1.AMCs report an increase in gold SIP.
AMCs have seen an average increase of 30% in gold SIP in last three months. Gold funds are clearly gaining popularity among investors. "Gold is always considered to be a good investment and investors now prefer investing in gold funds or ETFs instead of physical gold. We have seen a 40 percent rise in gold SIPs in the last three months," said Aashish Somaiyaa, Head – Retail Business, ICICI Prudential Mutual Fund.
Similarly, Reliance has seen a 30 percent increase in SIPs flowing into gold funds in the last two months. According to Himanshu Vyapak, Dy. CEO, Reliance Mutual Fund, gold investments through mutual funds are attracting more attention from even first time investors. "We have received over 75,000 accounts from first time investors for our Gold Savings Fund. Over 500,000 people have taken advantage of this fund. The total assets under management (AUM) of this fund is about Rs. 2,500 crore," claimed Vyapak. According to AMFI data, gold AUM increased to Rs. 9568 crore in November from Rs. 8173 crore in September. "We all are seeing an increase in gold investment through SIP as investors feel that gold is a good asset class to stay invested," said Vijai Mantri, MD & CEO of Pramerica Mutual Fund.
News Source – CAFE MUTUAL.
JM Financial Mutual Fund has announced to revise exit load structure under JM Income Fund. Accordingly, the revised structure of an exit load of 1% will be charged if units are redeemed or switched out within 365 months from the date of allotment. The changes in load structure shall be applicable for all prospective investments (including fresh registration under SIP/STP/SWP on prospective basis) in the above scheme with effect from 2nd January 2012.
News Source – MUTUAL FUND INDIA.
NEW FUND LAUNCH
3.Religare MF files offer document to launch close ended debt scheme.
Religare Mutual Fund has filed an offered document with SEBI to launch a new close-ended debt scheme named "Religare Fixed Maturity Plan – Series XIII – Plan A to F". The New Fund Offer (NFO) price for the scheme is Rs 10 per unit, with maturity time varying between 3 months to 60 months. However, the duration of the scheme will be disclosed at the time of launch of each scheme.
News Source – MONEY REDIFF.
4.SEBI brings in to action the new KYC process.
Effective January 1, 2012, all AMCs will adhere to the new Know You Customer (KYC) process implemented by SEBI to bring uniformity in the system.
As per the new KYC procedure, there shall be a common KYC Application Form for all the SEBI registered intermediaries viz. Mutual Funds, Portfolio Managers, Depository Participants, Stock Brokers, Venture Capital Funds, Collective Investment Schemes etc. The New Investors will be required to use the Common KYC Application Form and carry out the KYC process including In-Person Verification (IPV) with any SEBI registered intermediaries including mutual funds.
The Mutual Fund/Register & Transfer Agents (RTA) shall perform the initial KYC of its new investors. The Mutual Fund/RTA shall upload the details of the investors on the system of the KYC Registration Agency (KRA). KRA shall send a letter to investor after receipt of initial/updated KYC documents from the Mutual Fund/RTA confirming the details thereof. Once the investor has done KYC with a SEBI registered intermediary, the investor need not undergo the same process again with another intermediary including mutual funds. However, the Mutual Fund reserves the right to carry out fresh KYC of the investor.
News Source – MONEY CONTROL.
5.Reliance MF declares shift of STP of Interval Fund-Quarterly Interval Fund-Series I.
Reliance Mutual Fund has planned to shift the Specified Transaction Period (STP) of Reliance Interval Fund-Quarterly Interval Fund-Series I which is due from April 3, 2012- April 4, 2012, has been shifted to April 2012 – April 10, 2012. The said change is only for this STP. Subsequent STP's shall remain as specified in the Scheme Information Document (SID).
News Source – LIVE MINT.
6.UTI Mutual Fund: Introduction of Debit Card.
UTI Mutual Fund has enabled using debit cards for online investing through its website. Now, the Visa and Maestro enabled debit cards will also be the mode of payment for online investments.
News Source – VALUE RESEARCH.
Canara Robeco Mutual Fund has announced the merger of Canara Robeco Multicap scheme (herein after referred to as transferor scheme), a close ended equity scheme, into Canara Robeco Equity Diversified Scheme (herein after referred to as transferee scheme), an open ended equity scheme, with effect from 3 February 2012. The redemption of Canara Robeco Multicap scheme is due on 2 February 2012. Accordingly, the scheme would cease to exist with effect from the close of business hours on 2 February 2012.
The books of transferee scheme shall remain close during the period from 3 February 2012 to 6 February 2012 (both days inclusive). The NAV of the transferee scheme shall be published from 7 February 2012. All the features of the transferee scheme and provisions as contained in the Scheme Information Document of the transferee scheme shall remain unchanged post the merger.
News Source – INDIA INFOLINE.
NEW FUND LAUNCH
8.Pramerica Dynamic Bond Fund.
Pramerica Mutual Fund launched Pramerica Dynamic Bond Fund, an open ended income scheme. The new issue is open for subscription from 3rd January and closes on 11th January 2012.
News Source – AMFI INDIA.