GENERAL

1.AMCs make a beeline for Interval Debt Funds.

AMCs would be soon filing their offer document for Interval Fund. These funds are similar to FMPs but it is operationally easy for AMCs to manage interval funds as they do not require fresh regulatory approval to continue such funds, shared an AMC official. In other words, Interval funds are like FMPs which do not require fresh permissions. Essentially it is a close-ended fund which is open for two business days during specified transaction period (STP) for subscription / redemption / switches requests from customers and again starts operating as a close ended debt fund. These funds aim to generate income through investments in debt / money market instruments and Government Securities maturing on or before the opening of the immediately following STP.

News Source – CAFEMUTUAL.

 

 

2.Reliance Capital launches SIP service through SMS.

Reliance Capital Asset Management has launched systematic investment plan (SIP) in mutual funds through SMS on Wednesday. With this service, Reliance Capital customers can start an SIP in their mutual fund schemes by sending an SMS through their registered mobile phones. Reliance Capital has launched the new service under its Invest Easy initiative. To invest in Reliance Mutual Fund schemes through SMS, customers need to fill in a one-time Invest Easy registration form with their details. Easy initiative that allows investors to transact online on the net, on their mobiles, through call centre and now using SMS. The registration form would also include a debit bank mandate that will facilitate transferring of funds from the investor's bank while purchasing the scheme. Registered investors can then make a purchase, start an SIP, or redeem their units using their registered mobile phones. For starting an SIP, the investors need to send an SMS to 9664001111, from their registered mobile numbers, the company said. SIP would be open-ended and can be discontinued by the investor at any time. The default date for SIP installment would be 10th of every month. The minimum SIP for most funds is as low as Rs. 100, the company added.



News Source – INDIAINFOLINE.

 

 

3.Cut off time for acceptance of subscription in liquid MFs extended.

The Bombay Stock Exchange (BSE) has extended the cut off time for acceptance of subscription in liquid schemes to 12:30 pm from 12 noon earlier from 17th August. Also, the payout of units to brokers' pool accounts would be done on T day itself by around 5 pm. Hence, investor would be able to submit redemption for these units on T+1 day instead of T+2 days as was the case earlier.

News Source – INDIAINFOLINE.

Latest Indian Mutual Fund News | 30-Aug-2012
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