not assisting Taurus Asset Management Company Limited on Shariah Compliance.

Hence, all the references to TASIS, Mufti Barkutallah Abdul Kadir and Shariah Board of Taurus Ethical Fund stand annulled, effective from October 29, 2009.

🙂

=====================================

 

MUTUAL FUND MARKET WATCH

Date: Nov-04-2009

Escorts MF Announces Change in Key Personnel

Escorts Mutual Fund has announced the resignation of Mr. Vipin Chawla, Compliance Officer of all schemes of the fund house from the services of Escorts Asset Management Ltd.

Effective from the close of business hours on September 30, 2009 and hence he ceases to be a Key Personnel.

• DWS FTF – Series 69 files offer document with Sebi

DWS Mutual Fund has filed an offer document with the market regulator, Securities and Exchange Board of India (SEBI) to launch a close ended debt fund- DWS Fixed Term Fund – Series 69.

The new fund offer (NFO) price for the scheme is Rs. 10 per unit.

The scheme’s investment objective is to generate regular income by investing in debt and money market instruments maturing on or before the maturity date of the scheme.

• ICICI Pru to unveil Oil Fund, files offer document with SEBI

ICICI Prudential Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch an open ended scheme- ICICI Prudential Oil Fund.

The new fund offer (NFO) price for the scheme is Rs 10 per unit.

The investment objective of the Fund is to seek to provide investment returns by investing in foreign debt securities that track crude oil prices and deliver returns linked to crude oil prices.

The fund intends to offer investors an opportunity to participate and gain from exposure to crude oil prices through an investment in foreign debt securities having crude oil prices as the underlying.

🙂

========================================

 

MUTUAL FUND MARKET WATCH

Date: Nov-03-2009

 

Axis MF’s maiden equity fund offer to open on Nov 11

Axis Mutual Fund will float its maiden diversified equity scheme – Axis Equity Fund – on November 11, as per information on the mutual fund’s website.

The open-ended equity scheme will close for initial subscription on December 8.

Post the new fund offer,the scheme would re-open for ongoing purchases and redemption from January 7.

The investment objective of the scheme is to achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity & equity related securities including derivatives.

However, there can be no assurance that the investment objective of the scheme will be achieved.

The fund will deploy at least 80% of its corpus in equities, and keep the rest in fixed income securities.

The scheme has the flexibility to invest across market capitalisation and sectors.

🙂

Birla Sun Life MF Changes Fund Management Responsibilities

Birla Sun Life Mutual Fund has announced that the fund management responsibilities of the below mentioned schemes have been reassigned to Mr Prasad Dhonde effective from October 28, 2009.

Birla Sun Life Fixed Term Plan-Series AF along with Birla Sun Life Fixed Term Plan-Series BE, Birla Sun Life Fixed Term Plan-Series BF, Birla Sun Life Fixed Term Plan-Series BI, Birla Sun Life Fixed Term Plan-Series BJ, Birla Sun Life Fixed Term Plan-Series BK, Birla Sun Life Fixed Maturity Plan-Annual Series 1,

Birla Sun Life Interval Income Fund-Quarterly Plan-Series I, Birla Sun Life Interval Income Fund-Quarterly Plan-Series II, Birla Sun Life Interval Income Fund-Quarterly Plan-Series III, Birla Sun Life Interval Income Fund-Monthly Plan-Series I, Birla Sun Life Interval Income Fund-Monthly Plan-Series II, Birla Sun Life Quarterly Interval Fund- Series 2, Birla Sun Life Quarterly Interval Fund- Series 3, Birla Sun Life Quarterly Interval Fund- Series 4, Birla Sun Life Quarterly Interval Fund- Series 5, Birla Sun Life Quarterly Interval Fund- Series 6.

🙂

Bharti Axa Extends Liq-uity Facility

With effect from November 3, 2009 the Liq-uity facility is also available under the growth option of Bharti AXA Liquid fund and Bharti AXA Treasury Advantage Fund.

Earlier it was only available under the Dividend Transfer option.

🙂

MUTUAL FUND INDUSTRY UPDATE

Date: Oct-30-2009

Mutual Funds turn buyers after selling in 12 days in a row

Mutual funds (MFs) bought shares worth a net Rs 438.70 crore on October 28, 2009 as compared to an outflow of Rs 637.60 crore on October 27, 2009.

