1.UTI Fixed Income Interval Fund -Monthly Interval Plan I announces dividend.
UTI Mutual Fund has announced 24 January 2012 as the record date for declaration of dividend under the dividend option of UTI Fixed Income Interval Fund – Monthly Interval Plan I. The quantum of dividend will be 100% of distributable surplus as on the record date on the face value of Rs. 10 per unit. The scheme recorded NAV of Rs. 10.0765 per unit under retail option and Rs. 10.0780 per unit under institutional plan as on 17 January 2012.
UTI Fixed Income Interval Fund – Monthly Interval Plan I is a debt oriented interval scheme. The scheme aims to generate regular returns by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the respective plan. Each plan will invest in a distinct portfolio of securities.
News Source – INDIA INFOLINE.
2.Sebi clears Tata Mutual of front-running charges.
The Securities and Exchange Board of India (SEBI) has cleared Tata Mutual Fund of wrongdoing following an investigation into suspected front-running at the mutual fund. Front-running happens when a person with inside knowledge of an upcoming, large buy or sell order of shares takes a position before such an order is placed and profits from the consequent rise or fall in the price of the share.
Institutional orders, because they are large, tend to influence share price movement. Front-run stocks turn out to be more expensive for a fund since they end up paying more for the same number of shares due to price rise. Andinsider shorting lowers a fund's returns when selling, since they get less.
News Source – DNA INDIA.
NEW FUND LAUNCH
3.Axis Capital Protection Oriented Fund – Series 4 Floats On.
Axis Mutual Fund has launched a new fund named as Axis Capital Protection Oriented Fund – Series 4, a 3 year close ended capital protection oriented fund. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 19 January and will close on 2 February 2012. The scheme will endeavor to protect the capital by investing in a portfolio of debt & money market instruments that are maturing on or before the maturity of the scheme. The scheme also aims to provide capital appreciation through exposure in equity & equity related instruments.
The scheme shall invest 80% to100% of assets in debt and money market instruments including derivative instrument up to 75% of the net assets of the scheme. The scheme shall also invest upto 20% of assets in equity and equity related instruments.
News Source – NAV INDIA.