ICICI Prudential Mutual Fund has declared dividend under ICICI Prudential Interval Fund – Annual Interval Plan – IV, on the face value of Rs.10 per unit. The quantum of dividend will be Rs. 0.3814 per unit for retail plan and Rs. 0.3855 per unit for institutional plan. The investment objective of the scheme is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities. The record date for dividend distribution is 25th October 2011.
News Source – MUTUAL FUND INDIA.
Kotak Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit under dividend option of Kotak FMP 370 Days Series 9 (close ended debt scheme). The record date for dividend has been fixed as 25 October 2011. The quantum of dividend will be entire appreciation in Net Asset Value of dividend option until 25 October 2011. The scheme recorded NAV of Rs 10.06 per unit as on 19 October 2011.
News Source – NAV INDIA.
The turnover of online platforms at stock exchanges is rising steadily for mutual fund investments. In September, average daily turnover of BSE's StAR MT was over Rs. 5.97 crore while NSE's Mutual Fund Service System's turnover was over Rs. 5.39 crore. September volumes have tripled for NSE as against July figures while it has risen 80% for BSE.
According to market participants, the sudden surge could be attributed to rising demand for gold ETFs. Past few months have seen many fund houses coming out with NFOs of the Gold ETFs. Currently, total corpus of Gold ETFs stands at Rs. 8,000 crore, according to the data provided by AMFI.
News Source – FINANCIAL EXPRESS.
CRISIL has assigned its 'CRISIL AAAmfs' rating to Indiabulls Mutual Fund's (IMF's) Indiabulls Liquid Fund. Schemes with this rating are considered to have the highest degree of safety regarding timely receipt of payments from the investments that they have made. The funds are managed by IMF's asset management company (AMC), Indiabulls Asset Management Company Ltd (IAMCL). The rating indicates CRISIL's opinion on the credit quality of the portfolio of debt securities that the fund holds; the rating does not indicate the AMC's willingness, or ability, to make timely payments to the fund's investors. The rating is also not an opinion on the fund's net asset value (NAV); the NAV can vary with developments in the market.
News Source – CRISIL.
Equity investors' base shrinks only by 600,000 in Apr-Sept, compared to 1.7 million last year. Retail investors accessing equities through mutual funds (MFs) have chosen to stay invested at a time when markets are showing no signs of upward movement. This has brought some relief to fund managers, who had lost 1.7 million investors last year. Indian benchmark indices have seen an erosion of 15 per cent of value during the April-September period.
News Source – BUSINESS STANDARD.
NEW FUND LAUNCH
Religare Mutual Fund has launched Religare Fixed Maturity Plan – Series X – Plan A (13 Months), a close ended income scheme. The new issue is open for subscription from 21st October and closes on 1st November 2011.
News Source – AMFI INDIA.
NEW FUND OFFER
Kotak Mutual Fund files offer document with SEBI to launch Kotak FMP Series 70-79, 1 month to 60 months close ended debt scheme. The New Fund Offer price is Rs 10 per unit. No entry and exit load charges will applicable for the scheme. The scheme offers dividend payout and growth option. The scheme seeks to collect a Minimum Target Amount of Rs 1 crore. The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.
News Source – LIVE MINT.
Two leading rating agencies, Crisil and Icra, have assigned highest-credit quality ratings to the short-term debt programmes of financial services major Reliance Capital. While Crisil has assigned an 'A1+' rating to Reliance Capital's Rs 6,000 crore short-term debt programme, Icra has also revalidated its 'A1+' rating for the company's Rs 10,000 crore short-term debt programme. Icra, an associate of global rating agency major Moody's, said that it was the "highest-credit quality rating assigned by Icra to short-term debt instruments" and the rating would remain valid till September 2012.
News Source – ECONOMIC TIMES.
IDBI Mutual Fund plans to expand its product bouquet and distribution network to grow its business and cater to a wider set of customers. The asset management company is hopeful of launching four additional funds in debt and equity segment by the end of this fiscal, said its Managing Director and Chief Executive Officer, Mr Debasish Mallick.
News Source – BUSINESS LINE.