The inflow of MFs’ stood at Rs 438.70 crore as on October 28, 2009 and this was a result of gross purchases Rs 1290.20 crore and gross sales Rs 851.50 crore.

The MFs sold shares worth a net Rs 5,766.80 crore in October 2009 (till 28 October 2009) and the MFs had sold shares worth a net Rs 2334.60 crore in September 2009.

🙂

Taurus MF Announces Changes to Ethical Fund

Taurus Mutual Fund has announced that Taqwaa Advisory and Shariah Investment Solutions Pvt. Ltd. (TASIS) is now not assisting Taurus Asset Management Company Limited on Shariah Compliance.

Hence, all the references to TASIS, Mufti Barkutallah Abdul Kadir and Shariah Board of Taurus Ethical Fund stand annulled, effective from October 29, 2009.

Taurus Ethical Fund is an open end equity oriented scheme with an investment objective to provide capital appreciation as well as income distribution to the unitholders through investment in diversified portfolio of equities.

🙂

IDFC MF Revises Exit Load Structure

IDFC MF has announced the revision of exit load structure for IDFC Money Manager Fund – Treasury Plan – Plan D (IDFC – MMF – TP – Plan D) as well as IDFC Liquidity Manager Fund (IDFC – LM).

The changes will be effected to the section on Auto Trigger Facility and will come into effect from October 28, 2009.

Accordingly the exit load charge will be nil for IDFC – MMF – TP – Plan D / IDFC – LM in case of redemptions / switch-outs to any debt / liquid schemes of the fund house including IDFC – Tax Advantage (ELSS) Fund.

🙂

===============================

MUTUAL FUND MARKET WATCH

Date: OCt-29-2009

 

1.

Principal Pnb FMP – 540 Days – Series IV waits for Sebi`s approval

Principal Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch a close ended debt scheme- Principal Pnb Fixed Maturity Plan – 540 Days – Series IV.

The new fund offer (NFO) price for the scheme will be Rs 10 per unit.

The scheme’s investment objective is to build an income oriented portfolio and generate returns through investment in debt / money market instruments and government securities.

2.

Principal Pnb FMP- 385 Days – Series XVI files offer document with Sebi

Principal Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch a close ended debt scheme- Principal Pnb Fixed Maturity Plan – 385 Days – Series XVI.

The new fund offer (NFO) price for the scheme is Rs 10 per unit.

The scheme’s investment objective is to build an income oriented portfolio as well as generate returns through investment in debt / money Market instruments and government securities.

The scheme shall offer dividend and growth option.

Further, the dividend option will have the facility of payout and sweep.

🙂

==========================

 

MUTUAL FUND MARKET WATCH

Date: OCt-27-2009

1.

Fortis MF launches 18 months plan

Fortis Mutual Fund has launched new close ended income scheme named as Fortis Fixed Term Plan – Series 16 B.

The face value of the new issue will be Rs 10 per unit.

The new issue will close on November 3, 2009.

The maturity date of the scheme would be 18 months from the allotment date of units of the scheme, unless rolled over.

The scheme’s investment objective is to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme.

🙂

2.

ICICI Prud FMP-Series 49-3 Years Plan B Floats On

ICICI Prudential Mutual Fund has launched a new close ended debt fund named as ICICI Prudential Fixed Maturity Plan – Series 49 – Three Years Plan B.

The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit.

The new issue is going to close on November 5, 2009.

The investment objective of the plan is to seek to generate regular returns by investing in a portfolio of fixed income securities/ debt instruments that mature on or before the date of maturity of the plan/ scheme.

🙂

3.

Tata MF opens NFO of FMP -Series 25-Scheme C

Tata Mutual Fund has launched new close ended debt fund named as Tata Fixed Maturity Plan -Series 25 -Scheme C.

The face value of the new issue will be Rs. 10 per unit.

The new issue is opened for subscription from October 21 till December 4, 2009.

The scheme’s investment objective is to generate income and / or capital appreciation by investing in wide range of debt and money market instruments having maturity in line with the maturity of the respective schemes.

