Latest Indian Mutual Fund News | 04-May-2012
NEW FUND OFFER
Indiabulls Mutual Fund has filed an offered document with SEBI to launch a new open ended debt scheme named – Indiabulls Gilt Fund. The New Fund Offer (NFO) price for the scheme was Rs 1000 per unit. The asset allocation of scheme will be in such a way that the objective of the scheme to generate income and capital appreciation will be met by investments in sovereign securities issued by the Central Government (including Treasury Bills) and/or by State Governments.
News Source -Â MONEY CONTROL.
LIC Nomura Mutual Fund has announced dividend under the dividend option of LIC Nomura MF Quarterly Interval Plan Series 1. The quantum of dividend will be the entire distributable surplus as on the record date. The record date has been fixed as May 7, 2012. The Specified Transaction Period will be May 7, 2012 & May 8, 2012.
News Source -Â VALUE RESEARCH.
AMFI has sent an email to all AMCs asking them to stop accepting redemption requests along with a change of bank mandate (COB) at the same time. The guideline came into effect from 1 May 2012 as part of AMFI’s best practices code. This is primarily being done to reduce operational risks.
“There are chances of fraud so AMFI has discouraged it. There has to be some cooling period between any change in bank account request and redemption”, says the chief operations officer of a leading fund house.
News Source -Â CAFE MUTUAL.
Market regulator SEBI met major distributor associations today to seek suggestions to overcome the constraints relating to distribution and reach of mutual funds. The meeting was chaired by Prashant Saran, Whole-time Member, SEBI. The distributors were represented by four members from IFA Galaxy and two from FIFA.
SEBI has asked mutual fund distributors to increase volumes and expand the reach of mutual funds in Tier-II and Tier-III towns. The two IFA associations present in the meet have submitted a detailed recommendation plan to SEBI today.
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