Latest Indian Mutual Fund News | 01-Feb-2012
1.Religare FMP Series V Plan A: Dividend Declaration.
Religare Mutual Fund has announced dividend under the dividend option of Religare FMP Series V Plan A. The quantum of dividend will be the entire distributable surplus as on the record date. The record date has been fixed as February 2, 2012. This scheme will also mature on the same day.
News Source – VALUE RESEARCH.
2.America in your portfolio, but only a bit.
With the US economy beginning to improve, fund houses are looking to tap the potential of its stock markets. Franklin Templeton India's new fund offering (NFO) – FT India Feeder US Opportunities Fund – is an open-ended feeder fund that will invest in Luxembourg's Franklin US Opportunities Fund. This fund is targeting investors looking to diversify portfolios in foreign markets. The parent fund invests in US-based companies across sectors.
The timing of the launch is quite correct, as US markets, in the past one year, have performed better than Indian ones. The Dow Jones index gained 5.5 per cent in the last one year and the Nasdaq was up 2.2 per cent. In comparison, the Bombay Stock Exchange's Sensitive Index or Sensex lost 7.76 per cent year-on-year.
News Source – BUSINESS STANDARD.
Even as foreign institutional investors (FIIs) net-invested nearly $2 billion, sending markets higher in January, equity mutual funds (MFs) remained largely on the sidelines, selling stocks to the tune of Rs 10,899 crore, or Rs 1,616.3 crore more than what they bought in the month (till January 27), according to data with market regulator Sebi.
"In some cases, (stock) prices moved up much faster not because of (any change in) fundamentals but due to massive short-covering," said Sunil Singhania, head, equities, Reliance Capital Asset Management. "When we bought (stock), valuations were quite compelling. So, there has been some partial profit-booking now," says Gopal Agrawal, CIO, Mirae Asset Global Investments India. Equity mutual funds had net-bought stocks worth Rs 1,390 crore in November and December when the markets had nosedived.
News Source – TIMES OF INDIA.
The Securities and Exchange Board of India (SEBI) is planning to allow certificates of deposit (CDs) and commercial paper (CP) with residual maturities of 60 days or less on the exchange platform.
This step is seen as a precursor to the mark to market (MTM, revaluing assets at current worth) requirements for mutual funds (MFs), to be implemented from Day 1. Last week, SEBI brought down the threshold for MTM of debt securities by MFs to 60 days from 91 days.
News Source – BUSINESS STANDARD.
NEW FUND LAUNCH
Reliance Mutual Fund has launched a new fund named as Reliance Fixed Horizon Fund – XXI – Series 7, a close ended income scheme with the duration of 93 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 will be open for subscription from 31 January and will close on 2 February 2012.
News Source – INDIA INFOLINE.
NEW FUND OFFER
1.Reliance Fixed Horizon Fund – XXII files offer document with Sebi.
Reliance Mutual Fund has filed offer document with Sebi to launch Reliance Fixed Horizon Fund – XXII, a close ended income scheme. The New Fund Offer price is Rs 10 per unit. The fund will have 43 series maturing between 90 days – 60 months 7 days from the date of allotment.
News Source – NAV INDIA.
2.BoI likely to start MF business next fiscal.
Public sector lender Bank of India is hopeful of starting its asset management business next fiscal and currently waiting for regulatory approvals, a top official said. Bank of India (BoI) recently bought 51% stake in the mutual fund business of Bharti Axa, which is a joint venture between Telecom Company Bharti Enterprises and Axa Investment Managers of France. "At present, we are waiting for necessary approvals from the regulator. We can't give any time frame but are hopeful of starting our operation in the next fiscal," BoI chairman and managing director Alok Misra said.
BoI had started its mutual fund business in 1990. Of the six schemes launched by the fund, four had been redeemed and two schemes transferred to Taurus Mutual Fund after giving exit option to investors in 2004. With the likely approval from the regulator, the bank will re-enter this space and join another 41 players in the domestic market space. Banks are entering into mutual fund market in the recent time to boost their fee-based income by leveraging their branches for distribution.
News Source – MONEY LIFE.
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