The maturity of all investments shall be equal to or less than the maturity of respective schemes.

🙂

===================================

MUTUAL FUND MARKET WATCH

Date: OCt-20-2009

 

1.

Kotak MF Revises Exit Load Structure for Quarterly Interval Plan Series 2

Kotak Mutual Fund has revised the exit load structure for Kotak Quarterly Interval Plan Series 2 effective from September 22, 2009.

Accordingly, if redeemed anytime other than the specified transaction period for redemptions/switch-outs, the scheme charges an exit load of 1%.

The new load structure is applicable only on a prospective basis to units purchased on or after the said date.

Moreover, for all units purchased prior to the said date in the scheme, exit load at the time of purchase of such units is applicable as hitherto.

🙂

2.

Canara Robeco MF Revises Exit Load for F.O.R.C.E Fund

Canara Robeco Mutual Fund has brought change the exit load structure for Canara Robeco F.O.R.C.E Fund (Financial Opportunities, Retail Consumption and Entertainment Fund), effective from September 15, 2009.

As per the revised changes, for all investments amounts in lump sum/SIP/STP, the exit load charge is 1%, if redeemed/switched out within 1 year from the allotment date.

However, the exit load charge is nil if redeemed/switched out after 1 year from the date of allotment.

🙂

3.

IDFC Mutual Fund announces revisions under its scheme

IDFC Mutual Fund has changed the minimum application amount under the systematic investment plan facility of its scheme IDFC Small and Mid Cap Equity Fund.

The minimum application amount has been revised to Rs. 1000 per installment as against the previous amount of Rs. 500 per installment.

Furthermore, weekly and fortnightly SIP facilities have also introduced with the minimum number of installments being six.

🙂

=============================


MUTUAL FUND MARKET WATCH

Date: OCt-15-2009

Tata Mutual Fund has filed an
offer document with Securities and Exchange Board of India (SEBI).

The move aimed to launch Tata
Fixed Maturity Plan – Series 26
, a close ended debt fund.

The new fund offer (NFO) price
for the scheme is Rs.10 per unit.

The investment purpose of the
schemes
is to generate income and /or capital appreciation by investing in wide
range of Debt and Money Market instruments
having maturity in line with the
maturity of the respective schemes.

The maturity of all investments
shall be equal to or less than the maturity of respective schemes.

2.

Sundaram BNP Paribas Mutual Fund
has filed an offer document with Securities and Exchange Board of India (SEBI)
to begin Sundaram BNP Paribas FTP – Y – AC (comprising series Y, Z, AA, AB
& AC), a close-ended income scheme.

The scheme would invest upto100%
of asset in money-market instruments.

The scheme may invest up to 100%
in short-term and medium-term debt instruments and securitised debt.

🙂

=======================================


MUTUAL FUND MARKET WATCH

Date: OCt-14-2009

1. Kotak Mutual Fund has revised the exit load structure for Kotak Quarterly Interval Plan Series 9, effective from 7 October 2009.

Accordingly, if redeemed anytime other than the specified transaction period for redemptions, an exit load of 1% will be charged.

The new load structure will be applicable only on a prospective basis to units purchased on or after the said date.

🙂

2.

HDFC Mutual Fund has announced the declaration of dividend on the face value of Rs. 10 per unit under dividend option of HDFC Quarterly Interval Fund – Plan B.

The record date for dividend has been fixed as 12 October 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date.

The NAV for retail plan was at Rs. 10.0934 per unit as on 9 October 2009.

🙂

3.

UTI Mutual Fund has declared dividend on the face value of Rs. 10 per unit under dividend option of UTI Fixed Income Interval Fund – Monthly Interval Plan II.

The record date for dividend has been fixed as 14 October 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date.

The NAV for retail option was at Rs. 10.0453 per unit as on 9 October 2009.

🙂

=======================================

MUTUAL FUND MARKET WATCH

Date: OCt-13-2009

 

Franklin Templeton Mutual Fund has revised the exit load structure and introduce systematic investment plan in retail plan of Templeton India Short Term Income Plan (TISTIP).

The changes came into effective from 7 October 2009. Accordingly in respect of each purchase of units an exit load of 0.50% will be charged if the units are redeemed / switched-out within 6 months of allotment.

