Latest Mutual Fund News 15-Mar-2011

DIVIDEND

1.Canara Robeco MF Declares Dividend.

Canara Robeco Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit under dividend option of Canara Robeco Equity Tax Saver (open ended equity linked tax savings scheme). The record date for dividend has been fixed as 18 March 2011. The quantum of dividend will be Rs 1 per unit.

News Source – NAV INDIA.

GENERAL

2.KYC process delay for Mutual Funds may hit investors' tax plans.

Delay on the part of CDSL Ventures to complete the 'know-your-client' process for mutual funds will derail the tax planning of many investors looking to save taxes by investing in equity linked savings scheme, or ELSS. With just 16 days for the tax season to end, CDSL Ventures is staring at a huge pile of 'know your-client' (KYC) submissions waiting to be cleared.

According to three wealth managers whom ET contacted, CDSL Ventures is taking 40-45 days to complete the KYC process. Without KYC-compliance, investors cannot make new or additional mutual fund investments, or switch investment plans. "Delay in getting the KYC clearance is creating inconvenience to investors. If they do not submit their KYC application through designated collection points (point of service) or mutual fund houses, they'll have to wait for a long time to become KYC compliant," said Rajesh Krishnamoorthy, managing director, Ifast Financials.

News Source – ECONOMIC TIMES.

3.ICICI Prudential MF revises NFO Closure Period for ICICI Prudential FMP – Series 56 – 1 Year Plan A.

ICICI Prudential Mutual Fund has announced the extension of New Fund Offer (NFO) period of ICICI Prudential Fixed Maturity Plan (FMP) – Series 56 – 1 Year Plan A, a close ended debt scheme. The NFO period extended up to March 16, 2011. The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities or debt instruments which mature on or before the date of maturity of the scheme.

News Source – LIVE MINT.



DIVIDEND

1.DSP BlackRock Mutual Fund announces dividend under DSP BlackRock Small & Mid Cap Fund.

DSP BlackRock Mutual Fund has declared dividend under DSP BlackRock Small & Mid Cap Fund (open ended equity growth scheme), on the face value of Rs 10 per unit. The quantum of dividend for distribution is Rs 1.25 per unit. The record date for dividend distribution is 18th March 2011.

News Source – MUTUAL FUND INDIA.

2.Reliance Mutual Fund declares dividend under 2 funds.

Reliance Mutual Fund has declared a dividend of 40% (Rs. 4.00 per unit on Face Value of Rs.10) under the dividend option of Reliance Vision Fund – Retail Plan & Institutional Plan and a dividend of 15% ((Rs. 1.50 per unit on Face Value of Rs.10) under the dividend option Reliance Diversified Power Sector Fund. The record date for dividend has been fixed as March 18, 2011.

News Source – MONEY CONTROL.

NEW FUND LAUNCH

3.Reliance Fixed Horizon Fund – XVIII – Series 6 Floats On.

Reliance Mutual Fund has launched a new fund named as Reliance Fixed Horizon Fund – XVIII – Series 6, a close ended income scheme with the duration of 91 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 will be open for subscription from 15 March and close on 16 March 2011.

News Source – NAV INDIA.






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