Birla Sun Life mutual fund has announced dividend under its scheme – Birla Sun Life Tax Relief 96 Fund. The dividend declared under the scheme is Rs. 4 per unit on a face value of Rs. 10. The record date for dividend distribution is 31st March 2011. The scheme aims to provide growth of capital along with Income Tax exemption benefits to investors.
News Source – MUTUAL FUND INDIA.
The Finance Minister announced the intent of the government to liberalise the Portfolio Investment Scheme (PIS) to permit Sebi-registered mutual funds to accept subscriptions for equity schemes directly from foreign investors who meet KYC norms. Subsequently, it was been reported in the news that Sebi will issue guidelines to implement the above proposals "in a matter of weeks" and RBI will rewrite the Fema Inbound Investment Regulations shortly. Whether these proposals will change the landscape of the mutual fund industry and whether they will prove to be a turning point are some crucial questions that have been raised by key stakeholders in the industry.
News Source – FINANCIAL EXPRESS.
NEW FUND LAUNCH
Reliance Mutual Fund has launched a new fund named as Reliance Fixed Horizon Fund – XIX – Series 10, a close ended income scheme with the duration of 370 days, i.e 12 months and five days from the date of allotment. During the New Fund Offer (NFO) the scheme will offer units at Rs 10 per unit. The new issue opens for subscription on 28 March and closes on 29 March 2011.
News Source – NAV INDIA.