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Mutual Fund Newsletter - October 29 to November 02, 2012

India Infoline News Service/ 16:18 , Nov 02, 2012

Reliance Mutual Fund has revised the exit load structure of Reliance Floating Rate Fund-Short Term Plan with from 1 November 2012. Accordingly, the exit load charge will be 0.5% if units are redeemed within 3 months from the date of allotment and nil thereafter.


Top Stories

SEBI to give preferential treatment to SWFs, pension funds: Reports

Capital market regulator SEBI (Securities and Exchange Board of India) is planning to give preferential treatment to long-term investors like sovereign wealth funds (SWFs) and pension funds. The move is aimed at encouraging SWFs and pension funds to invest in the Indian debt market, according to media reports.

SEBI is likely to introduce a separate limit within the current FII debt limit to encourage SWFs and pension funds to invest in the Indian debt market… Read more

AMCs shy away from energy engineering & metal companies

Asset management companies (AMCs) have increased their investments in financial services in the last one year. AMCs have invested 22.5% of their total corpus in financial services and automobile companies, according to media reports.

According to fund managers banks are likely to gain from their treasury investments in the event of a fall in interest rates. Banks may also benefit from the revival in economic growth… Read more

Tata Asset Management to launch real-estate fund

Tata Asset Management and Tata Realty & Infrastructure will launch a real estate mutual fund. Two Tata group entities aim to raise around Rs. 5 billion from domestic high net worth investors, according to media reports.

Tata Asset Management will be launching a Rs. 3 billion yield-oriented realty fund and retain the additional Rs. 2 billion above the base amount. The proceeds of the fund would be invested in commercial realty assets across India, the media reports added.

Hurricane Sandy impacts global funds: Reports

Hurricane Sandy also referred to as Superstorm Sandy after October 29 has created havoc on the eastern coast of the US. A tropical cyclone—that severely affected portions of the Caribbean, Mid-Atlantic and Northeastern United States—has also impacted a few global mutual fund schemes that were launched in India and invest in the US market, according to media reports.

In the US, Hurricane Sandy affected at least 24 states. Sandy also impacted all the US markets which remained closed for the second consecutive day on Tuesday… Read more

FIFA calls meeting of AMCs & distributors on 8th Nov

Mumbai-based Foundation of Independent Financial Advisors (FIFA) has called for a meeting of the chief executives of all AMCs (asset management companies) and distributor association members on 8th November.

In September, SEBI (Securities and Exchange Board of India) had announced every MF scheme must have a direct plan, which investors can buy without any agents or distributors advice, from 1 January 2013. The “direct” plan will have a slightly lower expense ratio as the distributor expenses would not be embedded in it. The direct plan will also have a different net asset value… Read more

AMFI announces revision in ARN fees

The Association of Mutual Fund in India (AMFI) has announced revision in AMFI Registration Number (ARN). The revised fees (cut by up to 80%) will be effective from November 1, 2012 and shall be made applicable to those distributors who apply for fresh registration on or after November 1, 2012 and to the existing ARN holders who's ARNs are falling due for renewal on or after November 1, 2012… Read more

Quote, Unquote

“We want an equity culture, but we want an equity culture where people invest on a long term basis. Because if people invest on short-term basis, and there is lot of churning and buying and selling activities and in the process ending up paying more to the distributors rather than earning for themselves more benefits, we are trying to curb that tendency”

UK Sinha, chairman, SEBI to PTI


Domestic News

Equity MFs sold stocks worth Rs. 31.98 bn in Sept

Equity mutual fund schemes have offloaded net stocks around Rs. 50.40 billion (around $930 million) from 14th September till the end of October. In mid-September, the government had declared a host of measures aimed at putting slowing growth of mutual fund industry back on track.

According to SEBI data, equity MFs net sale of stocks touched Rs. 31.98 billion in September, the highest in 2012. Incidentally, the gross sales of stocks by asset management companies in September were also the highest since February.

MF distributors to select product types till 17th Nov: AMFI

The AMFI (Association of Mutual Funds in India) through an ‘Option Letter’ said that distributors will be required to select the product categories on which they wish to levy transaction charges. Earlier, an opt-in option was applicable for all schemes.

The option exercised for a particular product category—such as liquid schemes, ELSS, ETFs, fund of funds, etc—will be applicable across all AMCs (asset management companies). For instance, if a distributor opts in for liquid schemes, it will be applicable to across all AMCs.

