The government plans to set up a new investor class to encourage the flow of foreign funds into mutual funds. The move would enable the sector to have direct access to foreign investors and widen the class of foreign investors in the Indian equity market. Under the proposed norms, qualified foreign investors (QFIs), or overseas individual investors registered with depositories either in India or abroad can take the mutual fund route to invest in the Indian stock market. “We are looking at two routes for allowing foreigners in MFs,” a senior finance ministry official said.
News Source – HINDUSTAN TIMES.
NEW FUND LAUNCH
2.Reliance MF launches Reliance Fixed Horizon Fund – XIX – Series 5.
Reliance Mutual Fund has opened the New Fund Offer (NFO) Reliance Fixed Horizon Fund – XIX – Series 5, a close-ended income scheme. The NFO opens for subscription on May 26, 2011 and closes on May 31, 2011. No entry and exit load is applicable. The duration of the scheme has been fixed as 368 days from the date of allotment of units.
News Source – LIVE MINT.
NEW FUND OFFER
1.IDFC MF files offer document with Sebi to Launch Fixed Maturity Plan’s.
IDFC Mutual Fund files offer document with Sebi to launch IDFC Fixed Maturity Plan Quarterly Series 66,67,68 & 69, IDFC Fixed Maturity Plan Half Yearly Series 15, 16 & 17 and IDFC Fixed Maturity Plan Nine Month Series 1, close ended income schemes. The New Fund Offer price is Rs 10 per unit. The duration of IDFC Fixed Maturity Plan Quarterly Series 66,67,68 & 69 is one quarter each, half yearly each for IDFC Fixed Maturity Plan Half Yearly Series 15, 16 & 17 and nine months each for IDFC Fixed Maturity Plan Nine Month Series 1. The investment objective of the scheme is to seek to generate income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme.
News Source – NAV INDIA.
2.UTI Dividend Yield Fund declares tax-free dividend of 5%.
UTI Mutual Fund declared tax-free dividend of 5 per cent for its scheme UTI Dividend Yield Fund (open-ended equity oriented scheme). The record date for the dividend is May 30, the company said in a statement. All unit holders registered under the dividend options of the scheme as on May 30 would be eligible for dividends.