Latest Indian Mutual Fund News | 13-Feb-2013

SEBI / AMFI

1.AMFI relaxes ARN process for new distributors

AMFI has also eliminated the requirement of getting 12 investors after a distributor gets empanelled with AMC for new cadre of distributors

The Association of Mutual Funds in India (AMFI) has relaxed ARN process for new distributors. ARN means AMFI Registration Number allotted by AMFI.
The new cadre of distributors includes postal agents, retired government and semi-government officials and retired teachers among others. The mutual fund industry body has also kept the ARN registration fee nominal at Rs. 1,500 and Rs. 750 for renewal for new cadre of distributors. While registration fee for proprietorship firms is Rs. 3,000. AMFI has also eliminated the requirement of getting 12 investors after a distributor gets empanelled with AMC for new cadre of distributors.
In AMFI's July 2008 circular, it had said that all individual ARMFA obtaining empanelment with an AMC would be required to have at least 12 investors with the empanelling AMC, within one year of empanelment. Failing this, the ARMFA would have to provide an undertaking to the AMC that it services at least 25 investors across all mutual funds. Failing both the above, the ARMFA would not be entitled to receive brokerage from the AMC on the mobilization done by it during the subsequent year, until it complies with the above.
These new cadre of distributors will have to pass Mutual Fund Foundation Certification Examination or attending Mutual Fund Foundation CPE Program, specially designed by NISM for new cadre of distributors.

News Source – INDIA INFOLINE.

 

NEW FUND OFFER

2.DWS Fixed Maturity Plan – Series 24 Floats On. NFO Period from 18 February to 20 February 2013

Deutsche Mutual Fund has unveiled a new fund named as DWS Fixed Maturity Plan – Series 24, one year close ended debt fund. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The new issue will be open for subscription from 18 February and closes on 20 February 2013. 

The objective of the scheme is to generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the scheme. 
The scheme offers regular option and direct option. Direct Plan is only for investors who purchase /subscribe Units in a Scheme directly with the Fund and is not available for investors who route their investments through a Distributor.
Dividend (Payout) and Growth are the sub-options offered under the scheme. 
The scheme shall invest 100% in domestic debt instruments including government securities and securitized debt and money market instruments. 
The minimum application amount is Rs 5,000 and in multiples of Rs 1 thereafter. 
The fund seeks to collect a minimum subscription amount of Rs 20 crore under the scheme during the NFO period. 
Entry and exit load charge for the scheme will be nil. 

News Source – NAV INDIA.

 



3.Reliance MF Floats on Reliance Yearly Interval Fund – Series 3. NFO Period from 21 February to 25 February 2013

Reliance Mutual Fund has launched a new fund named as Reliance Yearly Interval Fund – Series 3, a debt oriented interval scheme. During the New Fund Offer (NFO) the scheme will offer units at Rs 10 per unit. The new issue will be open for subscription from 21 February and will close on 25 February 2013. 

Investment objective: The primary investment objective of the scheme is to generate returns and growth of capital by investing in a diversified portfolio of Central, State Government securities and other fixed income/ debt securities maturing on or before the next specified transaction date of the scheme with the objective of limiting interest rate volatility. 

Options: The scheme offers growth and dividend (payout and reinvestment) option. 
Asset Allocation: The scheme shall invest 70% to 100% of assets in money market instruments and upto 100% of assets in government securities & debt instruments. 
Benchmark: The Scheme's performance will be benchmarked against CRISIL Short Term Bond Fund Index. 
Loads: Entry and exit load charge will be nil. 
Minimum Application Amount: Rs. 5,000 and in multiples of Rs 1 thereafter. 
Minimum Target Amount: Rs. Twenty crore

News Source – INDIA INFOLINE.

 

GENERAL

4.Templeton India Short-Term Income Plan announces change in exit load- With effect from 13 February 2013

Franklin Templeton Mutual Fund has announced change in exit load under Templeton India Short-Term Income Plan, with effect from 13 February 2013. Accordingly, the revised exit load will be 0.50% if redeemed within 1 year of allotment in respect of each purchase of units. All prior investments continue to be subject to the load structure applicable at the time of the respective investment. 

News Source – INDIA INFOLINE.

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