Latest Indian Mutual Fund News | 22-Feb-2012


1.Tata Fixed Maturity Plan Series 31 Scheme A announces dividend.

Tata Mutual Fund has announced 24 February 2012 as the record date for declaration of dividend under the periodic dividend option of Tata Fixed Maturity Plan Series 31 Scheme A. The quantum of dividend will be entire distributable surplus on the face value of Rs. 10 per unit.




2.UTI MF announces investment by QFIs in equity oriented schemes.

UTI Mutual Fund has announced that Pursuant to SEBI Circular no. CIR/IMD/DF/14/2011 dated 9 August 2011 on 'Investment by Foreign Investors in Mutual Fund Schemes', Qualified Foreign Investors (QFIs) shall be eligible to make investment in the following equity oriented schemes of UTI Mutual Fund, on a prospective basis, with immediate effect.




3.Pramerica Mutual Fund to buy 39% stake in Prudent Corp for Rs 20 crore.

Pramerica Mutual Fund is close to buying a 39% stake in Ahmedabad-based retail distribution outfit Prudent Corporate Advisory Services for about Rs 20 crore, according to two persons close to the deal. 

The stake acquisition will help Pramerica, which manages over Rs 2,100 crore worth of assets, widen its distribution base significantly as Prudent ranks among the top five retail fund distribution companies.



4.AMFI clarifies norms to match PAN and investor names to smoothen consolidation of folios.

AMFI has asked registrar and transfer agents to consolidate their investor database by February 29 based on permanent account number so that more investors start receiving consolidated account statements (CAS). In order to issue consolidated statements, R&Ts were identifying folios based on PAN and the exact match of investor names under various folios of that particular PAN. However AMFI has observed that many investors have provided different names, sometimes their full names and sometimes only initials or surname. Thus a large number of investors got excluded from getting CAS which resulted in duplication of costs. 

AMFI has now instructed R&Ts to drop the validating folios on the basis of exact name match for statements to be dispatched from March 2012. AMFI has also directed R&Ts to send CAS electronically to valid email IDs from May onwards.

News Source – CAFE MUTUAL.


5.Motilal Oswal launches MOSt Gold Shares.

Motilal Oswal Mutual Fund announced the launch of Motilal Oswal MOSt Shares Gold ETF (MOSt Gold Shares), an open ended exchange traded fund that invests in gold bullion. Continuing with the tradition of creating 'India's first' products, MOSt Gold Shares is India's 1st Gold ETF of its kind which seamlessly enables Investment as well as Consumption of Gold for Retail Investors. 

The NAV of the MOSt Gold Shares unit will track spot price of 1 gm of gold. Valued at spot gold bullion prices, investors can get pure imported Gold at a price lower than any other option in the market by redeeming the ETF units for physical gold bars in as low as 10 grams across 22 cities in India. It will provide investors a means of participating in the gold bullion market and take physical delivery of gold when needed. This makes MOSt Gold Shares stand apart from others.

News Source – MYIRIS.

Latest Indian Mutual Fund News | 22-Feb-2012
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