RBI to reduce repo rate by 50 bps in Q4 FY13: DSP Blackrock MF

While the Reserve Bank of India has taken note of the recent steps taken by the government to address the fiscal deficit and to foster economic growth, it has decided to keep the Repo Rate unchanged primarily to anchor inflationary expectations. This possibly highlights the RBI’s continued focus on inflationary pressures, which are likely to remain around 7.5% to 8% till December 2012.

Significantly, RBI has provided a forward looking assessment in the form of reasonable likelihood of further easing in Q4 of FY2013. Market participants interpret this as a possible timeframe for repo rate cuts as this period will likely coincide with declining headline inflation and further clarity on the fiscal front… Read more

Possibility of interest rates moving down is higher: Franklin Templeton Investments

At the last policy review, the central bank made it clear that it was concerned about inflation and twin deficits, and the lack of progress on subsidies and fiscal consolidation. The government had over the last few months addressed some of these concerns through new reforms, hike in diesel prices, relief to the power sector and more importantly, a fiscal consolidation roadmap. As a result, there were increased expectations of an interest rate cut.

However, RBI appears to have felt that these measures, while positive, will take some time to come into effect and focused on inflation/deficits… Read more

FIIs pump in over Rs. 120 billion in October

Foreign institutional investors (FIIs) have pumped in more than Rs. 120.06 billion ($2.3 billion) from 1st October to 25th October, according to SEBI (Securities and Exchange Board of India) data.

FIIs were gross buyers of shares worth Rs. 474.43 billion in October, while they offloaded equities worth Rs. 354.37 billion. This takes the FII investments in India’s equity market to Rs. 943.37 billion ($18.1 billion) this year, the SEBI data said.

DSP BlackRock MF announces 29 & 30 October as non-business days for certain schemes

DSP BlackRock Mutual Fund has announced that October 29, 2012 and October 30, 2012 are declared as non-business days by the respective underlying funds of the DSP BlackRock World Agriculture Fund, DSP BlackRock US Flexible Equity Fund, DSP BlackRock World Energy Fund and DSP BlackRock Natural Resources and New Energy Fund (collectively hereinafter referred as Fund of Funds Schemes), due to natural calamity (Hurricane Sandy storm) hitting certain states of United States of America (USA)… Read more

Learning

Little known facts about EPF & EPS

EPF withdrawal is not permitted if you are still working. But there are occasions when EPF withdrawal is allowed… Read more

World Savings Day on 31st October

World Savings Day or World Thrift Day was established to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress… Read more

Investing in equity: Common stocks, common mistakes

Many a times, individual rational intelligent persons commit simple mistakes while making investment decisions in common stocks. And market has its own method of finding and exploiting human weaknesses... Read more

NPS Lite: Ensuring old age income for all

NPS Lite aims at ensuring a pension of at least Rs. 1,000 per month based on your contributions and government support under Swavalamban Scheme… Read more

Simple & safe way to invest in equity

Treat equity investment as a long term one for 10-15 years like your insurance or PPF (or at least as your 5-yr NSC) and you will most probably end up with very good returns… Read more

Leader Speak

Open end-funds with active management will be better positioned to benefit from market conditions

Our portfolios are well positioned to take advantage of these market conditions and advise investors to retain focus on funds focused on corporate bonds, Santosh Kamath, CIO-fixed income, Franklin Templeton Investments, says… Read more

International News

China to open MF custody business: Reports

China is planning to allow foreign lenders to work custodians in its $380 billion mutual fund industry, according to media reports.

Draft rules were posted on China Securities Regulatory Commission website on Wednesday and it is currently seeking feedback from people. To promote competition in the fund custody market, China plans to open the business to foreign players, the China Securities Regulatory Commission said in a statement… Read more

 


New Appointments

Reliance MF redesignates Amit Tripathi as head-fixed income of RCAM

Reliance Mutual Fund has announced that Mr. Amitabh Mohanty, Head - Fixed Income of Reliance Capital Asset Management Limited (RCAM) will cease to act as such with effect from close of business hours of October 31, 2012. Consequently, Mr. Amit Tripathi, Senior Fund Manager - Debt has been redesignated as Head - Fixed Income of RCAM with effect from November 1, 2012.

