Latest Indian Mutual Fund News | 18-July-2012
1.Religare Fixed Maturity Plan – Series VIII – Plan B (13 Months) Announces Dividend.
Religare Mutual Fund has announced 20 July 2012 as the record date for declaration of dividend on the face value of Rs. 10 per unit under the dividend option of Religare Fixed Maturity Plan-Series VIII-Plan B (13 Months), a close-ended debt scheme. The quantum of dividend will be entire distributable surplus as on the record date. The scheme recorded NAV of Rs. 11.0670 per unit as on 13 July 2012. 20 July 2012 has been fixed as the record date for the purpose of determining eligible unit holders holding units of the scheme who would be entitled to the maturity/redemption proceeds on the maturity/final redemption date of the scheme. The maturity/final redemption date of the scheme is 20 July 2012.
News Source – INDIAINFOLINE.
SEBI Chairman did say that any decision about bringing in pension sector money into the mutual fund will be taken only after talking to all the regulators. 'Our effort will be to avoid turf war between different regulators on investment into mutual fund,' he added. He also said SEBI will work towards reviving interest in MF industry. Decision on mutual fund industry will be taken at the next board meet, he informed.
News Source – THE HINDU – BUSINESS LINE.
Reliance Mutual Fund is the latest to file offer document with SEBI to launch its Reliance Infrastructure Debt Fund. The scheme will be a close ended scheme with a minimum application size of one crore. AMCs have to get at least a Rs 25 crore commitment from strategic investors before opening it up for subscription to other investors. Recently SBI had filed for a similar fund. So far only IDFC has got SEBI's approval to launch an Infrastructure Debt Fund. IDBI, Axis, L&T have also sought SEBI's permission to launch IDFs. The Reserve Bank of India has allowed NBFCs, banks and mutual funds to launch IDFs. The finance minister in 2010-11 budgets had allowed setting up of IDFs to channelize funds for infrastructure sector. Though all AMCs are allowed to launch IDFs, so far only fund houses having exposure to infrastructure sector through their sponsors or sister companies are planning to launch IDFs. An IDF can be set up as a trust in case of mutual funds and company in case of NBFCs. SEBI will regulate IDFs floated by MFs while RBI will oversee IDFs of NBFCs.
News Source – CAFEMUTUAL.
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