The Systematic Investment Plan (SIP) facility is being introduced in the retail plan of the scheme.

This facility is available only in growth option of TISTIP – retail plan.

The fund house will accept a minimum of 12 cheques each of Rs. 500/- or more or a minimum of 6 cheques each of Rs. 1000/– or more for any SIP investor.

🙂

Principal Mutual Fund has brought changes in key personnel with effective from 29 September 2009.

Accordingly Mr. Shobit Gupta has been appointed as the key personnel of Principal Pnb Asset Management Company Pvt. Ltd. (AMC) and designated as the Head – Fixed Income of Principal Mutual Fund.

Mr. Rajat Jain, Chief Investment Officer shall be the Fund Manager for Principal Large cap Fund in addition to his responsibility as Fund Manager of Principal Global Opportunities Fund.

Pursuant to their resignation Mr. Badrish Kulhalli, Senior Fund Manager and Mr. Pramod Gupta, Fund Manager cease to be the Key Personnel of the AMC.

🙂

Fidelity Mutual Fund has announced that Mr. Sameer Kulkarni has ceased to be the Fund Manager of the fixed income schemes including Fidelity Wealth Builder Fund.

Mr. Kulkarni has submitted his resignation from the services of FIL fund Management Private Limited, the Investment Manager of the Fund.

Mr. Mahesh A. Chhabria and Mr. Vikram Chopra who have been appointed as the Assistant Fund Managers of the Fixed Income Schemes will be responsible for managing the respective Fixed Income Schemes.

The changes came in effect from 2 October 2009.

🙂

—————————————————

MUTUAL FUND MARKET WATCH

Date: OCt-12-2009

 

Mutual fund industry Average Asset Under management (AAUM) for the month of September 2009 declined close to 1%.

However, the combined AAUM of the 36 fund houses in the industry decreased by 0.93% to Rs 7.43 lakh crore in September 2009 as compared with Rs 7.50 lakh crore in August 2009.

Out of 36 fund houses, 20 recorded negative inflow and remaining 16 fund houses posted positive inflow.

Reliance Mutual Fund’s AAUM rose marginally about 0.8% to Rs 1,18,251 crore and ICICI Prudential has reported an increase of about 3%.

However HDFC & UTI reported fall in their by 4% and 0.5% respectively.

🙂

Canara Robeco Mutual Fund has renamed the scheme “Canara Robeco CIGO” to Canara Robeco Monthly Income Plan“.

Besides, the fund also converted the existing dividend option of the scheme into monthly dividend option with effect from 8 October 2009.
Canara Robeco CIGO has the investment objective to generate income by investing in debt instruments, money market instruments and small portion in equity.

🙂

IDFC Mutual Fund has announced that IDFC Premier Equity Fund shall not accept further subscriptions (other than by way of SIPs / STPs) after the end of business hours on 14 October 2009.

🙂

===================================

 

MUTUAL FUND MARKET UPDATES

Date: OCt-09-2009

 

 

1.

UTI MF Declares Dividend for Fixed Income Interval Fund

 

UTI Mutual Fund has declared dividend on the face value of Rs. 10 per unit under dividend option of UTI Fixed Income Interval Fund – Monthly Interval Plan II.

The record date for dividend has been fixed as 14 October 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date.

The NAV for retail option was at Rs. 10.0388 per unit as on 6 October 2009.

UTI Fixed Income Interval Fund is a debt oriented interval scheme, which has the investment objective to generate regular returns by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the respective plan.

Each plan will invest in a distinct portfolio of securities.

🙂

2.

Tata Fixed Maturity Plan – Series 26 files offer document with Sebi

 

Tata Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI).

The move aimed to launch Tata Fixed Maturity Plan – Series 26, a close-ended debt fund.

The new fund offer (NFO) price for the scheme is Rs.10 per unit.

The investment purpose of the schemes is to generate income and /or capital appreciation by investing in wide range of Debt and Money Market instruments having maturity in line with the maturity of the respective schemes.

The maturity of all investments shall be equal to or less than the maturity of respective schemes.

🙂

3.

JM Financial MF Announces Dividend

 

JM Financial Mutual Fund has declared dividend under daily dividend option for JM Floater Fund – Long Term Plan, JM Money Manager Fund, JM Floater Fund – Short Term Plan and JM High Liquidity Fund.