JM Financial Mutual Fund announces changes

JM Financial Mutual Fund has appointed Aket V Dingal has been appointed as key personnel of the AMC from 29 October 2012… Read more

Escorts MF announces change in key personnel

Escorts Mutual Fund has announced change in key personnel from 1 October 2012. Pradeep K Jain has ceased to be key personnel of Escorts Mutual Fund.

Franklin Templeton MF announces change in AMC directorship

Franklin Templeton Mutual Fund has announced that Jed Plafker has been ceased to be the Alternative Director of Franklin Templeton Asset Management (India) Pvt Ltd from 21 October 2012.

Principal MF announces changes       

Madhukar M. Kamath has been appointed as an independent director on the board of Principal Pnb AMC from 23 October 2012… Read more

NFOs

IIFL Dynamic Bond Fund files offer document with SEBI

IIFL Mutual Fund has filed offer document with SEBI to launch IIFL Dynamic Bond Fund, an open ended income scheme. The New Fund Offer price is Rs. 10 per unit… Read more

ICICI Prudential’s Dynamic Plan completes 10 years

ICICI Prudential Dynamic Plan (the Scheme) completes ten years as on 30th Oct, 2012.  The Scheme is an open-ended diversified equity fund that aims at capitalizing on market volatility with an ability to straddle across market caps / sectors and asset classes. The Scheme provides a suitable investment solution for long term equity investors through capitalizing on volatility and facilitating wealth creation… Read more

SBI Debt Fund Series-366 Days-17 floats on

SBI Mutual Fund has unveiled a new fund named as SBI Debt Fund Series-366 Days-17, a close ended debt scheme with the duration of 366 days. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit… Read more

IDFC Fixed Maturity Plan Yearly Series 53 announces dividend          

IDFC Mutual Fund has announced 5 November 2012 as the record date for declaration of dividend under the dividend option and quarterly dividend option of IDFC Fixed Maturity Plan Yearly Series 53. The quantum of dividend on the face value of Rs 10 per unit will be entire distributable surplus as on record date.

ICICI Pru MF announces dividend under two schemes

ICICI Prudential Mutual Fund has announced 6 November 2012 as the record date for declaration of dividend under the dividend options of the following schemes… Read more

LIC Nomura MF Interval Fund-Qly Plan-Series 1 announces dividend

LIC Nomura Mutual Fund has announced 5 November 2012 as the record date for declaration of dividend in the dividend option of LIC NOMURA MF Interval Fund-Quarterly Plan-Series 1. The quantum of dividend per unit will be entire distributable surplus as on record date on the face value of Rs. 10 per unit.

SBI Debt Fund Series-180 Days-24 announces dividend

SBI Mutual Fund has announced 5 November 2012 as the record date for declaration of dividend in the dividend option of SBI Debt Fund Series-180 Days-24… Read more

UTI Fixed Income Interval Fund-Monthly Interval Plan II announces dividend

UTI Mutual Fund has announced 7 November 2012 as the record date for declaration of dividend under the dividend option of UTI Fixed Income Interval Fund—Monthly Interval Plan II. The gross dividend will be 100% of distributable surplus as on record date on the face value of Rs 10 per unit.

Kotak MF announces dividend for Qly Interval Plan Series 6

Kotak Mutual Fund has announced 6 November 2012 as the record date for declaration of dividend under the dividend option of Kotak Quarterly Interval Plan Series 6… Read more

IDFC League 1 Fund files offer document with SEBI

IDFC Mutual Fund has filed offer document with SEBI to launch IDFC League 1 Fund, a 5 year close ended equity scheme. Tenure of the scheme will be five years from the date of allotment (including the date of allotment). The New Fund Offer price is Rs 10 per unit… Read more

Religare MF announces dividend under two schemes

Religare Mutual Fund has announced 6 November 2012 as the record date for declaration of dividend under the dividend options of Religare Fixed Maturity Plan-Series IX-Plan F (13 Months) and Religare Fixed Maturity Plan-Series X-Plan B (370 Days)… Read more

Reliance MF revises additional purchase amount for Money Manager Fund

Reliance Mutual Fund has announced that the additional purchase amount for Reliance Money Manager Fund is Rs. 100 and in multiples of Re. 1 thereafter. The changes will be effective from 1 November 2012. Earlier, the additional purchase amount was Rs. 1,000 and in multiples of Re. 1 thereafter.

