NEW FUND OFFER
Baroda Pioneer Mutual Fund has filed an offered document with SEBI to launch a new close ended debt scheme named Baroda Pioneer Fixed Maturity Plan – Series A, B, C, D with maturity time varying between 30 to 1100 days. The New Fund Offer (NFO) price for the scheme was Rs 10 per unit.Â
According to the offer document filed with SEBI, the entry load was nil and since the scheme was planned to be listed on the National Stock Exchange or any other exchange, the exit load charge will also not be applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode. The minimum application amount is Rs 5,000 and multiples of Re 1 thereafter. The two options available under the scheme are Growth and Dividend Pay-out Option.Â
News Source -Â MONEY REDIFF.
Indian investors are increasingly flocking to paper gold or gold exchange-traded funds (ETFs). According to the latest data released by the Association of Mutual Funds in India (AMFI), assets under management (AUMs) under gold ETFs have more than doubled to Rs 9,886 crore as on March 31, 2012, from Rs 4,400 crore reported in March 2011, showing a year-on-year growth of 124 per cent.
Also, the share of gold ETFs to total AUMs rose to two per cent from one per cent last year. However, AMFI data showed total AUMs had declined 0.84 per cent for the year ended March 2012 at Rs 587,217 crore, as against Rs 592,250 crore last year.
News Source -Â BUSINESS STANDARD.
Association of Mutual Funds (AMFI) in India is lobbying with the finance ministry to secure an exclusive mandate to implement the Rajiv Gandhi Equity Scheme (RGES), a tax-efficient investment plan for retail investors that was introduced in the Union Budget. A permission to allow the domestic mutual funds to handle the proposed equity scheme will help the industry replace its existing tax-saver product – equity-linked savings scheme – which will lose its tax-saver status under the Direct Taxes Code (TDS) regime. The mutual fund industry body, which represents 44 Indian asset management companies, is making the pitch for executing the RGES as it caters to small retail investors who are investing in the markets for the first time.
News Source -Â ECONOMIC TIMES.
Axis Mutual Fund has decided to revise the exit load structure under Axis Income Fund with effect from 19 April 2012. Accordingly, the exit load charge will be 1% if redeemed / switched out within 12 months from the date of allotment. Earlier the exit load charge was 0.75% if redeemed / switched out within 12 months from the date of allotment.
News Source -Â INDIA INFOLINE.
UTI Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit under dividend option of UTI Fixed Income Interval Fund Series II – Quarterly Interval Plan IV. The record date for dividend has been fixed as 24 April 2012.Â
The quantum of dividend will be 100% of distributable surplus as on the record date. The NAV for retail and institutional option stood at Rs 10.0547 per unit and Rs 10.0556 per unit respectively as on 17 April 2012.