🙂

——————————————————–

 

MUTUAL FUND MARKET UPDATES

Date: OCt-08-2009

 

1. Axis Treasury Advantage Fund Floats On

 

Axis Mutual Fund will launch a new fund named as Axis Treasury Advantage Fund, an open ended debt scheme.

The New Fund Offer (NFO) price for the scheme is Rs. 1000 per unit.

The new issue subscription will open and close on 8 October 2009.

The investment objective of the scheme is to provide optimal returns and liquidity by investing primarily in a mix of money market and short term debt instruments.

Normally, the portfolio will have marginally higher maturity when compared to a liquid fund.

At the same time it aims to maintain a balance between safety and liquidity.

The scheme shall offer growth and dividend options.

🙂

2. Axis Liquid Fund Floats On

Axis Mutual Fund will launch a new scheme named as Axis Liquid Fund, an open ended liquid scheme.

The New Fund Offer (NFO) price for the scheme is Rs. 1000 per unit.

The new issue subscription will open and close on 8 October 2009.

The investment objective of the scheme is to provide reasonable returns commensurate with low risk levels, with a high level of liquidity.

It would invest in a mix of money market and debt securities.

The scheme offers growth and dividend options.

Dividend options has daily, weekly and monthly dividend as sub options.

Daily dividend offers reinvestment facility only, whereas weekly and monthly dividend offers reinvestment and payout facility.

🙂

The fund would invest 50% to 100% in money market instruments with maturity / residual maturity of up-to 91 days with low risk profile.

It would invest up-to 50% in debt instruments with maturity / residual maturity / weighted average maturity up-to 91 days with low to medium risk profile.

🙂

3. ICICI Prudential MF Declares Dividend for Interval Fund

 

ICICI Prudential Mutual Fund has announced the declaration of dividend on the face value of Rs. 10 per unit under dividend option of ICICI Prudential Interval Fund – Half Yearly Interval Plan I.

The record date for dividend has been fixed as 12 October 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date.

The NAV for the scheme was at Rs. 10.2855 per unit as on 5 October 2009.

ICICI Prudential Interval Fund – Half Yearly Interval Plan I is a debt oriented interval scheme,

Investment objective is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities.

🙂

————————————————————-

MUTUAL FUND MARKET WATCH

Date: OCt-07-2009

1.

Fortis Mutual Fund has brought changes in the fund management team and appointed key personnel.

The changes came in effect from 1st October, 2009.

Mr. Amit Nigam shall be the Fund Manager for Fortis Opportunities Fund and Fortis Future Leaders Fund in addition to his responsibility as Fund Manager of existing designated Equity Schemes of the Fund.

Mr. Chirag Doshi shall be the Fund Manager for the scheme of the Fund viz., Fortis Short Term Income fund in addition to his responsibility as Dealer – Fixed Income.

Mr. Sameer Narayan, Fund Manager shall cease to be a Key Personnel for the Fund.

Mr. Karthikraj Lakshmanan has been appointed as key personnel of the Fund and designated as a Fund Manager – Equity, for the schemes of the Fund viz., Fortis Sustainable Development Fund and Fortis Monthly Income Plan (equity portfolio).

🙂

2.

Franklin Templeton Mutual Fund has announced the appointment of Dr. (Mrs.) Indu Shahani as the Director of Franklin Templeton Trustee Services Pvt. Ltd., the Trustee Company of the fund house.

The change will be effective from September 9, 2009.

She is an independent director.

Dr. Shahani, aged 58 years, is the Hon’ble Sheriff and Principal of H.R. College of Commerce & Economics, Mumbai and has earned a Doctorate in Commerce from University of Mumbai.

🙂

3.

Birla Sun Life Mutual Fund has designated Mr. Lokesh Mallya as the key personnel of Birla Sun Life AMC in his capacity as Fund Manager of some of the schemes of the Fund House.

Mr. Lokesh Mallya is 30 years old and holds MBA, FRM as his educational qualification. He has over 4 years of experience.

Mr. Kaustubh Gupta and Mr. Lokesh Mallya will be the Fund Manager for Birla Sun Life Short Term Fund.

