1.New equity schemes resurface from old fund houses.
After several months of drought, new equity schemes are surfacing again from the stables of old fund houses. Last week, LIC Nomura and Canara Robeco filed offer documents for open-ended equity-oriented schemes with the Securities and Exchange Board of India (Sebi).These are the first such scheme documents filed for pure-play equity schemes by experienced fund houses in more than a year. According to the Sebi website, the last such scheme document was filed 15 months ago, in September 2010, when IDFC MF had filed for a small cap fund.
News Source – BUSINESS STANDARD.
2.Reliance Mutual Fund launches money card.
Reliance Mutual Fund has introduced Reliance Any Time Money card, a unique product that offers retail consumers instant access to their mutual fund investments in Kerala. Reliance Mutual Fund is the first fund house in the country to launch this card that offers all the convenience of a debit card for investments made in Reliance Mutual Fund schemes.
Mr Himanshu Vyapak, Deputy CEO, Reliance Capital Asset Management Ltd, said that Kerala is a fast growing market for RMF with over 1.5 lakh investors across the State presently being serviced through branches in Kochi, Thiruvanananthapuram, Kollam, Alappuzha, Thiruvalla, Kottayam, Thrissur, Kozhikode, Palakkad, Malappuram and Kannur.
News Source – BUSINESS LINE.
3.Tata Gilt Mid Term Fund announces change in load structure.
Tata Mutual Fund has announced change in load structure of Tata Gilt Mid Term Fund with effect from 7 December 2011. The following change regarding change in exit load on redemption will be: Existing Exit Load: 2% if redeemed on or before 5 years from the date of allotment. Nil if redeemed after 5 years from the date of allotment.
News Source – NAV INDIA.