1.Goldman Sachs MF changes benchmark index under two schemes.
Goldman Sachs Mutual Fund announced changes in the benchmark index under two of its schemes, namely Goldman Sachs Derivative Fund and Goldman Sachs Equity & Derivatives Opportunities Fund, with effect from July 1, 2012.
News Source – REDIFF-MONEY
The mutual fund industry wants the consumers to bear the burden of 12 per cent service tax on purchase of schemes and has also pitched for higher administrative expenses during their meeting with the Finance Ministry officials. The mutual fund industry has demanded an increase in the expense ratio, which is mainly administrative expenditure, to 2.25 per cent from 2.20 per cent — of which 2 per cent is administrative expense and 0.20 per cent exit load.
News Source – FINANCIAL EXPRESS.
The government may soon take the first step to liven up mutual funds by giving them the elbow room to pay more commission to distributors. That will give the industry access to Rs 550 crore of funds, a chunk of which may be spent as commission to brokers or distributors of mutual fund schemes. The finance ministry has also asked mutual funds to come back with specific tax issues they have. The short-term measures may be announced in a month, a finance ministry official said.
News Source – ECONOMIC TIMES.
NEW FUND LAUNCH
UTI Mutual Fund has launched a new fund named as UTI – Fixed Term Income Fund – Series XII – V (367 Days), a close ended income scheme. The duration of the scheme is 367 days from the date of allotment and will mature on 11 July 2013. The New Fund Offer (NFO) price for the schemes is Rs. 10 per unit. The new issue will be open for subscription from 3 July and will close on 6 July 2012. The scheme offers two options viz. growth and dividend option. Dividend option offers payout and reinvestment facility.
News Source – INDIAINFOLINE.
NEW FUND OFFER
Reliance Mutual Fund has launched the New Fund Offer (NFO) of Reliance Dual Advantage Fixed Tenure Fund II – Plan H, a close ended income scheme. The NFO opens for subscription on July 3, 2012 and closes on July 17, 2012. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs. 5,000 per option and multiples of Rs. 1. The scheme's performance will be benchmarked against Crisil MIP Blended Fund Index and its fund managers are Shailesh Raj Bhan and Anju Chajjer. The investment objective of the scheme is to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the scheme along with capital appreciation through equity exposure.
News Source – LIVE MINT