Mr. Maneesh Dangi and Mr. Kaustubh Gupta will be fund manager for Birla Sun Life Medium Term Plan.

🙂

=====================================

 

MUTUAL FUND MARKET WATCH

Date: OCt-06-2009

1.

Kotak Mutual Fund has revised the exit load structure for Kotak Gilt Investment PlanRegular Plan and Kotak Gilt Investment PlanProvident & Trust Plan of Kotak Mahindra Gilt unit Scheme ’99.

Accordingly the exit load charges is nil with effect from 1st October 2009.

Earlier Funds charge an exit load of 1 per cent, for redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units.

🙂

2.

Sahara Mutual Fund has revised the exit load structure for equity schemes such as Sahara Growth Fund , Sahara Infrastructure Fund, Sahara Wealth Plus Fund, Sahara Power & Natural Resources Fund, Sahara Banking and Financial Services Fund, Sahara Mid cap Fund, Sahara Super 20 Fund.

The change came into effective from 1st October, 2009.

🙂

Accordingly the exit load charge is 1 percent, if redeemed on or before 12 months from the date of allotment.

If redeemed after 12 months from the date of allotment, the exit load charge is nil.

🙂

3.

Baroda Pioneer Mutual Fund has decided to merge Baroda Pioneer Diversified Fund and Baroda Pioneer Global Fund into Baroda Pioneer Growth Fund.

The merger will be effective from 30th October, 2009.

Investors opting to redeem the units from the schemes can exit from 30th September, 2009 to 30th October, 2009, without payment of any exit load charge.

Baroda Pioneer Growth Fund investment objectives, asset allocation pattern, annual scheme recurring expenses and other features will remain unchanged after the proposed merger.

However, the benchmark index for the scheme will be changed from BSE Sensex to CNX 100.

🙂

================================

 

MUTUAL FUND MARKET WATCH

Date: OCt-05-2009

1.

Shinsei Mutual Fund

🙂

2.

Deutsche Asset Management

🙂

3.

Religare Mutual Fund

🙂

4.

L&T Finance,

🙂

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MUTUAL FUND NEWS

Date: Sep-30-2009

Fortis MF launches Fixed Term
Plan – Series 16 A

• Fortis MF Extends NFO Closing
Date for Fixed Term Plan – Series 15 B

Fortis Mutual Fund

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• L&T Finance to buy out DBS
Chola AMC

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MUTUAL FUND NEWS

Date: Sep-18-2009

·Franklin Templeton Mutual Fund

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·Mirae Asset Mutual Fund

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·Kotak Mutual Fund

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·Canara Robeco Mutual Fund

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MUTUAL FUND MARKET WATCH

Date: Sep-08-2009

 

1.

Reliance Mutual Fund

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2.

Reliance Mutual Fund

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3.

JM Financial Mutual Fund

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4.

5.

Birla Sun Life Mutual Fund

6.

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MUTUAL FUND MARKET WATCH

Date: Sep-07-2009

1.

The combined average AUM of the 36 fund houses in the country hit the historic Rs seven lakh crore-mark at the end of August at Rs 7,49,911.91 crore.

The mutual fund industry’s total AAUM grew by Rs 59,965.79 crore, or 8.69%.

🙂

2.

Religare Mutual Fund h

3.

IDFC Mutual Fund

4.

UTI Mutual Fund

5.

IDFC Mutual Fund

6.

 

MUTUAL FUND UPDATES

Date: Sep-05-2009

 

HDFC Growth Fund as well as HDFC Top 200 Fund,

HDFC Core & Satellite Fund,

HDFC Equity Fund,

HDFC Premier Multi-Cap Fund,

HDFC Balanced Fund,

HDFC Capital Builder Fund and

HDFC Prudence Fund effective from September 3, 2009.

