GENERAL

1.Bajaj Finserv gets SEBI approval for mutual fund business.

Bajaj FinServ, the financial services arm of Bajaj Group, has received approval from the capital markets regulator Sebi for setting up mutual fund business and is likely to enter the fray by end-2012, a top official said. "We have received the Sebi approval and are evaluating the right business model," the company's Managing Director Sanjiv Bajaj told reporters on the sidelines of the India Economic Summit of the World Economic Forum here.

News Source – ECONOMIC TIMES.

2.Sebi allows MFs to participate in repo corp debt securities.

Market regulator the Securities and Exchange Board of India (Sebi) allowed mutual funds to invest in repo, or short-term repurchase of forward contract, of corporate debt securities with a ceiling of 10% of the net assets of the concerned scheme. "The gross exposure of any mutual fund scheme to repo transactions in corporate debt securities shall not be more than 10% of the net assets of the concerned scheme," the Sebi said in its guidelines on participation of MFs in repo in corporate debt securities.

News Source – BUSINESS STANDARD.

3.Inflow in equity MFs tapers in Oct.

Benchmark indices gain 8%; strong markets keep retail investors from buying. Strong stock markets in October kept at bay retail investors who access equities through mutual fund schemes. During this period when domestic benchmark indices gained close to eight per cent, investors put in far less new money in equity MFs. Net inflows were Rs 182 crore, just a little over a tenth of those seen in September.



News Source – BUSINESS STANDARD.

4.Mutual funds hike exposure to RIL.

Shares of Mukesh Ambani-led Reliance Industries may have traded weak on the bourses in the recent months, but mutual funds have enhanced their exposure to the stock, attracted by its lower valuation. More than 200 mutual fund schemes purchased fresh RIL (Reliance Industries Ltd) shares, worth an estimated Rs 1,500 crore at current value, during the last quarter. In contrast, about 100 schemes sold RIL shares from their portfolio during the quarter ended September 30. These shares are worth about Rs 350 crore at the current market price. The MF schemes having purchased fresh RIL shares during the quarter also included those from Anil Ambani-led group's Reliance MF, the country's biggest fund house.

News Source – BUSINESS LINE.

NEW FUND LAUNCH

5.Religare Fixed Maturity Plan – Series X – Plan D (18 Months).

Religare Mutual Fund has launched Religare Fixed Maturity Plan – Series X – Plan D (18 Months), a close ended income scheme. The new issue is open for subscription from 14th November and closes on 21st November 2011.

News Source – AMFI INDIA.

Latest Indian Mutual Fund News | 14-Nov-2011
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