NEW FUND OFFER
Tata Retirement Savings Fund has been modeled to cater to your retirement needs. It offers three plans-progressive, moderate and conservative.
What is it?
The new fund offer (NFO) is an open-ended mutual fund. It closes on 21 October, but will remain open for subscription even after that.
What's special ?
Progressive has an equity allocation of 85-100%; moderate allocates 65-85% to equities and the rest in debt and money market instruments; and conservative is mostly a fixed income-oriented plan with only 0-30% allocation to equities and the rest to debt and money market instruments.
Withdrawal: The "auto systematic withdrawal plan" allows investors, who have completed 60 years of age, to withdraw regularly either on a monthly or quarterly basis from the accumulated lump sum. Exit load: There is a diminishing exit load if the fund (any plan) is held for less than five years. Starting with an exit load of 5% if the fund is held for less than a year, the exit load reduces by 1% for every additional year you remain invested. The Taxation: For progressive and moderate plans, tax laws for equity funds will apply; for conservative plan, debt taxation will apply
News Source – LIVE MINT
SBI Mutual Fund has declared dividend under dividend option of Magnum Sector Fund Umbrella-Contra Fund on the face value of Rs 10 per unit. The quantum of dividend will be Rs 3.50 per unit as on record date. The record date for the dividend pay out has been fixed as October 14,2011.
News Source – LIVE MINT
ICICI Prudential Mutual Fund has decided to revise the exit load under all the options of ICICI Prudential Banking and PSU Debt Fund. The changes will be effective from 11 October 2011.
News Source – NAV INIDA
DSP BlackRock Mutual Fund has announced that DSP BlackRock FMP – 12M – Series 8, a close ended income scheme, with a maturity profile of 12 months from the date of allotment, will mature on 17 October 2011. The trading of units of the scheme which are listed on the National Stock Exchange of India Limited (NSE) will get suspended with effect from 12 October 2011.
News Source – NAV INDIA
Morgan Stanley Investment Management, one of the earliest foreign fund houses to set shop in India, has reworked its capital structure. The company, which launched its first fund 17 years ago, has bought back shares held by Alanoushka Finlease and Investments, the Indian arm of Morgan Stanley Mauritius company, making it a fully foreign-owned enterprise.
Following the exercise, it asked the Association of Mutual Funds of India (Amfi) to reclassify it as a foreign fund house. "(There has been a) change in the shareholding pattern of Morgan Stanley Investment Management Pvt Ltd and, accordingly, a change in status from a joint venture (predominantly foreign) to a foreign AMC," Amfi said in its latest monthly report.
News Source – BUSINESS STANDARD
India's wealth management and private banks, along with leading independent financial advisers (IFAs), are likely to come together to float a new body that will function as a self-regulatory organisation (SRO) to address issues concerning the qualification, registration and certification of investment advisers in India.
The SRO will also frame clear rules and regulations for managing conflicts of interest in the investment advisory and wealth management industry.
The move follows a proposal by a concept paper floated by the Securities and Exchange Board of India (Sebi) on regulation of investment advisers, which suggested setting up of an SRO for the regulation of investment advisers in India.
News Source – FINANCIAL CHRONICLE.
NEW FUND LAUNCH
Tata Mutual Fund has Launched Tata Fixed Maturity Plan Series 37 Scheme B ( 369 days ), a Close Ended Scheme. The new issue is open for subscription from 11th October and closes on 18th October 2011.
News Source – AMFI INIDA
Canara Robeco Mutual Fund has declared dividend under the dividend option of Canara Robeco Equity Diversified Fund and Canara Robeco Balance Fund. The record date for dividend has been fixed as October 14, 2011. The quantum of dividend is Rs 1.00 and Rs 1.50 per unit on face value of Rs 10/- respectively.
News Source – MONEY CONTROL.
Daiwa Mutual Fund has launched Dynamic Bond Fund, an open-ended income scheme. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The benchmark index for the scheme is the CRISIL Composite Bond Fund Index.
Dynamic Bond Fund, as the name suggests, is designed to give the fund manager the flexibility to change the duration of the bond as and when needed. Interest rates and bond prices are inversely related. When the interest rate is rising, bond prices fall and fund managers should be able to decrease the duration of the bond; short-term bonds face a lower impact. And when the interest rate is falling, they should be able to increase the duration of the bond.
News Source – MONEY LIFE.
AIG Mutual Fund will now be owned by PineBridge Investments Japan Co. Ltd. and AIG Capital Corporation, the current sponsor of AIG Mutual Fund will sell all its holdings to PineBridge. PineBridge is a corporation incorporated in Japan and has Rs. 46,906 crores (JPY 792 billion) of assets under management as on August 31, 2011.
The Mutual Fund will be renamed as PineBridge Mutual Fund, the AMC as PineBridge Investments Asset Management Company (India) Pvt. Ltd. and the trustee company as PineBridge Investments Trustee Company (India) Pvt. Ltd.
News Source – VALUE RESEARCH.
NEW FUND LAUNCH
Daiwa Mutual Fund files offer document with Sebi to launch Daiwa Gilt Fund, an open ended gilt scheme. The New Fund Offer price is Rs 1000 per unit. Entry load charge will be nil for the scheme and exit load will be 0.50% if redeemed within 6 months from the date of allotment of units. The scheme offers dividend payout and growth option. The scheme seeks to collect a Minimum Target Amount of Rs 20 crore.
The scheme will be benchmarked against I-Sec Li-Bex index. The minimum application amount is Rs 10000 and in multiple of Rs 1 thereafter. The investment objective of the scheme is to generate income and capital appreciation by investing predominantly in sovereign securities issued by the Central Government (including Treasury Bills) and/or by State Governments, without any restriction on the maturity of the portfolio.
News Source – LIVE MINT.