🙂

 

 

2. Kotak MF Declares Dividend

 

🙂

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MUTUAL FUND UPDATES

Date: Sep-04-2009

 

 

2. SBI MF Declares Dividend for Debt Fund Series – 370 days – 1

NEW MUTUAL FUND OFFERS

Date: Sep-02-2009

mutual fund new offer1

 

2)

mutual fund new offer11

 

🙂

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MUTUAL FUND INDUSTRY UPDATE

Date: Sep-01-2009

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Fortis MF Announces Change in Key Personnel

JM Financial MF Wounds-up Interval Fund – Quarterly Plan – 6

• HDFC Fixed Maturity Plan – Series XII files offer document with Sebi

• Fortis Fixed Term Fund – Series 16 files offer document with Sebi

 

NEW FUND OFFER:

Opens on: Jun 09th 2009

Closes on: Sep 09th 2009

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SNAPSHOTS:

Entry Load: 2.25%.

Exit Load: Nil*.

Min. Investment: Rs. 500/-

MIN. S.I.P.: N.A.

Benchmark Index: S & P CNX Nifty

🙂

 

ICICI Prudential R.I.G.H.T. (Rewards of Investing and Generation of Healthy Tax Savings) Fund

A 10 years Close-ended Equity Linked Savings Scheme

🙂

INVESTMENT OBJECTIVE:

ASSET ALLOCATION PATTERN:

COMPANY PROFILE:

RISK PROFILE & SUITABILITY:

COMMENTS:

ICICI Prudential R.I.G.H.T.

FUND MANAGER:

Mr. Prashant Kothari,

DESIGNATION: Jr. Fund Manager

27Years, B. Tech (Chem.) from IIT Mumbai,

PGDM (IIM Ahmedabad)

He has over 5 Years of experience as EquityAnalyst and Fund Manager.

🙂

=====================================================

 

MUTUAL FUND INDUSTRY UPDATE

Date: Aug-24-2009

 

Reliance MF Declares Dividend For Banking Fund


Tata MF Declares Dividend For Fixed Income Portfolio Fund


SBI MF Revises Exit Load Structure

SBI Arbitrage Opportunities Fund:

Magnum Income Fund

🙂

=================================================

MUTUAL FUND UPDATE

Date: Aug-24-2009

🙂

 

HDFC MF Revises Exit Load for Fund of Fund Scheme(s)

HDFC MF Revises Exit Load for Investments Through SIP/STP

HSBC MF Declares Dividend Under HFTS 57


JP Morgan MF Revises Exit load for India Active Bond Fund

🙂

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MUTUAL FUND INDUSTRY UPDATE

Date: Aug-22-2009

 

🙂

·AMFI guidelines on PAN requirements as per Sebi circular

·Kotak MF windup Monthly Interval Plan Series 3

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MUTUAL FUND INDUSTRY UPDATE

Date: Aug-21-2009

 

·Sebi abolish entry load in MFs from Aug 1

·JM Financial Mutual Fund revises its key personnel

·JM Financial MF ceases G-Sec Fund – PF Plus

·ING MF ceases Interval Fund – Annual Interval Fund – A

·Nomura AMC and LIC Mutual Fund enter into strategic partnership

🙂

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MUTUAL FUND INDUSTRY UPDATE

Date: Aug-20-2009

 

 

·Kotak mutual fund launches Kotak Select Focus fund

·Shinsei Mutual Fund launches Shinsei Industry Leaders Fund

·Sahara MF launches Sahara Star Value Fund

·ICICI Prudential R.I.G.H.T. Fund Floats on


·Birla Sun Life MF appoints A. Balasubramanian as CEO

🙂

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MUTUAL FUND INDUSTRY UPDATE

Date: Aug-19-2009

 

 

Religare Mutual Fund launches Religare Credit Opportunities Fund

• Hang Seng Benchmark Exchange Traded Scheme files offer document with Sebi

————————————————————————————

• Infrastructure Benchmark Exchange Traded Scheme files offer document with Sebi

 


 

MUTUAL FUND UPDATE

Date: Aug-18-2009

·ICICI Pru MF Announces Changes

 

🙂

·IDFC MF announces change in benchmark

——————————————————————————–

Mutual Funds In Buying Mode 🙂

Date: Aug-17-2009

————————————————————————————————–

MF investors put in over Rs 1.23 lakh cr, mostly in Fixed Plans

Date: Aug-11-2009

🙂

——————————————————————————–

Religare MF Changes Name of the Plan

Date: Aug-06-2009

————————————————————————————————-

 

Assets rise marginally in July 2009

Date: Aug-05-2009

 

