Latest Indian Mutual Fund News | 28-Jan-2012
1.Reliance Mutual Fund has announced dividend under two schemes.
Reliance Mutual Fund has announced 31 January 2012 as the record date for declaration of dividend under the dividend payout options of Reliance Fixed Horizon Fund-XVI-Series 8 and Reliance Fixed Horizon Fund-XVII-Series 6. The quantum of dividend per unit will be entire distributable surplus available in the scheme as on the record date. The schemes recorded NAV of Rs. 10.2614 per unit and Rs. 10.3155 per unit, respectively as on 24 January 2012.
Reliance Fixed Horizon Fund – XVI – Series 8 and Reliance Fixed Horizon Fund – XVII – Series 6, close ended income schemes. The primary investment objective of the schemes is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility.
News Source – INDIA INFOLINE.
The Securities and Exchange Board of India (SEBI) alone cannot decide to relax Know Your Client (KYC) norms for qualified foreign investors (QFIs), who now have direct access to Indian stock market and mutual funds, chairman U K Sinha said on Wednesday.
"It needs to be done in consultation with the government. There are certain requirements with regard to tax. The tax authorities should not feel that tax paid by QFIs is being suppressed or not captured," he said, adding, consultation exercise with the government was on. Sinha was speaking on the sidelines of an event to inaugurate a KYC Registration Agency (KRA) by a unit of National Securities Depository Limited (NSDL).
News Source – BUSINESS STANDARD.
3.Reliance Any Time Money Card collects Rs. 1,500 crore.
Reliance Mutual Fund has mopped up Rs. 1,500 crore by issuing more than 3 lakh ATM money cards to investors. The facility is a first of its kind initiative from Reliance which competes directly with debit cards which are widely used for cash withdrawals. The main advantage of this card is that it offers higher interest rates compared to saving bank account combined with the flexibility to invest in other Reliance MF schemes. Further, it allows investors to withdraw and spend at visa-enabled ATMs and merchant outlets across the world. Investors can withdraw as per the limit set by bank or 50% of the balance in scheme account or Rs. 50,000 (whichever is lower). They can spend up to 50% of the balance in the primary scheme account or Rs. 1 lakh per day (whichever is lower) at PoS terminals.
News Source – CAFE MUTUAL.
4.Canara Robeco MF announces book closure under Canara Robeco Equity Diversified Scheme.
Canara Robeco Mutual Fund announces book closure under Canara Robeco Equity Diversified Scheme. The books of the scheme shall remain closed during the period from 3 February 2012 to 6 February 2012 (both days inclusive) to give effect the merger of Canara Robeco Multicap, a close ended equity scheme, into Canara Robeco Equity Diversified, an open ended equity scheme.
Accordingly, all requests for subscription/redemption/
NEW FUND LAUNCH
Reliance Mutual Fund has launched a new fund named as Reliance Fixed Horizon Fund – XXI – Series 6, a close ended income scheme with the duration of 368 days from the date of allotment. During the New Fund Offer (NFO) the scheme will offer units at Rs 10 per unit. The new issue which is open for subscription from 25 January will close on 31 January 2012.
News Source – NAV INDIA.
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