The Securities and Exchange Board of India (Sebi) has formed a seven-member panel chaired by Prashant Saran, whole time member, to examine the mutual fund sector's grievances on the abolition of entry loads in August 2009. It had its first meeting on Friday. K N Vaidyanathan, executive director, who heads the MF department at Sebi, is conspicuous by his absence in the committee, raising the industry's hopes of a policy change. Vaidyanathan has been one of the strongest ambassadors and a strict enforcer of the no-loads regime that came into force under then Sebi chief C B Bhave.
News Source – BUSINESS STANDARD.
State-owned lender Bank of India said it will be re-entering the mutual fund business by January 2012 and is presently in talks with multiple players for a strategic partnership for the venture. The city-headquartered bank's Chairman and Managing Director Alok Misra said the bank hopes to seal the proposed joint venture by "end of second quarter" or September 2011.
News Source – ECONOMIC TIMES.
NEW FUND OFFER
UTI Mutual Fund has filed offer document with Sebi to launch UTI-Fixed Term Income Fund – Series X, a close ended income scheme with scheme tenure from 30 days to 1826 days. The scheme will offer units at Rs 10 each for cash during the NFO period. The scheme aims to generate returns by investing in a portfolio of fixed income securities maturing on or before the date of maturity of the scheme. However, the scheme does not guarantee / indicate any return.
News Source – NAV INDIA.
Religare Mutual Fund has announced the change of name of plans under its scheme – Religare Active Income Fund. Accordingly, Religare Active Income Fund – Regular Plan will be renamed as Religare Active Income Fund- Plan A and Religare Active Income Fund – Institutional Plan will be renamed as Religare Active Income Fund – Plan B. The investment objective of the fund is will remain unchanged i.e. to generate optimal returns while maintaining liquidity through active management of the portfolio by investing in debt and money market instruments. The revision will be effective from 5th May 2011.
News Source – MUTUAL FUND INDIA.