———————————————————————————————–

MFs Record 6% Growth in AAUM

Date: Aug-04-2009


————————————————————————————————-

 

UTI MF Announces Changes

Date: Aug-03-2009

==========================================

Date: Aug-03-2009

Mutual Fund NFO (Kotak Select Focus Fund)


 

NEW FUND OFFER:

Opens on: July 22nd 2009

Closes on: Aug 20th 2009

SNAPSHOTS:

Entry Load: 2.25%

Exit Load: 1.00%

Min. Investment: Rs. 5000/-

S.I.P.: Allowed

Benchmark Index: S&P CNX Nifty

 

INVESTMENT OBJECTIVE:

The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selected sectors.

 

ASSET ALLOCATION PATTERN:

The scheme will be allocating 65-100% of its net assets in equity & equity related securities and rest will be allocated in the debt & money market instruments.

 

COMMENTS:

 

As the name of the fund suggests “Select Focus”, the fund is going to invest in few selected sectors and there will not be any restrictions in terms of investment in a single sector or cap on floor of investment per sector.

There will be a concentration in the portfolio on certain select sectors, which are in the opinion of the fund manager expected to do well.

So, one should keep in mind that concentration risk in this fund is high as the fund manager of the fund restricts investments only to a particular sector.

Therefore, an investor who has a high-risk profile and does not mind investing in equities for achieving higher returns plus has a long-term horizon for investment can opt for this Fund.

 

RISK PROFILE:

The risk associated with this fund is considered to be higher as the fund will invest in limited number of sectors, due to which the movement of the NAV may be more volatile than in case of diversified equity fund.

Since the scheme follows a concentrated sector strategy, in case the chosen sector does not perform it could adversely impact the returns of the scheme.

Disclaimer : This report is for the personal information and doesn’t construe to be any investment, legal or taxation advice to you. It is only for private use . The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. No action is solicited on the basis of the contents of the report.

INDUSTRY UPDATE
• Baroda Pioneer Treasury Advantage Fund floats on
Baroda Pioneer Mutual Fund has launched an open ended debt fund- Baroda Pioneer Treasury Advantage Fund. The new issue
has been open for subscription from June 10 to June 23, 2009. The NFO price for the fund is Rs 10 per unit. The fund will re-open
on June 29, 2009. The main objective of the scheme is to provide optimal returns as well as liquidity through a portfolio comprises
of debt securities as well as money market instrument.
• Religare MF appoints Ashish Nigam
Religare Mutual Fund has appointed Mr. Ashish Nigam as the fund manager of Religare Liquid Fund (RLF) and Religare Ultra
Short Term Fund (RUSTF) in place of Mr. Nitish Sikand. Accordingly, RLF and RUSTF will now be jointly managed by Mr. Nigam
and Mr. Umesh Sharma. Further, Mr. Nigam has also been appointed as the fund manager of Religare Short Term Plan as well as
Religare Active Income Fund, Religare Overnight Fund and Religare Gilt Fund. Accordingly, these schemes will now be managed
jointly by Nigam and Sharma. The above changes took place with effect from June 11, 2009.
• Kotak Mutual Fund introduces invest plus insure facility under its schemes
Kotak Mutual Fund has introduced the facility of invest plus insure for the investors under its schemes Kotak 30, Kotak
Opportunities, Kotak Tax Saver and Kotak Mid Cap. The facility provided would help the investors to build corpus and also
provides the benefit of free life insurance cover. The investments are done through a monthly Systematic Investment Plan. Under
the mentioned schemes an entry load of 2.25 per cent will be charged and an exit load of 2 per cent will be charged for
redemptions within five years from the date of allotment. This facility would be available to the investors from 15th June, 2009.
• IDFC MF introduce Weekly and Fortnightly SIP and STP
IDFC Mutual Fund has introduced the weekly and fortnightly Systematic Investment Plan (SIP) and Systematic Transfer Plan
(STP) facilities for all the schemes in which SIP/STP facility is available, with effect from June 8, 2009. The weekly frequency of
SIP/STP date 7th, 14th, 21st and 28th of the month while the fortnightly frequency are 1st & 16th of the month The minimum
number of installments is six.
regulator Sebi last week.

 

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