Reliance MF revises exit load for Floating Rate Fund-Short Term Plan

Reliance Mutual Fund has revised the exit load structure of Reliance Floating Rate Fund-Short Term Plan with from 1 November 2012. Accordingly, the exit load charge will be 0.5% if units are redeemed within 3 months from the date of allotment and nil thereafter.

UTI Fixed Income Interval Fund-Series II Qly Interval Plan V announces dividend

UTI Mutual Fund has announced 6 November 2012 as the record date for declaration of dividend under the dividend option of UTI Fixed Income Interval Fund - Series II Quarterly Interval Plan V… Read more

L&T Mutual Fund announces changes

L&T Mutual Fund has announced the following changes with effect from 1 November 2012… Read more

Fidelity MF announces changes

Fidelity Mutual Fund has announced the following the changes with effect from 1 November 2012. Read more

JPMorgan MF announces change

JPMorgan Mutual Fund has announced that from 1 November 2012, the dividend declared under the dividend reinvestment option of the discontinued plans shall be reinvested into the corresponding options of the surviving plans… Read more

BNP Paribas MF announces changes

BNP Paribas Mutual Fund has announced that from 1 November 2012, dividend declared, if any, under dividend options of the below mentioned discontinued plan/s shall be automatically  reinvested in the corresponding option of the surviving plan/s of the respective scheme/s instead of being paid out… Read more

Motilal Oswal MOSt Prime Equity Fund files offer document with SEBI

Motilal Oswal Mutual Fund files offer document with SEBI to launch Motilal Oswal MOSt Prime Equity Fund, an open ended equity scheme. The new fund offer price is Rs 10 per unit… Read more

ING MF announces changes

ING Mutual Fund has announced that pursuant to addendum dated 29 September 2012 ING Income Fund-Institutional Plan, ING Liquid Fund-Regular Plan and Institutional Plan, and ING Treasury Advantage Fund-Regular Plan were closed for subscription by way of purchase/additional purchase or switch-in or SIP and STP with effect from 1 October 2012… Read more

ICICI Pru Fixed Maturity Plan Series 60-18 Months Plan B announces dividend

ICICI Prudential Mutual Fund has announced 7 November 2012 as the record date for declaration of dividend under the dividend option of ICICI Prudential Fixed Maturity Plan Series 60-18 Months Plan B. The recommended rate of dividend on the face value of Rs. 10 per unit will be Rs. 0.9586 per unit.

ICICI Pru Dividend Yield Equity Fund files offer document with SEBI

ICICI Prudential Mutual Fund has filed offer document with SEBI to launch ICICI Prudential Dividend Yield Equity Fund, an open ended equity scheme. The new fund offer price is Rs. 10 per unit… Read more

ICICI Pru Infrastructure Debt Fund-Series I to V files offer document with SEBI

ICICI Prudential Mutual Fund has filed offer document with SEBI to launch ICICI Prudential Infrastructure Debt Fund-Series I to V, a close ended infrastructure debt fund. The new fund offer price is Rs. 10 lakh per unit… Read more

HDFC FMP 91D July 2012 (2) announces dividend

HDFC Mutual Fund has announced 6 November 2012 as the record date for declaration of dividend under the normal dividend option of HDFC FMP 91D July 2012 (2)-HDFC Fixed Maturity Plan-Series 22, a close ended income scheme. The amount of dividend per unit on the face value of Rs 10 per unit will be distributable surplus as reduced by applicable statutory levy.

DWS Fixed Term Fund-Series 92 announces dividend

Deutsche Mutual Fund has announced 7 November 2012 as the record date for declaration of dividend under the dividend option of DWS Fixed Term Fund-Series 92… Read more

Baroda Pioneer MF announces changes

Baroda Pioneer Mutual Fund has announced the changes from 1 November 2012 on account of the recent discontinuation of the regular plan (discontinued plan) under Baroda Pioneer Liquid Fund and Treasury Advantage Fund, and the consequent remaining of Liquid Fund-Institutional Plan and Baroda Treasury Advantage Fund-Institutional Plan (Surviving Plans) as Liquid Fund and Treasury Advantage Fund, respectively… Read more

UTI MF announces changes in plans closed for fresh subscription from 1 October

UTI Mutual Fund has announced that pursuant to SEBI Circular on Steps to reenergize Mutual Fund Industry and further to our Addendum dated 28 September 2012, following are the changes which will be effective from 1 November 2012 for the discontinued Schemes & Plans / Options / Sub-options… Read more

 

 

 

 

 



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