DIVIDEND

1.Tata Mutual Fund announces dividend under Tata Dividend Yield Fund.

Tata Mutual Fund has declared Re.1 per unit dividend under Tata Dividend Yield Fund, on a face value of Rs.10 per unit. The record date for dividend distribution is 27th July 2011. Tata Dividend Yield Fund is an open ended equity scheme which has the investment objective to provide income distribution and / or medium to long term capital gains by investing predominantly in high dividend yield stocks.

News Source – MUTUAL FUND INDIA.

GENERAL

2.India to allow foreign investment in mutual funds from August 1.

 

India will allow qualified foreign investors to invest up to $10 billion in domestic mutual funds from August 1, a senior finance ministry official said on Friday. The government expects good inflows from qualified financial institutions into mutual funds in this fiscal year to March 2012, Thomas Mathew, joint secretary, capital markets at the finance ministry, told reporters on Friday. The move to allow qualified foreign investors was first proposed by Finance Minister Pranab Mukherjee in the budget for the fiscal year that started on April 1.

News Source – ECONOMIC TIMES.

 



GENERAL

1.Tata Mutual Fund parts ways with Credit Suisse as offshore fund management partner.

 

Tata Mutual Fund has parted ways with Credit Suisse as its offshore fund management partner in May, an official spokesperson from the Indian asset manager told ET. “The change is being effected on the basis of the fund manager’s macro-economic and infrastructure outlook,” the Tata MF official said. “We’re in the process of reallocating funds… this change in fund manager has no bearing on our relationship with Credit Suisse or any other services provider,” he said.

News Source – ECONOMIC TIMES.

2.Reliance Mutual Fund renames Reliance Equity Advantage Fund.

 

Reliance Mutual Fund has announced to rename Reliance Equity Advantage Fund as Reliance Top 200 Fund, effective from 26th August 2011. Accordingly, the investment objective, benchmark index and asset allocation pattern of the scheme will be amended. The primary investment objective of the scheme is to generate long term capital appreciation by investing in equity and equity related instruments of companies whose market capitalization is within the range of highest and lowest market capitalization of BSE 200 Index.

News Source – MUTUAL FUND INDIA.
Latest Indian Mutual Fund News | 25-July-2011
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